Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 1269

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 9B
Chunk 1269
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 board member, and consultant to the Company, has threatened to file suit against the Company to recover in
excess of $2 million. Masters’ threatened litigation relates to allegations that the Company promised him additional compensation,
shares, warrants, and future employment while he was associated with the Company. The Company mediated these claims with Masters in 2022
and executed a mediated settlement agreement resolving these claims for a one-time payment of $180,000, to be effective upon execution
of a long form agreement containing these and other settlement terms. The parties appointed the mediator as arbitrator to resolve any
disputes arising during the drafting of the long form agreement on commercially reasonable terms. In early 2023, Masters commenced arbitration
to have certain terms in the long form agreement decided. The arbitrator issued an award setting the final terms of the agreement.

In
September 2023, Masters executed the long-term agreement, and the Company recorded a settlement expense of $180,000. The settlement was
paid in October 2023.

John
Lai

On
December 16, 2019, PetVivo, John Lai, Wesley Hayne, and Edward Wink entered into an escrow agreement (“Escrow Agreement”)
which replaced the prior escrow agreement dated June 7, 2017 between the parties. Pursuant to the Escrow Agreement, the escrow agent
held 254,018 shares of the Company’s common stock registered in the name of Mr. Lai in escrow, which shares would be released when
(i) PetVivo obtains equity financing in an amount of at least $5 million and (ii) PetVivo’s listed on Nasdaq, the New York Stock
Exchange, or an equivalent securities exchange. This condition was met on August 13, 2021, and the shares were released to Mr. Lai.

In
May 2021, Mr. Lai converted 42,188 warrants into common stock with an exercise and conversion price of $1.33 per share into 36,915 shares
of our common stock on a cashless basis pursuant to the warrants’ cashless conversion feature.

ITEM
14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Auditor
Information:

Auditor
Name: Stephano Slack LLC

PCAOB
ID: 3523

Location:
Wayne, Pennsylvania

Audit
Fees

The
aggregate fees billed for the fiscal years ended March 31, 2025