Document:

Exhibit
10.6

 

	Participant
    Name:	 
	Number
    of Restricted Stock Units subject to Award:	 
	Grant
    Date:	 

 

PETVIVO
HOLDINGS, INC.

2020
Equity Incentive Plan

 

Restricted
Stock Unit Award Agreement

 

This
agreement (this “Agreement”) evidences an award (the “Award”) of restricted stock units granted
by PetVivo Holdings, Inc. (the “Company”) to the individual named above (the “Participant”), pursuant
to and subject to the terms of the PetVivo Holdings, Inc. 2020 Equity Incentive Plan (as from time to time amended and in effect, the
“Plan”). Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan.

 

1.
Grant of Restricted Stock Unit Award. The Company grants to the Participant on the date set forth above (the “Date
of Grant”) the number of restricted stock units (the “Restricted Stock Units”) set forth above giving the
Participant the conditional right to receive, without payment and pursuant to and subject to the terms and conditions set forth in this
Agreement and in the Plan, one share of Common Stock (a “Share”) with respect to each Restricted Stock Unit forming
part of the Award, subject to adjustment pursuant to Section 4.4 of the Plan in respect of transactions occurring after the date hereof.

 

2.
Vesting. The Restricted Stock Units granted hereby shall vest according to the following schedule:

 

	Date:	 	Number
    of Vested Units
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

In
order to be vested in Restricted Stock Units in accordance with the schedule, Participant must have been continuously serving as an Employee
from the Grant Date until the vesting date.

 

3.
Delivery of Shares. Subject to Section 4 below, the Company shall, as soon as practicable upon the vesting of any portion
of the Award (but in no event later than thirty (30) days following the date on which such Restricted Stock Units vest), effect delivery
of the Shares with respect to such vested Restricted Stock Units to the Participant (or, in the event of the Participant’s death,
to the person to whom the Award has passed by will or the laws of descent and distribution). No Shares will be issued pursuant to this
Award unless and until all legal requirements applicable to the issuance or transfer of such Shares have been complied with to the satisfaction
of the Committee.

 

4.
Forfeiture; Recovery of Compensation. By accepting this Award, the Participant expressly acknowledges and agrees that his
or her rights, and those of any permitted transferee of this Award, under this Award, including the right to any Shares acquired under
this Award or proceeds from the disposition thereof, are subject to Section 13.5 of the Plan (including any successor provision). The
Participant further agrees to be bound by the terms of any clawback or recoupment policy of the Company that applies to incentive compensation
that includes Awards such as the Restricted Stock Units. Nothing in the preceding sentence may be construed as limiting the general application
of Section 19 of this Plan.

 

    	Restricted Stock Unit Award Agreement 

    	 

    

 

5.
Dividends; Other Rights. This Award may not be interpreted to bestow upon the Participant any equity interest or ownership
in the Company or any subsidiary prior to the date on which the Company actually delivers Shares to the Participant. The Participant
is not entitled to vote any Shares by reason of the granting of this Award or to receive or be credited with any dividends declared and
payable on any Share prior to the date on which any such Share is delivered to the Participant hereunder. The Participant will have the
rights of a shareholder only as to those Shares, if any, that are actually delivered under this Award.

 

6.
Restrictions on Transfer. This Award may not be transferred except as expressly permitted under Section 16.4 of the Plan.

 

7.
Taxes. 

 

	 	(a)	The Participant expressly
  acknowledges that the issuance of Shares in settlement of the Restricted Stock Units acquired hereunder will give rise to “wages”
  subject to withholding. No Shares will be delivered pursuant to this Award unless and until the Participant has remitted to the Company
  in cash or by check (or by such other means as may be acceptable to the Committee) an amount sufficient to satisfy all taxes required
  to be withheld in connection with such settlement.

 

	 	(b)	The Participant authorizes
  the Company and its subsidiaries to withhold any amounts due in respect of any required tax withholdings or payments from any amounts
  otherwise owed to the Participant, but nothing in this sentence may be construed as relieving the Participant of any liability for
  satisfying his or her obligation under the preceding provisions of this Section 7. The Committee in its sole discretion, and upon terms
  and conditions established by the Committee, may require the Participant to satisfy, in whole or in part, any withholding or employment
  related tax obligation in the manner set forth in Section 14.2 of the Plan.

 

	 	(c)	This Award is intended to
  be exempt from Section 409A of the Code as a short-term deferral thereunder and shall be construed and administered in accordance with
  that intent. Notwithstanding the foregoing, in no event will the Company or any of its subsidiaries have any liability relating to
  the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of
  Section 409A.

 

    	-2- Restricted Stock Unit Award Agreement 

    	 

    

 

8.
Effect on Employment or Service. Neither the grant of this Award, nor the issuance of Shares upon the vesting of this Award,
will give the Participant any right to be retained in the employ or service of the Company or any of its subsidiaries, affect the right
of the Company or any of its subsidiaries to discharge the Participant at any time, or affect any right of the Participant to terminate
his or her Employment at any time.

 

9.
Provisions of the Plan. This Agreement is subject in its entirety to the provisions of the Plan, which are incorporated
herein by reference (unless modified herein). A copy of the Plan as in effect on the Grant Date has been made available to the Participant.
By accepting this Award, the Participant agrees to be bound by the terms of the Plan and this Agreement. In the event of any conflict
between the terms of this Agreement and the Plan, the terms of the Plan will control.

 

10.
Acknowledgements. The Participant acknowledges and agrees that (i) this Agreement may be executed in two or more counterparts,
each of which will be an original and all of which together will constitute one and the same instrument; (ii) this Agreement may be executed
and exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, will constitute an original
signature for all purposes hereunder; and (iii) such signature by the Company will be binding against the Company and will create a legally
binding agreement when this Agreement is countersigned by the Participant.

