Exhibit 10.2


 


EXECUTIVE
EMPLOYMENT AGREEMENT


 


THIS
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”), dated the 10th day of November, 2021 (the “Effective Date”), is
by and between PetVivo Holdings, Inc. a Nevada corporation (“Company”), and Robert J. Folkes, a resident of Minnesota (“Executive”).


 


RECITALS


A.Company
wishes to hire and Executive wishes to be employed by the Company in the capacity of Chief Financial Officer of the Company; and


 


B.       In
connection with this Agreement, the Company and Executive are hereby terminating the Employment Agreement between the Company and Executive
dated April 14, 2021 (“Prior Employment Agreement”).


 


C.       In
consideration of the foregoing promises and the parties’ mutual covenants and undertakings contained in this Agreement, the Company
and Executive agree as follows:


 


Article
I.


DEFINITIONS


 


Capitalized
terms used in the Agreement shall have their defined meaning throughout the Agreement. The following terms shall have the meanings set
forth below, unless the context clearly requires otherwise.


 


1.1       “Accrued
Obligations” shall have the meaning set forth in Section 4.1(g).


 


1.2       “Base
Salary” shall have the meaning set forth in Section 3.1.


 


1.3       “Board”
means the Board of Directors of the Company.


 


1.4       “Cause”
shall have the meaning set forth in Section 4.1(c) of this Agreement.


 


1.5       “Company”
means all of the following, jointly and severally: (a) PetVivo Holdings, Inc; (b) any subsidiary; and (c) any successor.


 


1.6       “Confidential
Information” means information that is proprietary to the Company or proprietary to others and entrusted to the Company, whether
or not a trade secret. Confidential Information includes, but is not limited to, information relating to business and operating plans
and to business as conducted during Executive’s employment with the Company or anticipated to be conducted, as evidenced by Company
documents in existence as of the Termination Date, and to past or current or anticipated information as evidenced by Company documents
in existence (as of the Termination Date), products or services. Confidential Information also includes, without limitation, information
concerning research, development, purchasing, accounting, marketing, distribution and selling. All information that Executive has a reasonable
basis to consider confidential is Confidential Information, whether or not originated by Executive and without regard to the manner in
which Executive obtains access to this and any other proprietary information.


 







    	 



    	 



    

 


1.7       “Disability”
means the Executive’s inability by reason of physical or mental illness to fulfill his obligations hereunder for thirty (30)
consecutive days or a total of ninety (90) days (whether or not consecutive) in any 180-day period, which, in the reasonable opinion
of an independent physician selected by the Company or its insurers and reasonably acceptable to the Executive or the Executive’s
legal representative, renders the Executive unable to perform the essential functions of his job, even after reasonable accommodations
are made by the Company, and which inability by reason of such physical or mental illness to fulfill his obligations has not been cured,
as determined by such physician prior to the Termination Date.


 


1.8       “Executive”
means Robert J. Folkes.


 


1.9       “Incentive
Plan” means the PetVivo Holdings, Inc. 2020 Equity Incentive Plan and any other equity compensation plans approved and adopted
by the Board of Directors and shareholders after the date of this Agreement.


 


1.10       “Inventions”
means all inventions, original works of authorship, developments, concepts, improvements, designs, discoveries, ideas, trademarks
(and all associated goodwill), mask works or trade secrets, whether or not such are patentable, copyrightable or protectable under any
statutory or regulatory scheme, and whether or not in writing or reduced to practice, which Executive may solely or jointly conceive
or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during Executive’s employment by
the Company.


 


1.11       “Stock
Award” means, individually or collectively, an option, stock appreciation right, restricted stock award, restricted stock unit,
deferred stock unit, performance award, or other stock-based award, in each case granted to the Executive pursuant to the Incentive Plan.


 


1.12       “Termination
Date” shall mean the date specified in the Termination Notice.


 


1.13       “Termination
Notice” shall have the meaning set forth in Section 4.1(f).


 


Article
II.


EMPLOYMENT,
DUTIES, AND TERM


 


2.1       Employment.
Upon the terms and conditions set forth in this Agreement, the Company hereby employs Executive, and Executive accepts such employment,
as the Chief Financial Officer of the Company. Except as expressly provided herein, termination of this Agreement by either party or
by mutual agreement of the parties shall also terminate Executive’s employment by the Company.


