Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 356

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 356
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 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 which shares of common stock are then listed. The 2022 Plan will terminate upon the earliest of (1)
termination of the 2022 Plan by the board of directors, or (2) the tenth anniversary of the board adoption of the 2022 Plan. Awards outstanding upon expiration of the 2022 Plan shall remain in effect until they have been exercised or terminated
or have expired.

55

Director
Compensation

The
following table provides information for the compensation of our non-employee directors for the fiscal year ended October 31, 2024:

    Fees earned
    or  
    Stock  

    paid in
    cash  
    Awards  
    Total 
  
    Name 
    ($)  
    ($)  
    ($) 
  
    John Randall
    (1) 
     87,500  
     45,961  
     133,461 
  
    Thomas J. Pernice (2) 
     100,000  
     45,961  
     145,961 
  
    William J. Hunter (3) 
     87,500  
     45,961  
     133,461 
  
    James H. Blake (4) 
     -  
     2,150  
     2,150 

(1)Mr.
                                            Randall was awarded 5,000 and