Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2070

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9B
Chunk 2070
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10 business day cure right on behalf of the Company); or (h) any action that in the reasonable
belief of the Company shall or potentially shall subject the Company to negative or adverse publicity or effects.

Mr.
Ross may resign on 90 days’ written notice.

Employment
Agreement/Consulting Agreement - Michael L. Peterson

We
entered into an employment agreement with Michael L. Peterson, who became our CEO, effective as of October 23, 2023, for a term ending
on December 31, 2025, but his employment ended on July 11, 2024 as a result of his resignation as Chief Executive Officer
of the Company.

On
July 11, 2024, the Company and Mr. Peterson entered into a Consulting Agreement (the “Consulting Agreement”), effective as
of July 11, 2024, and continuing through October 11, 2024, with a one-time option for the Company to renew the Consulting Agreement and
Mr. Peterson’s services as a consultant for up to an additional three months thereafter. Pursuant to the Consulting Agreement,
Mr. Peterson provided services relating to investor relations, public relations, financing strategies, corporate strategies, and development
of business opportunities and providing background information with respect to Company’s history. In consideration for his consulting
services, and pursuant to the terms of the Consulting Agreement, the Company paid Mr. Peterson a cash consulting fee equal to $10,000
per month, payable within five business days after the commencement of each calendar month during the term of the Consulting Agreement.
In addition, the Company awarded Mr. Peterson 50,000 RSUs under the 2022 Plan, which award was made after the Company’s
stockholders approved an increase in the number of shares available under the 2022 Plan at the 2024 Annual Meeting of
Stockholders on August 15, 2024, and are fully vested. Mr. Peterson was also entitled to reimbursement for certain expenses. The Consulting
Agreement was terminated on October 11, 2024, in accordance with its terms.

52

Employment
Agreement/Independent Contractor Agreement - Gregory L. Overholtzer 

Effective
as of February 1, 2022, we entered into an employment agreement with our Chief Financial Officer, Gregory L. Overholtzer. Mr.
Overholtzer was employed effective February 25, 2022, for a term ending on December 31, 2024.