{"url_path":"/sec/gnolf/10-k/2026/item-6","section_key":"item-6","section_title":"Item 6 Directors, Senior Management and Employees**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1261002/0001654954-26-004801-index.html","accession_number":"0001654954-26-004801","cik":"0001261002","ticker":"GNOLF","issuer_name":"GENOIL INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1261002/0001654954-26-004801-index.html","primary_entity_key":"0001261002","primary_entity_name":"GENOIL INC"},"word_count":1977,"has_tables":true,"body_markdown":"**Item 6. Directors, Senior Management and Employees**\n\n \n\nA.*Directors and senior management.*\n\n \n\nAt 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.\n\n \n\n \n\n**Name and Office Held**\n\n \n\n \n\n**Principal Occupation For**\n\n**Past Five Years**\n\n \n\n \n\n**Date of Birth**\n\n \n\n \n\n**Appointment**\n\n \n\n \n\n**Number of Securities Controlled by Director and Percentage of Total (*)**\n\nDavid K. Lifschultz\n\nChairman and CEO\n\nNew York, NY\n\n \n\nChief Executive Officer of Genoil Inc. from 2002 to present\n\nChairman of the board of directors of Genoil Inc. from 2002 to present.\n\n \n\n23-Nov-45\n\n \n\n25-Feb-02\n\n \n\n757,606,362\n\n37.54%\n\n \n\n \n\n \n\n \n\n \n\nBruce S. Abbott\n\nDirector and COO\n\nNew York, NY\n\n \n\nPresident, COO and Director\n\n \n\n27-Sep-76\n\n \n\n10-Oct-13\n\n \n\n446,742,210\n\n22.13%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nThomas F. Bugg\n\nDirector\n\nCalgary, Alberta\n\n \n\nBusiness Consultant\n\n \n\n30-Sep-50\n\n \n\n02-Sep-20\n\n \n\n2,000,000\n\n0.10%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRolando Ramon\n\nDirector\n\nLucas, TX\n\n \n\nBusiness Consultant\n\n \n\n16-Jan-17\n\n \n\n28-Jan-19\n\n \n\n750,000\n\n0.04%\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMarco Quintela\n\nDirector\n\nSpruce Grove, Alberta\n\n \n\nFacility Operator\n\n \n\n19-May-78\n\n \n\n07-12-23\n\n \n\nNil\n\n \n\n*(*) The “Numbers of Securities Controlled” are comprised of common shares as of December 31, 2025. *\n\n \n\n \n\n14\n\n*Table of Contents*\n\n \n\nB. *Compensation.*\n\n \n\n**Share-Based Awards**\n\n \n\nAn 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.\n\n \n\nFurther, 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). \n\n \n\nThe 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 date of exercise and the executive will subscribe to this private placement for the entire sum advanced by the Company.\n\n \n\nDue 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.\n\n \n\n**Summary Compensation Table**\n\n \n\nThe 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, 2025.\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Non-equity incentive plan compensation**\n\n**($)**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n**Name and**\n\n**Principal**\n\n**Position**\n\n \n\n**Year**\n\n \n\n**Salary**\n\n**($)**\n\n \n\n \n\n**Share-**\n\n**based**\n\n**awards**\n\n**($)(1)**\n\n \n\n \n\n**Option-**\n\n**based**\n\n**awards**\n\n**($)**\n\n \n\n \n\n**Annual**\n\n**incentive**\n\n**plans**\n\n \n\n \n\n**Long-term**\n\n**incentive**\n\n**plans**\n\n \n\n \n\n**Pension**\n\n**value**\n\n**($)**\n\n \n\n \n\n**All Other**\n\n**Compensation**\n\n**($)**\n\n \n\n \n\n**Total**\n\n**Compensation**\n\n**($)**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDavid Lifschultz,\n \n\n2025\n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n\n2024\n\n \n\n \n-\n \n\n \n\n \n665,899\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n665,889\n \n\nChairman, Chief Executive Officer and Chief Financial Officer\n \n\n2023\n\n \n\n \n-\n \n\n \n\n \n1,276,980\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n1,276,980\n \n\n \n\n \n\n2022\n\n \n\n \n-\n \n\n \n\n \n524,892\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n524,892\n \n\n \n\n \n\n2021\n\n \n\n \n-\n \n\n \n\n \n299,892\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n299,892\n \n\nBruce Abbott, President and Chief Operating Officer\n \n\n2025\n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n\n2024\n\n \n\n \n-\n \n\n \n\n \n639,999\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n639,999\n \n\n \n\n \n\n2023\n\n \n\n \n-\n \n\n \n\n \n1,349,979\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n1,349,979\n \n\n \n\n \n\n2022\n\n \n\n \n-\n \n\n \n\n \n524,892\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n524,892\n \n\n \n\n \n\n2021\n\n \n\n \n-\n \n\n \n\n \n299,892\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n-\n \n\n \n\n \n299,892\n \n\n \n\n**Notes:**\n\n(1)\n\nThe 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 of the instruments using a Black-Scholes pricing model.\n\n \n\nThe fair value of Price Appreciation Certificates granted during 2025, 2024, 2023, 2022 and 2021 was estimated on the dates of grant using the Black-Scholes pricing model.\n\n \n\n \n\n15\n\n*Table of Contents*\n\n \n\nC.*Board practices.*\n\n \n\nDirectors 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 not exceed 1/3 of the existing number, to serve until the next Annual General Meeting. No Director has a service contract with Genoil providing for benefits upon termination of employment.