Company: TPET
Filing Date: 2025-06-03
Form Type: PRE 14A
Source: 0001641172-25-013496
Chunk: 23

Company: Trio Petroleum Corp.
Filing Date: 2025-06-03
Form: PRE 14A
Chunk 23
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 to approve the 2022 Plan Increased Shares Proposal. Abstentions will have no effect on the outcome of the vote.

Separate Vote on 2022 Plan Evergreen Proposal

A stockholder’s vote, with respect to this 2022 Plan Increased Shares Proposal is entirely separate from the Company’s request for approval of Proposal No. 4 (2022 Plan Evergreen Proposal) and stockholders will vote separately for each such proposal so that it is possible that (i) both proposals may be approved, (ii) both proposals may not be approved or (ii) one of such proposals is approved and the other is not approved. If both proposals are approved the form of Amendment No. 2 to the 2022 Plan, a copy of which is included as Annex C to this Proxy Statement, will be the applicable form of Amendment No. 1 and include both the amendments provided in the 2022 Plan Increased Shares Proposal and the amendment provided in the 2022 Plan Evergreen Proposal.

Recommendation of the Board

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE 2022 PLAN INCREASED SHARES PROPOSAL.

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<div align='center'>PROPOSAL NO. 4 — THE 2022 PLAN EVERGREEN PROPOSAL</div>

Background

In addition to Proposal No. 3 (2022 Plan Increased Shares Proposal), the stockholders are also being asked to approve a new amendment to Sections 5 of the 2022 Plan to add an “evergreen” provision to the 2022 Plan such that on each November 1 st, through and including November 1, 2032, a number of shares of common stock will be added to the 2022 Plan equal to the lesser of (i) 5% of the number of shares of common stock issued and outstanding on the immediately preceding October 31 stand (ii) an amount determined by our Board,

We believe strongly that evergreen proposal is essential to our continued success and therefore is in the best interests of the Company and our stockholders, since it allows us to annually maintain a sufficient number of shares of common stock issuable under the 2022 Plan, which is necessary for us to be able to provide our employees with sufficient award grants under the 2022 Plan to incentivize them to work with the Company and to maintain their services.

The above-described amendment to the 2022 Plan will not be effective unless and until approved by our stock