Picture this: you're riding a bicycle. You're in first gear, so you are spinning the pedals pretty fast, but not having to put much force on them to maintain your speed. You shift into a higher gear. To maintain the same speed will take the same total effort from you, but it comes in the form of more force on the pedals, but not spinning them as fast. Depending on you, the bike, and the terrain, some combination of pedal force & pedal speed will be the most "comfortable" for you, and that's the gear you ride in, but the tradeoff (at a constant speed and hence a constant overall effort from you) is more effort & lower pedal speed, or less effort & higher speed.
That's what's going on in your King Air example.
Torque is force applied to twist something. Think of using a wrench on the lug nuts to remove a tire from your car. You move the wrench in a circle (or circular motion), pulling on it. A longer wrench will put the same twist on the bolt if you grab it farther out, say 2 feet from the bolt rather than 8 inches. It takes you less force applied to the wrench when you're holding it further out, but to give the bolt the same 1/4 turn, your hand is traveling further (1/4 turn of a 2' radius circle is a greater distance than 1/4 turn of an 8 inch circle). You gain leverage, in effect.
Torque on the King Air measures how hard the prop is being turned. Not quite the same as thrust, though sometimes it's a "close enough" proxy to be useful. The engine is putting out X amount of power, which the prop is absorbing. As you specified, the power output doesn't change. What does change is the speed of the prop, and the torque. Prop slows down but "works harder," just like shifting to the higher gear on your bike. Prop speeds up but "spins easier," just like shifting to a lower gear.
So, how is it working harder? The variable pitch of the blades allows it to take a "bigger" or "lesser" bite of air. Technical talk, the angle of attack varies, and you're demanding more lift from the prop, which produces more drag. This is the "works harder" from the previous paragraph.
Other aircraft work the same principle differently: the C-130 prop is always at the same speed in flight (constant RPM in ALL flight regimes), and more power = more pitch in the prop (i.e. bigger bite, higher prop AOA). When you stand off the wingtip of a Herk, you can actually see the "thickness" of the prop disc grow as power is added -- the blades that were mostly flat to the oncoming wind increase their angle -- think of it as looking at a book's spine, then slowly rotating it to see more & more of the cover -- the apparent thickness of it increases. On the Herk, the prop governer will "absorb" more power but commanding the blades to take a greater bite of air, keeping the speed (RPMs) constant.
If you need a more technical explanation with engineering terms & numbers & moment arms & such, I'll have to leave that to the real Aero Engineers (since I only play one on TV).
Cheers!