Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 171

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 8
Chunk 171
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 Plan.

Compensation
Adjustments for Chief Executive Officer (CEO) Robin Ross

On
August 1, 2025, the Compensation Committee approved an increase in Robin Ross’s annual base salary from $300,000 to $400,000, effective
immediately. Mr. Ross was also granted a one-time award of 625,000 shares of common stock under the 2022 Plan. These
changes were reflected in an amendment to his Executive Employment Agreement.

Additionally,
the Compensation Committee authorized a cash bonus of $150,000 to Mr. Ross, payable at the Board’s discretion, pursuant to Section
4 of his existing employment agreement.

Equity
Award to Chief Financial Officer (CFO) Gregory Overholtzer

On
August 1, 2025, the Compensation Committee approved a one-time award of 62,500 shares of common stock to Gregory Overholtzer, the Company’s
Chief Financial Officer, under the 2022 Plan. The terms of this award will be documented in a forthcoming agreement
between the Company and Mr. Overholtzer.

Equity
Awards to Board of Directors

On
August 1, 2025, the Compensation Committee approved the award of an aggregate of 850,000 common shares to four non-employee board members.

Convertible
Notes Financing

On
August 15, 2025, the Company completed a private placement of three unsecured convertible promissory notes to three institutional
investors for an aggregate principal amount of $1,020,000,
with a 15%
original issue discount, resulting in net funding of $1,020,000.
After deducting placement agent and legal fees, net proceeds totaled $928,600,
which are to be used for working capital and general corporate purposes.

The
notes are convertible into common stock at the lesser of $1.32 or 90% of the lowest VWAP over the five trading days prior to the
date of a notice of conversion, subject to a floor price of $0.72 (adjustable down to $0.22 under certain conditions). The Company
may require conversion if specific trading and registration conditions are met. Investors may not convert amounts that would exceed
4.99% (or 9.99%, if elected) ownership or the maximum conversion cap. The maximum number of shares issuable upon conversion of all
notes is 1,679,127, representing 19.99% of the Company’s outstanding common stock as