Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 143

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 14
Chunk 143
---
 (i) $118,440 on September 30, 2024; (ii) $29,610 on October 30,
2024; (iii) $29,610 on November 30, 2024; (iv) $29,610 on December 30, 2024; and (v) $29,610 on January 30, 2025. The Company may prepay
the March 2024 Investor Note, in full and not in part, any time during the 180 day period after the issuance date of the Investor Note
at a 3% discount to the outstanding amount of principal and interest due and payable; provided, that in the event of a prepayment, the
Company will still be required to pay the full amount of interest that would have been payable through the term of the March 2024 Investor
Note, in the amount of $25,380. The Investor Note contains provisions constituting an Event of Default (as such term is defined in the
March 2024 Investor Note) and, upon an Event of Default, the March 2024 Investor Note will be accelerated and become due and payable
in an amount equal to 150% of all amounts due and payable under the March 2024 Investor Note with interest at a default rate of 22% per
annum. In addition, upon an Event of Default, the March 2024 Investor has the right to convert all or any outstanding amount of the March
Investor Note into shares of the Company’s common stock at a conversion price equal to the greater of (i) 75% of the Market Price
(as such term is defined in the March 2024 Investor Note) or (ii) the conversion floor price, which is $1.42340 (the “Floor Price”);
provided, however, that the Floor Price shall not apply after October 5, 2024, and thereafter, the conversion price will be 75% of the
Market Price. Issuance of shares of common stock to the March 2024 Investor is subject to certain beneficial ownership limitations and
not more than 19.99% of the shares of common stock outstanding on March 29, 2024 may be issued upon conversion of the March 2024 Investor
Note. The conversion price is also subject to certain adjustments or other terms in the event of (i) mergers, consolidations or recapitalization
events or (ii) certain distributions made to holders of