Company: TPET
Filing Date: 2025-06-03
Form Type: PRE 14A
Source: 0001641172-25-013496
Chunk: 27

Company: Trio Petroleum Corp.
Filing Date: 2025-06-03
Form: PRE 14A
Chunk 27
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 not impair the registered accountants’ independence.

The services provided to us by Bush & Associates in fiscal year 2024 were provided in accordance with our pre-approval policies and procedures, as applicable.

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Audit Committee Report

A brief description of the principal functions of the audit committee is included in this Proxy Statement under the discussion of “ Committees of the Board of Directors — Audit Committee.” Under the audit committee charter, the audit committee is appointed by the Board of Directors to assist the Board of Directors in monitoring (1) the integrity of the annual, quarterly and other financial statements of the Company, (2) the independent registered public accounting firm’s qualifications and independence, (3) the performance of the Company’s independent registered public accounting firm and (4) the compliance by the Company with legal and regulatory requirements. It also shall review and approve all related-party transactions.

On June 19, 2024, the Company agreed to award
50,000 restricted stock units to a newly appointed director under the Plan; as there were only 22,750 shares remaining for issuance under
the Plan at that time, 22,500 RSUs were awarded immediately with a fair value of $6.00 per share for a grant date value of $134,550,
with the remainder to be issued when the number of shares available under the Plan had been increased per shareholder approval.

On October 21, 2024, the Company agreed to
award 12,500 restricted stock units to a newly appointed director under the Plan, and additionally, on October 21, 2024, the Company
agreed to award an aggregate of 37,500 restricted stock units to current directors under the Plan.

On March 26, 2024, the Company borrowed $125,000
from Michael L. Peterson, former Chief Executive Officer of the Company (the “Peterson Loan”), in connection with which the
Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $125,000 (the “Peterson
Note”). As additional consideration for the Peterson Loan, the Company accelerated the vesting of 50,000 shares of restricted stock
awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. On September 26, 2024 and October 28, 2024, the Company
entered into the first and second amendments, respectively, to the Peterson Note; each amendment extended the maturity dates to October
28, 202