Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2184

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9C
Chunk 2184
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 100% of base salary,
as determined by the Board based on his performance and the achievement by the Company of financial, operating and other objectives set
by the Board. Mr. Ross was also granted an award of 100,000 shares of restricted stock, subject to Continuous Service (as such term is
defined in the Ross Employment Agreement, which award was made, and which will vest, with respect to 25% of the shares of restricted
stock on January 9, 2025, and the remainder shall vest in equal tranches every three months thereinafter until either the shares of restricted
stock are fully vested or Mr. Ross’s Continuous Service with the Company terminates, whichever occurs first. Mr. Ross also receives
a standard benefit package, and reimbursement for reasonable business and travel expenses. He also is eligible for twenty-five vacation
days per annum. Although Mr. Ross is employed pursuant to a term, either the Company or Mr. Ross may terminate his employment earlier.
We may terminate Mr. Ross’s employment with or without Cause. “Cause” means: (a) conviction of, or plea of nolo contendere
to any felony or crime involving dishonesty or moral turpitude (whether or not a felony); (b) any action by Mr. Ross involving fraud,
breach of the duty of loyalty, malfeasance or willful misconduct; (c) the failure or refusal by Mr. Ross to perform any material duties
hereunder or to follow any lawful and reasonable direction of the Company; (d) intentional damage to any property of the Company; (e)
chronic neglect or absenteeism in the performance of Mr. Ross’s duties; (f) willful misconduct, or other material violation of
Company policy or code of conduct that causes a material adverse effect upon the Company; (g) material uncured breach of any written
agreement with the Company (subject to a 10 business day cure right on behalf of the Company); or (h) any action that in the reasonable
belief of the Company shall or potentially shall subject the Company to negative or adverse publicity or effects.

Mr.
Ross may resign on 90 days’ written notice.

Employment
Agreement/Consulting Agreement - Michael L. Peterson

We
entered into an employment agreement with Michael L. Peterson, who became our CEO, effective as of October 23, 2023, for a term ending
on December 31, 2025, but his employment ended on July