Company: TPET
Filing Date: 2025-03-05
Form Type: S-8
Source: 0001493152-25-009234
Chunk: 26

Company: Trio Petroleum Corp.
Filing Date: 2025-03-05
Form: S-8
Chunk 26
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 is required to pay to the June 2024 Investors
the outstanding principal balance under the June 2024 Notes in monthly installments, on such date and each one (1) month anniversary
thereof, in an amount equal to 103% of the total principal amount under the June 2024 Notes multiplied by the quotient determined by
dividing one by the number of months remaining until the maturity date of the June 2024 Notes, until the outstanding principal amount
under the June 2024 Notes has been paid in full or, if earlier, upon acceleration, conversion or redemption of the June 2024 Notes in
accordance with their terms. All monthly payments are payable by the Company in cash, provided that under certain circumstances, as provided
in the June 2024 Notes, the Company may elect to pay in shares of common stock.

The Company may repay
all or any portion of the outstanding principal amount of the June 2024 Notes, subject to a 5% pre-payment premium; provided that (i)
the Equity Conditions (as such term is defined in the June 2024 Notes) are then met, (ii) the closing price of the common stock on the
trading day prior to the date that a prepayment notice is provided by the Company is not below the then June 2024 Conversion Price, and
(iii) a resale registration statement registering June 2024 Conversion Shares and June Financing Warrant Shares has been declared effective
by SEC. If the Company elects to prepay the June 2024 Notes, the June 2024 Investors have the right to convert all of the principal amount
of the June 2024 Notes at the applicable June 2024 Conversion Price into June 2024 Conversion Shares.

Further, if the Company
directly or indirectly receives proceeds from and closes any kind of financing including through the issuance of any equity or debt securities,
generating, in a single transaction or a series of related transactions, gross proceeds of not less than $1,000,000, the June 2024 Investors
may request a prepayment of all or any portion of the principal amount of the June 2024 Notes and any accrued and unpaid interest thereon
(if any) from the proceeds received by the Company. Notwithstanding the foregoing, if all or a portion of the proceeds of any such financing
closed after the issue date of the June 2024 Notes and prior to the closing of a public offering of the Company’s securities are