Exhibit 10.15
[Only applicable provisions should be utilized for each offer]
Date
Name
Address
Dear _____________:
PETsMART, Inc. ("PETsMART" or the Company) is pleased to offer you the position
of ______________________________, starting no later than ___________, 200_, on
the following terms:
1. As ________________________________of PETsMART, you will work at 00000
X. 00xx Xxxxxx, Xxxxxxx, XX 00000, and perform the duties customarily
associated with this position, including but not limited to such duties
as may be assigned to you by the Company's Chief Executive Officer. Of
course, the Company may change your position, duties and work location
from time to time, as it deems necessary.
2. Your initial base salary will be $______________ (____________ dollars)
per year less standard deductions and withholdings, paid biweekly.
3. You will be eligible to participate in the Company's Employee Stock
Purchase Plan and the Company's Amended and Restated Deferred
Compensation Plan, as may be modified from time to time with the
approval of the Company's Board of Directors. In addition, you are
eligible to participate in the Company Incentive Bonus Plan. The
annualized bonus objective initially established for your position is
___% of your base salary, subject to annual review by the Compensation
Committee of the Board. As with all executives, receipt of year-end
bonus will be subject to the achievement of our annual financial plan
and individual management objectives.
4. Upon approval by the Board after commencement of your employment with
PETsMART, you will receive an incentive stock option grant, under the
terms of the Company's Equity Incentive Plan, in the total amount of
______________________ (_______) shares of PETsMART common stock. From
time to time, the Board reviews the outstanding option grants for
senior Company executives and may issue additional options at its
discretion.
5. The Company will reimburse you for reasonable documented business
expenses pursuant to Company policy.
6. You will receive relocation benefits for your move from ___________ to
____________under the terms of the enclosed Relocation Benefits
Agreement. These benefits include reimbursement of expenses directly
related to your relocation and consist of ___________, ___________,
___________, ___________.
7. For the fiscal year of 200_, you are guaranteed a bonus of $________to
be paid in (month/year ) as long as your performance equals or exceeds
"solid achievement".
8. You will receive a signing bonus of $______________within ___ days of
your acceptance of this offer.
9. In addition to your salary and incentive compensation, you will be
eligible for the following Company benefits consistent with Company
policy: _____ (____) weeks of vacation per year, life insurance, and
medical and dental coverage. Dependent medical and dental coverage is
also available to you, with a varying portion of the cost paid by you
by payroll deduction, depending on your level of participation. You are
eligible for our Medical Benefit coverage on the first day of the month
after hire date. Details about these benefits are provided in the
Associate Handbook and Summary Plan Descriptions. The Company reserves
the right to modify your compensation and benefits from time to time,
as it deems necessary.
10. Of course, you will be expected to abide by all of the Company's
policies and procedures. As a further condition of your employment, you
agree to refrain from any unauthorized use or disclosure of the
Company's proprietary or confidential information or materials. You
also agree to sign and comply with the Company's Confidentiality
Agreement, Non-Compete Agreement and Code of Business Ethics and
Policies. By accepting this offer, you are representing that you are
not a party to any agreement (e.g., a non-compete) with any third party
or prior employer which would conflict with or inhibit your performance
of your duties with PETsMART.
11. In the event of a dissolution, liquidation or sale of substantially all
of the assets of the Company or a merger or consolidation in which the
Company is not the surviving corporation and where your employment is
terminated as a result of this change of control, within __ months of
the date of the change of control, all of your non vested stock options
will immediately become vested. Further detail regarding this change
will be included in
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your stock option grant, which will be issued to you after your
employment begins and the Board of Directors approves your stock
options. If applicable, this is your official notice that you are a
Participant in the Executive Change in Control and Severance Benefit
Plan.
12. In the event your employment is terminated with PETsMART, you hereby
authorize PETsMART to deduct any amounts you owe to PETsMART from your
final paycheck, including any vacation pay, advances, bonus, severance,
or other amounts owed to you by PETsMART.
