UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Senior Leadership Salary Reduction: Part of the Company-Wide Cost Reduction Program
Pursuant to the Company-wide cost reduction program, an additional executive with the Company’s senior leadership has agreed to reduce their salary. Specifically, effective as of May 1, 2024, the annual salary of Mr. Randall Meyer, the Company’s Chief Operating Officer, shall be reduced from $270,000 to $150,000. This labor cost reduction is in addition to the reduced salaries for our Chief Executive Officer, Mr. John Lai and for the Company’s Chief Business Development Officer and General Counsel, Mr. John Dolan represents a cost reduction of 50.6% for these three executives from $850,000 to $420,000 per year.
The Company is currently implementing additional labor and operating cost reductions. The Company expects this cost-reduction program will assist the Company in preserving its cash, in addition to reducing the Company’s operating loss and monthly cash burn.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PETVIVO HOLDINGS, INC. | ||
| Date: April 26, 2024 | By: | /s/ John Lai |
| Name: | John Lai | |
| Title: | Chief Executive Officer | |
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