Company: GNOLF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001654954-25-004861
Chunk: 19

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 6
Chunk 19
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Item 6. Directors, Senior Management and Employees

A. Directors and senior management.

At year end, the following were directors and officers of Genoil, their residence, their principal occupations within the past five years, and the periods during which each has served in such capacity.

  Name and                   Principal Occupation                                                         Date of Birth      Appointment      Number of Securities Controlled by Director and Percentage of Total (*)  
  David K. Lifschultz        Chief Executive Officer of Genoil Inc. from 2002 to present                  23-Nov-45          25-Feb-02        757,606,362                                                              
  Bruce S. Abbott            President, COO and Director                                                  27-Sep-76          10-Oct-13        446,742,210                                                              
  Thomas F. Bugg             Business Consultant                                                          30-Sep-50          02-Sep-20        2,000,000                                                                
  Rolando Ramon              Business Consultant                                                          16-Jan-17          28-Jan-19        750,000                                                                  
  Marco Quintela             Facility Operator                                                            19-May-78          07-12-23         Nil                                                                      

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

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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 rise above the price appreciation base amount. The Company has no obligation to pay the two executives if the stock does not rise. The Company, at its exclusive option and benefit, can proceed with a private placement at the share price on the