13. Either you or the Company may terminate your employment relationship at
any time for any reason whatsoever, with or without cause or advance
notice. If the Company terminates your employment without cause at any
time, the Company will pay you, as the only severance compensation, in
bi-weekly payments, an amount equal to 12 months of your base salary,
subject to standard payroll deductions and withholdings. If you resign
or your employment is terminated for cause, all compensation and
benefits will cease immediately, and you will receive no severance
benefits.
14. This letter constitutes the complete, final and exclusive embodiment of
the entire agreement between you and PETsMART with respect to the terms
and conditions of your employment. In entering into this agreement,
neither party is relying upon any promise or representation, written or
oral, other than those expressly contained herein, and this agreement
supersedes any other such promises, representations or agreements. It
may not be amended or modified except in a written agreement signed by
you and a duly authorized Company officer. As required by law, this
offer of employment is subject to proof of your right to work in the
United States. This offer is also subject to your submission to a
mandatory drug test. The results of this test may disqualify you from
employment with the Company.
15. To ensure rapid and economical resolution of any disputes which may
arise under this agreement, you and the Company agree that any and all
disputes or controversies of any nature whatsoever, regarding the
interpretation, performance, enforcement or breach of this Agreement
shall be resolved by confidential, final and binding arbitration
(rather than trial by jury or court or resolution in some other forum)
under the then existing rules of American Arbitration Association.
We are looking forward to you accepting our offer as described above. Please
sign below and return this letter in the enclosed envelope to: Senior Vice
President, Human Resources, 00000 X. 00xx Xxxxxx, Xxxxxxx, Xxxxxxx 00000
immediately. I look forward to you joining the PETsMART team and feel that you
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have a great deal to contribute to our organization. I am confident you will
find challenge, satisfaction and opportunity while at PETsMART.
Very truly yours,
PETsMART, INC.
-----------------------------------------
Senior Vice President, Human Resources
Agreed and Accepted:
---------------------------------
Name
---------------------------------
Date
Enclosures
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[PETSMART LOGO]
RELOCATION BENEFITS AGREEMENT
FOR GRADES 16 & ABOVE (OFFICER)
In return for the investment and commitment in financial terms that PETsMART is
making to you, we request that you make an employment commitment to PETsMART. If
you voluntarily end your employment or are terminated for cause within 12 months
from either your new home closing date or your new lease commencement date or
your date of hire, whichever is longer, you will be required to repay PETsMART
for all costs associated with your employment and relocation. Any commitments
made by PETsMART that have not been used will expire one year from the move.
If you are obligated under this agreement to repay PETsMART for relocation
costs, you authorize PETsMART to deduct the entire amount due from your final
paycheck, including from any vacation pay due or from any other amounts owed to
you by PETsMART. All other amounts owed will be due within 30 days of your
termination.
There are certain legal requirements that you should know about regarding this
agreement and your signature on this agreement indicates that you understand
these:
1. If you are required to repay Relocation Expenses to PETsMART under this
agreement, you agree that you will repay the entire amount, including all
payments made to you directly or on your behalf.
2. By signing below, you are representing that you understand that if you are
audited by the IRS or any state tax agency, you alone and not PETsMART will
be liable for any taxes, interest or penalties due. You understand that you
cannot rely on PETsMART or any officer or employee of PETsMART for advice
regarding the proper tax treatment of your relocation costs, and that you
are responsible for obtaining independent advice from your own personal tax
advisor.
3. Before submitting expenses for reimbursement as relocation costs, you will
inform PETsMART whether your spouse is eligible for relocation benefits
from another employer, and if so, the terms of those benefits. If your
spouse is eligible for any of the same relocation benefits that the Company
has offered you, you will only receive one-half of any such benefits from
the Company.
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ASSOCIATE SIGNATURE DATE
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PRINT NAME LOCATION
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