Company: TPET
Filing Date: 2025-06-10
Form Type: 10-Q
Source: 0001641172-25-014516
Chunk: 32

Company: Trio Petroleum Corp.
Filing Date: 2025-06-10
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 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 and six months
ended April 30, 2025, the Company recognized stock-based compensation for the award in the amount of $51,117 and $110,059, respectively,
within stock-based compensation expenses on the income statement, with $200,051 of unrecognized expense as of the period ended April
30, 2025.

On
October 21, 2024, the Company agreed to award 10,000 restricted stock units to its CFO 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
$31,300. For the three and six months ended April 30, 2025, the Company recognized stock-based compensation for the award in the amount
of $13,758 and $29,580, respectively, within stock-based compensation expenses on the income statement, with $0 of unrecognized expense
as of the period ended April 30, 2025.

    14

Note
Payable – Related Party

On
March 26, 2024, the Company borrowed $125,000 from its former Chief Executive Officer, Michael L. Peterson, in connection with which
the Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $125,000. The Note is payable
on or before September 26, 2024 (the “Peterson Note Maturity Date”), upon which date the principal balance and interest accruable
at a rate of 10% per annum is due and payable to Mr. Peterson by the Company. The Company may prepay the Peterson Note at any time prior
to the Peterson Note Maturity Date, in whole or in part, without premium or penalty. The Company