Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2282

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9C
Chunk 2282
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ate adjustment will be made to the per share exercise price and the number of shares issuable upon the exercise of all
outstanding stock options and warrants to purchase shares of common stock, to the extent that the exercise price of such warrants is
not based solely on the market price of the common stock at the time of exercise, (ii) a proportionate adjustment will be made to any
fixed conversion prices for other convertible securities of the Company, including any conversion floor prices and (iii) the number of
shares reserved for issuance pursuant to the Company’s equity incentive plans will also be reduced proportionately. Any fraction
of a share of common stock that would be created as a result of the Reverse Stock Split will be rounded up to the nearest whole share.

The
Reverse Stock Split became effective as of 4:30 p.m., Eastern Time, on November 14, 2024, and the Company’s common stock began
trading on a split-adjusted basis when the market opened on November 15, 2024.

Letter
of Intent for Working Interest in NovaCor Exploration Ltd.

On
December 19, 2024, the Company issued a press release announcing that it entered into a non-binding letter of intent relating to the
acquisition of a 100% working interest in certain petroleum and natural gas assets held by NovaCor Exploration Ltd., which are located
in the Lloydminster, Saskatchewan heavy oil region in Canada.

Independent Contractor
Agreement with Greg Overholtzer

On December 31,
2024, the employment agreement between the Company and Mr. Overholtzer ended and on January 1, 2025, the Company entered into an independent
contractor agreement with Mr. Overholtzer, under which he continues to serve as the Chief Financial Officer of the Company and is paid
a monthly fee of $12,500; the initial term of the agreement is for one year and will be automatically renewed unless either party provides
a 30-day notice prior to the expiration of the agreement.

Consulting
Agreement with Redwood Empire Financial Communications, LLC

On January 1, 2025, the Company entered into a
consulting agreement with Redwood Empire Financial Communications, LLC for investor communications services; the agreement includes monthly
compensation of $7,500, as well as the issuance of 20,000 restricted shares upon the funding of the Company’s Form S-1. The initial
term of the agreement is for one year and may be terminated