Exhibit 10.28


 


Subscription Agreement


 


THE SECURITIES ARE BEING OFFERED PURSUANT
TO SECTION 4(A)(2) OF THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND RULE 506(b) PROMULGATED THEREUNDER AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS
ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.


 


THE PURCHASE OF THE SECURITIES INVOLVES
A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT.


 


The Board of Directors of


Trio Petroleum Corp


4115 Blackhawk PlazaCircle


Suite 100


Danville, CA 94506


 


Ladies and Gentlemen:


 


The undersigned subscriber (“Subscriber”)
understands that Trio Petroleum Corp, a corporation organized under the laws of Delaware (the “Company”), is
offering up to (i) four hundred thousand (400,000) shares of its Common Stock, $0.0001 par value per share at a price per share of $1.00
(the “Shares”) and (ii) warrants in substantially the form attached hereto as Exhibit A (“Warrants”)
to acquire up to that number of additional shares of Common Stock equal to one hundred percent (100%) of the number of Shares purchased
by the undersigned Subscriber (rounded up to the nearest whole share) and exercisable at a price per Share equal to fifty percent (50%)
of the price per share the Company sells its Common Stock to the public in its initial public offering of its Common Stock on the NYSE
American or other national exchange, in a Regulation D, Rule 506(b) offering (the “Offering”). The shares of Common
Stock issuable upon exercise of or otherwise pursuant to the Warrants collectively are referred to herein as the “Warrant Shares”.
The Shares, the Warrants and the Warrant Shares collectively are referred to herein as the “Securities”. The Subscriber
further understands that the Offering is being made pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) promulgated thereunder
without registration of the Securities under the Securities Act of 1933, as amended (the “Securities Act”).


 


1. Subscription.
Subject to the terms and conditions hereof, the Subscriber hereby irrevocably subscribes for the Securities set forth on the signature
page hereto for the aggregate consideration set forth on the signature page hereto, which is payable as described in Section 4
hereof. The Subscriber acknowledges that the Securities will be subject to restrictions on transfer as set forth in this subscription
agreement (the “Subscription Agreement”).


 




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2. Acceptance
of Subscription and Issuance of Securities. It is understood and agreed that the Company shall have the sole right, at its complete
discretion, to accept or reject this subscription, in whole or in part, for any reason and that the same shall be deemed to be accepted
by the Company only when it is signed by a duly authorized officer or signatory of the Company and delivered to the Subscriber at the
Closing referred to in Section 3 hereof. Subscriptions need not be accepted in the order received, and the Securities may be allocated
among subscribers.


 


3. The
Closing. The closing of the purchase and sale of the Securities (the “Closing”) shall take place on such date and
at such time and place as the Company may designate by notice to the Subscriber. Upon the Closing, the Subscriber shall receive notice
and evidence of the entry of the number of the Securities issued to the Subscriber reflected on the books and records of the Company,
which shall bear a notation that the Securities were sold in reliance upon an exemption from registration under the Securities Act.


 


4. Payment
for Securities. Payment for the Securities shall made directly to the Company’s operating bank account from the Subscriber in
immediately available funds or other means approved by the Company at least two days prior to the Closing, in the amount as set forth
on the signature page hereto.


 


 


	 	Bank:	JP Morgan Chase
	 	 	 
	 	Account Name:	Trio Petroleum Corp
	 	 	 
	 	SWIFT Code:	CHASUS33
	 	 	 
	 	Account Number:	896115372
	 	 	 
	 	Routing Number:	322271627
	 	 	 
	 	Bank Address:	4185 Blackhawk Plaza Circle
	 	 	Danville, CA 94506
	 	 	 
	 	Company Address: 	4115 Blackhawk Plaza Circle
	 	 	Suite: 100
	 	 	Danville, CA 94506


 


The Subscriber shall receive notice and evidence
of the entry of the number of the Securities owned by Subscriber reflected on the books and records of the Company, which shall bear a
notation that the Securities were sold in reliance upon an exemption from registration under the Securities Act.


 


5. Representations
and Warranties of the Company. As of the Closing, the Company represents and warrants that:


 


a. The
Company is duly formed and validly existing under the laws of the State of Delaware, with full power and authority to conduct its business
as it is currently being conducted and to own its assets; and has secured any other authorizations, approvals, permits and orders required
by law for the conduct by the Company of its business as it is currently being conducted.


