In a recent move by NanoViricides, Inc., the company has solidified its leadership team by extending the employment agreements of two key executives. According to a filing with the U.S. Securities and Exchange Commission, the pharmaceutical firm has renewed contracts with its President, Dr. Anil R. Diwan, and Chief Financial Officer, Meeta Vyas, as of Monday this week.
Dr. Diwan's extension will see him continue as President until June 30, 2025, with an annual base salary of $400,000. The terms of the agreement also include a $2 million term life insurance policy and the grant of 10,204 Series A Preferred Stock shares, which will vest fully by the end of June 2024. Should he be terminated without cause, Dr. Diwan is eligible for a severance package equivalent to six months' salary, along with other benefits.
Ms. Vyas's agreement as CFO has been extended for a year, maintaining her monthly cash compensation of $10,800. The new terms also include a health insurance reimbursement provision, capped at $2,500 per month. Her contract now aligns with the same general conditions as her original employment agreement, which began on May 31, 2013.
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