Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2388

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 10
Chunk 2388
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) up to 157,466 shares of common stock, par value $0.0001
per share which the selling stockholders may acquire upon the exercise of outstanding common warrants and (ii) up to 25,000 shares of
common stock, which the selling stockholders may acquire upon the exercise of outstanding pre-funded warrants. Such warrants were issued
to the selling stockholders in connection with securities purchase agreements entered into on January 28, 2022 and September 20, 2022.
The Company recorded 34,993 shares of common stock that are not exercised but registered in accordance with their common warrant agreements
and 25,000 shares of common stock that are not exercised but registered in accordance with their pre-funded warrant agreements upon the
filing of this Form S-1/A.

On
July 20, 2023, the Company issued 10,000 restricted shares pursuant to the Plan to Mr. Ingriselli (see Note 6) at a fair value of $21.40
per share for an aggregate fair value of $213,000. The shares vested fully on July 24, 2023 and the Company recognized stock-based compensation
for the full value of the shares as of the end of the period.

On
September 2, 2023, the Company issued 21,250 shares of its $0.0001 par common stock to four outside Directors with a fair value of $12.80
per share for a grant date value of $273,275. The shares, or RSUs, vest in full upon the six-month anniversary of the vesting commencement
date (or August 28,2023), subject to the directors’ continued service on the vesting date. For the years ended October 31, 2024
and 2023, the Company recognized stock-based compensation in the amount of $177,259 and $96,016, respectively, within stock-based compensation
expenses on the income statement, with no unrecognized expense as of the period ended October 31, 2024.

On
October 16, 2023, pursuant to the Peterson Employment Agreement, the Company issued Mr. Peterson is a grant of 50,000 shares of restricted
stock pursuant to the Plan at a fair value of $5.40 per share for a grant date fair value of $271,000. The restricted stock grant vests
over a period of two years, with 25% of the shares of restricted stock vesting