Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 2189

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 9C
Chunk 2189
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 the case of an ISO granted to a ten percent stockholder, (i) the exercise
price shall not be less than 110% of the fair market value of a share on the date of grant of such ISO, and (ii) the exercise period
shall not exceed 5 years from the effective date of grant of such ISO. Equity appreciation rights will entitle the holder to receive
a payment (in cash or in shares) based on the appreciation in the fair market value of the shares subject to the award up to a specified
date or dates. Equity appreciation rights may be granted to the holders of any stock options granted under the 2022 Equity Plan or may be granted independently of and without relation to stock options.

Restricted
Stock and Restricted Stock Units. The committee may award restricted stock and RSUs under the 2022 Plan. Restricted
stock awards consist of shares of stock that are transferred to the participant subject to restrictions that may result in forfeiture
if specified vesting conditions are not satisfied. RSU awards result in the transfer of shares of stock to the participant only after
specified vesting conditions are satisfied. A holder of restricted stock is treated as a current shareholder and shall be entitled to
dividend and voting rights, whereas the holder of a restricted stock unit is treated as a shareholder with respect to the award only
when the shares are delivered in the future. Specified vesting conditions may include performance goals to be achieved during any performance
period and the length of the performance period. The committee may, in its discretion, make adjustments to performance goals based on
certain changes in the Company’s business operations, corporate or capital structure or other circumstances. When the participant
satisfies the conditions of an RSU award, the Company may settle the award (including any related dividend equivalent rights) in shares,
cash or other property, as determined by the committee, in its sole discretion.

Other
Shares or Share-Based Awards. The committee may grant other forms of equity-based or equity-related awards other than stock options,
equity appreciation rights, restricted stock or restricted stock units. The terms and conditions of each stock-based award shall be determined
by the committee.

Sale
of the Company. Awards granted under the 2022 Plan do not automatically accelerate and vest, become exercisable (with
respect to stock options), or have performance targets deemed earned at target level if there is a sale of the Company. The Company does
not use a “liberal” definition of change in control as defined in