Company: TPET
Filing Date: 2025-06-03
Form Type: PRE 14A
Source: 0001641172-25-013496
Chunk: 22

Company: Trio Petroleum Corp.
Filing Date: 2025-06-03
Form: PRE 14A
Chunk 22
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 Board shall specify), any repurchase rights or other rights of the Company that relate to an award shall continue to apply to consideration, including cash, that has been substituted, assumed or amended for an award. The Company may hold in escrow all or any portion of any such consideration in order to effectuate any continuing restrictions.

Transferability of Awards

Unless otherwise set forth in the applicable written award agreement, each award granted under the 2022 Plan will not be transferable otherwise than by will or the laws of descent and distribution, and shall be exercisable, during the participant’s lifetime, only by the participant or, in the event of a participant’s disability, by the participant’s personal representative. In the event of the death of a participant, exercise of any award or payment with respect to any award will be made only by or to the executor or administrator of the estate of the deceased participant or the person or persons to whom the deceased participant’s rights under the benefit shall pass by will or the laws of descent and distribution. Notwithstanding the foregoing, at the discretion of the Administrator, a grant of a stock option may permit the transfer thereof by the participant solely to members of the participant’s immediate family or trusts or family partnerships or limited liability companies for the benefit of such persons, subject to such terms and conditions as may be established by the Administrator.

Term

The 2022 Plan became effective on October 17, 2022, when approved by our stockholders, and, unless terminated earlier, the 2022 Plan will continue in effect for a term of ten (10) years.

Amendment and Termination

The Board may amend the 2022 Plan from time to time or terminate the 2022 Plan at any time, subject to any requirement of stockholder approval required by applicable law, regulation, or stock exchange rule. The Board may amend the terms of any previously-granted award agreement, but only if (a) the Board determines that such change is necessary or desirable for legal compliance reasons, (b) the amendment is beneficial to the participant, or (c) the participant consents to such amendment.

Form S-8

The Company intends to file with the SEC a registration statement on Form S-8 covering the additional shares of common stock issuable under the 2022 Plan, if this Proposal No. 3 is approved by our stockholders.

Vote Required

The affirmative vote of the majority of shares of Common Stock present in person or represented by proxy at the Annual Meeting and entitled to vote is required