Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1130

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 4
Chunk 1130
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100,000 RSUs pursuant
to the Plan; the RSUs were to be issued when the number of shares available under the Plan had been increased per shareholder approval
and would vest at a rate of 25% at six months after the award was made to Mr. Ross, with the remainder vesting in equal tranches each
three months thereafter. As of October 31, 2024, the units have been recorded at a fair value of $3.32 per share for a grant date value
of $332,000 and for the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation for the award in the amount
of $21,890 and $0, respectively, within stock-based compensation expenses on the income statement, with $310,110 of unrecognized expense
as of the period ended October 31, 2024.

On
October 21, 2024, the Company agreed to award 10,000 restricted stock units to its CFO 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 $3.13 per share for a grant date value of
$31,300. For the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation for the award in the amount of
$1,720 and $0, respectively, within stock-based compensation expenses on the income statement, with $29,580 of unrecognized expense as
of the period ended October 31, 2024.

Note
Payable – Related Party

On
March 26, 2024, the Company borrowed $125,000
from its former Chief Executive Officer, Michael L. Peterson, in connection with which the Company delivered to Mr. Peterson an
Unsecured Subordinated Promissory Note in the principal amount of $125,000.
The Note is payable on or before September 26, 2024 (the “Peterson Note Maturity Date”), upon which date the principal
balance and interest accruable at a rate of 10%
per annum is due and payable to Mr. Peterson by the Company. The Company may prepay the Peterson Note at any time prior to the
Peterson Note Maturity Date, in whole or in part, without premium or penalty. The Company is also required to prepay the Peterson
Note, in full, prior to the Peterson Note Maturity Date from