Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1900

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9
Chunk 1900
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 vested as of February 28, 2024.

On
June 19, 2024, the Company agreed to award 50,000 restricted stock units to a newly appointed director under the Plan; as there were
only 22,750 shares remaining for issuance under the Plan at that time, 22,500 RSUs were awarded immediately with a fair value of $6.00
per share for a grant date value of $134,550, with the remainder to be issued when the number of shares available under the Plan had
been increased per shareholder approval. With regards to vesting, 25% of the RSUs vest six months after the date of issuance and the
remaining RSUs will vest in equal amounts quarterly thereafter. As of October 31, 2024, remaining 27,500 units have been recorded at
a fair value of $3.32 per share for a grant date value of $91,300 and for the years ended October 31, 2024 and 2023, the Company recognized
stock-based compensation for these awards in the amount of $30,651 and $0, respectively, within stock-based compensation expenses on
the income statement, with $195,199 of unrecognized expense as of the period ended October 31, 2024.

On
October 21, 2024, the Company agreed to award 12,500 restricted stock units to a newly appointed director under the Plan; the RSUs vest
at a rate of 100% upon the six month anniversary of the commencement date and were recorded at a fair value of $3.13 per share for a
grant date value of $39,125. Additionally, on October 21, 2024, the Company agreed to award an aggregate of 37,500 restricted stock units
to current directors under the Plan; the RSUs vest at a rate of 100% upon 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 years ended October 31, 2024 and 2023,
the Company recognized stock-based compensation for these awards in the amount of $14,908 and $0, respectively, within stock-based compensation
expenses on the income statement, with $141,592 of unrecognized expense as of the period ended October 31, 2024.

Restricted
Shares issued to Executives and Employees

In
February