 


b. The
Securities have been duly authorized and, when issued, delivered and paid for in the manner set forth in this Subscription Agreement,
will be validly issued, fully paid and nonassessable.


 




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c. The
execution and delivery by the Company of this Subscription Agreement and the consummation of the transactions contemplated hereby (including
the issuance, sale and delivery of the Securities) are within the Company’s powers and have been duly authorized by all necessary
corporate action on the part of the Company. Upon full execution hereof, this Subscription Agreement shall constitute a valid and binding
agreement of the Company, enforceable against the Company in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii)
with respect to provisions relating to indemnification and contribution, as limited by considerations of public policy and by federal
or securities, “blue sky” or other similar laws of such jurisdiction (collectively referred to as the “State Securities
Laws”).


 


d. The Company is authorized to issue 490
million shares of Common Stock,$ 0.0001 par value per share, and 10 million shares of Preferred
Stock, $0.0001 par value per share. Prior to the Offering, (i) a total of 15,872,800 shares of the Company’s Common Stock are
issued and outstanding and (ii) no shares of Preferred Stock are issued and outstanding. As of the consummation of the Offering
assuming issuance of the full 400,000 shares of Company Common Stock offered thereunder, (i) a total of 16,272,800 shares of the
Company’s Common Stock are issued and outstanding, and (ii) no shares of Preferred Stock are issued and outstanding. All of
the issued and outstanding shares of Common Stock have been duly authorized and validly issued and are fully paid, nonassessable and
free of pre-emptive rights and were issued in full compliance with applicable state and federal securities law and any rights of
third parties. Other than as indicated above or as otherwise disclosed in the Company’s Amendment No. 3 to Form S-1 filed with
the United States Securities and Exchange Commission on December 8, 2022, as amended through the Closing (the “Form
S-1/A”), there are no outstanding options, warrants, to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any person any right to subscribe
for or acquire, any Common Stock, or contracts, commitments, understandings or arrangements by which the Company is or may become
bound to issue additional Common Stock or securities or rights convertible or exchangeable into Common Stock. Other than as
otherwise disclosed in the Form S-1/A, the issue and sale of the Common Stock in this Offering will not obligate the Company to
issue Common Stock or other securities to any person (other than subscribers) and will not result in a right of any securityholder
in the Company securities to adjust the exercise, conversion, exchange or reset price under such securities. Other than as otherwise
disclosed in the Form S-1/A, there are no voting agreements, buy-sell agreements, option or right of first purchase agreements or
other agreements of any kind among the Company and any of the security holders of the Company relating to the securities of the
Company held by them.


 


e. There
are no actions, suits, proceedings or investigations pending or, to the best of the Company’s knowledge, threatened before any court,
administrative agency or other governmental body against the Company which question the validity of this Subscription Agreement or the
right of the Company to enter into it, or to consummate the transactions contemplated hereby, or which would reasonably be expected to
have a material adverse effect on the Company. The Company is not a party or subject to, and none of its assets is bound by, the provisions
of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality which would reasonably be expected
to have a material adverse effect on the Company.


 


f. Assuming
the accuracy of the Subscriber’s representations and warranties set forth in Section 6 hereof, no order, license, consent,
authorization or approval of, or exemption by, or action by or in respect of, or notice to, or filing or registration with, any governmental
body, agency or official is required by or with respect to the Company in connection with the execution, delivery and performance by the
Company of this Subscription Agreement except (i) for such filings as may be required under Regulation D, Rule 506(b) promulgated under
the Securities Act, or under any applicable State Securities Laws, (ii) for such other filings and approvals as have been made or obtained,
or (iii) where the failure to obtain any such order, license, consent, authorization, approval or exemption or give any such notice or
make any filing or registration would not have a material adverse effect on the ability of the Company to perform its obligations hereunder.


 






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6. Representations
and Warranties of the Subscriber. The Subscriber hereby represents and warrants to and covenants with the Company that:


 





a.
General.




 


i. The
Subscriber has all requisite authority (and in the case of an individual, the capacity) to purchase the Securities, enter into this Subscription
Agreement and to perform all the obligations required to be performed by the Subscriber hereunder, and such purchase will not contravene
any law, rule or regulation binding on the Subscriber or any investment guideline or restriction applicable to the Subscriber. All actions
required to be taken by the Subscriber to authorize the execution, delivery and performance of this Agreement and all transactions contemplated
hereby have been duly and properly taken.


