Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 1011

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 8
Chunk 1011
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 employment is terminated by the Company without Cause, subject to the execution of a release of any and all claims or
potential claims against the Company, the executive officer will be entitled to receive a severance payment, his accrued but unpaid bonus,
if any, and any Accrued Obligations owed through the termination date, in a lump sum payment within 10 days after the termination date.
Mr. Folkes will receive a severance payment equal to 6 months of his base salary. Mr. Lai and Mr. Meyer will each receive a severance
payment equal to 1 month’s base salary. If the executive’s employment is terminated as a result of his death or disability,
he or his estate will receive his compensation through the date of termination, his accrued and unpaid bonus, if any, and Accrued Obligations
through the date of termination.

Each
executive officer is required to agree to non-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