Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
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Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 13
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The
following includes a summary of transactions since July 19, 2021 (inception) to which we have been a party in which the amount involved
will exceed $120,000, and in which any of our directors, executive officers or, to our knowledge, beneficial owners of more than 5% of
our capital stock, or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material
interest, other than equity and other compensation, termination, change in control and other arrangements, which are described under
“Executive and Director Compensation.” We also describe below certain other transactions with our directors, executive officers
and stockholders.

Related
Party Transactions

Stanford
Eschner and Steven Rowlee, former members of TPET’s management team, are also members of Trio LLC’s management team.
Stanford Eschner, our Vice Chairman and a director, and Steven Rowlee, formerly our Chief Operating Officer, are employed by and/or
part owners of Trio LLC. Stanford Eschner is Trio LLC’s Chairman and Steven Rowlee is its Vice President. Trio LLC personnel
Stanford Eschner, Steven Rowlee, Gary Horace, Calli Shanley and Judy Ayler were salaried employees of TPET, until December 31, 2024, and are also employees
and/or part owners of Trio LLC. Terence B. Eschner, our President, until December 31, 2024, also works as a consultant to Trio LLC through his company
Sarlan Resources, Inc. Most of Trio LLC’s personnel are part owners of TPET. Trio LLC is Operator of the South Salinas Project
and of the McCool Ranch Oil Field on behalf of TPET and of the other working interest owners. Transactions between TPET and Trio LLC
are related party transactions because of these relationships. As a result of the related party transactions described above, a
special committee of our board of directors, currently comprised of Mr. Ross, Mr. Randall and Mr. Hunter was formed to evaluate and
negotiate the terms of any such transactions. In addition, in accordance with our Related Person Transaction Policy, we will have
any such transactions reviewed and approved by our Board’s Audit Committee.

Michael
Peterson, our former Chief Executive Officer and a former director until July 11, 2024, Frank C. Ingriselli, a former CEO of the Company
and our former Vice Chairman and a director of TPET until