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

Company: GENOIL INC
Filing Date: 2025-05-01
Form: 20-F/A
Chunk 20
---
 of Total (*) |
| David K. LifschultzChairman and CEONew York, NY |     | Chief Executive Officer of Genoil Inc. from 2002 to presentChairman of the board of directors of Genoil Inc. from 2002 to present. |     | 23-Nov-45     |     | 25-Feb-02   |     | 757,606,36238.47%                                                       |
| Bruce S. AbbottDirector and COONew York, NY     |     | President, COO and Director                                                                                                        |     | 27-Sep-76     |     | 10-Oct-13   |     | 446,742,21022.69%                                                       |
| Thomas F. BuggDirectorCalgary, Alberta          |     | Business Consultant                                                                                                                |     | 30-Sep-50     |     | 02-Sep-20   |     | 2,000,0000.10%                                                          |
| Rolando RamonDirector Lucas, TX                 |     | Business Consultant                                                                                                                |     | 16-Jan-17     |     | 28-Jan-19   |     | 750,0000.04%                                                            |
| Marco Quintela DirectorSpruce Grove, Alberta    |     | Facility Operator                                                                                                                  |     | 19-May-78     |     | 07-12-23    |     | Nil                                                                     |

(*) The “Numbers of Securities Controlled” are comprised of common shares as of December 31, 20243.

| 14 |

B. Compensation.

Share-Based Awards

An important part of the Corporation's current compensation program is the granting of share-based awards to the Named Executive Officers (NEOs). These share-based awards have been granted in replacement, or in lieu, of options to purchase Common Shares pursuant to the Corporation's Option Plan. The granting of such awards is approved by the Board upon recommendation from the Compensation Committee. The Board considers previous grants when considering new grants.

Further, in lieu of cash compensation the Company has entered into agreements (“Price Appreciation Certificates”) with David Lifschultz and Bruce Abbott whereby, at the request of the executives, the Company agrees to pay the equivalent sum of the rise in the Company’s stock price based on the agreed upon number of shares, from a fixed per share amount to the average of the last 10 trading days (volume weighted average price).

The number of shares reflect a potential salary for the two executives that only exist if the price of the shares