Company: GNOLF
Filing Date: 2025-05-01
Form Type: 20-F/A
Source: 0001654954-25-004987
Chunk: 24

Company: GENOIL INC
Filing Date: 2025-05-01
Form: 20-F/A
Chunk 24
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 any problems experienced by the external auditor in performing the audit, including any restrictions imposed by management or significant accounting issues on which there was a disagreement with management; and

(f) reviewing the post-audit or management letters containing the recommendations of the external auditor and management's response, and following up any identified weaknesses.

Relevant Education and Experience

The members of the Audit Committee have the following relevant education and experience:

| David K. Lifschultz - | Mr. Lifschultz is the former CEO of Lifschultz Industries which was publicly traded on the NASDAQ Exchange. He had extensive experience on the Lifschultz Industries audit committee. He is presently CEO of the Corporation. |
|                       | Mr. Lifschultz has experience in finance and supervising the Treasury Department of three public companies: the Corporation, Lifschultz Industries, and Trans-Air Freight System.                                             |
|                       | Mr. Lifschultz's educational experience includes working in the Treasury Department of Arrow-Lifschultz Freight Forwarders working in and supervising the accounting, bookkeeping and all other Treasury functions.           |
| Thomas F. Bugg        | Mr. Bugg is the former President of Beau Canada Exploration Ltd. Part of his responsibilities included overseeing the finance, accounting and treasury functions of the Company.                                              |

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Audit Committee Oversight

Since the commencement of the Corporation's most recently completed financial year, there have been no 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