Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 489

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1B
Chunk 489
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 and continuing through October
    11, 2024; in connection with the Consulting Agreement, the Company awarded Mr. Peterson 50,000 RSUs under the 2022 Plan, which were
    fully vested as of October 31, 2024. The Consulting Agreement was terminated on October 11, 2024, in accordance with its terms.

    (3)
    Effective
as of February 1, 2022, we entered into an employment agreement with Mr. Overholtzer, under which we agreed to pay him a salary of $60,000,
with an increase to $120,000 on the first date the Company’s shares were publicly traded. He was eligible for an annual bonus that
was targeted at 50% of his base salary beginning in 2022, and was also granted 5,000 RSUs, which were subject to Continuous Service and
had a vesting period of two years. As of October 31, 2024, all such RSUs have vested and as of December 31, 2024, such agreement and
Mr. Overholtzer’s employment with the Company expired by their terms. On January 1, 2025, we 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.

    (4)
    Effective
    as of May 1, 2023, we entered into an employment agreement with Mr. Eschner for a term ending on   December 31, 2024.
    Under his employment agreement, we agreed to pay Mr. Eschner a salary of $170,000, with the eligibility of an annual bonus targeted
    at 50% of his base salary, as determined by the Board based on his performance and the achievement by the Company of financial,
    operating and other objectives set by the Board. Mr. Eschner’s employment agreement and his employment with the Company expired by their terms on December 31, 2024. Mr. Eschner was also granted an award of 7,500 restricted shares, subject to continuous service,
    with a vesting schedule in which 25% of the restricted shares vest 5 months after the employment start date, with