Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 353

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 353
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 as of May 1, 2023, for a term ending on
December 31, 2024. Mr. Eschner’s employment agreement and his employment with the Company expired by their terms on December
31, 2024. Mr. Eschner continues to serve as our Vice Chairman in a non-employee capacity. 

Incentive
Award Plans

2022
Equity Incentive Plan

We
have adopted and approved the 2022 Plan. On August 15, 2024, at the 2024 annual meeting of the stockholders of the Company, the
number of shares of common stock reserved for issuance with respect to awards granted under the 2022 Plan was approved by the
stockholders to increase from 200,000 shares of common stock to 500,000 shares of common stock. Under the 2022 Plan, we may grant
cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we
compete. The material terms of the 2022 Plan are summarized below.

Types
of Awards. The 2022 Plan provides for the grant of non-qualified stock options (“NQSOs”), incentive stock
options (“ISOs”), restricted stock awards, restricted stock and restricted stock units (“RSUs”), equity appreciation
rights, and other forms of stock-based compensation.

Eligibility
and Administration. Employees, officers, consultants, directors, and other service providers of the Company and its subsidiaries
are eligible to receive awards under the 2022 Plan. The 2022 Plan is administered by the board which may delegate
its duties and responsibilities to committees of the company’s directors and/or officers (all such bodies and delegates referred
to collectively as the plan administrator), subject to certain limitations that may be imposed under Section 16 of the Exchange Act,
and/or other applicable law or stock exchange rules, as applicable. The plan administrator has the authority to make all determinations
and interpretations under, prescribe all forms for use with, and adopt rules for the administration of, the 2022 Plan, subject
to its express terms and conditions. The plan administrator also sets the terms and conditions of all awards under the 2022 Plan, including any vesting and vesting acceleration conditions.

54

Share
Reserve. Pursuant to the 2022 Plan, we have reserved 500,000 shares of the shares of common stock for issuance thereunder.
The share reserve is subject to the following