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

Company: GENOIL INC
Filing Date: 2025-04-30
Form: 20-F
Item: Item 6
Chunk 20
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 date of exercise and the executive will subscribe to this private placement for the entire sum advanced by the Company.

Due to financial constraints, neither of the NEOs has ever received any cash compensation. Historically, the Corporation granted the NEOs option-based awards which were to be renewed upon expiration.
The share-based awards granted to Messrs. Lifschultz and Abbott were granted: (i) as current compensation in lieu of options; or (ii) in certain instances, in replacement of expired options granted as compensation for previous years. The outstanding share-based awards represent 20 years of compensation to Messrs. Lifschultz and Abbott, the latter of whom was Mr. Lifschultz's aide before becoming an officer and director of the Corporation. Accordingly, their endeavors for the Corporation are to be rewarded only if the Corporation is successful and that success is reflected in the trading value of the Common Shares, thereby aligning management and Shareholder objectives.

Summary Compensation Table

The following table and notes thereto set out information concerning the compensation paid to the NEOs for the five most recently completed financial years ended December 31, 2024.

                                                                                                                                            Non-equity incentive plan compensation                                                         
  Name and                                                           Year      Salary      Share-based awards      Option-based awards      Annual incentive plans                      Long-term incentive plans      Total Compensation  
  David Lifschultz,                                                  2024      -           665,899                 -                        -                                           -                              665,899             
  Chairman, Chief Executive Officer and Chief Financial Officer      2022      -           524,892                 -                        -                                           -                              524,892             
  Bruce Abbott, President and Chief Operating Officer                2024      -           639,999                 -                        -                                           -                              639,999             

Notes:

  (1)      The Company accounts for Price Appreciation Certificates as an equity instrument due to its exclusive option to require a subscription to the private placement as determined by the fair value o...  
           The fair value of Price Appreciation Certificates granted during 2024, 2023, 2022, 2021 and 2020 was estimated on the dates of grant using the Black-Scholes pricing model.                           

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C. Board practices.

Directors are elected annually to the Board of Directors (the “ Board”) at the Corporation's Annual General Meeting. Directors may also, between Annual General Meetings, appoint one or more additional Directors, provided such number of additional directors does