Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 539

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 539
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federal and state securities laws, all officers, directors and employees of, and consultants and contractors to, us or any of our subsidiaries
must refrain from the sale or purchase of our securities except in specific designated trading windows or pursuant to 10b5-1 trading
plans that were preapproved. Even during a trading window period, certain insiders, including our named executive officers and directors,
must comply with our designated pre-clearance policy prior to trading in our securities.

Director
Independence and Board Committees

An
“independent director” is defined generally as a director that is not an officer or employee of the Company or its subsidiaries
or any other individual having a relationship which, in the opinion of the Company’s Board, would interfere with the director’s
exercise of independent judgment in carrying out the responsibilities of a director. Steven Rossi, Lorenzo Rossi, Craig Loverock, William
Caragol and Ned L. Siegel serve as members of our Board of Directors. Our Board has determined that Craig Loverock, William Caragol and
Ned L. Siegel are “independent directors” as defined in The Nasdaq Stock Market LLC (“Nasdaq”) listing rules
and under Rule 10-A-3(b)(1) of the Exchange Act and applicable SEC rules.

Audit
Committee. We currently have a standing Audit Committee. Under the Nasdaq listing standards and applicable SEC rules, we are
required to have at least three members of the Audit Committee, all of whom must be independent and financially literate, and one member
of the Audit Committee must qualify as an “audit committee financial expert” as defined in applicable SEC rules. Messrs.
Craig Loverock, William Caragol and Ned L. Siegel serve as members of our Audit Committee. Mr. Loverock serves as the Audit Committee
Chairman. Craig Loverock qualifies as an “audit committee financial expert” under the SEC rules.

71

We
have adopted an Audit Committee charter, which details the purpose and principal functions of the Audit Committee, including to:

    ●
    appoint, compensate, and
    oversee the work of any registered public accounting firm employed by us;

    ●
    resolve any disagreements
    between management and the auditor regarding financial reporting;

    ●
    pre-approve all auditing
    and non-audit services;

    ●
    retain independent counsel,
    accountants, or others to advise the Audit Committee or assist in the conduct of an investigation;

    ●
    seek any