SAN
DIEGO, March 6, 2025 /PRNewswire/ -- Petco Health
and Wellness Company, Inc. (Nasdaq: WOOF) today announced that it
has granted inducement equity awards on March 4, 2025 (the "Grant Date") to its
newly-hired Chief Customer and Product Officer, Michael Romanko, as a material inducement to the
employment of Mr. Romanko.
The inducement awards consist of (i) 1,321,139 restricted stock
units, (ii) 323,835 target performance stock units, and (iii)
non-qualified stock options to purchase 393,082 shares of Petco's
Class A common stock, with an exercise price of $2.46. The restricted stock units and stock
options will vest as to 34% on the first anniversary of the Grant
Date and 16.5% at the end of each six-month period thereafter,
through the third anniversary of the Grant Date, and the
performance stock units will vest based on Petco's total
shareholder return over a three-year performance period, beginning
on February 2, 2025 and ending
January 29, 2028. The stock options
have a maximum term of 10 years. The inducement awards were granted
as a material inducement to Mr. Romanko'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
