Company: TPET
Filing Date: 2025-06-18
Form Type: DEF 14A
Source: 0001641172-25-015530
Chunk: 43

Company: Trio Petroleum Corp.
Filing Date: 2025-06-18
Form: DEF 14A
Chunk 43
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Employment Agreement- Terence B. Eschner

We entered into an employment agreement with our former President, Terence B. Eschner, effective as of May 1, 2023, for a term ending on December 31, 2024. Mr. Eschner’s employment agreement and his employment with the Company expired by their terms on December 31, 2024. His position as President of the Company was officially eliminated by the Board as of January 2, 2025.

Employment Agreement- Stanford Eschner

We entered into an employment agreement with our Vice Chairman, Stanford Eschner, effective as of May 1, 2023, for a term ending on December 31, 2024. Mr. Eschner’s employment agreement and his employment with the Company expired by their terms on December 31, 2024. Mr. Eschner continues to serve as our Vice Chairman in a non-employee capacity.

Incentive Award Plans

2022 Equity Incentive Plan

We have adopted and approved the 2022 Plan. On August 15, 2024, at the 2024 Annual Meeting, the number of shares of common stock reserved for issuance with respect to awards granted under the 2022 Plan was approved by the stockholders to increase from 200,000 shares of common stock to 500,000 shares of common stock, after giving effect to the Reverse Stock Split. On June 2, 2025, the Board of Directors approved an increase in the number of shares of common stock reserved for issuance under the 2022 Plan to 2,500,000 shares of common stock and to also increase the maximum number of shares of common stock that may be issued pursuant to the exercise of incentive stock options under the 2022 Plan to 2,500,000 shares of common stock. Our stockholders are being asked to approve both of these amendments to the 2022 Plan at the Annual Meeting. Under the 2022 Plan, we may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The material terms of the 2022 Plan are summarized below.

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Types of Awards.The 2022 Plan provides for the grant of non-qualified stock options (“NQSOs”), incentive stock
options (“ISOs”), restricted stock awards, restricted stock and restricted stock units (“RSUs”), equity
appreciation rights, and other forms of stock-based