NanoViricides, Inc. has filed an -K with the Securities and Exchange Commission to disclose extensions to the employment agreements of its President and Chief Financial Officer. The extensions, effective July 1, 2026, will keep the executives with the company through June 30, 2027.
Under the Extension Agreement with Dr. Anil R. Diwan, the President will receive a base annual salary of $400,000. The agreement also grants Dr. Diwan 10,204 shares of Series A Preferred Stock, which will vest in equal quarterly installments beginning September 30, 2026, and fully vest on June 30, 2027. Additionally, the company will maintain a Term Life Insurance policy valued at $2 million for Dr. Diwan, with $1 million assigned to the company and the remainder to his estate. The agreement includes severance terms stating that if Dr. Diwan is terminated without cause, he will receive six months' salary as compensation.
The Extension Agreement with Meeta Vyas, the Chief Financial Officer, is for a one-year term from July 1, 2026, through June 30, 2027. The agreement is renewable on an annual basis. Ms. Vyas will receive a monthly base compensation of $10,800, consistent with her previous rate, and 129 shares of Series A preferred stock on a monthly basis. The extension includes a provision for the reimbursement of up to 50% of health insurance costs, not to exceed $2,500 per month.
Exhibits 10.1 and 10.2, containing the full text of the respective extension agreements, are attached to the filing.
