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)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 15, 2019, PetMed Express, Inc. (the “Company”), based on the Compensation Committee of the Board of Directors (“Committee”) recommendation and the Board of Directors’ (“Board”) 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. 5a to the Executive Employment Agreement with Mr. Akdag (“Agreement”). Mr. Akdag’s Executive Employment Agreement was set to expire on March 16, 2019 to Amendment No. 5 to the Executive Employment Agreement. With the intent to enter into amendment Nno. 6 to the Executive Employment Agreement, the Committee has been working with a nationally recognized compensation consulting firm to ensure executive pay to the Chief Executive Officer of the Company is consistent with a selected peer group and contains appropriate performance bench marks. Currently the report from the compensation consulting firm has been received and analyzed, and the Chairman of the Board has presented the results to and is currently negotiating with the Chief Executive Officer to agree to final terms that will be acceptable to all parties, subject to final Board approval. The Agreement amends certain provisions of the Executive Employment Agreement as follows: the term of the Executive Employment Agreement is extended until May 13, 2019, commencing on March 16, 2019; and Mr. Akdag’s salary will remain $600,000 per year throughout the term of the Agreement.
Item 9.01Financial Statements and Exhibits.
PETMED EXPRESS INC Exhibit
EX-10.1 2 ex_138071.htm EXHIBIT 10.1 ex_138071.htm EXHIBIT 10.1 AMENDMENT No. 5a TO EXECUTIVE EMPLOYMENT AGREEMENT This Amendment No. 5a to the Executive Employment Agreement (“Amendment No. 5a”) is entered into as of March 15,…
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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.
