Company: TPET
Filing Date: 2025-06-18
Form Type: DEF 14A
Source: 0001641172-25-015530
Chunk: 17

Company: Trio Petroleum Corp.
Filing Date: 2025-06-18
Form: DEF 14A
Chunk 17
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, to establish such rules and regulations as it deems necessary or appropriate for the proper administration of the 2022 Plan and to make such determinations and interpretations and to take such actions as it deems necessary or advisable. The Administrator may delegate to one or more of its officers or to one or more agents or advisors, such administrative duties or powers as it may deem advisable.

Share Reserve

The maximum aggregate number of shares that may be issued under the 2022 Plan is currently 500,000 shares, but, if this Proposal No. 3 is approved by our stockholders, the maximum number of shares of common stock that may be issued under the 2022 Plan will be increased to 2,500,000 shares.

Currently, the maximum number of shares of common stock that may be issued upon the exercise of incentive stock options under the 2022 Plan is 500,000 shares, but, if this Proposal No. 3 is approved by our stockholders, the maximum number of shares of common stock that may be issued upon the exercise of incentive stock options under the 2022 Plan will be increased to 2,500,000 shares

If there is a lapse, expiration, termination or cancellation of any stock option granted under the 2022 Plan prior to the issuance of shares of common stock in connection with such option, or if shares of common stock are issued under the 2022 Plan in connection with an award and thereafter such shares of common stock are reacquired by the Company, those shares of common stock may again be used for new awards under the 2022 Plan. In addition, any shares of common stock exchanged or surrendered by a participant as full or partial payment of the exercise price under any stock option exercised, any shares of common stock retained by the Company pursuant to the participant’s tax withholding election, and any shares of common stock covered by an award which is settled in cash, will be added back to the shares of common stock available for issuance under the 2022 Plan. The Board will determine the appropriate methodology for calculating the number of shares of common stock available for issuance pursuant to the 2022 Plan.

The share reserve described herein may be subject to certain adjustments in the event of certain changes in the capitalization of the Company (see Equitable Adjustmentsbelow).

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Types of Awards

The 2022 Plan provides for the grant of stock options, equity appreciation rights, restricted stock, restricted stock units, performance awards, and other stock-based awards (collectively,