Current Report Filing (8-k)
July 19 2018 - 6:04AM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR
15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported)
July 11, 2018
NANOVIRICIDES,
INC.
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(Exact
Name of Registrant as Specified in Its Charter)
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Nevada
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001-36081
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76-0674577
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification
No.)
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|
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1
Controls Drive,
Shelton, Connecticut
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06484
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(Address
of Principal Executive Offices)
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(Zip Code)
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(203)
937-6137
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(Registrant's
Telephone Number, Including Area Code)
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Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
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Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
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Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
|
¨
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Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
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Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.
☐
Item
1.01. Entry into a Material Definitive Agreement.
On July 11, 2018,
NanoViricides, Inc. (the “Company”) entered into an extension of the Employment Agreement (the “Agreement”)
with Dr. Anil R. Diwan as President of the Company effective July 1, 2018.
The Agreement provides
Dr. Diwan will be paid an annual base salary of $400,000. Dr. Diwan shall be entitled to participate in all fringe benefits the
Company provides for its employees generally and such other benefits as the Company provides for its senior executives. In addition,
the Company shall maintain a Term Life Insurance policy for Dr. Diwan, valued at $2 million, of which $1 million shall be assigned
to the Company and the remaining to Dr. Diwan’s estate.
In addition, as an
incentive towards the ultimate success of the Company, and to provide leadership authority to Dr. Diwan, the Company granted 225,000
shares of the Company’s Series A Preferred Shares to Dr. Diwan. Dr. Diwan’s rights in the shares shall be vested in
one-third increments on June 30, 2019, June 30, 2020 and June 30, 2021. Also, the Company will grant Dr. Diwan an incentive award
of $75,000 which shall be payable prior to July 31, 2018.
Dr. Diwan will be
eligible to receive severance if he is terminated by the Company other than for cause in which event the Company 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 Company may elect to pay such severance compensation in a lump sum or in equal payments over a period of not more than six
(6) months.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
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.
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NANOVIRICIDES,
INC.
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Date: July 17,
2018
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By:
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/s/
Meeta Vyas
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Name: Meeta
Vyas
Title: Chief Financial Officer
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