Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 22

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 22
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, the Company will pay an additional $ 400,000per the McCool Ranch Purchase Agreement; to date, it has paid approximately $ 284,000during the year for restarting production operations on the assets and has a liability of approximately $ 116,000to Trio LLC as a payable - related party on the balance sheet as of October 31, 2024.

Restricted Stock Units (“RSUs”) issued to Directors

Pursuant to the 2022 Equity Incentive Plan (“the Plan”), on September 2, 2023, the Company issued an aggregate 21,250shares of its $ 0.0001par common stock to four outside directors with a fair value of $ 12.80per share for a grant date value of $ 273,275. The shares, or RSUs, vested as of February 28, 2024.

On June 19, 2024, the Company agreed to award 50,000restricted stock units to a newly appointed director under the Plan; as there were only 22,750shares remaining for issuance under the Plan at that time, 22,500RSUs were awarded immediately with a fair value of $ 6.00per 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. With regards to vesting, 25% of the RSUs vest six months after the date of issuance and the remaining RSUs will vest in equal amounts quarterly thereafter. As of October 31, 2024, remaining 27,500units have been recorded at a fair value of $ 3.32per share for a grant date value of $ 91,300and for the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation for these awards in the amount of $ 30,651and $ 0, respectively, within stock-based compensation expenses on the income statement, with $ 195,199of unrecognized expense as of the period ended October 31, 2024.

On October 21, 2024, the Company agreed to award 12,500restricted stock units to a newly appointed director 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 $ 39,125. Additionally