Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers
Effective July 31, 2020, and in accordance with Amendment No. 8 to the Executive
Employment Agreement ("Amendment No. 8") with Menderes Akdag ("Mr. Akdag"), CEO
and President of PetMed Express, Inc. (the "Company"), which was entered into on
July 31, 2020 and expires July 31, 2021, Mr. Akdag's salary was increased from
$607,880 to $626,860, and was granted 37,800 restricted shares of the Company's
common stock to vest on July 31, 2021. Mr. Akdag's compensation was based on the
results of his fiscal 2020 performance goals, which included: (1) net revenue;
(2) operating profit; (3) employee engagement survey, and (4) net promoter score
which measures customer satisfaction with the Company. Subject to the Company
and Mr. Akdag entering into an extension of the Executive Employment Agreement
for an additional one year period following the expiration of Amendment No. 8,
Mr. Akdag's 2021 compensation will be based on the achievement of the following
fiscal 2021 goals, on a percentage basis: net revenue (35%), net income (35%),
new order sales (20%), and employee engagement survey (10%).
The foregoing description of Amendment No. 8 is qualified in its entirety by the
full text of Amendment No. 8, 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.
(c) Exhibits.
10.1 - Amendment No. 8 to Executive Employment Agreement dated July 31,
2020 and effective July 31, 2020 between the Company and Menderes Akdag.© Edgar Online, source Glimpses
PETMED EXPRESS, INC. 
