Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 226

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 226
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 50,000shares of restricted stock pursuant to the Plan at a fair value of $ 5.40per share for a grant date fair value of $ 271,000. The restricted stock grant vests over a period of two years, with 25% of the shares of restricted stock vesting six months after the Peterson Employment Agreement Effective Date, and the remainder vesting in equal tranches on each of the 12-, 18-, and 24-month anniversary dates of the Peterson Employment Agreement. As of October 31, 2024 and 2023, the Company recognized stock-based compensation of $ 267,659and $ 3,341, respectively, within stock-based compensation expenses on the income statement, with no unrecognized expense as of October 31, 2024.

On November 11, 2023, the Company entered into an agreement with a vendor to provide marketing and distribution services for a period of six months, with compensation in the form of 10,000shares. The Company issued the vendor 10,000common shares at a fair market value price of $ 9.60per share for a total amount of $ 95,200; this amount was recognized as marketing fees in the first and second quarters of 2024.

| F-23 |

On December 18, 2023, December 29, 2023 and January 12, 2024, the Company issued conversion shares which numbered 18,393, 18,393and 18,393, respectively, at fair values per share of $ 6.80, $ 6.20and $ 5.80, respectively, for total amounts of $ 125,072, $ 114,036and $ 105,575, with cash payments of $ 36,698, $ 35,837and $ 49,935made to the investor for the difference between the monthly conversion price and the floor price listed in the most recent amendment to the agreement (see Note 9). Additionally, losses in the amounts of $ 36,770, $ 24,873and $ 30,510, respectively, were recognized for the difference between the value of the shares issued and the principal payment amounts.

On February 1, 2024, February 16, 2024, March 22, 2024 and April 2, 2024, the Company issued conversion shares numbering 91,965, 42,917, 42,917and