Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 100

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 8
Chunk 100
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 2025, the Company recognized stock-based compensation for the award in the amount
of $13,758 and $29,580, respectively, within stock-based compensation expenses on the income statement, with $0 of unrecognized expense
as of the period ended April 30, 2025.

    14

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 the proceeds of any equity or debt financing received by the Company of
at least $1,000,000. As additional consideration for the Peterson Loan, the Company accelerated the vesting of 50,000 shares of restricted
stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. The Peterson Note also provides for acceleration
of payment of the outstanding principal balance and all accrued and unpaid interest in the case of an Event of Default (as such term
is defined in the Peterson Note), where there is either a payment default or a bankruptcy event.

On
September 26, 2024 and October 28, 2024, the Company entered into the first and second amendments, respectively, to the Peterson Note;
each amendment extended the maturity dates to October 28, 2024 and November 30, 2024, respectively, and added a $5,000 extension fee
(per amendment) to the principal of the note. On November 25, 2024, the Company paid off the Peterson Note in the amount of $143,516,
with $135,000 in satisfaction of the principal amount owed and $8,516 towards accrued interest.

Consulting
Agreement

On
December 31, 2024, the employment agreement between the Company