Company: TPET
Filing Date: 2025-06-18
Form Type: DEF 14A
Source: 0001641172-25-015530
Chunk: 20

Company: Trio Petroleum Corp.
Filing Date: 2025-06-18
Form: DEF 14A
Chunk 20
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 will have the sole authority to select the length of such performance period, the types of performance award to be granted, the performance criteria that will be used to establish the performance goals, and the level(s) of performance which shall result in a performance award being earned. At any time, the Administrator may adjust or modify the calculation of a performance goal for a performance period, to appropriately reflect any circumstance or event that occurs during a performance period and that in the Administrator’s sole discretion, warrants adjustment or modification. Depending on the type of performance award granted, the previously discussed terms and conditions will also apply to a performance award. Payment of earned performance awards will be made in accordance with the terms and conditions prescribed by the Administrator, and will be made in the form of cash, shares of common stock, or a combination thereof.

Other Stock-Based Awards. Other stock-based awards consist of other types of equity-based or equity-related awards not otherwise described by the terms of the 2022 Plan in such amounts and subject to such terms and conditions as the Administrator may determine. Such awards may involve the transfer of actual shares of common stock, or payment in cash or otherwise of amounts based on the value of the shares of common stock.

Repricing

The 2022 Plan permits stock option repricing without stockholder approval by mutual agreement between the Company and a participant.

Tax Withholding

All payments or distributions made pursuant to the 2022 Plan will be net of any amounts required to be withheld pursuant to applicable federal, state and local tax withholding requirements. If the Company proposes or is required to distribute shares of common stock pursuant to the 2022 Plan, it may require the recipient to remit to it an amount sufficient to satisfy such tax withholding requirements prior to the delivery of any certificates for such shares of common stock. The Administrator may, in its sole discretion and subject to such rules as it may adopt, permit an award holder to pay all or a portion of the minimum (or such greater amount as the Administrator permits) required federal, state and local withholding obligations arising in connection with (a) a stock option or equity appreciation right or (b) the receipt or vesting of a restricted stock award or a performance award, by electing to have the Company withhold shares of common stock having a fair market value equal to the amount to be withheld.

Equitable Adjustments

If the Company changes the number of shares of common stock issued without new consideration to the Company (such as by stock dividend or stock split), the total number of shares of common stock reserved