SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Item 5.02. Compensatory Arrangements of Certain Officers.
Extension Employment Agreement - Anil Diwan
On August 5, 2024, NanoViricides, Inc. (the “Registrant”) entered into an Extension Agreement effective July 1, 2024 (the “Diwan Extension”) of the Employment Agreement with Dr. Anil R. Diwan entered into on July 1, 2018 (the “Diwan Employment Agreement”) to continue to serve as the President of the Registrant, effective July 1, 2024.
The Extension provides that Dr. Diwan will continue to serve as the Registrant’s President until June 30, 2025 at a base annual base salary of $400,000. Dr. Diwan shall be entitled to participate in all fringe benefits the Registrant provides for its employees generally and such other benefits as the Registrant provides for its senior executives. In addition, the Registrant shall maintain a Term Life Insurance policy for Dr. Diwan, valued at $2 million, of which $1 million shall be assigned to the Registrant and the remaining balance to Dr. Diwan’s estate.
In addition, as an incentive towards the ultimate success of the Registrant, and to provide leadership authority to Dr. Diwan, the Registrant granted 10,204 shares of the Registrant’s Series A Preferred Stock, par value $0.00001 per share to Dr. Diwan. Dr. Diwan’s rights in the shares shall vest in equal, quarterly installments commencing on September 30, 2023 and fully vest on June 30, 2024. Dr. Diwan will be eligible to receive severance if he is terminated by the Registrant other than for cause in which event the Registrant shall pay to Dr. Diwan an amount equal to six (6) month’s salary as severance compensation (without regard to compensation or benefits Dr. Diwan receives from any other source). Dr. Diwan shall be eligible for all benefits during this six (6) month period including bonuses, vesting of previously awarded stock options, health care insurance and other fringe benefits that have been ongoing. The Registrant may elect to pay such severance compensation in a lump sum or in equal payments over the six month period. A copy of the Diwan Extension is attached to this Form 8-K as Exhibit 10.1 and is incorporated by reference.
Extension Employment Agreement – Meeta Vyas
On August 5, 2024, the Registrant) entered into an Extension Agreement effective July 1, 2024 (the “Vyas Extension”) of the Employment Agreement with Meeta Vyas of the Employment Agreement with Ms. Vyas entered into on May 31, 2013, (the “Vyas Employment Agreement”) to continue to serve as the Chief Financial Officer of the Registrant, effective July 1, 2024.
The Vyas Extension is renewable on an annual basis. The Vyas Employment Agreement provided for a term of three (3) years with a base compensation of $9,000 per month and 129 shares of Series A preferred stock, also on a monthly basis. On January 1, 2015, her cash compensation was increased to $10,800 per month. The Vyas Extension is for a period of one year from July 1, 2024 through June 30, 2025 under the same general terms as the Vyas Employment Agreement with amendments to provide that the CFO shall be reimbursed up to 50% of all costs of Health Insurance including any Medical, Dental, and any and all parts and subparts of Medicare Insurance that she subscribes to, not to exceed $2,500 per month. A copy of the Vyas Extension is attached to this Form 8-K as Exhibit 10.2 and is incorporated by reference.
Item. 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description |
10.1 | Extension of Employment Agreement with Anil Diwan effective July 1, 2024 |
10.2 | Extension of Employment Agreement with Meeta Vyas effective July 1, 2024 |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.
NANOVIRICIDES, INC. | ||
Date: August 9, 2024 | By: | /s/ Anil Diwan |
Name: Anil Diwan | ||
Title: President, Chairman |