Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 346

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 346
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 be automatically renewed unless either party provides a 30-day notice prior
to the expiration of the agreement.

    (4)
    Effective
    as of May 1, 2023, we entered into an employment agreement with Mr. Eschner for a term ending on   December 31, 2024.
    Under his employment agreement, we agreed to pay Mr. Eschner a salary of $170,000, with the eligibility of an annual bonus targeted
    at 50% of his base salary, as determined by the Board based on his performance and the achievement by the Company of financial,
    operating and other objectives set by the Board. Mr. Eschner’s employment agreement and his employment with the Company expired by their terms on December 31, 2024. Mr. Eschner was also granted an award of 7,500 restricted shares, subject to continuous service,
    with a vesting schedule in which 25% of the restricted shares vest 5 months after the employment start date, with the remainder
    vesting in equal tranches every 6 months thereinafter. As of October 31, 2024, 5,625 of the shares awarded to Mr. Eschner had vested and as of December 31, 2024, the remaining
1,875 unvested shares were forfeited upon Mr. Eschner’s termination.

    (5)
    Effective as of May 1, 2023, we entered into an employment agreement
    with Mr. Rowlee for a term ending on December 31, 2024. Under his employment agreement, we agreed to pay Mr. Rowlee a salary of
    $170,000, with the eligibility of an annual bonus targeted at 50% of his base salary, as determined by the Board based on his
    performance and the achievement by the Company of financial, operating and other objectives set by the Board. Mr. Rowlee’s
    employment agreement and his employment with the Company expired by their terms on December 31, 2024. Mr. Rowlee was also granted an award
    of 7,500 restricted shares, subject to continuous service, with a vesting schedule in which 25% of the restricted shares vest 5
    months after the employment start date, with the remainder vesting in equal tranches every 6 months thereinafter. As of October 31, 2024, 5,625 of the shares awarded to Mr. Rowlee