Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 181

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1A
Chunk 181
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-competition, non-solicitation, and confidentiality obligations. The confidentiality covenants
are perpetual, while the non-compete and non-solicitation covenants apply during the term of the new employment agreements and for 12
months following the executive officer’s termination.

On
January 19, 2024, Robert J. Folkes informed the Board of Directors (the “Board”) of PetVivo Holdings, Inc. (the “Company”)
that he will be resigning as Chief Financial Officer (“CFO”) of the Company, effective as of February 2, 2024. Mr. Folkes
informed the Board that he will continue to provide CFO and accounting services to the Company, until it hires a new full-time Chief
Financial Officer. The Company and Mr. Folkes entered into a transition services agreement on or before February 2, 2024 which ended
March 31, 2024.

On
March 8, 2024, PetVivo Holdings, Inc. (the “Company”) appointed Garry Lowenthal to serve as the Company’s Chief Financial
Officer, with an annual salary of $200,000 per year, plus a $10,000 signing bonus with a term of three years. Mr. Lowenthal was also
granted 90,000 RSU shares vesting at 45,000 shares on January 28, 2025 and 45,000 shares on January 28, 2026. During the fiscal year
ending March 31, 2025, the Compensation Committee removed the vesting schedule for Mr. Lowenthal.

Effective
January 31, 2025, Randall Meyer’s position as Chief Operating Officer was eliminated and Mr. Meyer’s employment terminated
on January 31, 2025. Also, Mr. Meyer had an employment agreement that ended on September 30, 2024, whereby his salary was reduced from
$270,000 per year to $150,000 per year.

Potential
Payments on Change in Control or Termination without Cause under November RSU Grants

The
employment agreements for Mr. Lai, Mr. Lowenthal, and Mr. Meyer do not contain any provisions providing for the acceleration of any salary
or bonus payments if there is a change in control. The RSU Grants awarded to Mr. Lai, Mr. Folkes, and Mr. Meyer on September 9, 2021,
and to Mr. Folkes on April 14