Company: TPET
Filing Date: 2025-02-27
Form Type: 10-K/A
Source: 0001493152-25-008556
Chunk: 25

Company: Trio Petroleum Corp.
Filing Date: 2025-02-27
Form: 10-K/A
Chunk 25
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 the principal amount of $ 125,000(the “Peterson Note”). As additional consideration for the Peterson Loan, the Company accelerated the vesting of 50,000shares of restricted stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. For the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation of $ 267,659and $ 3,341, respectively, within stock-based compensation expenses on the income statement, with no unrecognized expense as of the period ended October 31, 2024.

On the same date as Mr. Peterson’s resignation as the Company’s Chief Executive Officer on July 11, 2024, the Company and Mr. Peterson entered into a three-month consulting agreement, which includes a monthly cash fee of $ 10,000and an award of 50,000RSUs 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 sixty days after their issuance. As of October 31, 2024, the units have been recorded at a fair value of $ 3.32per share for a grant date value of $ 166,000and for the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation for the award in the amount of $ 97,967and $ 0, respectively, within stock-based compensation expenses on the income statement, with $ 68,033of unrecognized expense as of the period ended October 31, 2024.

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 entitled to receive, subject to his continuing employment with the Company on the applicable date of the bonus payout, an annual target discretionary bonus of up to 100% of his annual base salary, payable at the discretion of the Compensation Committee of the Board based upon the Company’s and Mr. Ross’ achievement of objectives and milestones to be determined on an annual basis by the Board. Pursuant to the Ross Employment Agreement, the Company awarded Mr. Ross 100,000RSUs pursuant to the Plan; the RSUs were to be issued