Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2408

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 11
Chunk 2408
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oltzer 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.

Employment
Agreement- Steven A. Rowlee

We
entered into an employment agreement with our former Chief Operating Officer, Steven A. Rowlee, effective as of May 1, 2023, for a term ending on December 31, 2024.
Mr. Rowlee’s employment agreement and his employment with the Company expired by their terms on December 31, 2024. His position as Chief Operating Officer of the Company was officially eliminated by the Board as of January 2, 2025.

53

Employment
Agreement- Terence B. Eschner

We
entered into an employment agreement with our former President, Terence B. Eschner, effective as of May 1, 2023, for a term ending
on December 31, 2024. Mr. Eschner’s employment agreement and his employment with the Company expired by their terms on December 31,
2024. His position as President of the Company was officially eliminated by the Board as of January 2, 2025.

Employment
Agreement- Stanford Eschner

We
entered into an employment agreement with our Vice Chairman, Stanford Eschner, effective as of May 1, 2023, for a term ending on
December 31, 2024. Mr. Eschner’s employment agreement and his employment with the Company expired by their terms on December
31, 2024. Mr. Eschner continues to serve as our Vice Chairman in a non-employee capacity. 

Incentive
Award Plans

2022
Equity Incentive Plan

We
have adopted and approved the 2022 Plan. On August 15, 2024, at the 2024 annual meeting of the stockholders of the Company, the
number of shares of common stock reserved for issuance with respect to awards granted under the 2022 Plan was approved by the
stockholders to increase from 200,000 shares of common stock to 500,000 shares of common stock. Under the 2022 Plan, we may grant
cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we
compete. The material terms of the 2022