Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1723

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 8
Chunk 1723
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 with its terms.

52

Employment
Agreement/Independent Contractor Agreement - Gregory L. Overholtzer 

Effective
as of February 1, 2022, we entered into an employment agreement with our Chief Financial Officer, Gregory L. Overholtzer. Mr.
Overholtzer was employed effective February 25, 2022, for a term ending on December 31, 2024.  Mr. Overholtzer’s
employment agreement and his employment with the Company expired by their terms on December 31, 2024. On
January 1, 2025, we entered into an independent contractor agreement (the “IC Agreement”) with Mr. Overholtzer, under which
he continues to serve as the Chief Financial Officer of the Company and performs his services in California.

The
initial term of the IC Agreement continues until December 31, 2025, provided that the term will renew for successive one year periods,
unless either party notifies the other party at least 30 days prior to the end of the then current term of its desire not to renew the
IC Agreement. In addition, the IC Agreement may be terminated by either party upon 60 days’ prior written notice to the other party.
Upon any such termination by the Company, the Company may terminate the Agreement prior to such 60-day notice period, but shall be required
to pay Mr. Overholtzer the fees payable for such 60-day period. Furthermore, if Mr. Overholtzer provides notice of termination, but does
not continue to provide the required services during such 60-day period, the 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