Document:

Exhibit
10.1

 

PROMISSORY
NOTE

 

	$195,000	Minneapolis, Minnesota
		September
    1, 2020

 

FOR
VALUE RECEIVED, PetVivo Holdings, Inc., a Nevada corporation (the “Borrower”) promises to pay to the order of David
B. Masters, an individual, (the “Lender”) at his office in Edina, Minnesota or at such other place as may be designated
from time to time by the holder hereof, in lawful money of the United States of America, the principal sum of One Hundred Ninety-Five
Thousand Dollars ($195,000) together with interest (calculated on the basis of actual days elapsed and a 360-day year) on the
unpaid principal balance hereof from the date hereof until this promissory note (the “Promissory Note”) is fully paid
pursuant to the following terms and conditions.

 

Payment
of Principal and Interest. The Borrower shall make monthly payments as identified herein until the entire principal balance
and any accrued interest thereon is paid in full. The entire principal balance and accrued interest shall be due and payable by
5:00 p.m. Central Standard Time on August 31, 2022 (“Maturity Date”) at Lender’s principal office or other location
as Lender may specify.

 

Payment
Schedule. The Borrower agrees to make a payment of $2500.00 upon Effective Date of this Note and shall make monthly payments
in an amount of $4000.00, beginning on the first day of the month following the Company’s receipt of proceeds from the sale
of equity or the Company’s sale of products totaling an amount of at least Three Million Five Hundred Thousand Dollars ($3,500,000)
(“Financing”) and continuing on the first day of each month until the one year anniversary of the Financing, and monthly
payments in an amount of $8000.00, which shall begin on the first day of the month following the first anniversary of the Financing
and continuing on the first day of each month until the Maturity Date, wherein the entire remaining outstanding principal and
accrued interest owed on the Maturity Date shall be paid to the Lender in full. If the Company does not secure the Financing within
six months of the date of execution of this Agreement, the Company shall make monthly payments in the amount of $1000.00 per month
until such Financing has been secured or the Maturity Date.

 

Rate
of Interest. Interest shall accrue at a rate of three percent (3%) per annum.

 

Definitions.
The following terms shall have the following meanings:

 

(a)
an “Act of Bankruptcy” shall mean if (i) the Borrower shall (1)be or become insolvent. Insolvency being defined as
Borrower’s liabilities exceeding its assets by more than $1,500,000, or (2) apply for or consent to the appointment of,
or the taking of possession by, a receiver, custodian, trustee, liquidator or the like of all or a substantial part of Borrower’s
property, or (3) commence a voluntary case under any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt,
dissolution, liquidation or similar proceeding under the laws of any jurisdiction, or (4) file a petition seeking to take advantage
of any other law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, or (5)
admit in writing any inability to pay such debts as they mature, or (6) make an assignment for the benefit of creditors; or (ii)
a proceeding or case shall be commenced, without the application or consent of Borrower, in any court of competent jurisdiction,
seeking (1) the liquidation, reorganization, dissolution, winding up or the composition or adjustment of debts of Borrower, (2)
the appointment of a trustee, receiver, custodian or liquidator or the like of Borrower or of all or any substantial part of such
Borrower’s property, or (3) similar relief in respect of Borrower under any law relating to bankruptcy, insolvency, reorganization,
winding up or composition or adjustment of debts.

 

    	 	 	 

    	 

    

 

(b)
“Affiliate” shall mean any Person (i) which directly or indirectly through one or more intermediaries Controls, or
is Controlled by, or is under common Control with, any Borrower or any guarantor of this Promissory Note, or (ii) five percent
(5%) or more of the equity interest of which is held beneficially or of record by any Borrower or any guarantor of this Promissory
Note.

 

(c)
“Control” shall mean the possession, directly or indirectly, of the power to cause the direction of management and
policies of a Person, whether through the ownership of voting securities or otherwise.

