SAN
DIEGO, July 30, 2024 /PRNewswire/ -- Petco Health
and Wellness Company, Inc. (Nasdaq: WOOF) today announced that it
has granted inducement equity awards on July
29, 2024 to its newly-hired Chief Executive Officer,
Joel D. Anderson, as a material
inducement to the employment of Mr. Anderson.
The inducement awards consist of (i) 1,492,538 restricted stock
units, (ii) 1,492,538 target performance stock units, (iii)
non-qualified stock options to purchase 1,366,121 shares
of Petco's Class A common stock with an exercise price of
$5.00, and (iv) non-qualified stock
options to purchase 1,381,216 shares of Petco's Class A common
stock with an exercise price of $7.50. The restricted stock units and stock
options will vest as to 34% on the first anniversary of
July 29, 2024 (the "Transition Date")
and 16.5% at the end of each six-month period thereafter through
the third anniversary of the Transition Date, and the performance
stock units will vest based on Petco's adjusted EBITDA performance
over a three-year performance period beginning on February 2, 2025 and ending January 29, 2028. All of the stock options have a
maximum term of 10 years. The inducement awards were granted as a
material inducement to Mr. Anderson's employment and were approved
by the independent members of the Petco Board of Directors, in
accordance with Nasdaq Listing Rule 5635(c)(4). The awards were
granted outside of the Petco Health and Wellness Company, Inc. 2021
Equity Incentive Plan, but are generally subject to the same terms
and conditions that apply to awards granted under such plan.
About Petco, The Health + Wellness Co.
Founded in 1965, Petco is a category-defining health and
wellness company focused on improving the lives of pets, pet
parents and our own Petco partners. We've consistently set new
standards in pet care while delivering comprehensive pet wellness
products, services and solutions, and creating communities that
deepen the pet-pet parent bond. We operate more than 1,500 pet care
centers across the U.S., Mexico and Puerto
Rico, which offer merchandise, companion animals, grooming,
training and a growing network of on-site veterinary hospitals and
mobile veterinary clinics. Our complete pet health and wellness
ecosystem is accessible through our pet care centers and digitally
at petco.com and on the Petco app. In tandem with Petco
Love, an independent nonprofit organization, we work with and
support thousands of local animal welfare groups across the country
and, through in-store adoption events, we've helped find homes for
nearly 7 million animals.
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SOURCE Petco - Investor Relations