NanoViricides, Inc. Extends President and CFO Employment Agreements

What Happened

• NanoViricides, Inc. filed a Form 8-K on September 29, 2026 announcing Extension Agreements, effective July 1, 2026, that continue Anil R. Diwan as President and Meeta Vyas as Chief Financial Officer through June 30, 2027.
• Dr. Diwan’s extension sets a base annual salary of $400,000, a $2 million term life insurance policy (with $1 million assigned to the company), a grant of 10,204 shares of Series A Preferred Stock that vest quarterly from September 30, 2026 and fully on June 30, 2027, and severance of six months’ salary if terminated without cause.
• Ms. Vyas’ extension continues prior terms (her cash pay was $10,800 per month since 2015) for one year through June 30, 2027, is renewable annually, and adds reimbursement of up to 50% of her health insurance costs (capped at $2,500 per month).

Key Details

• Diwan: $400,000 annual base salary; 10,204 Series A Preferred shares granted; vesting quarterly starting 9/30/2026, fully vested 6/30/2027.
• Diwan: $2,000,000 term life policy (company assigned $1,000,000); severance equal to six months’ salary if terminated without cause (paid lump sum or installments).
• Vyas: $10,800 monthly cash compensation (established 1/1/2015); one-year extension (7/1/2026–6/30/2027), renewable; health insurance reimbursement up to 50% not to exceed $2,500/month.
• The company attached the extension agreements as Exhibits 10.1 and 10.2 to the 8‑K.

Why It Matters

• These extensions keep the company’s president and CFO in place, preserving leadership continuity through June 30, 2027.
• The agreements create near‑term cash and benefit obligations (salary, insurance reimbursements, potential six‑month severance) and include an equity-based incentive (Series A Preferred shares) for the president, which could affect executive alignment and the company’s capital structure depending on the rights of those preferred shares (the filing describes the share grant and vesting but not detailed economic or voting terms).
• Investors should note these are contract renewals rather than departures or new hires; the filing does not disclose changes to financial results or other corporate transactions.