Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1844

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9
Chunk 1844
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 be granted with an exercise price lower than the minimum exercise price set forth above if such award is granted pursuant
to an assumption or substitution for another option in a manner that complies with the provisions of Section 424(a) of the Code. Notwithstanding
any other provision of the 2022 Plan to the contrary, no ISO may be granted under the 2022 Plan after 10 years from
the date that the 2022 Plan was adopted. No ISO shall be exercisable after the expiration of 10 years after the effective date
of grant of such award, subject to the following sentence. In the case of an ISO granted to a ten percent stockholder, (i) the exercise
price shall not be less than 110% of the fair market value of a share on the date of grant of such ISO, and (ii) the exercise period
shall not exceed 5 years from the effective date of grant of such ISO. Equity appreciation rights will entitle the holder to receive
a payment (in cash or in shares) based on the appreciation in the fair market value of the shares subject to the award up to a specified
date or dates. Equity appreciation rights may be granted to the holders of any stock options granted under the 2022 Equity Plan or may be granted independently of and without relation to stock options.

Restricted
Stock and Restricted Stock Units. The committee may award restricted stock and RSUs under the 2022 Plan. Restricted
stock awards consist of shares of stock that are transferred to the participant subject to restrictions that may result in forfeiture
if specified vesting conditions are not satisfied. RSU awards result in the transfer of shares of stock to the participant only after
specified vesting conditions are satisfied. A holder of restricted stock is treated as a current shareholder and shall be entitled to
dividend and voting rights, whereas the holder of a restricted stock unit is treated as a shareholder with respect to the award only
when the shares are delivered in the future. Specified vesting conditions may include performance goals to be achieved during any performance
period and the length of the performance period. The committee may, in its discretion, make adjustments to performance goals based on
certain changes in the Company’s business operations, corporate or capital structure or other circumstances. When the participant
satisfies the conditions of an RSU award, the Company may settle the award (including any related dividend equivalent rights) in shares,
cash or other property, as determined by the committee, in its sole discretion.