DEF 14A: Worksport Ltd. Announces 2024 Annual Meeting of Stockholders

Worksport Ltd. will hold its 2024 Annual Meeting of Stockholders virtually on December 6, 2024, to elect directors, ratify the appointment of auditors, and vote on executive compensation and adjournment proposals.

Summary

• Worksport Ltd. is holding its 2024 Annual Meeting of Stockholders on December 6, 2024, at 9:00 a.m. Eastern Time, as a virtual meeting.
• Stockholders will vote on four proposals: electing five directors, ratifying the appointment of Lumsden & McCormick, LLP as auditors for the fiscal year ending December 31, 2024, approving executive compensation on a non-binding advisory basis, and approving the adjournment of the Annual Meeting if necessary.
• The Board of Directors recommends voting in favor of all proposals.
• The record date for determining stockholders entitled to vote at the Annual Meeting was October 11, 2024.
• As of October 11, 2024, there were 30,920,609 shares of common stock and 100 shares of Series A Preferred Stock outstanding.
• Steven Rossi, the Company's CEO, President, and Chairman, beneficially owns 100% of the outstanding Series A Preferred Stock, which entitles him to 51% of the total voting power.
• The Notice of Internet Availability of Proxy Materials was first mailed to stockholders on or about October 25, 2024.
• The company's revenue for the year ended December 31, 2023, was $1,529,632, compared to $116,502 for the year ended December 31, 2022, representing an increase of approximately 1,213%.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The positive revenue growth is a slightly positive factor.

Positives

• The company's revenue for the year ended December 31, 2023, was $1,529,632, compared to $116,502 for the year ended December 31, 2022, representing an increase of approximately 1,213%.

Future Outlook

The Board believes that the proposals being submitted for stockholder approval are in the best interests of the Company and its stockholders.

Management Comments

• The Board of Directors believes that the proposals being submitted for stockholder approval are in the best interests of the Company and its stockholders and recommends a vote consistent with the Board's recommendation for each proposal.
• Steven Rossi, Chief Executive Officer, President and Chairman of the Board: 'It is important that your shares be represented and that you vote at the Annual Meeting regardless of the size of your holdings.'

Industry Context

This is a standard proxy statement for an annual meeting, covering routine corporate governance matters such as director elections, auditor ratification, and executive compensation. Such filings are typical for publicly traded companies.

Comparison to Industry Standards

• The structure and content of this proxy statement are consistent with industry standards for publicly traded companies in the United States.
• The proposals to be voted on are typical for annual meetings, including the election of directors, ratification of auditors, and advisory votes on executive compensation.
• The disclosure of executive compensation and related party transactions is in line with SEC requirements and industry best practices.
• The virtual format of the annual meeting is becoming increasingly common, especially since 2020.

Related Party Transactions

• Forbes Anderson Limited, an accounting firm managed by Worksport's Chief Financial Officer, Michael Johnston, received $130,639 for services rendered within the year ending December 31, 2023.

Stakeholder Impact

• Shareholders have the opportunity to vote on key corporate governance matters.
• The outcome of the votes will influence the composition of the Board of Directors and the Company's executive compensation policies.

Next Steps

• Stockholders should review the proxy materials and vote on the proposals.
• The Company will hold the Annual Meeting on December 6, 2024, and announce the results of the votes.

Key Dates

Keywords

Annual Meeting, Proxy Statement, Stockholders, Directors, Auditors, Executive Compensation, Worksport