Company: WKSP
Filing Date: 2025-10-20
Form Type: PRE 14A
Source: 0001493152-25-018681
Chunk: 20

Company: Worksport Ltd
Filing Date: 2025-10-20
Form: PRE 14A
Chunk 20
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547%. Revenue increased for the year ended December     
 31, 2024, compared to the prior year due to our increased production and online marketing of domestic manufacturing of premium tonneau 
 covers.                                                                                                                                |

Disclosure of Relationship Between Performance Measures and Executive Compensation

The PEO’s salary between 2023 and 2024 decreased by 7.0%, which largely reflects the payout of accrued but unused vacation in 2023. During the same period, the stock price of the Company decreased 39.6%, and the Company stock was subject to high volatility, going from $14.9 at the start of the year to $9.0 by December 31, 2023.

The Company’s net sales increased 4,547% in Fiscal Year 2024 and increased 1,213% in Fiscal Year 2023. Compensation for our named executive officers decreased by 16.1% during the period of 2023 – 2024. The Company believes that the compensation paid to its PEO and NEOs in Fiscal Year 2023 and 2024 was below the current industry standard. The decrease in compensation for NEOs was primarily due to the internalizing of accounting processes and the lowered reliance on services from UHY Forbes Anderson.

Disclosure of Relationship Between Performance Measures and Executive Compensation

The PEO’s salary between
2023 and 2024 decreased by 7.0%, which largely reflects the payout of accrued but unused vacation in 2023. During the same period, the
stock price of the Company decreased 39.6%, and the Company stock was subject to high volatility, going from $14.9 at the start of the
year to $9.0 by December 31, 2023.

The Company’s net sales increased 4,547% in Fiscal Year 2024 and
increased 1,213% in Fiscal Year 2023. Compensation for our named executive officers decreased by 16.1% during the period of 2023
– 2024. The Company believes that the compensation paid to its PEO and NEOs in Fiscal Year 2023 and 2024 was below the current industry
standard. The decrease in compensation for NEOs was primarily due to the internalizing of accounting processes and the lowered reliance
on services from UHY Forbes Anderson.

<div align='center'>AUDIT COMMITTEE REPORT</div>

The following report of the Audit Committee is not “soliciting material,” is not deemed “filed