Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 840

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 7
Chunk 840
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 severance payments,
the employment agreements are substantially similar.

All
of these employment agreements expire on September 30, 2024. Messrs. Lai, Folkes, and Meyer each have annual base salaries of $350,000,
$300,000, and $270,000, respectively, subject to potential increase or decrease from time to time as determined by the Compensation Committee
of the Board of Directors. As previously noted, Mr. Lai will be receiving his salary payments in shares of the Company’s common
stock from March 1, 2023 through August 31, 2023. The Compensation Committee approved issuing 60,600 Shares (the “Total Interim
Shares”) to Mr. Lai for his service during the Interim Period as a restricted stock award unit agreement (“RSU Award Agreement”)
under the Company’s Equity Incentive Plan. The Compensation Committee calculated the number of Total Interim Shares by taking (A)
Mr. Lai’s salary during the Interim Period ($175,000) divided by (B) the volume-weighted average closing price of the Company’s
common stock during the 10-day period preceding February 22, 2023 ($2.8878), rounded up to the nearest whole share. The Compensation
Committee approved the vesting of 10,100 of the RSUs on March 1, 2023, with an additional 10,100 of the RSUs vesting on the first day
of each month thereafter such that all of the RSUs would be fully vested on August 1, 2023, subject to Mr. Lai’s continued employment
with the Company through each applicable vesting date. Additional terms of the RSU Award Agreement are set forth in the Equity Incentive
Plan. Effective May 1, 2024, an Amendment was signed to Mr. Lai’s employment agreement lowering his base annual salary from $350,000
to $150,000 per year, with a term extension to March 31, 2027.

The
employment agreements also provide for a target annual bonus as determined by the Compensation Committee. In addition to an annual salary
and bonus, the employment agreements provide that the executive officers are entitled to participate in any equity and/or long-term compensation
programs established by the Company for senior executive officers and all of the Company’s retirement, group life, health, and
disability insurance plans and any other employee benefit plans.

42

The
employment agreements