EXHIBIT 10.1
AMENDMENT No. 2 TO EXECUTIVE EMPLOYMENT AGREEMENT
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This Amendment No. 2 to the Executive Employment Agreement
("Amendment No. 2") is entered into as of February 27, 2007 and
shall be effective March 16, 2007 (the "Effective Date") by and
between PetMed Express, Inc. ("PetMed" or the "Company") and
Menderes Akdag (the "Executive").
WHEREAS, PetMed and the Executive entered into an Executive
Employment Agreement dated March 16, 2001 ("Executive Employment
Agreement"), which was subsequently amended by Amendment No. 1 to
Executive Employment Agreement on March 16, 2004 ("Amendment No.
1" and collectively with the Executive Employment Agreement, the
"Agreement"), which Agreement is due to expire on March 16, 2007,
and PetMed and the Executive wish to further amend the Agreement.
NOW, THEREFORE, it is hereby agreed as follows:
So much of Section 4 of the Agreement, which reads "The Term
of employment hereunder will commence on the Effective Date
as set forth above and on the third anniversary of the
Effective Date." is hereby revised to read "The Term of
employment hereunder will commence on March 16, 2007 and will
end on March 16, 2010..."
Sections 5(a) and 5(b) of the Agreement shall be deleted and
replaced with the following:
* a. Salary. The Executive shall be paid a base salary,
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payable in accordance with the Company's policies from time
to time for senior executives at an annual rate of Four
Hundred Fifty Thousand Dollars ($450,000.00).
* x. Xxxxx of Stock. In accordance with the terms of the
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PetMed Express, Inc., 2006 Employee Equity Compensation
Restricted Stock Plan, attached hereto and incorporated
herein by such reference, and subject to the further terms,
conditions and restrictions contained in a separate
agreement, titled "Restricted Stock Agreement Pursuant To
PetMed Express, Inc. 2006 Restricted Stock Plan," entered
into by and between the Company and the Executive on
February 27, 2007, also attached hereto and incorporated
herein by such reference, the Executive is hereby granted
90,000 shares of the Company's common stock, par value
$.001 per share ("Restricted Stock"). The Company will
pay 25% withholding tax on the Restricted Stock based on
the market value of the Restricted Stock upon the lapse
of each restriction period.
Except as expressly provided in this Amendment No. 2, all
other terms, conditions and provisions of the Agreement shall
continue in full force and effect as provided therein.
IN WITNESS WHEREOF, the parties hereto have duly executed
this Amendment No. 2 as of the date set forth in the first paragraph
above.
PetMed Express, Inc.
Witness /s/ Xxx Finale By:/s/ Xxxxxx X. Xxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxx
Chairman of the Board
Witness /s/ Xxxxxx Xxxxxx Executive
/s/ Menderes Akdag
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Menderes Akdag
Exhibit 10.1 Page 1 - 1