 


2.2       Duties.
During the Term (as defined in Section 2.5 of this Agreement), the Executive shall serve as the Chief Financial Officer of the Company
under the direction of the Board of Directors of the Company (the “Board”). During the Term the Executive shall devote all
of Executive’s business time, skill, and energies to promote the interests of the Company and to serve such positions with the
Company as may be reasonably assigned by the Board which are consistent with the title of Chief Financial Officer of the Company. Executive
shall undertake to perform all of Executive’s duties and responsibilities for the Company and any current and/or future affiliates
of the Company in good faith and on a full-time basis and shall at all times act in good faith in the course of Executive’s employment
under this Agreement and in the best interests of the Company and its affiliates.


 






    	2



    	 



    

 





2.3       Certain
Proprietary Information. If Executive possesses any proprietary information of another person or entity as a result of prior employment
or relationship, Executive shall honor any legal obligation that Executive has with that person or entity with respect to such proprietary
information.


 








2.4       No
Conflict. The Executive represents and warrants that Executive is not a party to or subject to any agreement, covenant, understanding,
or under any obligation, contractual or otherwise, to any firm, person or corporation, which would prevent his employment by the Company
or adversely affect his ability to serve as an executive of the Company, as herein contemplated.


 


2.5       Term.
Subject to the provisions of Article IV, the term of employment of Executive under this Agreement shall commence on the date set
forth above and continue until September 30, 2024 (the “Term”).


 


Article
III.


COMPENSATION,
BENEFITS AND EXPENSES


 


3.1       Base
Salary. The Company will pay to Executive an annual base salary (“Base Salary”) of $240,000 per year, less deductions
and withholdings, which Base Salary will be paid in accordance with the Company’s normal payroll policies and procedures. During
each year after the first year of Executive’s employment hereunder, the Compensation Committee of the Board (the “Committee”)
may review and increase Executive’s Base Salary in its sole discretion.


 


3.2       Award
Grants. During the Term, the Executive shall be eligible to receive one or more equity-based incentive awards at the discretion of
the Committee. The terms of such awards, if any, shall be determined in the sole discretion of the Committee, including the types of
awards, the number of securities covered by each award, the vesting conditions applicable to each award, and the manner in which awards
are to be paid or settled. Nothing herein shall obligate the Company to make an equity award to the Executive at any time.


 


3.3       Performance
Bonus Compensation. Executive may be eligible for a cash performance/incentive bonus that is approved and granted by the Committee
pursuant to the achievement of milestones established by the Committee; such a performance/incentive bonus (“Bonus”) shall
be equal to fifty percent (50%) of the Base Salary of the Executive or such other percentage as determined by the Committee. Any Bonus
shall be paid within seventy-four (74) days of the Company’s fiscal year end. The Committee will consider such performance-based
bonuses, including the milestones for such bonuses, for the Executive on a regular basis, which shall occur at least once each calendar
year.


 


3.4       Benefits
and Paid Time Off. Executive shall be eligible to participate in any and all executive or employee benefits, including but not limited
to any pension, equity incentive, health, welfare and fringe benefits Company maintains for its employees of similar tenure and grade,
subject to and on a basis consistent with the terms of each such Plan or program and consistent with executives of similar tenure or
grade. The Executive shall be entitled to paid time off in accordance with the Company’s employment policies addressing paid time
off.


 




    	3



    	 



    

 





3.5       Business
Expenses. The Company will reimburse Executive for all reasonable and necessary out-of-pocket business, travel and entertainment
expenses incurred by the Executive in the performance of the duties and responsibilities hereunder, subject to the Company’s normal
policies and procedures for expense verification and documentation.


 


Article
IV.


TERMINATION


 


4.1       Employment
Term. The Executive’s employment under this Agreement may be terminated prior to the end of the Term upon the earlier to occur
of any of the following events (at which time the Term shall be terminated):


 


(a)       Death.
The Executive’s employment hereunder shall terminate upon his death.


 


(b)       Disability.
The Company shall be entitled to terminate the Executive’s employment hereunder for Disability.


 


(c)       Cause.
The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, the term “Cause”
shall include, without limitation, the following: (i) conviction (or a plea of nolo contendere) by the Executive to a felony;
(ii) acts of fraud, dishonesty or misappropriation committed by the Executive and intended to result in substantial personal enrichment
at the expense of the Company; (iii) willful, intentional or reckless misconduct by the Executive in the performance of the Executive’s
material duties required by this Agreement which materially damage or are reasonably likely to materially damage the financial position
or reputation of the Company; or (iv) a material breach of this Agreement by the Executive which is not cured within thirty (30) days
following receipt by the Executive of a Termination Notice from the Company.


