Company: TPET
Filing Date: 2025-03-05
Form Type: S-8
Source: 0001493152-25-009234
Chunk: 27

Company: Trio Petroleum Corp.
Filing Date: 2025-03-05
Form: S-8
Chunk 27
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to be used to fund the $1,775,000 payable by the Company for the Lafayette Energy/Heavy Sweet Oil option to obtain an additional 17.75%
working interest in the Utah Asphalt Ridge project, then only net proceeds in excess of the $1,775,000 payable for such option may be
applied to any prepayment of the June 2024 Notes.

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In connection with the June 2024 SPA, on June
27, 2024, the Company entered into a registration rights agreement with the June 2024 Investors pursuant to which the Company is required
to, within 30 days after the closing date of the June 2024 Financing, file with the SEC a registration statement to register the June
2024 Conversion Shares and the June Financing Warrant Shares and to cause such resale registration statement to be effective within 60
days after the applicable filing date. In addition, in connection with the June 2024 SPA and in the event the transactions contemplated
under the June 2024 SPA would require to comply with the applicable NYSE/NYSE American Rules requiring stockholder approval for the Company’s
issuance of shares of common stock in excess of 20% of the number of shares of common stock outstanding on the date thereof, the Company
agreed to enter into voting agreements with certain Company stockholders, directors and officers, pursuant to which, each stockholder
party thereto will agree to vote its shares of common stock to approve the issuance of the securities under the June 2024 SPA.

To secure the obligations of the Company to
repay the June 2024 Notes, the Company has granted to the June 2024 Investors a senior security interest in and to all of the Company’s
assets and properties, subject to certain exceptions, as set forth in that certain Security Agreement, dated June 27, 2024, between the
Company and the June 2024 Investors.

On September 16, 2024, the Company amended the
conversion price applicable to the June 2024 Notes to a formula based on a five-day average of the closing price of the Company’s
common stock on the NYSE American, provided that such conversion price is not less than the Floor Conversion Price of $2.40 per share.

The June 2024 Notes were repaid, in full, on January
7, 2025, and the security interest securing payment of the June 2024 Notes was also terminated.

August