Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 784

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 2
Chunk 784
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:

    ●
    The
    share limit is increased by the number of shares subject to awards granted that later are forfeited, expire or otherwise terminate
    without issuance of shares, or that are settled for cash or otherwise do not result in the issuance of shares.

    ●
    Shares
    that are withheld upon exercise to pay the exercise price of a stock option or satisfy any tax withholding requirements are added
    back to the share reserve and again are available for issuance under the 2022 Plan.

Awards
issued in substitution for awards previously granted by a company that merges with, or is acquired by, the Company do not reduce the
share reserve limit under the 2022 Plan.

Stock
Options and Equity Appreciation Rights. ISOs may be granted only to employees of the Company, or to employees of a parent or
subsidiary of the Company, determined as of the date of grant of such options. An ISO granted to a prospective employee upon the condition
that such person becomes an employee shall be deemed granted effective on the date such person commences employment. The exercise price
of an ISO shall not be less than 100% of the fair market value of the shares covered by the awards on the date of grant of such option
pursuant to the Internal Revenue Code of 1986, as amended from time to time (the “Code”). Notwithstanding the foregoing,
an ISO may be granted with an exercise price lower than the minimum exercise price set forth above if such award is granted pursuant
to an assumption or substitution for another option in a manner that complies with the provisions of Section 424(a) of the Code. Notwithstanding
any other provision of the 2022 Plan to the contrary, no ISO may be granted under the 2022 Plan after 10 years from
the date that the 2022 Plan was adopted. No ISO shall be exercisable after the expiration of 10 years after the effective date
of grant of such award, subject to the following sentence. In the case of an ISO granted to a ten percent stockholder, (i) the exercise
price shall not be less than 110% of the fair market value of a share on the date of grant of such ISO, and (ii) the exercise period
shall not exceed 5 years from the effective date of grant of such ISO. Equity appreciation rights will entitle the holder to receive
a payment (in cash or in shares) based on the appreciation in the fair market value of