 

(d)
“Person” shall mean any natural person, corporation, partnership, joint venture, firm, association, trust, unincorporated
organization, government or governmental agency or political subdivision or any other entity, whether acting in an individual,
fiduciary or other capacity.

 

Prepayment.
The Borrower may prepay at any time and from time to time, all or any portion of the balance from time to time remaining on this
Promissory Note, without premium or penalty.

 

Application
of Payments. Payments hereunder shall be applied first to the payment of accrued interest and then to the reduction of
principal.

 

Events
of Default. The occurrence of any one or more of the following events shall constitute an Event of Default:

 

(a)
The Borrower shall fail to make when due, whether by acceleration or otherwise, any payment of principal of, or interest on, this
Promissory Note when due; or

 

(b)
The Company fails to secure the Financing within one year of the Effective Date of this Note, or

 

(b)
An Act of Bankruptcy shall occur; or

 

    	 	2	 

    	 

    

 

(c)
A judgment or judgments for the payment of money in excess of the sum of $500,000 in the aggregate shall be rendered against Borrower
and Borrower shall not pay or discharge the same or provide for its discharge in accordance with its terms, or procure a stay
of execution thereof, prior to any execution on such judgments by such judgment creditor, within 30 days from the date of entry
thereof, and within such period of 30 days, or such longer period during which execution of such judgment shall be stayed, appeal
therefrom and cause the execution thereof to be stayed during such appeal; or

 

(d)
Any property of Borrower shall be garnished or attached in any proceeding and such garnishment or attachment shall remain undischarged
for a period of 30 days during which execution is not effectively stayed.

 

Remedies.
If (a) any Event of Default described in paragraph (c) above shall occur, the outstanding unpaid principal balance of this Promissory
Note, the accrued interest thereon and all other obligations of the Borrower to the Lender shall automatically become immediately
due and payable; or (b) any other Event of Default shall occur and be continuing, then the Lender may declare that the outstanding
unpaid principal balance of this Promissory Note, the accrued and unpaid interest thereon and all other obligations of the Borrower
to the Lender to be forthwith due and payable, whereupon this Promissory Note, all accrued and unpaid interest thereon and all
such obligations shall immediately become due and payable, in each case without further demand or notice of any kind, all of which
are hereby expressly waived, anything in this Promissory Note to the contrary notwithstanding. In addition, upon any Event of
Default, the Lender may exercise all rights and remedies under any other instrument, document or agreement in favor of the Lender,
and enforce all rights and remedies under any applicable law.

 

Offset.
In addition to the remedies set forth above, upon the occurrence of any Event of Default or at any time thereafter while such
Event of Default continues, the Lender may offset any and all balances, credits, deposits (general or special, time or demand,
provisional or final), accounts or monies of the Borrower then or thereafter with the Lender, or any obligations of the Lender,
against the indebtedness then owed by the Borrower to the Lender.

 

Representations,
Warranties and Covenants. To induce the Lender to make the loan represented by this Promissory Note, the Borrower hereby
represents, warrants and covenants to the Lender:

 

(a)
Organization, Standing, Etc. The Borrower is a corporation duly incorporated and validly existing and in good standing
under the laws of the State of Minnesota, and has all requisite corporate power and authority to carry on its businesses as now
conducted, to enter into this Promissory Note and to perform its obligations under this Promissory Note, the Warrant Agreement
and Registration Rights Agreement.

 

    	 	3	 

    	 

    

 

(b)
Authorization and Validity. The execution, delivery and performance by the Borrower of the Promissory Note has been duly
authorized by all necessary corporate action by the Borrower, and the Borrower constitutes the legal, valid and binding obligation
of the Borrower, enforceable against the Borrower in accordance with its terms, subject to limitations as to enforceability which
might result from bankruptcy, insolvency, moratorium and other similar laws affecting creditors’ rights generally and subject
to limitations on the availability of equitable remedies.

