Company: TPET
Filing Date: 2025-06-03
Form Type: PRE 14A
Source: 0001641172-25-013496
Chunk: 65

Company: Trio Petroleum Corp.
Filing Date: 2025-06-03
Form: PRE 14A
Chunk 65
---
 the stockholders;

NOW, THEREFORE, pursuant to the power of amendment set forth in the 2022 Plan and subject to the approval of the stockholders, the 2022 Plan is hereby amended as follows effective upon the approval by the stockholders:

1. Section 5(a) of the 2022 Plan is amended by deleting it in its entirety and replacing it with the following:

“(a) Subject to adjustment under Section 12 hereof, there is hereby reserved for issuance under the Plan 2,500,000 shares of Common Stock of the Company, which may be authorized but unissued or treasury shares.”

2. Section 5(a) of the 2022 Plan is amended by deleting it in its entirety and replacing it with the following:

“(b) If there is a lapse, expiration, termination or cancellation of any Stock Option granted under this Plan prior to the issuance of shares in connection with such option, or if shares are issued under the Plan in connection with an Award hereunder and thereafter such shares are reacquired by the Company, those shares may again be used for new Awards under the Plan. In addition, any shares exchanged or surrendered by a Participant as full or partial payment of the exercise price under any Stock Option exercised under this Plan, any shares retained by the Company pursuant to a Participant’s tax withholding election, and any shares covered by an Award which is settled in cash, shall be added back to the shares available for Awards under the Plan. The Board shall determine the appropriate methodology for calculating the number of Shares available for issuance pursuant to the Plan. Notwithstanding the above, the maximum number of shares that may be issued pursuant to the exercise of Incentive Stock Options during the term of the Plan shall not exceed 2,500,000 shares.”

3. A new Section 5(c) of the 2022 Plan is added to the 2022 Plan to provide the following:

“(c) The number of shares reserved for issuance under the Plan shall be increased each year on November 1, 2025, such that on each November 1 stafter this Amendment No. 2 to the 2022 Equity Incentive Plan is effective, through and including November 1, 2031, a number of shares of common stock will be added to the 2022 Plan equal to the lesser of:

| (i) | 5%                                                                                          
 of the number of shares of common stock issued and outstanding on the immediately preceding 
 October 31st and                                                                            |

|