Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
Upon a termination of a participating executive's employment by the Company without Cause (as defined in the Plan) or such executive's resignation with Good Reason (as defined in the Plan), the Plan provides for the following severance benefits: (i) a lump sum payment equal to the executive's annual base salary; (ii) payment of a pro-rated annual bonus for the year in which such termination occurs based on actual performance; (iii) a lump sum payment equal to 12, multiplied by the Company's portion of the executive's monthly COBRA premiums; and (iv) any earned but unpaid annual bonus for the year prior to the year in which such termination occurs.
Payment of the severance benefits under the Plan is subject to the executive's execution and non-revocation of a general release of claims in favor of the Company and the executive's continued compliance with obligations under any confidentiality and inventions agreement with the Company. For participants in the Plan who are eligible for severance benefits under another individual agreement with the Company, the severance benefits under the Plan will supersede any severance benefits under such separate agreement if such participant signs a participation agreement.
This summary of the Plan does not purport to be complete and is subject to and qualified in its entirety by reference to the text of the Plan filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description 10.1Petco Health and Wellness Company, Inc. Executive Severance Plan and Form of Participation Agreement 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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