Company: TPET
Filing Date: 2025-06-03
Form Type: PRE 14A
Source: 0001641172-25-013496
Chunk: 21

Company: Trio Petroleum Corp.
Filing Date: 2025-06-03
Form: PRE 14A
Chunk 21
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, and the number of shares of common stock covered by each then outstanding award will be equitably adjusted and the aggregate consideration payable to the Company, if any, won’t be changed. In the event of any merger, consolidation or reorganization of the Company with or into another entity other than a merger, consolidation or reorganization in which the Company is the continuing entity and which does not result in the outstanding shares of common stock being converted into or exchanged for different securities, cash or other property, or any combination thereof, there shall be substituted, on an equitable basis, as determined by the Administrator, for each share of common stock then subject to an award under the 2022 Plan, the number and kind of shares of common stock, other securities, cash or other property to which holders of shares of common stock will be entitled pursuant to the transaction.

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Change in Control

Unless otherwise expressly provided in the applicable award agreement, upon the occurrence of a Change in Control (as defined in the 2022 Plan), the Board or the Committee may (1) provide for the acceleration of vesting or to cause the lapse of restrictions with respect to, all or any portion of an award, (2) cancel an award for a cash payment equal to the fair market value (as determined in the sole discretion of the Board) which, in the case of stock options and equity appreciation rights, shall be deemed to be equal to the excess, if any, of the value of the consideration to be paid in the Change of Control transaction to holders of the same number of shares of common stock subject to such stock options or equity appreciation rights (or, if no consideration is paid in any such transaction, the fair market value of the shares of common stock subject to such stock options or equity appreciation rights) over the aggregate exercise price (in the case of stock options) or strike price (in the case of equity appreciation rights), (3) provide for the issuance of a substitute award that will substantially preserve the otherwise applicable terms of any affected award previously granted hereunder as determined by the Board in its sole discretion, (4) terminate unvested stock options without providing accelerated vesting or (5) take any other action with respect to the awards the Board or the Committee deems appropriate. For the avoidance of doubt, the treatment of awards upon a Change of Control of the Company may vary among the award types and participants in the sole discretion of the Board. Unless otherwise determined by the Board (on the same basis or on different bases as the