Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 31

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 for
a grant date value of $91,300. For the three and nine months ended July 31, 2025, the Company recognized stock-based compensation for
these awards in the amount of $40,819 and $116,587, respectively, within stock-based compensation expenses on the income statement, with
$78,613 of unrecognized expense as of the period ended July 31, 2025.

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 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