\n\n \n\n*Duties and Obligations of the Board of Directors*\n\n \n\nThe general duty of Genoil's Board of Directors is to oversee the management of Genoil's business and affairs. In particular, the Board of Directors is responsible for the following matters:\n\n \n\n(a) adopting a strategic planning process which establishes the Corporation's long-term goals and strategies, and monitoring the success of its management in achieving those goals and implementing the strategy;\n\n \n\n(b) identifying the principal risks with respect to all aspects of the Corporation's business, ensuring that there are systems in place to effectively monitor and manage such risks with a view to its long-term viability, and achieving a proper balance between the risks incurred and the potential return to its members;\n\n \n\n(c) engaging in succession planning, including appointing, training and monitoring senior management (which includes ensuring that objectives are in place against which management's performance can be measured), establishing and maintaining programs to train and develop management, providing for the orderly succession of management, and assessing the performance and contribution of Genoil's Chief Executive Officer against mutually established objectives;\n\n \n\n(d) ensuring that there are effective controls and information systems in place for the Board of Directors to discharge its responsibilities, such as an audit system which can inform the Board of Directors about the integrity of the data and the compliance of the financial information with appropriate accounting principles, and the timely reporting of developments material to the Corporation.\n\n \n\n*Composition of the Board of Directors*\n\n \n\nAs of December 31, 2025, Genoil's Board of Directors consisted of Messrs. David Lifschultz, Rolando Ramon, Bruce Abbott, Thomas F. Bugg and Marco Quintela. Of the Board, Messrs. Ramon, Quintela and Bugg are “independent”. Mr. David Lifschultz is not independent as he is the Chairman and Chief Executive Officer of the Corporation. Bruce Abbott is not considered to be independent as he is the President.\n\n \n\nThe definition of “independence” that Genoil uses when determining a director's independence is derived from National Instrument 58-101, published by the Canadian Securities Administrators and adopted in all Canadian jurisdictions.\n\n \n\nThe Board facilitates its exercise of independent supervision over management by attempting to meet independently from management when warranted, determining what additional information it needs from management and seeking outside advice and support as it considers appropriate. Generally, the Board attempts to ensure that all board committees are composed in the majority by non-management directors with consideration being had to the Corporation's current size and board composition.\n\n \n\n \n\n16\n\n*Table of Contents*\n\n \n\n*Committees of the Board of Directors*\n\n \n\nThere are currently two committees of the Board of Directors. The Audit Committee is comprised of two directors, one of whom is a related party. The Compensation Committee is comprised of all directors. The mandate and activities of each committee are as follows:\n\n \n\nAudit Committee - The Audit Committee consists of Thomas F. Bugg and David Lifschultz. The responsibilities of the Audit Committee include:\n\n \n\n(a) assisting the directors with meeting their responsibilities with respect to financial reporting;\n\n \n\n(b) reviewing and reporting to the Board of Directors on all audited financial statements the Corporation prepares and enhancing the credibility and objectivity of all financial reports;\n\n \n\n(c) reviewing with management and with the external auditor any proposed changes in major accounting policies, in the presentation and impact of significant risks and uncertainties, and in key estimates and judgments of management that may be material to financial reporting;\n\n \n\n(d) questioning management and the external auditor regarding significant financial reporting issues discussed during the fiscal period and the method of resolution;\n\n \n\n(e) reviewing 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\n\n \n\n(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.\n\n \n\n*Relevant Education and Experience*\n\n \n\nThe members of the Audit Committee have the following relevant education and experience:\n\n \n\nDavid K. Lifschultz -\n\nMr. 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.\n\n \n\n \n\n \n\nMr. Lifschultz has experience in finance and supervising the Treasury Department of three public companies: the Corporation, Lifschultz Industries, and Trans-Air Freight System.\n\n \n\n \n\n \n\nMr. 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.\n\n \n\n \n\nThomas F. Bugg\n\nMr. 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.\n\n \n\n \n\n17\n\n*Table of Contents*\n\n \n\n*Audit Committee Oversight*\n\n \n\nSince 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.\n\n \n\nCompensation Committee - The Compensation Committee consists of the entire Board.\n\n \n\nThe 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:\n\n \n\n \n\n-\nreviewing the organization's structure;\n\n \n\n \n\n \n\n \n\n-\nmanagement's succession plans for executive management;\n\n \n\n \n\n \n\n \n\n-\ndeveloping compensation philosophies and principles; and\n\n \n\n \n\n \n\n \n\n-\nreviewing and reporting to the Board its recommendations and determinations of appropriate compensation for the Corporation's executive officers.\n\n \n\n*Decisions Requiring the Prior Approval of the Board of Directors***\n\n \n\nEach 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.\n\n \n\nD.*Employees.*\n\n \n\nThe Company has been building its internal capabilities.\n\nGenoil utilizes independent contractors to provide engineering and other services for projects as needed.\n\n \n\nThe Company seeks to work through commission agents who will receive compensation when revenues are generated.\n\nGenoil has no labour unions and no temporary staff.\n\n \n\nE.*Share ownership.*\n\n \n\nThere were 2,018,347,429****Common Shares issued and outstanding as of December 31, 2025 (2024 – 1,969,322,429). 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.”\n\n \n\nGenoil 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\n\n \n\n \n\n18\n\n*Table of Contents*"}