Company: TPET
Filing Date: 2025-09-12
Form Type: 10-Q
Source: 0001493152-25-013189
Chunk: 52

Company: Trio Petroleum Corp.
Filing Date: 2025-09-12
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 that
occur after the balance sheet date but before condensed consolidated financial statements are issued, the Company has evaluated all events
and transactions that occurred after July 31, 2025, through the date the condensed consolidated financial statements were issued. Except
for the following, there are no subsequent events identified that would require disclosure in the condensed consolidated financial statements.

Resignation
and Consulting Engagement of Stanford Eschner

On
August 1, 2025, Stanford Eschner resigned from his roles as Vice Chairman and director of Trio Petroleum Corp, effective immediately.
His resignation did not result from any disagreement with the Company’s management or Board regarding operations, policies, or
practices.

Concurrently,
the Board approved Mr. Eschner’s engagement as a consultant to the Company through December 31, 2025. Under the Consulting
Agreement, Mr. Eschner will receive $4,267
per month and a one-time issuance of 15,000
shares of common stock pursuant to the Company’s 2022 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
invest