Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 67

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1
Chunk 67
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 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 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. Folkes April 2021 Agreement was replaced with a new employment agreement on November 10, 2021

Current
Employment Agreements

Effective
as of November 10, 2021, the Company entered into new employment agreements with Mr. Lai, which replaced his 2019 Agreement, and Mr.
Folkes which replaced his April 2021 Agreement. In addition, the Company entered into a new employment agreement with Randall Meyer to
serve as the Company’s Chief Operating Officer effective as of November 10, 2021. All of these employment agreements were amended
in November 2022 to increase the base salaries of the executive officers, effective as of November 1, 2022. In addition, Mr. Lai’s
employment agreement was amended in February 2023 to provide that he would receive his salary payments in the form of equity instead
of cash for the six-month period beginning on March 1, 2023 through August 31, 2023. With the exception of the salary and 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