Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 925

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 3
Chunk 925
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 Company may immediately terminate the IC Agreement and shall
only be required to pay Mr. Overholtzer fees payable through such date of termination. Notwithstanding any of the foregoing, if the Company
fails to timely pay Mr. Overholtzer any monthly fee, he shall have the right to terminate the IC Agreement on 30-days’ notice.

Mr.
Overholtzer is entitled to the payment of a monthly fee of $12,500 for his services and reimbursement of all pre-approved expenses relating
to his services upon presentation of invoices and receipts reasonably acceptable to the Company.

Each of the Company and Mr. Overholtzer has made customary representations and warranties to each other, and Mr.
Overholtzer has agreed that during the term of the IC Agreement and for a period of two years, thereafter, not to solicit any employee
of the Company for employment with any other business. Mr. Overholtzer has also agreed to a standard form of confidentiality provision
under the terms of the Agreement and customary provisions relating to insider trading. Mr. Overholtzer has also agreed to assign to the
Company any intellectual property rights relating to his services to the Company.

Employment
Agreement- Steven A. Rowlee

We
entered into an employment agreement with our former Chief Operating Officer, Steven A. Rowlee, effective as of May 1, 2023, for a term ending on December 31, 2024.
Mr. Rowlee’s employment agreement and his employment with the Company expired by their terms on December 31, 2024. His position as Chief Operating Officer of the Company was officially eliminated by the Board as of January 2, 2025.

53

Employment
Agreement- Terence B. Eschner

We
entered into an employment agreement with our former President, Terence B. Eschner, effective as of May 1, 2023, for a term ending
on December 31, 2024. Mr. Eschner’s employment agreement and his employment with the Company expired by their terms on December 31,
2024. His position as President of the Company was officially eliminated by the Board as of January 2, 2025.

Employment
Agreement- Stanford Eschner

We
entered into an employment agreement with our Vice Chairman, Stanford Eschner, effective as of May 1, 2023, for a term ending on
December 31, 2024. Mr. Eschner’s employment agreement