 


(d)       Without
Cause. The Company may terminate the Executive’s employment hereunder during the Term without Cause, for any reason, provided
that the Company delivers to the Executive the Termination Notice at least thirty (30) days in advance of the Termination Date.


 


(e)       Voluntarily.
The Executive may voluntarily terminate his employment hereunder, provided that the Executive delivers to the Company the Termination
Notice at least thirty (30) days in advance of the Termination Date.


 


(f)       Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during the Term
shall be communicated by written notice of termination to the other party hereto in accordance with Section 8.4 (the “Termination
Notice”). The Termination Notice shall specify: (i) the termination provisions of this Agreement relied upon, (ii) to the extent
applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provisions
so indicated, and (iii) the applicable date of termination (“Termination Date”).


 




    	4



    	 



    

 


(g)       Accrued
Obligations Upon Termination. Upon termination of Executive’s employment with the Company for any reason, the Company shall
be obligated to pay to Executive, all Base Salary earned by Executive through his last day of employment, and any earned and payable
(but as of yet unpaid) Annual Bonus for the previous year, any accrued but unused vacation/paid time off and any unreimbursed business
expenses to the extent incurred before the termination and for which he would have been entitled to reimbursement but for the termination
of employment (to the extent that they have been properly submitted or are due, or if not previously submitted or reviewed by the Company,
the Company shall promptly review them if promptly submitted by the Executive thereafter), which are referred to herein as the “Accrued
Obligations”.


 


4.2       Compensation
Upon Termination.


 


(a)       Disability
or Death. If the Executive’s employment is terminated as a result of his Disability or death, the Company shall pay, as soon
as practicable, but not later than sixty (60) days of such termination, to the Executive or to the Executive’s estate, as applicable,
the Accrued Obligations.


 


(b)       Termination
for Cause. If the Executive’s employment is terminated by the Board for Cause, then the Company shall pay to the Executive,
no later than the next pay date, the Accrued Obligations and the Executive shall have no further entitlement to any other compensation
or benefits from the Company.


 


(c)       Termination
by the Company without Cause. If the Executive’s employment is terminated by the Company other than as a result of the Executive’s
death or Disability and other than for Cause, then the Company shall pay to the Executive, no later than the next pay date, the Accrued
Obligations. In addition, the Company shall make a lump sum severance payment to the Executive in an amount equal to six (6) months of
his Base Salary, within ten (10) days following receipt of the Release required under Section 4.2(f).


 


(d)       Voluntary
Termination by the Executive. If the Executive voluntarily terminates his employment, then the Company shall pay to the Executive,
no later than the next pay date, the Accrued Obligations.


 


(e)       Stock
Awards. If the Executive’s employment is terminated for any reason, the vesting, exercisability and termination of the Stock
Awards shall be determined by the terms in the award agreement for each Stock Award and/or the terms of the Incentive Plan.


 


(f)       Release.
The Company shall have no obligation to make any severance payment under Section 4.2(c) unless the Executive executes and delivers (without
revoking) to the Company within sixty (60) days following the Executive’s Termination Date a general release in form and substance
satisfactory to the Company of any and all claims he may have against the Company and its affiliates (the “Release”).


 




    	5



    	 



    

 


(g)       Exclusive
Obligations. This Section 4.2 sets forth the only obligations of the Company with respect to the termination of the Executive’s
employment with the Company, and the Executive acknowledges that, upon the termination of his employment, he shall not be entitled to
any payments or benefits which are not explicitly provided in this Section 4. The provisions of this Section 4.2 shall survive any termination
of this Agreement.


 


4.3       Return
of Property. Upon termination of Executive’s employment for any reason, be it voluntary or involuntary, Executive shall promptly
deliver to the Company (a) all records, manuals, books, documents, client lists, letters, reports, data, tables, calculations, prototypes
and any and all copies of any of the foregoing which are the property of the Company or which relate in any way to the business or practices
of the Company, and (b) all other property of the Company and Confidential Information which in any of these cases are in his possession
or under his control. Executive shall not retain any copies or summaries of any kind of documents and materials covered by this Section
4.3.


 


Article
V.

