Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 1256

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 9B
Chunk 1256
---
 established a bonus plan for its Named Executives with a performance target based on total revenues for fiscal
2022. If the Company achieved the performance target, the Named Executives would receive a bonus equal to a certain percentage of their
respective salary. The Company realized that the performance target would not be achieved because the Company’s ability to sell
its lead product, Spryng®, was limited because it did not have canine and equine studies which distributors and other vendors needed
to review before purchasing the Company’s products. The Compensation Committee determined that the performance target was unrealistic
and not an appropriate target for the Company at this time. The Compensation Committee believed that the Named Executives and other employees
had done exceptional work in transitioning the Company from being a start-up company to a revenue-producing company. As such, the Compensation
Committee awarded discretionary bonuses to the Named Executives and other employees. The Compensation Committee awarded discretionary
bonuses to Mr. Lai, Mr. Folkes, and Mr. Meyers for their services in fiscal 2022 in the amounts of $20,000, $100,000, and $30,000, respectively.
The Company paid these bonuses to the Named Executive Officers in July 2022.

In
November 2022, the Company established target bonuses for a bonus plan for its Named Executives with performance targets based on total
revenues and individual objectives for fiscal 2023. The Company did not achieve its revenue target for fiscal 2023, so the Named Executives
did not receive performance bonuses under the Bonus Plan. As such, the Compensation Committee did not award discretionary bonuses to
any Named Executive Officers in fiscal 2023.

In
November 2023, the Company established target bonuses for a bonus plan for its Named Executive Officers with performance targets based
on total revenues and individual objectives for fiscal 2024. The Company did not achieve its revenue target for fiscal 2024, so the Named
Executive Officers did not receive performance bonuses under the Bonus Plan.

During
the fiscal year 2025, the Compensation Committee approved a cash bonus of $25,000 to each of Mr. Lai and Mr. Lowenthal. The Compensation
Committee also approved $25,000 worth of the Company’s restricted common stock to each of Mr. Lai and Mr. Lowenthal as bonus compensation.
Also during the year, shares of stock were issued to John Lai and Garry Lowenthal for signing bonus (Lowenthal