Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 922

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 3
Chunk 922
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 award, with
the remainder vesting in equal tranches every six months afterwards. As of October 31, 2024, all but 1,875 shares awarded to Mr. Eschner
had vested.

    (5)
    In connection with the employment agreement that the Company and Mr. Rowlee entered into on May 1, 2023, Mr. Rowlee
was granted 7,500 RSUs which are subject to Continuous Service and have a vesting period of five months after the date of the award, with
the remainder vesting in equal tranches every six months afterwards. As of October 31, 2024, all but 1,875 shares awarded to Mr. Rowlee
had vested.

    (6)
    In connection with the employment agreement that the Company and Mr. Eschner entered into on May 1, 2023, Mr. Eschner
was granted 7,500 RSUs which are subject to Continuous Service and have a vesting period of five months after the date of the award, with
the remainder vesting in equal tranches every six months afterwards. As of October 31, 2024, all but 1,875 shares awarded to Mr. Eschner
had vested.

Narrative Disclosure to Summary Compensation
Table

Employment
Agreement - Robin Ross

We
entered into an employment agreement with Robin Ross (the “Ross Employment Agreement”), who became our CEO, effective as
of July 11, 2024, for a term ending on December 31, 2026, which shall auto-renew for additional one-year terms. Mr. Ross reports directly
the Board and performs his services primarily in Toronto, Canada.

We
have agreed to pay Mr. Ross a salary at a rate of $300,000 per year. He is eligible for an annual bonus targeted at 100% of 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. Ross was also granted an award of 100,000 shares of restricted stock, subject to Continuous Service (as such term is
defined in the Ross Employment Agreement, which award was made, and which will vest, with respect to 25% of the shares of restricted
stock on January 9, 2025, and the remainder shall vest in equal tranches every three months thereinafter until either the shares of restricted
stock are fully vested or