Company: TPET
Filing Date: 2025-06-03
Form Type: PRE 14A
Source: 0001641172-25-013496
Chunk: 18

Company: Trio Petroleum Corp.
Filing Date: 2025-06-03
Form: PRE 14A
Chunk 18
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 stock options under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) and options that do not so qualify. Options granted under the 2022 Plan will be nonqualified options if they fail to qualify as incentive stock options or exceed the annual limit on incentive stock options. Incentive stock options may only be granted to employees of the Company and its subsidiaries. Nonqualified options may be granted to any persons eligible to receive awards under the 2022 Plan.

The exercise price of each option will be determined by the Administrator, but such exercise price may not be less than 100% of the fair market value of one share of common stock on the date of grant or, in the case of an incentive stock option granted to a 10% or greater stockholder, 110% of such share’s fair market value. The term of each option will be set by the Administrator and may not exceed ten (10) years from the date of grant (or five (5) years for an incentive stock option granted to a 10% or greater stockholder). The Administrator will determine at what time or times each option may be exercised, including the ability to accelerate the vesting of such options.

Upon exercise of an option, the exercise price must be paid in United States dollars in cash or by check, through the delivery of shares of common stock then owned by the participant having a fair market value equal to the exercise price of the stock option, by having the Company retain from the shares of common stock otherwise issuable a number of shares having a fair market value equal to the exercise price of the stock option (a “net-exercise”), payment of such other lawful consideration as the Administrator may determine in its sole discretion, or by any combination of the foregoing.

Equity Appreciation Rights. The Administrator may award equity appreciation rights subject to such conditions and restrictions as it may determine. Equity appreciation rights entitle the recipient to a payment based on the appreciation in the fair market value of the shares of common stock subject thereto up to a specified date or dates. Each equity appreciation right will entitle the holder to receive the appreciation in the fair market value of the shares of common stock referenced therein up to the date the right is subject to a payout event. In the case of a right issued in relation to a stock option, such appreciation will be measured from not less than the exercise price of such stock option and in the case of a right issued independently of any stock option, such appreciation will be measured from the