Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 32

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 stock-based compensation expenses on the income statement, with unrecognized expense of $0 as of the period ended
July 31, 2025. For the three and nine months ended July 31, 2024, the Company recognized stock-based compensation of $189,845 and $563,343,
respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $414,474 as of the period
ended July 31, 2024.

On
July 11, 2024, the Company and Mr. Peterson (the Company’s former Chief Executive Officer) entered into a three-month consulting
agreement, which includes a monthly cash fee of $10,000 and an award of 50,000 RSUs pursuant to the Plan. The units were recorded at
a fair value of $3.32 per share for a grant date value of $166,000 and for the three and nine months ended July 31, 2025, the Company
recognized stock-based compensation for the award of $0 and $68,033, respectively, within stock-based compensation expenses on the income
statement, with no unrecognized expense as of the period ended July 31, 2025.

On
July 11, 2024, the Company entered into an employment agreement with Mr. Robin Ross, pursuant to which Mr. Ross started serving as
Chief Executive Officer of the Company, replacing Mr. Peterson. Pursuant to the Ross Employment Agreement, Mr. Ross was initially
paid an annual base salary of $300,000.
In addition, Mr. Ross is entitled to receive, subject to his continuing employment with the Company on the applicable date of the
bonus payout, an annual target discretionary bonus of up to 100%
of his annual base salary, payable at the discretion of the Compensation Committee of the Board based upon the Company’s and
Mr. Ross’ achievement of objectives and milestones to be determined on an annual basis by the Board. Pursuant to the Ross
Employment Agreement, the Company awarded Mr. Ross 100,000
RSUs pursuant to the Plan; the RSUs were recorded at a fair value of $3.32
per share for a grant date value of $332,000
and for the three and nine months ended July 31, 2025, the Company recognized stock-based compensation for the award in the amount
of $55,941
and $166,000,
respectively, within stock-based compensation expenses on the income statement,