 


ii. The
Subscriber, in the case of an individual, is a resident of the state set forth on the signature page hereto, or in the case of a company
or corporation, is duly formed and validly existing under the laws of its formation as set forth on the signature page hereto, and is
not acquiring the Securities as a nominee or agent or otherwise for any other person.


 


iii. The
Subscriber will comply with all applicable laws and regulations in effect in any jurisdiction in which the Subscriber purchases or sells
Securities and obtain any consent, approval or permission required for such purchases or sales under the laws and regulations of any jurisdiction
to which the Subscriber is subject or in which the Subscriber makes such purchases or sales, and the Company shall have no responsibility
therefor.


 


iv. If
the Subscriber is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), the
Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with
any invitation to subscribe for the Securities or any use of this Subscription Agreement, including (i) the legal requirements within
its jurisdiction for the purchase of the Securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental
or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the
purchase, holding, redemption, sale, or transfer of the Securities. The Subscriber’s subscription and payment for and continued
beneficial ownership of the Securities will not violate any applicable securities or other laws of the Subscriber’s jurisdiction.


 


b.
Information Concerning the Company.




 


i. With
respect to information provided by the Company, the Subscriber has relied solely on the information contained in this Subscription Agreement
and in the Form S-1/A to make the decision to purchase the Securities.


 


ii. The
Subscriber understands and accepts that the purchase of the Securities involves various risks. The Subscriber represents that it is able
to bear any and all loss associated with an investment in the Securities.


 


iii. The
Subscriber confirms that it is not relying and will not rely on any communication (written or oral) of the Company or any of its affiliates,
as investment advice or as a recommendation to purchase the Securities. It is understood the Company is not acting nor has it acted as
an advisor to the Subscriber in deciding to invest in the Securities. The Subscriber acknowledges that neither the Company, nor any of
its affiliates has made any representation regarding the proper characterization of the Securities for purposes of determining the Subscriber’s
authority or suitability to invest in the Securities.


 




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iv. The
Subscriber is familiar with the business and financial condition and operations of the Company. The Subscriber has had access to such
information concerning the Company and the Securities as it deems necessary to enable it to make an informed investment decision concerning
the purchase of the Securities.


 


v. The
Subscriber understands that, unless the Subscriber notifies the Company in writing to the contrary at or before the Closing, each of the
Subscriber’s representations and warranties contained in this Subscription Agreement will be deemed to have been reaffirmed and
confirmed as of the Closing, taking into account all information received by the Subscriber.


 


vi. The
Subscriber acknowledges that the Company has the right in its sole and absolute discretion to abandon this Offering at any time prior
to the completion of the Offering. This Subscription Agreement shall thereafter have no force or effect and the Company shall return any
previously paid subscription price of the Securities, without interest thereon, to the Subscriber.


 


vii. The
Subscriber understands that no federal or state agency has passed upon the merits or risks of an investment in the Securities or made
any finding or determination concerning the fairness or advisability of this investment.


 


c. No
Guaranty. The Subscriber confirms that the Company has not (A) given any guarantee or representation as to the potential success,
return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) an of investment in the Securities or (B)
made any representation to the Subscriber regarding the legality of an investment in the Securities under applicable legal investment
or similar laws or regulations. In deciding to purchase the Securities, the Subscriber is not relying on the advice or recommendations
of the Company and the Subscriber has made its own independent decision that the investment in the Securities is suitable and appropriate
for the Subscriber.


 


d. Status
of Subscriber. The Subscriber has such knowledge, skill and experience in business, financial and investment matters that the
Subscriber is capable of evaluating the merits and risks of an investment in the Securities. With the assistance of the Subscriber’s
own professional advisors, to the extent that the Subscriber has deemed appropriate, the Subscriber has made its own legal, tax, accounting
and financial evaluation of the merits and risks of an investment in the Securities and the consequences of this Subscription Agreement.
The Subscriber has considered the suitability of the Securities as an investment in light of its own circumstances and financial condition
and the Subscriber is able to bear the risks associated with an investment in the Securities and its authority to invest in the Securities.


 




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e.
Restrictions on Transfer or Sale of Securities.




 


i. The
Subscriber is acquiring the Securities solely for the Subscriber’s own beneficial account, for investment purposes, and not with
a view to, or for resale in connection with, any distribution of the Securities. The Subscriber understands that the Securities have not
been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under the provisions thereof which
depend in part upon the investment intent of the Subscriber and of the other representations made by the Subscriber in this Subscription
Agreement. The Subscriber understands that the Company is relying upon the representations and agreements contained in this Subscription
Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for such exemptions.


