Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 846

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 7
Chunk 846
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 including, but not limited to any claims related to (a) the ownership, operation, business, or financial
condition of Company or its business, (b) any promissory note, loan, contract, agreement or other arrangement, whether verbal or written,
including all unpaid interest charges, late fees, penalties or any other charges thereon, entered into or established between Dr. Masters
and his affiliates and the Company on or prior to the September 1, 2020 or (c) the employment of Dr. Masters by the Company (except for
claims directly relating to the breach of the Amendment, the Note or the Consulting Agreement).

Effective
October 15, 2020, we entered into a note conversion agreement with David B. Masters in which he agreed to convert his Promissory Note
having an outstanding principal amount of $192,500 plus a conversion fee of $3,500 into units (the “Units”) consisting of
one share of the Company’s common stock and one warrant to purchase one share of Common Stock, as part of the Company’s public
offering of Units.

At
the closing of the Company’s public offering on August 13, 2021, the Note was converted into 43,556 Units, which consisted of 43,556
shares of the Company’s common stock and warrant to purchase 43,556 shares of our common stock. The warrants have an exercise price
of $5.625 per share and expire on August 13, 2026. The Company also repaid the outstanding balance under the Amendment, which was $25,954
as of the closing date of the public offering.

45

David
Masters, a former employee, 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