Company: TPET
Filing Date: 2025-03-05
Form Type: S-8
Source: 0001493152-25-009234
Chunk: 21

Company: Trio Petroleum Corp.
Filing Date: 2025-03-05
Form: S-8
Chunk 21
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 Investor Note, in the amount of $25,380. The March 2024 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 2024 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 $0.07117 (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 shares of common stock.

The March 2024 Investor Note was repaid, in full,
as of January 30, 2025.

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Loan from Former Chief Executive Officer

On March 26, 2024, our former Chief Executive Officer, Michael L. Peterson, who then served as a consultant to the Company, until October 11, 2024, made a loan to us in the principal amount of $125,000 (the “Peterson Loan”). The Company repaid the entire outstanding principal balance of the Peterson Loan and all accrued interest thereon on November 26, 2024.

April 2024 Financing

On April 16, 2024,
the Company entered into a securities purchase agreement (the “Initial April 2024 SPA”) with an institutional investor (the
“Initial April 2024 Investor”). Pursuant to