Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 92

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 amendment to the ARLO Agreement signed in January 2025, the Company has until April 10, 2025 to pay HSO an additional
$1,775,000 to exercise an option for the remaining 17.75% working interest in the initial 960 acres of the Asphalt Ridge Leases. If the
Company raises sufficient funds in its current public offering (for which an amendment to its Form S-1 was filed with the SEC on February
28, 2025), it will consider using $1,775,000 of the net proceeds received to exercise the remaining 17.75% working interest in the Asphalt
Ridge Leases. If this option is not exercised on or before such date, the Company will forfeit any further right to acquire this additional
17.75% working interest in the initial 960 acres.

    16

Board
of Directors Compensation

On
July 11, 2022, the Company’s Board of Directors approved compensation for each of the non-employee directors of the Company, which
would be effective upon the consummation of the IPO. Such compensation is structured as follows: an annual retainer of $50,000 cash plus
an additional $10,000 for each Board committee upon which the Director serves, each paid quarterly in arrears. Payment for this approved
compensation commenced upon successful completion of the Company’s IPO in April 2023; for the three months ended January 31, 2025
and 2024, the Company has recognized $59,167 and $56,685, respectively, in directors’ fees.

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 initial
public offering (“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