NanoViricides, Inc. Reports Director and Officer Changes
Ticker: NNVC · Form: 8-K · Filed: Aug 9, 2024 · CIK: 1379006
| Field | Detail |
|---|---|
| Company | Nanoviricides, Inc. (NNVC) |
| Form Type | 8-K |
| Filed Date | Aug 9, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $400,000, $2 m, $1 million, $0.00001, $9,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, board-of-directors, executive-compensation
Related Tickers: NNVC
TL;DR
NanoViricides shuffled its board and execs, check the filing for details.
AI Summary
On August 5, 2024, NanoViricides, Inc. filed an 8-K report detailing changes in its board of directors and executive officers. The filing also includes information on compensatory arrangements for certain officers. Specific details regarding the individuals involved, their roles, and the nature of the compensatory arrangements are provided within the document.
Why It Matters
Changes in a company's board and executive team can signal shifts in strategy, operational focus, or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in executive leadership and board composition can introduce uncertainty regarding future strategy and operational stability.
Key Players & Entities
- NanoViricides, Inc. (company) — Registrant
- August 5, 2024 (date) — Date of earliest event reported
FAQ
What specific changes were made to NanoViricides, Inc.'s board of directors or officers?
The filing indicates changes related to the departure of directors or certain officers, election of directors, and appointment of certain officers, as well as compensatory arrangements for certain officers.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on August 5, 2024.
What is the principal executive office address for NanoViricides, Inc.?
The principal executive offices are located at 1 Controls Drive, Shelton, Connecticut 06484.
What is the Commission File Number for NanoViricides, Inc.?
The Commission File Number is 001-36081.
What is the SIC code for NanoViricides, Inc.?
The Standard Industrial Classification code is 2834, Pharmaceutical Preparations.
Filing Stats: 936 words · 4 min read · ~3 pages · Grade level 10.2 · Accepted 2024-08-09 16:30:39
Key Financial Figures
- $400,000 — 0, 2025 at a base annual base salary of $400,000. Dr. Diwan shall be entitled to partici
- $2 m — surance policy for Dr. Diwan, valued at $2 million, of which $1 million shall be ass
- $1 million — . Diwan, valued at $2 million, of which $1 million shall be assigned to the Registrant and
- $0.00001 — t's Series A Preferred Stock, par value $0.00001 per share to Dr. Diwan. Dr. Diwan's rig
- $9,000 — e (3) years with a base compensation of $9,000 per month and 129 shares of Series A pr
- $10,800 — her cash compensation was increased to $10,800 per month. The Vyas Extension is for a
- $2,500 — e that she subscribes to, not to exceed $2,500 per month. A copy of the Vyas Extension
Filing Documents
- tm2421305d1_8k.htm (8-K) — 29KB
- tm2421305d1_ex10-1.htm (EX-10.1) — 16KB
- tm2421305d1_ex10-2.htm (EX-10.2) — 6KB
- 0001104659-24-087828.txt ( ) — 227KB
- nnvc-20240805.xsd (EX-101.SCH) — 3KB
- nnvc-20240805_lab.xml (EX-101.LAB) — 33KB
- nnvc-20240805_pre.xml (EX-101.PRE) — 22KB
- tm2421305d1_8k_htm.xml (XML) — 3KB
02. Compensatory Arrangements of Certain Officers
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 lu
SIGNATURES
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