Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 643

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1C
Chunk 643
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 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 Institutional Shareholder Services’ proxy voting
guidelines. The 2022 Plan provides flexibility to the committee to determine how to adjust awards at the time of a sale of
the Company.

Transferability
of Awards. Except as described below, awards under the 2022 Plan generally are not transferable by the recipient other
than by will or the laws of descent and distribution. Any amounts payable or shares issuable pursuant to an award generally will be paid
only to the recipient or the recipient’s beneficiary or representative. The committee has discretion, however, to permit certain
transfer of awards to other persons or entities.

Adjustments.
As is customary in incentive plans of this nature, each share limit and the number and kind of shares available under the 2022 Plan and any outstanding awards, as well as the exercise price or base price of awards, and performance targets under certain
types of performance-based awards, are subject to adjustment in the event of certain reorganizations, mergers, combinations, recapitalizations,
stock splits, stock dividends, or other similar events that change the number or kind of shares outstanding, and extraordinary dividends
or distributions of property to the stockholders.

Amendment
and Termination. The board of directors may amend, modify or terminate the 2022 Plan without stockholder approval,
except that stockholder approval must be obtained for any amendment that, in the reasonable opinion of the board or the committee, constitute
a material change requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements
of a stock exchange on