Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 173

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1A
Chunk 173
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, 2020, through September 8, 2021, Mr.
Lai received a base salary of $100,000 which was increased to $275,000, effective as of September 1, 2022 and increased to $350,000 as
of November 1, 2022. On May 1, 2025, Mr. Lai agreed to lower his annual base salary to $150,000 per year.

Mr.
Lowenthal joined the Company on March 8, 2024, and his base salary was $200,000 per year, and remains at this level as of March 31, 2025.

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Mr.
Folkes joined the Company on April 14, 2021, and his initial salary was $190,000 per year, which was increased to $240,000 per year effective
as of September 1, 2022 and increased to $300,000 as of November 1, 2022. Mr. Folkes resigned on February 29, 2024.

Mr.
Meyer joined the Company, as its Chief Operating Officer, on September 1, 2021 and his base salary is $220,000 per year which was increased
to $270,000 as of November 1, 2022. Mr. Meyer’s position was terminated on January 31, 2025.

In
February 2023, Mr. Lai agreed that he would receive his salary payments in shares of the Company’s common stock in lieu of cash
from March 1, 2023 through August 31, 2023 (the “Interim Period”) 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 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 RSU’s on March 1, 2023, with an additional 10,100 of the RSU’s