Petco Health and Wellness Company, Inc. granted inducement equity awards to Michael Romanko, its newly-hired Chief Customer and Product Officer, on March 4, 2025. The awards were a material inducement to his employment and were approved by the independent members of the Petco Board of Directors.
The inducement package includes 1,321,139 restricted stock units, 323,835 target performance stock units, and non-qualified stock options to purchase 393,082 shares of Class A common stock. The stock options have an exercise price of $2.46.
The restricted stock units and stock options will vest over three years, with 34% vesting on the first anniversary and 16.5% every six months thereafter. The performance stock units will vest based on Petco's total shareholder return over a three-year period from February 2, 2025, to January 29, 2028.
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