Company: GNOLF
Filing Date: 2025-05-01
Form Type: 20-F/A
Source: 0001654954-25-004987
Chunk: 22

Company: GENOIL INC
Filing Date: 2025-05-01
Form: 20-F/A
Chunk 22
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 | ---                       |     | ---             |     | ---                        |     |                 524,892299,8921,556,415 |
| Bruce Abbott, President and Chief Operating Officer           |     | 20242023202220212020 |     | -----      |     | 639,9991,349,979524,892299,8921,197,243 |     | -----                   |     | -----                                     |     | -- ---                    |     | -----           |     | -----                      |     | 639,9991,349,979524,892299,8921,197,243 |

Notes:

| (1) | The Company accounts for Price Appreciation Certificates as an equity instrument due to its exclusive option to require a subscription to the private placement as determined by the fair value of the instruments using a Black-Scholes pricing model. |
|     | The fair value of Price Appreciation Certificates granted during 2024, 2023, 2022, 2021 and 2020 was estimated on the dates of grant using the Black-Scholes pricing model.                                                                             |

| 15 |

C.Board practices.

Directors are elected annually to the Board of Directors (the “Board”) at the Corporation's Annual General Meeting. Directors may also, between Annual General Meetings, appoint one or more additional Directors, provided such number of additional directors does not exceed 1/3 of the existing number, to serve until the next Annual General Meeting. No Director has a service contract with Genoil providing for benefits upon termination of employment.

Duties and Obligations of the Board of Directors

The general duty of Genoil's Board of Directors is to oversee the management of Genoil's business and affairs. In particular, the Board of Directors is responsible for the following matters:

(a) adopting a strategic planning process which establishes the Corporation's long-term goals and strategies, and monitoring the success of its management in achieving those goals and implementing the strategy;

(b) identifying the principal risks with respect to all aspects of the Corporation's business, ensuring that there are systems in place to effectively monitor and manage such risks with a view to its long-term viability, and achieving a proper balance between the risks incurred and the potential return to its members;

(c) engaging in succession planning, including appointing, training and monitoring senior management (which includes ensuring that objectives are in place against which management's performance can be measured), establishing and maintaining programs to train and develop management, providing for the orderly