Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 150

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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 the three-month anniversary of the commencement date and were
recorded at a fair value of $3.13 per share for an aggregate grant date value of $117,375. For the three and nine months ended July 31,
2025, the Company recognized stock-based compensation for these awards in the amount of $0 and $141,592, respectively, within stock-based
compensation expenses on the income statement, with $0 of unrecognized expense as of the period ended July 31, 2025.

Restricted
Shares issued to Executives and Employees

In
May 2023, the Company entered into six employee agreements which, among other things, provided for the grant of an aggregate of 35,000
restricted shares pursuant to the Plan. Per the terms of the employee agreements, subject to continued employment, the restricted shares
vest as follows: 25% of the shares vested five months after the issuance date, after which the remainder vest in equal tranches every
six months until fully vested. The shares were recorded on the date of issuance at a fair value of $43.00 per share for an aggregate
fair value of $1,505,000; during the current fiscal year, four employee agreements were not renewed and 4,375 restricted shares were
forfeited as a result. For the three and nine months ended July 31, 2025, the Company recognized stock-based compensation of $0 and $180,936,
respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $0 as of the period ended
July 31, 2025. For the three and nine months ended July 31, 2024, the Company recognized stock-based compensation of $189,845 and $563,343,
respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $414,474 as of the period
ended July 31, 2024.

On
July 11, 2024, the Company and Mr. Peterson (the Company’s former Chief Executive Officer) entered into a three-month consulting
agreement, which includes a monthly cash fee of $10,000 and an award of 50,000 RSUs pursuant to the Plan. The units were recorded at
a fair value of $3.32 per share for a grant date value of $166,000 and for the three and nine months ended July 31, 2025, the Company
recognized stock-based compensation for the award