Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1622

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 7A
Chunk 1622
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2024. In addition, on July 11, 2024, the Company and Mr. Peterson, entered into a consulting agreement, effective as of the date of resignation
and continuing through October 11, 2024. Pursuant to the Consulting Agreement, the Company paid Mr. Peterson a cash consulting fee equal
to $10,000 per month, during the term of the Consulting Agreement. In addition, the Company awarded to Mr. Peterson 50,000 RSUs under
the 2022 Equity Incentive Plan, which award was made after the Company’s stockholders approved an increase in the number of shares
available under the 2022 Equity Incentive Plan at the 2024 Annual Meeting of Stockholders on August 15, 2024.

Ingriselli
Consulting Agreement

On
October 6, 2023, Mr. Ingriselli delivered notice of his resignation as the Company’s Chief Executive Officer, effective on October
23, 2023. Upon his resignation, Mr. Ingriselli continued as a director and continued to hold the title of “Vice Chairman”
of the Board of Directors of the Company. In addition, on October 16, 2023, the Company and Global Venture Investments LLC (“Consultant”),
a Delaware Limited Liability Company and a wholly owned consulting firm owned 100% by Mr. Ingriselli, entered into a consulting agreement,
effective as of the date of resignation and continuing through December 31, 2023. Pursuant to the Consulting Agreement, the Company will
pay Mr. Ingriselli a cash consulting fee equal to $10,000 per month, payable within five business days after the commencement of each
calendar month during the term of the Consulting Agreement. The Consulting Agreement terminated on December 31, 2023, in accordance with
its terms. Mr. Ingriselli resigned as Vice Chairman and a director of the Company on June 17, 2024.

Asphalt
Ridge Option Agreement

On
November 10, 2023, the Company entered into a Leasehold Acquisition and Development Option Agreement (the “Asphalt Ridge Option
Agreement”) with Heavy Sweet Oil LLC (“HSO”). Pursuant to the Asphalt Ridge Option Agreement, the Company acquired
an option to purchase up to a 20% production share in certain leases at a long-recognized, major oil accumulation in northeastern Utah,
in Uintah County, southwest of the city of V