Company: TPET
Filing Date: 2025-06-03
Form Type: PRE 14A
Source: 0001641172-25-013496
Chunk: 45

Company: Trio Petroleum Corp.
Filing Date: 2025-06-03
Form: PRE 14A
Chunk 45
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 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.

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Other Shares or Share-Based Awards. The committee may grant other forms of equity-based or equity-related awards other than stock options, equity appreciation
rights, restricted stock