Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 271

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1B
Chunk 271
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“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
vesting on the first day of each month thereafter such that all of the RSU’s would be fully vested on August 1, 2023, subject to
Mr. Lai’s continued employment with the Company on each applicable vesting date. Additional terms of the RSU Award Agreement
are set forth in the Equity Incentive Plan.

Bonuses

In
November 2021, the Company 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