Company: TPET
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0001493152-25-010362
Chunk: 87

Company: Trio Petroleum Corp.
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 8
Chunk 87
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0, respectively, within stock-based compensation expenses on the income statement, with
$158,921 of unrecognized expense as of the period ended January 31, 2025.

On
October 21, 2024, the Company agreed to award 12,500 restricted stock units to a newly appointed director under the Plan; the RSUs vest
at a rate of 100% upon the six month anniversary of the commencement date and were recorded at a fair value of $3.13 per share for a
grant date value of $39,125. Additionally, on October 21, 2024, the Company agreed to award an aggregate of 37,500 restricted stock units
to current directors under the Plan; the RSUs vest at a rate of 100% upon the three month anniversary of the commencement date and were
recorded at a fair value of $3.13 per share for an aggregate grant date value of $117,375. For the three months ended January 31, 2025
and 2024, the Company recognized stock-based compensation for these awards in the amount of $124,394 and $0, respectively, within stock-based
compensation expenses on the income statement, with $17,198 of unrecognized expense as of the period ended January 31, 2025.

Restricted
Shares issued to Executives and Employees

In
May 2023, the Company entered into six employee agreements which, among other things, provided for the grant of an aggregate of 35,000
restricted shares pursuant to the Plan. Per the terms of the employee agreements, subject to continued employment, the restricted shares
vest as follows: 25% of the shares vested five months after the issuance date, after which the remainder vest in equal tranches every
six months until fully vested. The shares were recorded on the date of issuance at a fair value of $43.00 per share for an aggregate
fair value of $1,505,000, and for the three months ended January 31, 2025 and 2024, the Company recognized stock-based compensation of
$189,845 and $189,845, respectively, within stock-based compensation expenses on the income statement, with unrecognized expense of $121,748
as of the period ended January 31, 2025.

On
July 11, 2024, the Company and Mr. Peterson (the Company’s former Chief Executive Officer) entered into a three-month consulting
agreement,