PERNICE THOMAS J 4

What Happened
Thomas J. Pernice, a director of Trio Petroleum Corp (TPET), reported selling 25,000 shares on 2026-04-14. The Form 4 lists the transaction as an "open market or private sale" (code S) with the price shown as N/A on the table; a footnote states the sale is based on an average price of $0.4952, implying a proceeds estimate of approximately $12,380. Footnote F1 says the sale was to cover taxes related to restricted stock issued to Mr. Pernice in 2025.

Key Details

• Transaction date: 2026-04-14 (reported on Form 4 filed 2026-04-15). Filing appears timely (reported the next day).
• Shares sold: 25,000 (Disposition, code S).
• Reported price on table: N/A; footnote F2 gives an average used of $0.4952 (total ≈ $12,380). The filing says full price breakdown can be provided to the SEC on request.
• Purpose: Tax withholding to satisfy taxes on 2025 restricted stock award (footnote F1).
• Shares owned after transaction: Not disclosed in the provided filing information.
• Transaction type: Sale to cover tax obligations (routine withholding), not an option exercise or gift.

Context
Sales reported as tax withholding for restricted stock are common and typically reflect administrative needs rather than an expressed view on the company’s outlook. This was a relatively small cash amount (~$12.4K) and, by the filer’s note, done to cover tax liabilities from a prior award.