Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1086

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 4
Chunk 1086
---
 Promissory Note in the principal amount of $125,000
(the “Peterson Note”). As additional consideration for the Peterson Loan, the Company accelerated the vesting of 50,000 shares
of restricted stock awarded to Mr. Peterson under the Company’s 2022 Equity Incentive Plan. The Company repaid the entire outstanding
principal balance of the Peterson Loan and all accrued interest thereon on November 26, 2024.

Indemnification
Agreements

We
intend to enter into indemnification agreements with each of our directors and executive officers. These agreements, among other things,
require us or will require us to indemnify each director and executive officer to the fullest extent permitted under the NRS, including
indemnification of expenses such as attorneys’ fees, judgments, fines and settlement amounts incurred by the director or executive
officer in any action or proceeding, including any action or proceeding by or in right of us, arising out of the person’s services
as a director or executive officer. For further information, see “Description of Our Securities-Limitations on Liability and Indemnification
Matters.”

Corporate
governance and Director Independence. 

See
“Item 10. Directors, Executive Officers and Corporate Governance. - Board Composition and Election of Directors”
beginning on page 47 of this Annual Report.

ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The
following table sets forth the aggregate fees billed by Bush & Associates CPA LLC and BF Borgers CPA PC for the fiscal years ending
October 31, 2024 and 2023, respectively, as described below:

    2024  
    2023 
  
    Audit Fees 
    $158,500  
    $82,500 
  
    Audit Related Fees 
    $27,500  
    $27,500 
  
    Tax Fees 
    $-  
    $- 
  
    All Other Fees 
    $32,500  
    $- 
  
    Total 
    $218,500  
    $110,000 

Pre-Approval
Policies and Procedures

The
Audit Committee mandate requires that the Audit Committee pre-approve any retainer of the auditor of the Company to perform any non-audit
services to the Company that it deems advisable in accordance with applicable legal and regulatory requirements and policies and procedures
of the Board. The Audit Committee is permitted to delegate pre-approval authority