Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2399

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 11
Chunk 2399
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Overview

We
are currently considered a “smaller reporting company” for purposes of the SEC’s executive compensation and other disclosure
rules. In accordance with such rules, we are required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal
Year End Table, as well as limited narrative disclosures.

We
design our executive officer compensation program to attract, motivate, and retain the key executives who drive our success and industry
leadership. Our compensation program consists of several forms of compensation: base salary, cash incentive bonuses, equity compensation
and other benefits and perquisites. Pay that reflects performance and alignment of that pay with the interests of long-term stockholders
are key principles that underlie our compensation program. The Board believes that our current executive compensation program directly
links executive compensation to our performance and aligns the interest of our executive officers with those of our shareholders.

49

Financial
Restatement

It
is a policy of our Board that the Compensation Committee will, to the extent permitted by governing law, have the sole and absolute authority
to make retroactive adjustments to any cash or equity-based incentive compensation paid to executive officers and certain other officers
where the payment was predicated upon the achievement of certain financial results that were subsequently the subject of a restatement.
Where applicable, the Company will seek to recover any amount determined to have been inappropriately received by the individual executive.

Clawback
Policy

We
have adopted a Compensation Recovery Policy in accordance with applicable NYSE and NYSE American rules, a copy of which is filed as
the exhibit 97.1 to this Annual Report. It is generally our policy that the Company will recoup any incentive compensation
erroneously awarded to any current or former executive officers due to material noncompliance with any financial reporting
requirement under applicable securities laws during the three completed fiscal years immediately preceding the date the Company
determines that an accounting restatement is required.

Summary
Compensation

The
following sets forth the compensation paid by us to our named executive officers for the fiscal years ended October 31, 2024 and 2023.

    Stock  
    Option  
    All Other  

    Salary  
    Bonus  
    Awards  
    Awards  
    Compensation  
    Total 
  
    Name
    and Principal Position 
    Year  
    ($)  
    ($)  
    ($)  
    ($)  
    ($)  
    ($) 
  
    Robin Ross 
    2024