 

(c)
No Conflict; No Default. The execution, delivery and performance by the Borrower of the Promissory Note will not (a) violate
any provision of any law, statute, rule or regulation or any order, writ, judgment, injunction, decree, determination or award
of any court, governmental agency or arbitrator presently in effect having applicability to the Borrower, (b) violate or contravene
any provisions of the Articles of Incorporation or Bylaws of the Borrower, or (c) result in a breach of or constitute a default
under any indenture, loan or credit agreement or any other agreement, lease or instrument to which the Borrower is a party or
by which it or any of its properties may be bound or result in the creation of any lien on any asset of the Borrower, other than
any subsequent liens in favor of the Lender. The Borrower is not in default under or in violation of any such law, statute, rule
or regulation, order, writ, judgment, injunction, decree, determination or award or any such indenture, loan or credit agreement
or other agreement, lease or instrument in any case in which the consequences of such default or violation could constitute a
material adverse event.

 

(d)
Notice Obligations. From the date of this Promissory Note and thereafter until the Borrower’s obligations under this
Promissory Note shall have been paid in full, unless the Lender shall otherwise expressly consent in writing, the Borrower agrees
that the Borrower will furnish to the Lender, in writing, immediately upon becoming aware of the occurrence thereof: (a) an Event
of Default, describing the nature thereof and what action the Borrower proposes to take with respect thereto and (b) the Borrower
receiving any financing, grant or investment of any kind.

 

Maximum
Lawful Rate. Notwithstanding anything to the contrary set forth in this Promissory Note, if a court of competent jurisdiction
determines in a final order that the rate of interest payable hereunder exceeds the highest rate of interest permissible under
law (the “Maximum Lawful Rate”), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest
payable hereunder shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the
rate of interest payable is less than the Maximum Lawful Rate, the Borrowers shall continue to pay interest hereunder at the Maximum
Lawful Rate until such time as the total interest received by Lender is equal to the total interest which would have been received
had the applicable interest rate payable hereunder been (but for the operation of this paragraph) the interest rate payable since
the date hereof as otherwise provided in this Promissory Note. Thereafter, interest hereunder shall be paid at the rate of interest
and in the manner provided in the first paragraph of this Promissory Note, unless and until the rate of interest again exceeds
the Maximum Lawful Rate, and at that time this paragraph shall again apply. In no event shall the total interest received by Lender
pursuant to the terms hereof exceed the amount which Lender could lawfully have received had the interest due hereunder been calculated
for the full term hereof at the Maximum Lawful Rate. If the Maximum Lawful Rate is calculated pursuant to this paragraph, such
interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which
such calculation is made. If, notwithstanding the provision of this paragraph, a court of competent jurisdiction shall finally
determine that Lender has received interest hereunder in excess of the Maximum Lawful Rate, Lender shall, to the extent permitted
by applicable law, promptly apply such excess first to the payment of accrued interest and then to the reduction of principal
and thereafter shall refund any excess to the Borrowers or as a court of competent jurisdiction may otherwise order.

 

    	 	4	 

    	 

    

 

No
Waiver. No delay or failure on the part of the Lender in exercising any right or remedy hereunder, or at law or at equity,
shall operate as a waiver of or preclude the exercise of any such right or remedy, and no single or partial exercise by the Lender
of any such right or remedy shall preclude or estop another or further exercise thereof or exercise of any other right or remedy.
No waiver by the Lender hereof shall be effective unless in writing signed by the Lender. A waiver on any one occasion shall not
be construed as a waiver of any such right or remedy on any prior or subsequent occasion.

 

Cost
of Collection. Borrower agrees to pay all costs of collection, including reasonable attorney’s fees, in the event
this Promissory Note is not paid when due, whether by acceleration or otherwise.

 

Miscellaneous.
This Promissory Note is being delivered in, and shall be governed by, the laws of the State of Minnesota. Presentment or other
demand for payment, notice of dishonor and protest are expressly waived. This Promissory Note constitutes the entire agreement
and understanding among the parties with respect to the subject matter hereof, expressly superseding all prior agreements and
understandings, whether oral or written with respect to the subject matter herein. This Promissory Note may only be amended in
a written document signed by the parties hereto.

