Item 1.01 Entry into a Material Definitive Agreement.
On January 10, 2023, PetVivo Holdings, Inc. (the "Company") entered into a lease
agreement (the "Lease") with Dewey AL L.L.C. and Dewey MS L.L.C., each a
Minnesota limited liability company (collectively, as tenants in common, the
"Landlord"), for certain property located in Suite D of the building located at
5555 West 78th Street, Edina, Minnesota (the "Building"), that will include a
new manufacturing facility, shared dock space and administrative offices having
approximately 14,073 square feet (the "Facility").
The Lease commences on April 1, 2023 (the "Commencement Date") and will have an
initial term of 10 years and 3 months, with a one-time renewal option of 5
years.
Following 3 months of rent abatement, the Company's monthly base rent will be
approximately $8,420.35 per month and will increase each year on the anniversary
of the Commencement Date, up to an estimated monthly base rent of $10,577.57
during the initial term. Base rent for the renewal period, if any, will be at
then prevailing market rates.
In addition to the monthly base rental payments described above, the Company has
provided a security deposit of $14,600.00 and is obligated to pay operating
costs, taxes and certain utilities applicable to the Facility. The Landlord will
also provide an allowance of approximately $62,940 related to certain
improvements to the Facility as set forth in the Lease.
During the initial term and subject to certain requirements, the Company has a
right of first offer to lease additional space within the Building before the
Landlord attempts to lease such space to a third party.
The foregoing is a summary description of certain terms of the Lease, is not
complete and is qualified in its entirety by reference to the text of the Lease,
which the Company will file as an exhibit to its Annual Report on Form 10-K for
the fiscal year ending March 31, 2023.
Item 8.01 Other Events
On January 12, 2023, the Company issued a press release, entitled "PetVivo
Holdings, Inc. Announces Plan for New Manufacturing Facility," announcing, among
other things, its entry into the Lease and its plan to move all production to
the Facility. The full text of the press release is attached as Exhibit 99.1 to
this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release, dated January 12, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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PETVIVO HOLDINGS, INC. 