CONFIDENTIAL INFORMATION


 


5.1       Prohibitions
Against Use. Executive will not, during or subsequent to the termination of Executive’s employment under this Agreement, use
or disclose, other than in connection with Executive’s employment with the Company, any Confidential Information to any person
not employed by the Company or not authorized by the Company to receive such Confidential Information, without the prior written consent
of the Company. Executive will use reasonable and prudent care to safeguard and protect and prevent the unauthorized use and disclosure
of Confidential Information. The obligations contained in this Section 5.1 will survive for as long as the Company in its sole judgment
considers the information to be Confidential Information. The obligations under this Section 5.1 will not apply to any Confidential Information
that is now or becomes generally available to the public through (a) no fault of Executive or (b) to Executive’s disclosure of
any Confidential Information required by law or judicial or administrative process.


 


5.2       Proprietary
Information. If Executive has possessed or possesses any proprietary information of another person or entity as a result of prior
employment or relationship, Executive shall honor any legal obligation that Executive has with that person or entity with respect to
such proprietary information.


 


Article
VI.


NON-COMPETITION


 


6.1       Non-Competition.
Subject to Sections 6.2 and 6.3, Executive agrees that during the Term of this Agreement and for a period of one (1) year following
termination of his employment for any reason, Executive will not, anywhere in the world, directly or indirectly, alone or as a partner,
officer, director, shareholder or employee of any other firm or entity, engage in any commercial activity in competition with the Company
which activity involves the development, distribution, sales or marketing of manufactured biomaterials containing proteins including,
but not limited to, collagen-, elastin-, casein- or fibrin-containing products for any medical application. For purposes of this paragraph,
“shareholder” shall not include beneficial ownership of less than five percent (5%) of the combined voting power of all issued
and outstanding voting securities of a publicly held corporation whose stock is traded on a major stock exchange or quoted on a major
stock exchange.


 




    	6



    	 



    

 


6.2       Covenant
Not to Recruit. Executive recognizes that the Company’s workforce constitutes an important and vital aspect of its business
on a world-wide basis. Executive agrees that for a period of one (1) year following the termination of this Agreement for any reason
whatsoever, he shall not solicit, or assist anyone else in the solicitation of, any of the Company’s then-current employees to
terminate their employment with the Company and to become employed by any business enterprise with which the Executive may then be associated,
affiliated or connected.


 


6.3       Judicial
Modification. If any of the foregoing covenants are deemed by a court of competent jurisdiction to be unenforceable because of their
scope or duration, or the area or subject matter covered thereby, the Company and Executive agree that the court making such determination
shall have the power to reduce or modify the scope, duration, subject matter and/or area of such covenant to the extent that allows the
maximum scope, duration, subject matter and area permitted by applicable law.


 


Article
VII.


INVENTIONS


 


7.1       Assignment
of Inventions. Executive shall promptly make full, written disclosure to the Company, and will hold in trust for the sole right and
benefit of the Company, and hereby irrevocably transfers and assigns, and agrees to transfer and assign, to the Company, or its designee,
all his right, title and interest in and to any and all Inventions. Executive further acknowledges that all original works of authorship
which are made by Executive (solely or jointly with others) within the scope of and during the period of his employment with the Company
and which may be protected by copyright are “Works Made For Hire” as that term is defined by the United States Copyright
Act. Executive understands and agrees that the decision whether to commercialize or market any Invention developed by Executive (solely
or jointly with others) is within the Company’s sole discretion and the Company’s sole benefit and that no royalty will be
due to Executive as a result of the Company’s efforts to commercialize or market any such Invention.


 


Executive
recognizes that Inventions relating to his activities while working for the Company and conceived or made by Executive, whether alone
or with others, within one (1) year after cessation of Executive’s employment, may have been conceived in significant part while
employed by the Company. Accordingly, Executive acknowledges and agrees that such Inventions shall be presumed to have been conceived
during Executive’s employment with the Company and are to be, and hereby are, assigned to the Company unless and until Executive
has established the contrary.


 






    	7



    	 



    

 





The
requirements of this Section 7.1 do not apply to any intellectual property for which no equipment, supplies, facility or trade secret
information of the Company was used, and which was developed entirely on the Executive’s own time, and (a) which does not relate
(i) directly to the Company’s business or (ii) to the Company’s actual or demonstrably anticipated research and development
or (b) which does not result from any work the Executive performed for the Company.


 











7.2       Maintenance
of Records. Executive agrees to keep and maintain adequate and current written records of all Inventions made by Executive (solely
or jointly with others) during his employment with the Company. The records will be in the form of notes, sketches, drawings and any
other format that may be specified by the Company. The records will be available to and remain the sole property of the Company at all
times.


