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

Company: GENOIL INC
Filing Date: 2025-05-01
Form: 20-F/A
Chunk 25
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 capabilities.

Genoil utilizes independent contractors to provide engineering and other services for projects as needed.

The Company seeks to work through commission agents who will receive compensation when revenues are generated.

Genoil has no labour unions and no temporary staff.

E. Share ownership.

There were 1,969,322,429Common Shares issued and outstanding as of December 31, 2024 (2023 – 1,913,137,429). Information as to share and option information for directors, officers and key employees is discussed above in "Item 6. (A) Directors and Senior Management" and in "Item 6. (B) Compensation."

Genoil has established a stock option plan with the objective of advancing its interests by encouraging and enabling the acquisition of a share interests by its directors, officers, employees and consultants, in accordance with the policies and rules of the applicable regulatory authorities. The full text of Genoil's stock option plan is attached as an Exhibit to the Form 20-F for 2006

| 18 |

Item 7. Major Shareholders and Related Party Transactions

A.Major shareholders.

The following table sets forth information as of April 30, 2025, with respect to each person known to the Corporation to own more than 5% of its Common Shares. As used in this table, "beneficial ownership" means the sole or shared power to vote or direct the voting or to dispose or direct the disposition of any security. For purposes of this table, a person is deemed to be the beneficial owner of securities that can be acquired within 60 days from December 31, 2024, through the exercise of any option or warrant. Shares subject to options or warrants that are currently exercisable or exercisable within 60 days are deemed outstanding for computing the ownership percentage of the person holding such options or warrants, but are not deemed outstanding for computing the ownership percentage of any other person. The amounts and percentages are based upon 1,969,322,429 Common Shares issued and outstanding.

| Class of Share |     | Identity of Person or Group |     | Number of Shares Beneficially Owned |     | Percentage of Share Stock Beneficially Owned |
| Common Shares  |     | David K. Lifschultz         |     |                         757,606,362 |     | 38.47%                                       |
| Common Shares  |     | Bruce Abbott                |     |                         446,742,210 |     | 22.69%                                       |

David Lifsch