Company: TPET
Filing Date: 2025-04-15
Form Type: 10-K/A
Source: 0001641172-25-004910
Chunk: 133

Company: Trio Petroleum Corp.
Filing Date: 2025-04-15
Form: 10-K/A
Chunk 133
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 $ 3.32per share for a grant date value of $ 166,000and for the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation for the award in the amount of $ 97,967and $ 0, respectively, within stock-based compensation expenses on the income statement, with $ 68,033of unrecognized expense as of the period ended October 31, 2024.

On July 11, 2024, the Company entered into an employment agreement with Mr. Robin Ross, pursuant to which Mr. Ross will serve as Chief Executive Officer of the Company, replacing Mr. Peterson. Pursuant to the Ross Employment Agreement, Mr. Ross will be paid an annual base salary of $ 300,000. In addition, Mr. Peterson is entitled to receive, subject to his continuing employment with the Company on the applicable date of the bonus payout, an annual target discretionary bonus of up to 100% of his annual base salary, payable at the discretion of the Compensation Committee of the Board based upon the Company’s and Mr. Ross’ achievement of objectives and milestones to be determined on an annual basis by the Board. Pursuant to the Ross Employment Agreement, the Company awarded Mr. Ross 100,000RSUs pursuant to the Plan; the RSUs were to be issued when the number of shares available under the Plan had been increased per shareholder approval and would vest at a rate of 25% at six months after the award was made to Mr. Ross, with the remainder vesting in equal tranches each three months thereafter. As of October 31, 2024, the units have been recorded at a fair value of $ 3.32per share for a grant date value of $ 332,000and for the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation for the award in the amount of $ 21,890and $ 0, respectively, within stock-based compensation expenses on the income statement, with $ 310,110of unrecognized expense as of the period ended October 31, 2024.

On October 21, 2024, the Company agreed to award 10,000restricted stock units to its CFO under the Plan; the RSUs vest at a rate of 100% upon the six month anniversary of the commencement date and were recorded at a fair value of $ 3.13per share for a grant date value of $ 31,300