Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 347

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 347
---
 had vested and as of December 31, 2024, the remaining
1,875 unvested shares were forfeited upon Mr. Rowlee’s termination. 

    (6)
    Effective as of May 1, 2023, we entered into an employment agreement
    with Mr. Eschner for a term ending on December 31, 2024. Under his employment agreement, we agreed to pay Mr. Eschner a salary of
    $170,000, with the eligibility of an annual bonus targeted at 50% of his base salary, as determined by the Board based on his
    performance and the achievement by the Company of financial, operating and other objectives set by the Board. Mr. Eschner’s
    employment agreement and his employment with the Company expired by their terms on December 31, 2024. Mr. Eschner was also granted an award
    of 7,500 restricted shares, subject to continuous service, with a vesting schedule in which 25% of the restricted shares vest 5
    months after the employment start date, with the remainder vesting in equal tranches every 6 months thereinafter. As of October 31, 2024, 5,625 of the shares awarded to Mr. Eschner had vested and as of December 31, 2024, the remaining
1,875 unvested shares were forfeited upon Mr. Eschner’s termination.

Outstanding
Equity Awards at Year-End

The
following table provides information on outstanding equity awards as of October 31, 2024 to our NEOs.

    Equity  
    Equity Incentive 

    incentive
    plan  
    Plan awards: 

    awards:  
    Market or 

    Number of  
    payout value
    of 

    Number of  
    Market value
    of  
    unearned shares,  
    unearned shares, 

    shares or
    units of  
    shares or
    units of  
    units or other  
    units or other 

    stock that
    have  
    stock that
    have  
    rights that
    have  
    rights that
    have 
  
    Name 
    not
    vested  
    not
    vested  
    not
    vested  
    not
    vested 
  
    Robin Ross (1) 
     -