PetMed Express grants equity awards on September 27, 2024
- PetMed Express, Inc. granted equity awards to two new executives on September 27, 2024.
- Doug Krulik received 40,000 RSUs, and Robyn D'Elia received 250,000 RSUs, both vesting over three years.
- These awards were part of a strategy to attract and retain key talent in compliance with Nasdaq regulations.
On September 27, 2024, PetMed Express, Inc., operating as PetMeds and the parent company of PetCareRx, announced the granting of two significant equity awards to newly appointed executives. Doug Krulik, who has taken on the role of Chief Accounting Officer, received 40,000 time-based restricted stock units (RSUs), while Robyn D'Elia, the new Chief Financial Officer, was awarded 250,000 RSUs. These awards are structured to vest over a three-year period, with one-third of the units vesting on each anniversary of the grant date, contingent upon their continued employment with the company. The equity awards were granted outside of the company’s existing stockholder-approved equity incentive plans, under the newly adopted 2024 Inducement Incentive Plan. This plan was specifically designed to attract and retain key talent by providing material inducements for new hires. The decision to grant these awards was made by the Compensation and Human Capital Committee, which consists solely of independent directors, and was approved by the Board of Directors. This move aligns with Nasdaq Listing Rule 5635(c)(4), which allows companies to offer inducement grants to new employees as a means of enhancing their compensation packages. The strategic hiring of Krulik and D'Elia is expected to bolster the company’s financial leadership and operational efficiency. Overall, these equity awards reflect PetMeds' commitment to strengthening its executive team and ensuring that it remains competitive in the market, particularly in the evolving landscape of pet healthcare services.