 


7.3       Trademark
and Copyright Registrations. Executive agrees to assist the Company, or its designee, at the Company’s expense, in every proper
way to secure the Company’s rights in the Inventions and any copyrights, patents, trademarks, service marks, mask works, or any
other intellectual property rights in any and all countries relating thereto, including, but not limited to, the disclosure to the Company
of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and
all other instruments the Company reasonably deems necessary in order to apply for and obtain such rights and in order to assign and
convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title, and interest in and to such inventions,
and any copyrights, patents, trademarks, service marks, mask works, or any other intellectual property rights relating thereto. Executive
further agrees that his obligation to execute or cause to be executed, when it is in his power to do so, any such instrument or paper
shall continue after termination or expiration of this Agreement or the cessation of his employment with the Company. If the Company
is unable, because of Executive’s mental or physical incapacity or for any other reason, after reasonably diligent efforts, to
secure Executive’s signature to apply for or to pursue any application for any United States or foreign patents, trademarks or
copyright registrations covering inventions or original works of authorship assigned to the Company as above, then Executive hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney-in-fact to act
for and on his behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the
prosecution and issuance of letters, patents, trademarks or copyright registrations thereon with the same legal force and effect as if
executed by Executive; this power of attorney shall be a durable power of attorney which shall come into existence upon Executive’s
mental or physical incapacity.


 


7.4       Prior
Inventions. Executive has identified on Exhibit A to this Agreement all Inventions relating in any way to the Company’s business
or demonstrably anticipated research and development that were made by Executive prior to employment with the Company, and Executive
represents that such list is complete. Executive represents that Executive has no rights in any such Inventions other than those specified
in Exhibit A. If there is no such list on Exhibit A, Executive represents that Executive has made no such Inventions at the time of signing
this Agreement. Executive shall not incorporate, or permit to be incorporated, any prior Invention owned by Executive or in which he
has an interest in a Company product, process or machine without the Company’s prior written consent.


 




    	8



    	 



    

 


Article
VIII.


GENERAL
PROVISIONS


 


8.1       No
Adequate Remedy. The parties declare that it is impossible to accurately measure in money the damages which will accrue to either
party by reason of a failure to perform any of the obligations under this Agreement. Therefore, if either party shall institute any action
or proceeding to enforce the provisions hereof, other than a claim by Executive for a payment pursuant to Section 4 of this Agreement,
the party against whom such action or proceeding is brought hereby waives the claim or defense that such party has an adequate remedy
at law, and such party shall not assert in any such action or proceeding the claim or defense that such party has an adequate remedy
at law.


 


8.2       Arbitration.
Any claim arising out of or relating to Executive’s employment with the Company including claims: (a) arising out of termination
or discipline (including constructive discharge) or any denial of promotion; (b) relating to breach of contract (express or implied);
(c) relating to tort; (d) relating to wages or other compensation due; (e) relating to benefits (except claims under an employee benefit
or pension plan that either (i) specifies that its claims procedures shall culminate in an arbitration procedure different from this
one, or (ii) is underwritten by a commercial insurer which decides claims; (f) concerning discrimination disputes (including, but not
limited to race, sex, sexual orientation, religion, national origin, age, marital status, or disability), including complaints regarding
hostile work environment, or other prohibited discriminatory conduct; and (g) concerning violation of any law, statute, regulation or
ordinance, shall be settled by arbitration administered by the American Arbitration Association under its National Rules for the Resolution
of Employment Disputes and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.


 


Notwithstanding
the above, claims that are not arbitrable are those for injunctive and/or other equitable relief, including but not limited to those
for unfair competition and the use or disclosure of Confidential Information, as to which the Executive agrees that the Company may seek
and obtain relief from a court of competent jurisdiction. Claims for workers’ compensation or unemployment compensation benefits
are also excluded from this requirement for arbitration.


 


The
aggrieved party must give written notice to the other party of any claim. The written notice shall identify and describe the nature of
the claims asserted and the facts upon which such claims are based. Except for such claims listed above which are not arbitrable, for
all other claims this Section 8.2 specifically includes a waiver of the right to a court trial and a trial by jury.


 


8.3       Successor
and Assigns. This Agreement shall be binding upon the parties hereto, their heirs, devisees, legal representatives, administrators,
successors and assigns. Company may assign any or all of its rights and delegate its duties under this Agreement including, without limitation,
those contained in the restrictive covenants provided in Section 6 of this Agreement without the consent of Executive to any subsidiary
or affiliate of Company, to the purchaser of all or substantially all of Company’s assets or stock, or any other successor to Company’s
business. In such case, the covenants and agreements made by Executive herein shall inure to the benefit of and protect Company’s
assigns or the successors in interest. This Agreement is personal to the Executive and may not be assigned by him. Except as provided
in this Section, no party may assign or transfer his or its interests herein, or delegate his or its duties hereunder, without the written
consent of the other party. Any assignment or delegation of duties in violation of this provision shall be null and void.


