Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 558

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1B
Chunk 558
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and 2023, the Company recognized stock-based compensation of $267,659 and $3,341, respectively, within stock-based compensation expenses
on the income statement, with no unrecognized expense as of the period ended October 31, 2024.

On
the same date as Mr. Peterson’s resignation as the Company’s Chief Executive Officer on July 11, 2024, the Company and Mr.
Peterson entered into a three-month consulting agreement, which includes a monthly cash fee of $10,000 and an award of 50,000 RSUs 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 sixty days after their issuance. As of October 31, 2024, the units have been recorded at a fair value of $3.32 per share
for a grant date value of $166,000 and for the years ended October 31, 2024 and 2023, the Company recognized stock-based compensation
for the award in the amount of $97,967 and $0, respectively, within stock-based compensation expenses on the income statement, with $68,033
of 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 100,000 RSUs 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