Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 488

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1B
Chunk 488
---

     228,167  
     -  
     -  
     348,584 
  
    President (6) 
    2023  
     56,667  
     -  
     94,333  
     -  
     -  
     151,000 

    (1)
    Effective as of June 20, 2024, we appointed Mr. Ross as the Chairman of the Board of Directors; in connection with this appointment, we awarded Mr. Ross 50,000 shares of restricted stock, with 25% of the shares vesting six months after issuance and the remainder equally over the next twelve months on a quarterly basis. Effective as of July 11, 2024, we entered into an employment agreement with Mr. Ross, who became our Chief Executive Officer (“CEO”), for a term ending on December 31, 2026, which shall auto-renew for additional one-year terms. Per his employment agreement, we have agreed to pay Mr. Ross a salary at a rate of $300,000 per year. He is eligible for an annual bonus targeted at 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. In connection with his appointment as the CEO, Mr. Ross was also granted an award of 100,000 shares of restricted stock, subject to Continuous Service, 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.

50

    (2)
    Effective
    as of October 23, 2023, we entered into an employment agreement with Mr. Peterson for a term ending on December 31, 2025; such employment
    agreement was terminated on July 11, 2024 as a result of his resignation as Chief Executive Officer of the Company. Per his employment
    agreement, Mr. Peterson was granted 50,000 shares of restricted stock, which had fully vested as of October 31, 2024. On July 11,
    2024, the Company and Mr. Peterson entered into a Consulting Agreement, effective as of July 11, 2024,