 


ii. Subscriber
also understands that the Securities are being offered and sold pursuant to an exemption from registration contained in the Securities
Act based in part upon Subscriber’s representations contained in this Subscription Agreement. Subscriber understands that the Securities
are “restricted securities” as that term is defined by Rule 144 under the Securities Act, and that Subscriber may only resell
such Securities in a transaction registered under the Securities Act or subject to an available exemption therefrom, and in accordance
with any applicable state securities laws. In the event of any such resale, the Company may require an opinion of counsel satisfactory
to it. Subscriber acknowledges that any physical certificate representing the Securities may bear a legend to this effect.


 


f. Illiquidity
and Continued Economic Risk. Subscriber acknowledges and agrees that there is no ready public market for the Securities and that
there is no guarantee that a market for their resale will ever exist. Subscriber must bear the economic risk of this investment indefinitely
and the Company has no obligation to list the Securities on any market or take any steps (including registration under the Securities
Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading or resale of the Securities. Subscriber acknowledges
that Subscriber is able to bear the economic risk of losing Subscriber’s entire investment in the Securities. Subscriber also understands
that an investment in the Company involves significant risks and has taken full cognizance of and understands all of the risk factors
relating to the purchase of Securities.


 


g. Accredited
Investor Status. Subscriber represents that Subscriber is an “accredited investor” within the meaning of Rule 501
of Regulation D under the Securities Act. Subscriber represents and warrants that the information set forth in the accredited investor
questionnaire completed by the Subscriber is true and correct. Subscriber represents that to the extent it has any questions with respect
to its status as an accredited investor, or the application of the investment limits, it has sought professional advice. Subscriber has
the requisite knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of an investment
in the Company. The Subscriber agrees to provide any additional documentation the Company may reasonably request, or as may be required
by the securities administrators or regulators of any state or federal authority, to confirm that the Subscriber meets any applicable
minimum financial suitability standards. The Subscriber understands and agrees that the Subscriber may be asked or required to provide
documentation (“Documentation”) to verify the Subscriber’s accredited investor status. Notwithstanding anything
else contained herein or in other materials provided to Subscriber, this Documentation may be retained and reviewed by the Company and
copies of the Documentation may be provided to affiliates of the Company. Subscriber understands that the Company may not accept
Subscriber’s subscription if Subscriber is not able to provide Documentation acceptable to the Company, or for any other
reason.


 




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h. Shareholder
information. Within five days after receipt of a request from the Company, the Subscriber hereby agrees to provide such information
with respect to its status as a shareholder (or potential shareholder) and to execute and deliver such documents as may reasonably be
necessary to comply with any and all laws and regulations to which the Company is or may become subject. Subscriber further agrees that
in the event it transfers any Securities, it will require the transferee of such Securities to agree to provide such information to the
Company as a condition of such transfer.


 


7. Conditions
to Obligations of the Subscriber and the Company. The obligations of the Subscriber to purchase and pay for the Securities specified
on the signature page hereto and of the Company to sell the Securities are subject to the satisfaction at or prior to the Closing of the
following conditions precedent: the representations and warranties of the Company contained in Section 5 hereof and of the Subscriber
contained in Section 6 hereof shall be true and correct as of the Closing in all respects with the same effect as though such representations
and warranties had been made as of the Closing.


 


8. Obligations
Irrevocable. Following the Closing, the obligations of the Subscriber shall be irrevocable.


 


9. Legend.
The certificates, book entry or other form of notation representing the Securities sold pursuant to this Subscription Agreement will be
notated with a legend or designation, which communicates in some manner that the Securities were issued pursuant to Section 4(a)(2) of
the Securities Act and Rule 506(b) promulgated thereunder and may only be resold pursuant to an exemption from or compliance with the
registration provisions of the Securities Act.


 


10. Waiver,
Amendment. Neither this Subscription Agreement nor any provisions hereof shall be modified, changed, discharged or terminated except
by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought.


 


11. Assignability.
Neither this Subscription Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable
by either the Company or the Subscriber without the prior written consent of the other party.


