Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1475

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 7
Chunk 1475
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 incorporation and amended and restated bylaws, our board of directors is divided
into three classes with staggered, three-year terms. At each annual meeting of stockholders, the successors to directors whose terms
then expire will be elected to serve from the time of election and qualification until the third annual meeting following election. Our
directors are divided among the three classes as follows:

    ●
    the
    Class I directors are John Randall and Thomas J. Pernice, and their terms will expire at our annual meeting of stockholders in 2027;

    ●
    the
    Class II directors are William J. Hunter and James H. Blake, and their term will expire at our annual meeting of stockholders in
    2025, and

    ●
    the
    Class III directors are Robin Ross and Stanford Eschner, and their terms will expire at the annual meeting of stockholders in 2026.

Our
amended and restated certificate of incorporation and amended and restated bylaws provide that the authorized number of directors may
be changed only by resolution of the board of directors. Any additional directorships resulting from an increase in the number of directors
will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. The
division of our board of directors into three classes with staggered three-year terms may delay or prevent a change of our management
or a change in control of our company. Our directors may be removed only for cause by the affirmative vote of the holders of at least
two-thirds of our outstanding voting stock entitled to vote in the election of directors.

Board
Leadership Structure

Our
corporate governance guidelines provide that, if the chairman of the board is a member of management or does not otherwise qualify as
independent, the independent directors of the board may elect a lead director. The lead director’s responsibilities include, but
are not limited to: presiding over all meetings of the board of directors at which the chairman is not present, including any executive
sessions of the independent directors; approving board meeting schedules and agendas; and acting as the liaison between the independent
directors and the chief executive officer and chairman of the board. Our corporate governance guidelines further provide the flexibility
for our board of directors to modify our leadership structure in the future as it deems appropriate.

47

Role
of the Board in Risk Oversight

One
of the key functions of our board of directors is informed oversight