Company: TPET
Filing Date: 2025-01-08
Form Type: 8-K
Source: 0001493152-25-001444
Chunk: 0

Company: Trio Petroleum Corp.
Filing Date: 2025-01-08
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01 Entry into a
Material Definitive Agreement

On
December 31, 2024, the employment agreement between Trio Petroleum Corp. (the “ Company”) and the Company’s Chief Financial
Officer, Greg Overholtzer, terminated by its terms. Effective as of January 1, 2025, the Company entered into an Independent Contractor
Agreement (the “ Agreement”), pursuant to which Mr. Overholtzer continues to serve as the Chief Financial Officer of
the Company. The initial term of the Agreement continues until December 31, 2025, provided that the term will renew for successive one
year periods, unless either party notifies the other party at least 30 days prior to the end of the then current term of its desire not
to renew the Agreement. In addition, the Agreement may be terminated by either party upon 60 days’ prior written notice to the
other party. Upon any such termination by the Company, the Company may terminate the Agreement prior to such 60-day notice period, but
shall be required to pay Mr. Overholtzer the fees payable for such 60-day period. Furthermore, if Mr. Overholtzer provides notice of
termination, but does not continue to provide the required services during such 60-day period, the Company may immediately terminate
the Agreement and shall only be required to pay Mr. Overholtzer fees payable through such date of termination. Notwithstanding any of
the foregoing, if the Company fails to timely pay Mr. Overholtzer any monthly fee, he shall have the right to terminate the Agreement
on 30-days’ notice.

Mr.
Overholtzer is entitled to the payment of a monthly fee of $12,500 for his services and reimbursement of all pre-approved expenses relating
to his services upon presentation of invoices and receipts reasonably acceptable to the Company.

Each
of the Company and Mr. Overholtzer has made customary representations and warranties to each other, and Mr. Overholtzer has
agreed that during the term of the Agreement and for a period of two years, thereafter, not to solicit any employee of the Company
for employment with any other business. Mr. Overholtzer has also agreed to a standard form of confidentiality provision under the
terms of the Agreement and customary provisions relating to insider trading. Mr. Overholtzer has also agreed to assign to the
Company any intellectual property rights relating to his services to the Company.

The