Company: TPET
Filing Date: 2025-01-30
Form Type: 10-K/A
Source: 0001493152-25-004268
Chunk: 26

Company: Trio Petroleum Corp.
Filing Date: 2025-01-30
Form: 10-K/A
Chunk 26
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 and would vest at a rate of 25% at six months after the award was made to Mr. Ross, with the remainder vesting in equal tranches each three months thereafter. As of October 31, 2024, the units have been recorded at a fair value of $ 3.32per share for a grant date value of $ 332,000and for the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation for the award in the amount of $ 21,890and $ 0, respectively, within stock-based compensation expenses on the income statement, with $ 310,110of unrecognized expense as of the period ended October 31, 2024.

On October 21, 2024, the Company agreed to award 10,000restricted stock units to its CFO under the Plan; the RSUs vest at a rate of 100% upon the six month anniversary of the commencement date and were recorded at a fair value of $ 3.13per share for a grant date value of $ 31,300. For the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation for the award in the amount of $ 1,720and $ 0, respectively, within stock-based compensation expenses on the income statement, with $ 29,580of unrecognized expense as of the period ended October 31, 2024.

Note Payable – Related Party

On March 26, 2024, the Company borrowed $ 125,000from its former Chief Executive Officer, Michael L. Peterson, in connection with which the Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $ 125,000. The Note is payable on or before September 26, 2024 (the “Peterson Note Maturity Date”), upon which date the principal balance and interest accruable at a rate of 10% per annum is due and payable to Mr. Peterson by the Company. The Company may prepay the Peterson Note at any time prior to the Peterson Note Maturity Date, in whole or in part, without premium or penalty. The Company is also required to prepay the Peterson Note, in full, prior to the Peterson Note Maturity Date from the proceeds of any equity or debt financing received by the Company of at least $ 1,000,000. As additional consideration for the Peterson Loan, the Company accelerated the vesting of