Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2043

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9A
Chunk 2043
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date (or August 28,2023), subject to the directors’ continued service on the vesting date. For the years ended October 31, 2024
and 2023, the Company recognized stock-based compensation in the amount of $177,259 and $96,016, respectively, within stock-based compensation
expenses on the income statement, with no unrecognized expense as of the period ended October 31, 2024.

On
October 16, 2023, pursuant to the Peterson Employment Agreement, the Company issued Mr. Peterson is a grant of 50,000 shares of restricted
stock pursuant to the Plan at a fair value of $5.40 per share for a grant date fair value of $271,000. The restricted stock grant vests
over a period of two years, with 25% of the shares of restricted stock vesting six months after the Peterson Employment Agreement Effective
Date, and the remainder vesting in equal tranches on each of the 12-, 18-, and 24-month anniversary dates of the Peterson Employment
Agreement. As of October 31, 2024 and 2023, the Company recognized stock-based compensation of $267,659 and $3,341, respectively, within
stock-based compensation expenses on the income statement, with no unrecognized expense as of October 31, 2024.

On
November 11, 2023, the Company entered into an agreement with a vendor to provide marketing and distribution services for a period of
six months, with compensation in the form of 10,000 shares. The Company issued the vendor 10,000 common shares at a fair market value
price of $9.60 per share for a total amount of $95,200; this amount was recognized as marketing fees in the first and second quarters
of 2024.

    F-23

On
December 18, 2023, December 29, 2023 and January 12, 2024, the Company issued conversion shares which numbered 18,393, 18,393 and 18,393,
respectively, at fair values per share of $6.80, $6.20 and $5.80, respectively, for total amounts of $125,072, $114,036 and $105,575,
with cash payments of $36,698, $35,837 and $49,935 made to the investor for the difference between the monthly conversion price and the
floor