PetMed Express (NASDAQ:PETS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02(e)
On July 12, 2019, PetMed Express, Inc. (the “Company”), based on the Compensation Committee of the Board of Directors recommendation and the Board of Directors’ approval that the Company amend the existing executive employment agreement (the “Executive Employment Agreement”) of Menderes Akdag, the Company’s President and Chief Executive Officer, entered into Amendment No. 7 to the Executive Employment Agreement with Mr. Akdag (“Agreement”). The Agreement provides that Section 6(g)(1) of the Executive Employment Agreement shall be deleted and replaced with the following:
In the event that a Change in Control (as hereinafter defined) of the Company shall occur at any time, the Executive shall have the right to terminate the Executive’s employment for “Good Reason,” as hereinafter defined, under this Agreement upon thirty (30) days written notice given at any time within one (1) year after the occurrence of such event, and upon such termination of the Executive’s employment with the Company to this Section 6g(1), the Executive shall be entitled to a one-time payment of two times his salary as of the date of such termination.
“Good Reason” shall mean (A) a significant change in the nature or scope of the authorities, powers, functions, duties or responsibilities attached to Executive\’s position as described in Section 3; or (B) a material breach of the Agreement by the Company; or (C) a material reduction of the Executive\’s benefits under any employee benefit plan, program or arrangement (for Executive individually or as part of a group) of the Company as then in effect or as in effect on the Effective Date of the Agreement, which reduction shall not be effectuated for similarly situated employees of the Company; or (D) failure by a successor company to assume the obligations under the Agreement; or (E) a change in the Executive\’s principal office to a location outside Palm Beach or Broward County, Florida.
The description of the Agreement is qualified in its entirety by reference to the Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
PETMED EXPRESS INC Exhibit
EX-10.1 2 ex_150081.htm EXHIBIT 10.1 ex_150081.htm EXHIBIT 10.1 AMENDMENT No. 7 TO EXECUTIVE EMPLOYMENT AGREEMENT This Amendment No. 7 to the Executive Employment Agreement (“Amendment No. 7”) is entered into as of July 12,…
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About PetMed Express (NASDAQ:PETS)
PetMed Express, Inc. (PetMed Express), doing business as 1800PetMeds, is a pet pharmacy. The Company markets prescription and non-prescription pet medications, and other health products for dogs and cats, direct to the consumer. It offers a selection of products for dogs and cats. Its product line contains approximately 3,000 stock keeping units (SKUS) of pet medications, health products and supplies. Its products include brands of medication, such as Frontline Plus, K9 Advantix II, Advantage II, Heartgard Plus, Sentinel, Revolution and Rimadyl. It also offers additional pet supplies for sale on its Website, which are drop shipped to its customers by third parties. These pet supplies include food, beds, crates, stairs, strollers and other pet supplies. Its products included Non-Prescription Medications (Over the Counter (OTC)) and supplies, and Prescription Medications (Rx). Its customers are located in California, Florida, Texas, New York, Virginia and Georgia, among others.