Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 31

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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, the Company entered into six employee agreements which, among other things, provided for the grant of an aggregate of 35,000
restricted shares pursuant to the Plan. Per the terms of the employee agreements, subject to continued employment, the restricted shares
vest as follows: 25% of the shares vested five months after the issuance date, after which the remainder vest in equal tranches every
six months until fully vested. The shares were recorded on the date of issuance at a fair value of $43.00 per share for an aggregate
fair value of $1,505,000; during the current fiscal year, four employee agreements were not renewed and 4,375 restricted shares were
forfeited as a result. For the three and six months ended April 30, 2025, the Company recognized stock-based compensation of $34,785
and $89,027, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $34,785 as
of the period ended April 30, 2025. For the three and six months ended April 30, 2024, the Company recognized stock-based compensation
of $183,654 and $373,499, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of
$691,282 as of the period ended April 30, 2025.

On
July 11, 2024, the Company and Mr. Peterson (the Company’s former Chief Executive Officer) entered into a three-month consulting
agreement, which includes a monthly cash fee of $10,000 and an award of 50,000 RSUs pursuant to the Plan. The units were recorded at
a fair value of $3.32 per share for a grant date value of $166,000 and for the three and six months ended April 30, 2025, the Company
recognized stock-based compensation for the award of $0 and $68,033, respectively, within stock-based compensation expenses on the income
statement, with no unrecognized expense as of the period ended April 30, 2025.

On
July 11, 2024, the Company entered into an employment agreement with Mr. Robin Ross, pursuant to which Mr. Ross will serve as Chief Executive
Officer of the Company, replacing Mr. Peterson. Pursuant to the Ross Employment Agreement, Mr. Ross will be paid an annual base salary
of $300,000. In addition, Mr. Peterson is