L. Peterson - Oct 23, 2023 Form 4 Insider Report for Trio Petroleum Corp. (TPET)

Role: Chief Executive Officer, Director
Signature: /s/ Michael L. Peterson
Stock symbol: TPET
Transactions as of: Oct 23, 2023
Transactions value $: $0
Form type: 4
Date filed: 10/30/2023, 04:05 PM
Previous filing: Sep 6, 2023
Next filing: Feb 20, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TPET	Common Stock	Award		+1M	+540.54%		1.19M	Oct 23, 2023	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Mr. Peterson was awarded 1,000,000 shares of restricted stock (the "Stock Grant"), pursuant to the Issuer's 2022 Equity Incentive Plan (the "2022 Plan"), under the terms of an employment agreement entered into between the Issuer and Mr. Peterson, who became the Issuer's Chief Executive Officer, effective as of October 23, 2023. The Stock Grant has a vesting schedule in which the first 250,000 shares of restricted stock will vest on April 23, 2024, and the remainder shall vest in equal tranches of 250,000 shares each on October 23, 2024, April 23, 2025 and October 23, 2025, subject to Mr. Peterson's remaining in Continuous Service (as such term is defined under the 2022 Plan) with the Company as of each of those dates.
F2	The shares of restricted stock were awarded as a bonus under Mr. Peterson's employment agreement in connection with his services as the Chief Executive Officer of the Issuer.

Content

Mr. Peterson was awarded 1,000,000 shares of restricted stock (the "Stock Grant"), pursuant to the Issuer's 2022 Equity Incentive Plan (the "2022 Plan"), under the terms of an employment agreement entered into between the Issuer and Mr. Peterson, who became the Issuer's Chief Executive Officer, effective as of October 23, 2023. The Stock Grant has a vesting schedule in which the first 250,000 shares of restricted stock will vest on April 23, 2024, and the remainder shall vest in equal tranches of 250,000 shares each on October 23, 2024, April 23, 2025 and October 23, 2025, subject to Mr. Peterson's remaining in Continuous Service (as such term is defined under the 2022 Plan) with the Company as of each of those dates.

The shares of restricted stock were awarded as a bonus under Mr. Peterson's employment agreement in connection with his services as the Chief Executive Officer of the Issuer.