 

[Signature
page follows.]

 

    	-3- Restricted Stock Unit Award Agreement 

    	 

    

 

The
Company, by its duly authorized officer, and the Participant have executed this Agreement as of the Grant Date.

 

	 	PETVIVO
    HOLDINGS, INC. 
	 	 	           
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Agreed
and Accepted:

 

	By	  	                 

 

    	Signature Page to Restricted Stock Unit Award AgreementDocument

DESCRIPTION OF CAPITAL STOCK

             The following statements contain, in summary form, certain information relating to the capital stock of the Company.  They do not purport to be complete, and are qualified in their entirety by reference to the provisions of the Company's Second Restatement of the Restated and Amended Articles of Incorporation, as amended (the "Restated Articles") incorporated herein by this reference. 

             The authorized capital stock of the Company consists of 120,000,000 shares of Common Stock, no par value (the “Common Stock”), and 1,000,000 shares of Preferred Stock, no par value (the "Preferred Stock") of which 250,000 shares have been designated as Series A Serial Preferred Stock.  No shares of Preferred Stock have been issued.  The Company’s Restated Articles do not authorize any other classes of capital stock.

The Common Stock is the only class of capital stock of the Company registered under the Securities Exchange Act of 1934 as amended and it is registered under Section 12(b) thereof.   

COMMON STOCK

            All issued and outstanding shares of Common Stock are duly authorized, validly issued, fully paid, and non-assessable.  Holders of Common Stock have one vote for each share held and are not entitled to cumulate their votes for the election of directors.

Common Stock is not subject to redemption by its terms although Common Stock may be repurchased by the Company at its discretion.  The holders of shares of Common Stock do not have preemptive rights.  Holders of shares of Common Stock are entitled to share ratably in the assets of the Company legally available for distribution to holders of Common Stock in the event of liquidation, dissolution, or winding up of the Company.  The holders of Common Stock are entitled to dividends when, as and if declared by the Board of Directors of the Company.

PREFERRED STOCK

             The Board of Directors is empowered by the Restated Articles to issue, from time to time, one or more series of authorized Preferred Stock without shareholder approval. The authorized but unissued shares of Preferred Stock may be issued in series having such designations, preferences or rights, and having the qualifications, limitations or restrictions thereon, as may be fixed and determined by resolution of the Company's Board of Directors. Therefore, shares of series of Preferred Stock could have rights that would cause such shares to be superior to the Common Stock with respect to such matters as voting, dividends and liquidation.

    As noted above, the Restated Articles authorize a series of Preferred Stock designated Series A Serial Preferred Stock comprised of 250,000 shares.  The Board created the Series A Serial Preferred Stock in April 2010 in connection with the Shareholder Rights Plan (the “Rights Plan”) that it adopted at the same time.  The Series A Serial Preferred Stock was created having the specific designations, preferences and rights and having the specific qualifications, 

limitations and restrictions necessary to implement the Rights Plan.  The Shareholder Rights Plan expired in April 2011 without any shares of Series A Preferred Stock having been issued.  The 250,000 Series A Serial Preferred Stock remains authorized under the Restated Articles.  

REGISTRAR AND TRANSFER AGENT

Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 is the Registrar and Transfer Agent for the Common Stock of the Company.

CERTAIN PROVISIONS OF THE IOWA CODE, OUR ARTICLES OF INCORPORATION AND BYLAWS

Certain provisions of the Iowa Business Corporations Act (the “Act”), our Restated Articles and the Sixth Amended and Restated By-Laws (the “Bylaws”) summarized in the following paragraphs may have an anti-takeover effect. This summary is qualified in its entirety by reference to the Restated Articles, and the Bylaws incorporated herein by this reference.   

Our Bylaws vest the power to call special meetings of stockholders in our board chair, by resolution approved by a majority of the entire board, or by the secretary of the Company following receipt of one or more written demands to call a special meeting of the shareholders from shareholders holding of record shares representing not less than 50% of the voting power of the outstanding shares of the Company.  Shareholders are permitted under our Bylaws to act by written consent in lieu of a meeting.

To be properly brought before an annual meeting of stockholders, any shareholder proposal or nomination for the board of directors must be delivered to our secretary by the close of business not more than 120 and not less than 90 days prior to the date on which we first mailed our proxy materials for the prior year’s annual meeting; provided that in the event that the date of the annual meeting is advanced by more than 30 days or delayed by more than 60 days from the anniversary of the previous year’s meeting, written notice must be provided not less than 90 days nor more than 120 days prior to the date of the annual meeting or, if the first public announcement of the date of such advanced or delayed annual meeting is less than 100 days prior to the date of such annual meeting, the 10th day following the day on which public announcement of the date of the annual meeting is first made.

Our Bylaws contain “proxy access” provisions, which permit an eligible shareholder or a group of up to 20 eligible shareholders owning 3% or more of the Company’s outstanding shares of Common Stock continuously for at least three years to nominate and include in the Company’s annual meeting proxy materials, for any annual meeting of shareholders at which directors are to be elected, director nominees constituting up to the greater of (i) 20% of the total number of directors of the Company, or (ii) two individuals; provided that the nominating shareholder(s) and nominee(s) satisfy the requirements described in the Bylaws.

We are subject to Iowa Code section 490.1110 (“Section 490.1110”). In general, Section 490.1110 prohibits a publicly held Iowa corporation from engaging in various “business 

combination” transactions with any interested shareholder for a period of three years following the date of the transactions in which the person became an interested shareholder, unless: (i) the transaction is approved by the board of directors prior to the date the shareholder became and interested shareholder; (ii) upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or (iii) on or subsequent to such date the business combination is approved by the board of directors and authorized at an annual or special meeting of shareholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested shareholder.

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