Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 26

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 26
---
the “June 2024 Warrants”).

| 11 |

The June 2024 Notes are
initially convertible into shares of common stock (the “June 2024 Conversion Shares”) at a conversion price of $7.90500
per share, subject to certain adjustments (the “June 2024 Notes Conversion Price”), provided that the June 2024 Conversion
Price shall not be reduced below $2.40 (the “June 2024 Floor Price”), and provided further that, subject to the applicable
rules of the NYSE American, the Company may lower the June 2024 Floor Price at any time upon written notice to the June 2024 Investors.
The June 2024 Notes do not bear any interest, except in the case of an Event of Default (as such term is defined in the June 2024 Notes),
and the June 2024 Notes mature on June 27, 2025. Upon the occurrence of any Event of Default, interest shall accrue on the June 2024
Notes at a rate equal to 10% per annum or, if less, the highest amount permitted by law.

Pursuant to the provisions
of the June 2024 SPA, for a period beginning on June 27, 2024 and terminating 18 months of the anniversary of the June 2024 SPA, the
Company provided the June 2024 Investors with the right to participate in future financings in an amount up to 100% of any debt financing
and up to 45% of any other type of financing. Each June 2024 Investor has the right to participate in future financing based upon such
June 2024 Investor’s pro rata portion of the aggregate original principal amount of such June 2024 Investor’s Note purchased
under the June 2024 SPA. Further, the Company is prohibited from entering into any “variable rate transactions” until such
time no June 2024 Investor holds any of the June 2024 Notes, provided, however, that the Company is permitted (i) to enter into At-the-Market
offerings with a nationally recognized broker-dealer or to (ii) enter into a variable rate transaction with either of the June 2024 Investors.

Commencing on the 90thday following the original issue date of the June 2024 Notes, the Company is required to pay to the June 2024 Investors
the outstanding principal balance under the June 2024 Notes in monthly installments,