Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 924

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 3
Chunk 924
---
 and development
of business opportunities and providing background information with respect to Company’s history. In consideration for his consulting
services, and pursuant to the terms of the Consulting Agreement, the Company paid Mr. Peterson a cash consulting fee equal to $10,000
per month, payable within five business days after the commencement of each calendar month during the term of the Consulting Agreement.
In addition, the Company awarded Mr. Peterson 50,000 RSUs under the 2022 Plan, which award was made after the Company’s
stockholders approved an increase in the number of shares available under the 2022 Plan at the 2024 Annual Meeting of
Stockholders on August 15, 2024, and are fully vested. Mr. Peterson was also entitled to reimbursement for certain expenses. The Consulting
Agreement was terminated on October 11, 2024, in accordance with its terms.

52

Employment
Agreement/Independent Contractor Agreement - Gregory L. Overholtzer 

Effective
as of February 1, 2022, we entered into an employment agreement with our Chief Financial Officer, Gregory L. Overholtzer. Mr.
Overholtzer was employed effective February 25, 2022, for a term ending on December 31, 2024.  Mr. Overholtzer’s
employment agreement and his employment with the Company expired by their terms on December 31, 2024. On
January 1, 2025, we entered into an independent contractor agreement (the “IC Agreement”) with Mr. Overholtzer, under which
he continues to serve as the Chief Financial Officer of the Company and performs his services in California.

The
initial term of the IC 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
IC Agreement. In addition, the IC 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