Company: GNOLF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001654954-25-004861
Chunk: 23

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 6
Chunk 23
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 recommendations of the Audit Committee to nominate or compensate an external auditor, which were not adopted by the Board.

Compensation Committee- The Compensation Committee consists of the entire Board.

The Compensation Committee assists the Board in carrying out its oversight responsibility with respect to corporate governance and compensation matters, including making recommendations to the Corporation's Board in respect of compensation issues relating to directors, management and employees of the Corporation. The Board has approved and adopted a formal charter for the Compensation Committee. The Compensation Committee's primary duties and responsibilities include, but are not limited to, the following:

- reviewing the organization's structure;

- management's succession plans for executive management;

- developing compensation philosophies and principles; and

- reviewing and reporting to the Board its recommendations and determinations of appropriate compensation for the Corporation's executive officers.

Decisions Requiring the Prior Approval of the Board of Directors

Each committee of the Board of Directors makes recommendations to the Board on an ongoing basis. Generally, recommendations from a committee of the Board of Directors require the approval of the full Board before they are implemented.

D. Employees.

The Company has been building its internal 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

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Item 7. Major Shareholders and Related Party Transactions