Company: TPET
Filing Date: 2025-06-03
Form Type: PRE 14A
Source: 0001641172-25-013496
Chunk: 41

Company: Trio Petroleum Corp.
Filing Date: 2025-06-03
Form: PRE 14A
Chunk 41
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 agreement with Michael L. Peterson, who became our CEO, effective as of October 23, 2023, for a term ending on December 31, 2025, but his employment ended on July 11, 2024 as a result of his resignation as Chief Executive Officer of the Company. On July 11, 2024, the Company and Mr. Peterson entered into a Consulting Agreement (the “Consulting Agreement”), effective as of July 11, 2024, and continuing through October 11, 2024, with a one-time option for the Company to renew the Consulting Agreement and Mr. Peterson’s services as a consultant for up to an additional three months thereafter. Pursuant to the Consulting Agreement, Mr. Peterson provided services relating to investor relations, public relations, financing strategies, corporate strategies, and development of business opportunities and providing background information with respect to Company’s history. In consideration for his consulting services, and pursuant to the terms of the Consulting Agreement, the Company paid Mr. Peterson 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. In addition, the Company awarded Mr. Peterson 50,000 RSUs under the 2022 Plan, which award was made after the Company’s stockholders approved an increase in the number of shares available under the 2022 Plan at the 2024 Annual Meeting, and are fully vested. Mr. Peterson was also entitled to reimbursement for certain expenses. The Consulting Agreement was terminated on October 11, 2024, in accordance with its terms.

Employment Agreement/Independent Contractor Agreement - Gregory L. Overholtzer

Effective as of February 1, 2022, we entered into an employment agreement with our Chief Financial Officer, Gregory L. Overholtzer. Mr. Overholtzer was employed effective February 25, 2022, for a term ending on December 31, 2024. Mr. Overholtzer’s employment agreement and his employment with the Company expired by their terms on December 31, 2024. On January 1, 2025, we entered into an independent contractor agreement (the “IC Agreement”) with Mr. Overholtzer, under which he continues to serve as the Chief Financial Officer of the Company and performs his services in California.

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The initial term of the IC Agreement continues until December 31, 2025, provided that the