Company: TPET
Filing Date: 2025-06-18
Form Type: DEF 14A
Source: 0001641172-25-015530
Chunk: 16

Company: Trio Petroleum Corp.
Filing Date: 2025-06-18
Form: DEF 14A
Chunk 16
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2022 Plan in accordance with the current terms and conditions of the 2022 Plan; provided, however, that no awards will be made under the 2022 Plan for an aggregate number of shares of common stock in excess of 500,000 shares of common stock and no awards will be made in the form of ISOs to the extent that the aggregate of number of shares of common stock which can be issued under all ISOs exceeds 500,000 shares of common stock, unless and until the stockholders approve the above-described amendments to the 2022 Plan, with respect to such increases. The Board has determined that it is in the best interests of us and our stockholders that these amendments to the 2022 Plan be approved and is asking our stockholders for their approval of these amendments to the 2022 Plan. The form of Amendment No. 2 to the 2022 Plan, which includes these amendments only is attached as Annex B to this Proxy Statement.

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Summary of Material Terms of the 2022 Plan

The following is a summary of the material features of the 2022 Plan, as amended. This summary is qualified in its entirety by the full texts of the form of Amendment No. 2 to the 2022 Plan, and the 2022 Plan, a copy of which is filed as Exhibit 10.3 to our Form 10-K/A filed on April 15, 2025.

Purpose

The purpose of the 2022 Plan is to attract and retain highly competent persons as directors, officers, key employees, consultants and independent contractors of the Company by providing them opportunities to acquire Shares.

Eligibility

The Administrator (defined below) may grant awards
to directors, officers, key employees, consultants and independent contractors of the Company or its subsidiaries. Only employees are
eligible to receive incentive stock options. As of June 2, 2025, the Record Date, approximately 12 individuals are eligible to
participate in the 2022 Plan, which includes approximately six directors, two officers, one key employee, one consultant,
and one independent contractor.

Administration

Except for those powers expressly reserved for the Board, the 2022 Plan is administered by any subcommittee of the Board appointed by the Board to administer the 2022 Plan (the “Committee”) or, if no Committee is appointed to administer the Amended Plan, the Board (the “Administrator”). The Administrator is authorized, subject to the provisions of the 2022 Plan