 


12. “Market
Stand-Off” Agreement. The Subscriber agrees that the Subscriber shall not sell, transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock
(or other securities) of the Company held by the Subscriber during the 180-day period following the effective date of the Company’s
first firm commitment underwritten public offering of its securities registered under the Securities Act (or such longer period as the
underwriters or the Company shall request in order to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor
or similar rule or regulation), provided that all officers and directors of the Company are bound by and have entered into similar agreements.
The Subscriber agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that
are consistent with the Subscriber’s obligations under this Section 12 or that are necessary to give further effect to this
Section 12. In addition, if requested by the Company or the representative of the underwriters of securities of the Company, the
Subscriber shall provide, within 10 days of such request, such information as may be required by the Company or such representative in
connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under
the Securities Act. The obligations described in this Section 12 shall not apply to a registration relating solely to employee
benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction
on Form S-4 or similar forms that may be promulgated in the future.


 




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13. Governing
Law. This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
regard to conflict of law principles thereof. The Parties hereby irrevocably submit to the non exclusive jurisdiction of any State or
Federal Court in New York County, New York with respect to any action or proceeding arising out of this Subscription Agreement. Each Party
waives any objection it may have now or hereafter to the venue of any suit, action or proceeding in any such court and any claim that
any of the foregoing have been brought in an inconvenient forum.


 


14. Section
and Other Headings. The section and other headings contained in this Subscription Agreement are for reference purposes only and shall
not affect the meaning or interpretation of this Subscription Agreement.


 


15. Counterparts.
This Subscription Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed
to be an original and all of which together shall be deemed to be one and the same agreement.


 


16. Notices.
All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered
personally or sent by registered or certified mail, return receipt requested, postage prepaid or email to the following addresses (or
such other address as either party shall have specified by notice in writing to the other):


 


	
    

    If to the Company:
	 	
    Trio Petroleum Corp

    4115 Blackhawk Plaza Circle:

    STE 100

    Danville, CA 94506

    Attn: Frank C. Ingriselli, CEO

	 	 	 
	
    

    If to the Subscriber:

    
		

        Address specified in signature page below.












 


17. Binding
Effect. The provisions of this Subscription Agreement shall be binding upon and accrue to the benefit of the parties hereto and their
respective heirs, legal representatives, successors and assigns.


 


18. Survival.
All representations, warranties and covenants contained in this Subscription Agreement shall survive (i) the acceptance of the subscription
by the Company, (ii) changes in the transactions, documents and instruments which are not material or which are to the benefit of the
Subscriber and (iii) the death or disability of the Subscriber.


 


19. Notification
of Changes. The Subscriber hereby covenants and agrees to notify the Company upon the occurrence of any event prior to the closing
of the purchase of the Securities pursuant to this Subscription Agreement, which would cause any representation, warranty, or covenant
of the Subscriber contained in this Subscription Agreement to be false or incorrect.


 


20. Severability.
If any term or provision of this Subscription Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Subscription Agreement or invalidate or render unenforceable
such term or provision in any other jurisdiction.


 


[Signature Pages to Follow.]


 




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IN
WITNESS WHEREOF, the Subscriber has executed this Subscription Agreement this December 14, 2022.


 


	 	PURCHASER (if an individual):	 
	 	 	 	 
	 	By:	 /s/ Kulwant Malhi 	 
	 	Name:		 






 





	 	PURCHASER (if an entity):	 
	 	 	 	 
	 	 /s/ Kulwant Malhi 	 
	 	 	 	 
	 	Legal Name of Entity	 
	 	 	 
	 	By:	 Coloured Ties Capital Inc. 	 
	 	Name:	 Kulwant Malhi 	 
	 	Title: 	 Chief Executive Officer 	 











 





Address:
____________________________________________________________________________


 


Electronic
Mail Address: ________________________________________________________________


 


Total
Number of Shares of Common Stock Purchased: 200,000 __________________________________________


 


Per Share Purchase Price: $1.00


 


Total
Number of Warrant Shares: 200,000 __________________________________________________________


 


Total
Purchase Price of Shares Purchased: $200,000 ___________________________________________________


 




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The
offer to purchase Securities as set forth above is confirmed and accepted by the Company as to all of the Securities for the subscription
amount specified above on the subscriber’s signature page.


 


	 	Trio Petroleum Corp	 
	 	 	 	 
	 	By:	 	 
	 		Name:
    Frank C. Ingriselli	 
	 	

    
	Title:
    CEO	 






 







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