Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 749

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 6
Chunk 749
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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 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