Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 37

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 director is entitled to an annual cash retainer
of $50,000, plus an additional $10,000 per Board committee served, with all payments made quarterly in arrears. Compensation payments
commenced following the successful completion of the IPO in April 2023.

For
the three and nine months ended July 31, 2025, the Company recognized director compensation expense of $80,007 and $241,682, respectively.
For the corresponding periods in 2024, the Company recognized $55,000 and $165,000, respectively.

Agreements
with Advisors

On
July 28, 2022, the Company entered into a placement agent agreement with the Placement Agent with Spartan Capital Securities, LLC (“Spartan”),
whereby Spartan agreed to serve as the exclusive agent, advisor or underwriter in any offering of securities of the Company for a one-year
term. The agreement provided for a $25,000 non-refundable advance upon execution of the agreement and completion of a bridge offering
to be credited against the accountable expenses incurred by the Placement Agent upon successful completion of the Company’s IPO,
a cash fee of 7.5%, warrants to purchase a number of common shares equal to 5% of the aggregate number of common shares placed in the
IPO and reimbursement of other expenses. On April 20, 2023, pursuant to this agreement, the Company issued representative warrants to
Spartan to purchase up to an aggregate of 5,000 shares of common stock; such warrants have a 5five-year term with an exercise price of
$66.00 and can be exercised any time after the IPO date.

On
October 4, 2023 and December 29, 2023, the Company entered into additional placement agent agreements with Spartan, whereby Spartan would
serve as the exclusive placement agent in connection with the closing of private placements. The agreements provided the agent with i)
a cash fee 7.5% of the aggregate proceeds raised in the sale and ii) warrants to purchase a number of common shares equal to 5% of the
number of common shares initially issuable upon conversion of each note tranche; warrants to purchase 4,167 and 2,750 common shares with
exercise prices of $26.40 and $11.00 for the first and second tranches, respectively, were issued to Spartan as of January 31, 2024.
Such warrants may be exercised beginning 6 months after issuance