Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 501

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1B
Chunk 501
---
 in connection with his Board service;
                                            such shares vest in full upon the six month anniversary of the award date.

The
material terms of the non-employee director compensation program are summarized below.

The
non-employee director compensation provides for annual retainer fees and/or long-term equity awards for our non-employee directors. We
expect each non-employee director will receive an annual retainer of $50,000 plus an additional $10,000 for each board committee that
he or she is on.

Compensation
under our non-employee director compensation policy will be subject to the annual limits on non-employee director compensation set forth
in the 2022 Plan, as described above, but such limits will not apply prior to the first calendar year following the calendar
year in which our initial public offering was completed. Our board of directors or its authorized committee may modify the non-employee
director compensation program from time to time in the exercise of its business judgment, taking into account such factors, circumstances
and considerations as it shall deem relevant from time to time, subject to the annual limit on non-employee director compensation set
forth in the 2022 Plan. As provided in the 2022 Plan, our board of directors or its authorized committee may make
exceptions to this limit for individual non-employee directors in extraordinary circumstances, as the board of directors or its authorized
committee may determine in its discretion.

ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The
following table sets forth information with respect to the beneficial ownership of our common stock, as of January 15, 2025 by:

    ●
    each
    person, or group of affiliated persons, known by us to beneficially own more than 5% of our outstanding shares of common stock (other
    than named executive officers and directors);

    ●
    each
    of our named executive officers;

    ●
    each
    of our directors; 

    ●
    all
    of our executive officers and directors as a group;

The
number of shares beneficially owned by each stockholder is determined in accordance with the rules issued by the SEC, and the information
is not necessarily indicative of beneficial ownership for any other purpose. Under these rules, beneficial ownership includes any shares
as to which the individual or entity has sole or shared voting power or investment power, which includes the power to dispose of or to
direct the disposition of such security