Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 178

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1A
Chunk 178
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ised
                                            of 21,666 unvested shares underlying an RSU award granted on September 9, 2021, which will
                                            vest on March 31, 2024, subject to the executive’s continued employment with the Company.
                                            The RSUs will vest automatically if there is a Change of Control (as defined in our Equity
                                            Incentive Plan).

    (6)
    Mr.
    Lowenthal employment began on March 8, 2024. No RSUs or stock options were issued in fiscal year 2024 or 2025. Mr. Lowenthal’s
    employment agreement issued 90,000 shares of restricted common stock, based on a vesting schedule. During the fiscal year 2025, the
    Compensation Committee removed the vesting schedule and had the restricted shares issued.

41

Executive
Employment Agreements

Prior
Employment Agreements

The
Company entered into an employment agreement (“2019 Agreement”) with John Lai on October 1, 2019, to serve as the Company’s
Chief Executive Officer for a term of 3 years. Mr. Lai’s annual base salary was a minimum of $100,000 or such higher amount, as
determined by the Board. Mr. Lai could be terminated for Cause or without cause upon ten (10) days advance written notice. Mr. Lai was
eligible to receive discretionary bonuses, as determined by the Board, and eligible for all employee benefits provided to executives
of similar tenure. His 2019 Agreement contained customary confidentiality and non-competition provisions which survived for a period
of one year after his employment with the Company was terminated. As discussed below, Mr. Lai’s 2019 Agreement was replaced with
a new employment agreement on November 10, 2021.

The
Company entered into an employment agreement (“April 2021 Agreement”) with Robert Folkes on April 14, 2021, to serve as the
Company’s Chief Financial Officer. The employment
agreement was for a term of approximately two years and nine months and terminated on January 31, 2024. Mr. Folkes’ annual base
salary was $190,000 per year and he was eligible to receive a bonus of up to 50% of his base salary
based upon the achievement of performance goals developed by the Compensation Committee. He could be terminated for cause or without
cause upon ten (10) days advance written notice. His employment agreement