Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 1489

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 7
Chunk 1489
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 grant
cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we
compete. The material terms of the 2022 Plan are summarized below.

Types
of Awards. The 2022 Plan provides for the grant of non-qualified stock options (“NQSOs”), incentive stock
options (“ISOs”), restricted stock awards, restricted stock and restricted stock units (“RSUs”), equity appreciation
rights, and other forms of stock-based compensation.

Eligibility
and Administration. Employees, officers, consultants, directors, and other service providers of the Company and its subsidiaries
are eligible to receive awards under the 2022 Plan. The 2022 Plan is administered by the board which may delegate
its duties and responsibilities to committees of the company’s directors and/or officers (all such bodies and delegates referred
to collectively as the plan administrator), subject to certain limitations that may be imposed under Section 16 of the Exchange Act,
and/or other applicable law or stock exchange rules, as applicable. The plan administrator has the authority to make all determinations
and interpretations under, prescribe all forms for use with, and adopt rules for the administration of, the 2022 Plan, subject
to its express terms and conditions. The plan administrator also sets the terms and conditions of all awards under the 2022 Plan, including any vesting and vesting acceleration conditions.

54

Share
Reserve. Pursuant to the 2022 Plan, we have reserved 500,000 shares of the shares of common stock for issuance thereunder.
The share reserve is subject to the following adjustments:

    ●
    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