Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 371

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 371
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 to pay HSO an additional $1,775,000 to exercise an option for the remaining 17.75% working interest in the Asphalt Ridge Leases.
If this option is not exercised on or before such date, the option will expire and the Company will forfeit any further right to acquire
this additional 17.75% working interest.

Loan
from former Chief Executive Officer

On
March 26, 2024, the Company borrowed $125,000 from its former Chief Executive Officer, Michael L. Peterson (the “Peterson Loan”),
in connection with which the Company delivered to Mr. Peterson an Unsecured Subordinated Promissory Note in the principal amount of $125,000
(the “Peterson Note”). As additional consideration for the Peterson Loan, the Company accelerated the vesting of 50,000 shares
of restricted stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. The Company repaid the entire outstanding
principal balance of the Peterson Loan and all accrued interest thereon on November 26, 2024.

Indemnification
Agreements

We
intend to enter into indemnification agreements with each of our directors and executive officers. These agreements, among other things,
require us or will require us to indemnify each director and executive officer to the fullest extent permitted under the NRS, including
indemnification of expenses such as attorneys’ fees, judgments, fines and settlement amounts incurred by the director or executive
officer in any action or proceeding, including any action or proceeding by or in right of us, arising out of the person’s services
as a director or executive officer. For further information, see “Description of Our Securities-Limitations on Liability and Indemnification
Matters.”

Corporate
governance and Director Independence. 

See
“Item 10. Directors, Executive Officers and Corporate Governance. - Board Composition and Election of Directors”
beginning on page 47 of this Annual Report.

ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The
following table sets forth the aggregate fees billed by Bush & Associates CPA LLC and BF Borgers CPA PC for the fiscal years ending
October 31, 2024 and 2023, respectively, as described below:

    2024  
    2023 
  
    Audit Fees 
    $158,500  
    $82,500 
  
    Audit Related Fees 
    $27,500