Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2179

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9C
Chunk 2179
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 his employment agreement, we have agreed to pay Mr. Ross a salary at a rate of $300,000 per year. He is eligible for an annual bonus targeted at 100% of base salary, as determined by the Board based on his performance and the achievement by the Company of financial, operating and other objectives set by the Board. In connection with his appointment as the CEO, Mr. Ross was also granted an award of 100,000 shares of restricted stock, subject to Continuous Service, and which will vest with respect to 25% of the shares of restricted stock on January 9, 2025, and the remainder shall vest in equal tranches every three months thereinafter until either the shares of restricted stock are fully vested or Mr. Ross’s Continuous Service with the Company terminates, whichever occurs first.

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    (2)
    Effective
    as of October 23, 2023, we entered into an employment agreement with Mr. Peterson for a term ending on December 31, 2025; such employment
    agreement was terminated on July 11, 2024 as a result of his resignation as Chief Executive Officer of the Company. Per his employment
    agreement, Mr. Peterson was granted 50,000 shares of restricted stock, which had fully vested as of October 31, 2024. On July 11,
    2024, the Company and Mr. Peterson entered into a Consulting Agreement, effective as of July 11, 2024, and continuing through October
    11, 2024; in connection with the Consulting Agreement, the Company awarded Mr. Peterson 50,000 RSUs under the 2022 Plan, which were
    fully vested as of October 31, 2024. The Consulting Agreement was terminated on October 11, 2024, in accordance with its terms.

    (3)
    Effective
as of February 1, 2022, we entered into an employment agreement with Mr. Overholtzer, under which we agreed to pay him a salary of $60,000,
with an increase to $120,000 on the first date the Company’s shares were publicly traded. He was eligible for an annual bonus that
was targeted at 50% of his base salary beginning in 2022, and was also granted 5,000 RSUs, which were subject to Continuous Service and
had a vesting period of two years. As of October 31, 2024, all such