Company: PETVW
Filing Date: 2025-02-18
Form Type: 8-K
Source: 0001493152-25-007118
Chunk: 0

Company: PetVivo Holdings, Inc.
Filing Date: 2025-02-18
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement

On
February 14, 2025, PetVivo Holdings, Inc. (the “ Company VetStem Agreement

In
consideration for the rights and license granted by the VetStem to Company in the Agreement, the Company will pay VetStem (i) an upfront
license fee in the amount of $500,000 upon execution of the Agreement, (ii) time milestone payments in an amount of up to $500,000 in
$250,000 increments at designated dates as identified in the Agreement, and (iii) performance milestone payments in an amount of up to
$500,000 in $250,000 increments upon mutually agreed upon milestones as identified in the Agreement.

The
Company shall also grant VetStem on the date of execution (i) 1,000,000 shares of the Company’s common stock (the “ Company
Share Issuance

Royalty
payment obligations under the Agreement shall be at the mutually agreed upon percent of Net Sales and shall expire at the later of (i)
ten years following the first commercial sale of the Products, or (ii) the expiration of the last Valid Claim of a VetStem Patent or
Joint Patent. Also, VetStem shall manufacture and supply Products to Company and Company shall pay a mutually agreed upon Supply Price
and meet the Payment Terms as identified in the Agreement.

Both
VetStem and the Company may terminate the License Agreement for material breach by the other party and a failure to cure such breach
within the time-period specified in the Agreement. VetStem may terminate the Agreement for either (i) PetVivo or any of its Affiliates
or Sublicensees commencing any Patent Challenge action, and (ii) PetVivo failing to maintain at least 33% of the Minimum Purchases following
a loss of Exclusivity. PetVivo may terminate the Agreement in 90 days upon providing VetStem written notice of termination.

Finally,
VetStem, upon the payment of an Annual Option Fee, grants the Company an option to purchase the Assets identified in the Agreement for
a mutually agreed-upon Purchase Price and an annual earn-out fee paid in the three consecutive years following the purchase of the Assets.

The
foregoing description of the terms of the Agreement is not complete and is qualified in its entirety by reference to the Agreement, a
copy of which the Company intends to file as an exhibit