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

Company: Trio Petroleum Corp.
Filing Date: 2025-06-03
Form: PRE 14A
Chunk 14
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 Required

Under Delaware law, Proposal 2 will only be approved if the affirmative vote of a majority of the votes cast by the stockholders entitled to vote on the matter vote in favor of such action.

Proxies solicited by our Board of Directors will be voted for approval of this Proposal 2 unless otherwise specified.

Recommendation of the Board

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE AUTHORIZED SHARES REDUCTION PROPOSAL.

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<div align='center'>PROPOSAL NO. 3 — THE 2022 PLAN INCREASED SHARES PROPOSAL</div>

Background

At the Company’s 2024 annual meeting of stockholders (the “2024 Annual Meeting”), the Company’s stockholders were asked to approve an increase in the number of shares of common stock available for the grant of awards under the 2022 Plan from 4,000,000 shares of common stock to 10,000,000 shares of common stock. The stockholders were also asked to approve an increase in the maximum number of shares of common stock that may be issued pursuant to the exercise of incentive stock options under the 2022 Plan from 4,000,000 shares of common stock to 10,000,000 shares of common stock. The Company’s stockholders approved both amendments to the 2022 Plan. Effective as of November 14, 2024, the Reverse Stock Split, in a ratio of 1-for-20 was effected, and as a result of the Reverse Stock Split, the number of shares of common stock reserved for the grant of awards under the 2022 Plan was reduced to 500,000 shares of common stock and the number of shares of common stock that may be issued pursuant to the exercise of incentive stock options was also reduced to 500,000 shares of common stock.

The stockholders are now being asked to approve new amendments to Sections 5(a) and 5(b) of the 2022 Plan to (i) increase the number of shares of common stock reserved for issuance with respect to awards granted under the 2022 Plan from 500,000 shares of common stock to 2,500,000 shares of common stock and (ii) increase the maximum number of shares of common stock that may be issued pursuant to the exercise of incentive stock options under the 2022 Plan (“ISOs”) from 500,000 shares of common stock to 2,500,000 shares of