Restricted Stock Units

9 Months Ended

Sep. 30, 2021

Restricted Stock Units

Restricted Stock Units

15. Restricted Stock Units

During the nine months ended September 30, 2021, the Company granted 150,000 restricted stock units (“RSUs”) as consideration for management and consulting contracts. The RSUs were valued at $36,900 based on the fair market value of the closing price of the common stock of the Company at the grant date and are recognized evenly over the vesting period.

For the three and nine months ended September 30, 2021, the Company recognized $Nil and $36,900 (2020 – $Nil) in stock-based compensation expense for RSUs granted and vested. At September 30, 2021, the Company has no unrecognized compensation expense related to RSUs.

	Number of restricted stock units			Weighted average fair value per award
Balance, December 31, 2019		–		$	–
Granted		2,425,000			0.10
Vested		(2,425,000	)		0.10
Balance, December 31, 2020		-			–
Granted		150,000			0.25
Vested		(150,000	)		0.25
Balance, September 30, 2021		-		$	-

TRILLION ENERGY INTERNATIONAL INC.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Expressed in U.S. dollars)

(unaudited)