 

Lender
Covenants.

 

(a)
The Lender has received copies of all documents and any other information requested from the Borrower and has had an opportunity
to ask questions of and receive answers from the management of the Borrower and to obtain any additional information desired,
or has elected to waive such opportunity. The Lender confirms that the Lender is fully informed regarding the financial condition
of the Borrower, the administration of its business affairs and its prospects for the future.

 

(b)
The Lender is an “accredited investor” within the meaning of Rule 501 under the Securities Act of 1933, meaning that
the Lender is an individual who either (i) had an income in excess of $200,000 in each of the two most recent years and who reasonably
expects income in excess of $200,000 the current year, or (ii) has a joint income with his spouse in excess of $300,000 in each
of the two most recent years and who reasonably expects a joint income in excess of $300,000 in the current year, or (iii) has
an individual net worth, or joint net worth with spouse, presently exceeding $1,000,000.

 

	 	BORROWER:
	 	PetVivo
    Holdings, Inc
	 	 
	 	/s/ John
    Carruth
	 	John
    Carruth
	 	Chief
    Financial Officer

 

    	 	5Exhibit
10.2

 

AMENDMENT
TO PROMISSORY NOTE

 

This
Amendment to the Promissory Notes issued to Dr. David B. Masters (this “Amendment”) is entered into as of September
1, 2020, by and between David B. Masters, an individual having a principal residence
of 2838 Freemont Avenue S., Apt. 520, Minneapolis, MN 55408 (“Lender”), and Gel-Del
Technologies, Inc., a Minnesota corporation, and a subsidiary of PETVIVO HOLDINGS, INC., a Nevada corporation (referred
to herein as “Borrower”). Capitalized terms used in this Amendment without definition shall have the meanings
given to them in the Notes (as defined below).

 

A.
Borrower previously issued to Lender one or more Promissory Note(s) dated September 5, 2013, February 11, 2014 and August 14,
2014, which further includes additional amounts contributed over time and payments on the principal (collectively, the “Note,”).

 

B.
Borrower issued an Amendment to Note dated April 17, 2017, which thereby extended the term and established a new Maturity Date
of the Note at April 30, 2020.

 

C.
Borrower failed to pay the total amount owed on the Note to Lender on or before the Maturity Date (the “Default”)
and now the note has an outstanding balance consisting of principal and interest in the amount of $65,700 as of August
15, 2020 (“Outstanding Balance”).

 

D.
Borrower has requested that Lender forbear from exercising any remedies under the Note and that Lender further agree to extend
the Maturity Date of the Note (the “Extension”).

 

E.
Lender has agreed, subject to the terms, amendments, conditions and understandings expressed in this Amendment, to grant the Extension
and to forbear from exercising remedies under the Note as set forth herein.

 

NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree
as follows:

 

1.
Recitals. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true
and accurate and are hereby incorporated into and made a part of this Amendment.

 

2.
Extension. Borrower and Lender agree that the Maturity Date of the Note is hereby extended to June 30, 2022; provided,
however, that Borrower satisfies the terms and conditions set forth below.

 

3.
Forbearance. In conjunction with the Extension, Lender hereby agrees to refrain and forbear from exercising and enforcing
its remedies under the Note or under applicable law with respect to any Event of Default that has occurred under the Note prior
to the date hereof until the earliest of (a) April 30, 2020, or (b) the occurrence of any Event of Default that occurs after the
date hereof (the “Forbearance”). Borrower understands that the Forbearance shall terminate immediately upon
the occurrence of any material breach of this Amendment or upon the occurrence of any Event of Default after the date hereof (including
without limitation Borrower’s failure to repay the Outstanding Balance on or before the Maturity Date, as the same is extended
pursuant to the terms hereof) and that in any such case, Lender may seek all recourse available to it under the terms of the Note
or applicable law.

