Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 26

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 January 31, 2025 and 2024, the Company recognized stock-based compensation of
$189,845 and $189,845, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $121,748
as of the period ended January 31, 2025.

On
July 11, 2024, the Company and Mr. Peterson (the Company’s former Chief Executive Officer) entered into a three-month consulting
agreement, which includes a monthly cash fee of $10,000 and an award of 50,000 RSUs pursuant to the Plan. The units were recorded at
a fair value of $3.32 per share for a grant date value of $166,000 and for the three months ended January 31, 2025 and 2024, the Company
recognized stock-based compensation for the award in the amount of $68,033 and $0, respectively, within stock-based compensation expenses
on the income statement, with no unrecognized expense as of the period ended January 31, 2025.

On
July 11, 2024, the Company entered into an employment agreement with Mr. Robin Ross, pursuant to which Mr. Ross will serve as Chief Executive
Officer of the Company, replacing Mr. Peterson. Pursuant to the Ross Employment Agreement, Mr. Ross will be paid an annual base salary
of $300,000. In addition, Mr. Peterson is entitled to receive, subject to his continuing employment with the Company on the applicable
date of the bonus payout, an annual target discretionary bonus of up to 100% of his annual base salary, payable at the discretion of
the Compensation Committee of the Board based upon the Company’s and Mr. Ross’ achievement of objectives and milestones to
be determined on an annual basis by the Board. Pursuant to the Ross Employment Agreement, the Company awarded Mr. Ross 100,000 RSUs pursuant
to the Plan; the RSUs were recorded at a fair value of $3.32 per share for a grant date value of $332,000 and for the three months ended
January 31, 2025 and 2024, the Company recognized stock-based compensation for the award in the amount of $55,941 and $0, respectively,
within stock-based compensation expenses on the income statement, with $254,168 of unrecognized expense as of the period ended January
31, 2025.

On
October 21, 2024,