Company: GNOLF
Filing Date: 2025-05-01
Form Type: 20-F/A
Source: 0001654954-25-004987
Chunk: 21

Company: GENOIL INC
Filing Date: 2025-05-01
Form: 20-F/A
Chunk 21
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 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 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($) |     |                           |     |                 |     |                            |     |                                         |
| Name and Principal Position                                   |     |                 Year |     | Salary ($) |     |               Share-based awards ($)(1) |     | Option-based awards ($) |     | Annual incentive plans                    |     | Long-term incentive plans |     | Pensionvalue($) |     | All Other Compensation ($) |     |                   Total Compensation($) |
| David Lifschultz,                                             |     |             20242023 |     | --         |     |                        665,8991,276,980 |     | -                       |     | -                                         |     | -                         |     | -               |     | -                          |     |                        665,8991,276,980 |
| Chairman, Chief Executive Officer and Chief Financial Officer |     |         202220212020 |     | ---        |     |                 524,892299,8921,556,415 |     | ---                     |     | ---                                       |