Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 72

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 72
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 contains
    an “evergreen formula” pursuant to which the number of shares of common stock available for issuance under the 2022 Plan
    will automatically increase on January 1st of each calendar year during the term of the 2022 Plan, beginning with the
    calendar year 2023, by an amount of shares of common stock so that the total amount of common stock available under the 2022 Plan
    is equal to 15% of the total number of shares of common stock outstanding on December 31st of the prior calendar year
    minus the total number of shares reserved and available for issuance under the 2015 Plan and 2021 Plan. The number of shares of common
    stock authorized under the 2022 Plan as of January 1, 2025 was 599,983.

Changes
in Control

There
are no arrangements, to our knowledge, including any pledge by any person of securities of the Company, the operation of which may at
a subsequent date result in a change in control of the Company.

81

ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The
following is a summary of transactions entered since January 1, 2022 to which we have been a party in which the amount involved exceeded
or will 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