Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 124

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 124
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 adverse effect upon the Company; (g) material uncured breach of any written agreement with the Company (subject to a 10 business day cure right on behalf of the Company); or (h) any action that in the reasonable belief of the Company shall or potentially shall subject the Company to negative or adverse publicity or effects.

Mr. Ross may resign on 90 days’ written notice.

Employment Agreement/Consulting Agreement - Michael L. Peterson

We entered into an employment agreement with
Michael L. Peterson, who became our CEO, effective as of October 23, 2023, for a term ending on December 31, 2025, but his
employment ended on July 11, 2024 as a result of his resignation as Chief Executive Officer of the Company.

On July 11, 2024, the Company and Mr. Peterson entered
into a Consulting Agreement (the “Consulting Agreement”), effective as of July 11, 2024, and continuing through October 11,
2024, with a one-time option for the Company to renew the Consulting Agreement and Mr. Peterson’s services as a consultant for
up to an additional three months thereafter. Pursuant to the Consulting Agreement, Mr. Peterson provided services relating to investor
relations, public relations, financing strategies, corporate strategies, and development of business opportunities and providing background
information with respect to Company’s history. In consideration for his consulting services, and pursuant to the terms of the Consulting
Agreement, the Company paid Mr. Peterson a cash consulting fee equal to $10,000 per month, payable within five business days after the
commencement of each calendar month during the term of the Consulting Agreement. In addition, the Company awarded Mr. Peterson 50,000
RSUs under the 2022 Plan, which award was made after the Company’s stockholders approved an increase in the number of shares available
under the 2022 Plan at the 2024 Annual Meeting of Stockholders on August 15, 2024, and are fully vested. Mr. Peterson was also entitled
to reimbursement for certain expenses. The Consulting Agreement was terminated on October 11, 2024, in accordance with its terms.

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Employment Agreement/Independent Contractor Agreement - Gregory L. Overholtzer

Effective as of February 1, 2022, we entered into an employment agreement with our Chief Financial Officer, Gregory L. Overholtzer. Mr. Overholtzer was employed effective