 

    	 

    	 

    

 

4.
Payment Plan. In consideration of Lender’s agreement to grant the Extension and the Forbearance, Borrower agrees
to make an initial payment of $5000.00 by September 1, 2020. In addition, monthly payments in the amount of $3100.00 that shall
begin on October 1, 2020 and shall continue until the Borrower pays all outstanding principal and accrued interest in their entirety.
However, if the Borrower shall receive proceeds from the sale of equity or the sale of Company products totaling an amount of
at least One Million Five Hundred Thousand Dollars ($1,500,000) (“Financing”), the Borrower shall pay the entire amount
of the Outstanding Balance owed to the Lender within ten business days of receipt of said Financing. If at any time an Event of
Default occurs, the annual interest rate will increase to Twenty Percent (20%) on the entire Outstanding Balance and will continue
until the Outstanding Balance is paid in full or the Borrower makes sufficient payment to bring the Note back to a current payment
status.

 

5.
Note Section Deletion. The Parties agree that the Company shall be allowed to enter into any transaction that requires
the grant of a security interest in any of the assets owned by the Company or enter into any debt related transaction without
the prior written consent of the Lender. Therefore, the Parties agree to delete in its entirety the section in each Note entitled
“No Secured Borrowing; Limitations on Further Borrowing”.

 

6.
Affirmation of Outstanding Balance. The Outstanding Balance of the Note upon execution of this Amendment shall be deemed
and affirmed to be equal to $65,700 as of September 1, 2020.

 

7.
Representations and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its
affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

(a)
Borrower has full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of
any of the obligations of Borrower hereunder.

 

(b)
There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior
to the date of this Amendment which would or could materially and adversely affect the understanding of Lender expressed in this
Amendment or any representation, warranty, or recital contained in this Amendment.

 

(c)
Except as expressly set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this
Amendment nor any of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release,
impair, lessen, modify, waive, or otherwise affect the liability and obligations of Borrower under the terms of the Note.

 

    	2

    	 

    

 

(d)
Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or
causes of action of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any
manner connected with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted,
or begun prior to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant
to, or by virtue of any of the terms or conditions of the Note. To the extent any such defenses, affirmative or otherwise, rights
of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights, claims,
counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and agrees
that the execution of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of the existence
of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.

 

(e)
Borrower represents and warrants that as of the date hereof no Events of Default, other than the Default or other material breaches
already existing under the Note, or have occurred prior to the date hereof.

 

8.
Certain Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind
whatsoever has been or shall be given by Lender to Borrower in connection with the amendments to the Note granted herein.

 

9.
Other Terms Unchanged. The Note, as amended by this Amendment, remains and continues in full force and effect, constitutes
legal, valid, and binding obligations of each of the parties, and is in all respects agreed to, ratified, and confirmed. Any reference
to the Note after the date of this Amendment is deemed to be a reference to the Note as amended by this Amendment. If there is
a conflict between the terms of this Amendment and the Note, the terms of this Amendment shall control. No forbearance or waiver
may be implied by this Amendment. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment
shall not operate as a waiver of, or as an amendment to, any right, power, or remedy of Lender under the Note, as in effect prior
to the date hereof.

 

10.
Entire Agreement, Counterparts. This Amendment, along with the Note, represents the entire agreement and understanding
between the parties with respect to the subject matter hereof, expressly superseding all prior agreements and discussion, whether
oral or written, with respect to the subject matt hereof. This Amendment may only be amended in a writing signed by both parties
hereto. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which
together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed
counterpart of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original thereof.

 

    	3

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date set forth above.

 

	 	BORROWER:
	 	 	 
	 	PETVIVO HOLDINGS, INC.
	 	 	 
	 	By:	/s/ John
    Carruth
	 	 	John
    Carruth, Chief Financial Officer
	 	 	 
	 	LENDER:
	 	 
	 	David b. masters
	 	 	 
	 	By:
	/s/ David
    B. Masters
	 	 	David
    B. Masters

 

[Signature page
to Second Amendment to Promissory Note]

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