What is the best way to prevent this ground rod from being a trip hazard
What is the best way to prevent this ground rod that's sticking out from being a trip hazard. Should it be cut flush?
Drive it deeper.
NEC 250.53(A)(4) Rod and Pipe Electrodes
The electrode shall be installed
such that at least 2.44 m (8 ft) of length is in contact with the
soil. It shall be driven to a depth of not less than 2.44 m (8 ft)
except that, where rock bottom is encountered, the electrode shall be
driven at an oblique angle not to exceed 45 degrees from the vertical
or, where rock bottom is encountered at an angle up to 45 degrees, the
electrode shall be permitted to be buried in a trench that is at least
750 mm (30 in.) deep. The upper end of the electrode shall be flush
with or below ground level unless the aboveground end and the
grounding electrode conductor attachment are protected against
physical damage as specified in 250.10.
Also note that although there are 10' ground rods, most ground rods are 8', not 8'2", so trimming the rod will make it not satisfy the length of contact required by the above code.
Loosen the clamp. Drive the rod deeper. Tighten the clamp.
If possible, reroute the wire so it's not kinked back on the conduit fitting like that. It's at risk of being broken. Try not to bend it more than necessary.
Assuming it has been installed correctly, then yes you can cut the top end off, that part's not needed and not doing any good.
The screws look rusty I woudln't want to mess with them without having replacements for all the parts on hand.