 






    	9



    	 



    

 





8.4       Notices.
All notices, requests and demands given to or made pursuant hereto shall, except as otherwise specified herein, be in writing and
be personally delivered or mailed via overnight courier, with written confirmation of receipt, to the Company at its registered principal
office or to the Executive at the address reflected in the Company’s employment records as Executive’s address. Either party
may, by notice hereunder, designate a changed address. All notices and other communications given to any party hereto in accordance with
the provisions of this Agreement will be deemed to have been given on the date of delivery if personally delivered or on the business
day after the date when sent if sent by overnight courier, in each case addressed to such party as provided in this Section 8.4 or in
accordance with the latest unrevoked direction from such party.


 


8.5       Captions;
Construction. The various headings or captions in this Agreement are for convenience only and shall not affect the meaning or interpretation
of this Agreement. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall
be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining
provisions of this Agreement.


 


8.6       Governing
Law. The validity, interpretation, construction, performance, enforcement and remedies of or relating to this Agreement, and the
rights and obligations of the parties hereunder, shall be governed by the substantive laws of the State of Minnesota (without regard
to the conflict of laws, rules or statutes of any jurisdiction), and any and every legal proceeding arising out of or in connection with
this Agreement shall be brought in the appropriate courts of the State of Minnesota, each of the parties hereby consenting to the exclusive
jurisdiction of said courts for this purpose.


 


8.7       Waivers.
No failure on the part of either party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise or any right or remedy hereunder preclude any other or further exercise thereof
or the exercise of any other right or remedy granted hereby or by any related document or by law.


 


8.8       Section
409A. It is the parties’ intention that any severance payment under Section 4.2(c) of this Agreement will be exempt from
the requirements of Section 409A of the Internal Revenue Code, and guidance issued thereunder (“Section 409A”) as
a short term deferral under Treas. Reg. Sec. 1.409A-1(b)(4) and this Agreement shall be construed and administered in a manner consistent
with such intent. Payments on account of a termination of employment may only be made upon a “separation from service” as
defined under Section 409A. To the extent the payments under this Agreement are subject to Section 409A, the Agreement shall be interpreted
and administered in a manner that complies with Section 409A. If at the time of the Executive’s termination of employment Executive
is a “specified” employee under Section 409A, then any payment or payments of deferred compensation subject to Section 409A
that are payable on account of such termination shall not be made or commenced until the first day following the earlier of (a) the expiration
of the six (6)-month period measured from the date of the “separation from service”, or (b) the date of Executive’s
death.


 




    	10



    	 



    

 


8.9       Entire
Agreement, Modification. This Agreement constitutes the entire agreement and understanding between the parties hereto in reference
to all the matters herein agreed upon. This Agreement replaces in full all prior employment agreements, consulting agreements or understandings
of the parties hereto, and any and all such prior agreements or understandings are hereby rescinded by mutual agreement. This Agreement
may not be modified or amended except by a written instrument signed by the parties hereto.


 


8.10       Execution
in Counterparts. This Agreement may be executed by each party in separate counterparts and by facsimile or PDF signatures, and each
such duly executed counterpart shall be of the same validity, force and effect as the original.


 


8.11       Survival.
The parties expressly acknowledge and agree that the provisions of this Agreement which by their express or implied terms extend
beyond the termination of Executive’s employment hereunder (including, without limitation, the provisions of Sections 3.3, 3.4,
and 4.2 or beyond the termination of this Agreement (including, without limitation, the provisions of Article V, Article VI and Article
VII) shall continue in full force and effect notwithstanding Executive’s termination of employment hereunder or the termination
of this Agreement, respectively.


 


[Remainder
of Page Intentionally Left Blank]


 







    	11



    	 



    

 





IN
WITNESS WHEREOF, the parties hereto have caused this Executive Employment Agreement to be duly executed and delivered as of the date
first above written.


 


	EXECUTIVE	 	PETVIVO
    HOLDINGS, INC.
	 	 	 	 	 
	By:	/s/
    Robert J. Folkes	 	By:	/s/
    John Lai
	 	Robert
    J. Folkes	 	 	John
    Lai, CEO and President


 




    	12



    	 



    

 


SCHEDULE
A


 


Prior
Inventions


 


None