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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): March 16, 2001
PETMED EXPRESS, INC.
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(Exact name of registrant as specified in its charter)
FLORIDA 000-28827 65-0680967
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1441 SW 29 AVENUE, POMPANO BEACH, FLORIDA 33069
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(Address of executive offices and Zip Code)
Registrant's telephone number, including area code: (954)979-5995
NOT APPLICABLE
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On March 16, 2001, PetMed Express, Inc. (the "Company") entered into an
employment agreement with Menderes Akdag to serve as the Company's CEO. Under
the terms of this three year agreement, the Company will pay Mr. Akdag an annual
salary of $150,000 for the first six months of the agreement, and thereafter his
annual salary will be increased to $200,000. The Company can terminate Mr.
Akdag's employment with or without cause. If the Company should terminate Mr.
Akdag for cause (as defined in the agreement), no severance benefits shall be
paid. The agreement can be terminated upon the mutual consent of the parties, or
upon 90 days notice by the Company during which time the Company shall continue
to compensate him under the terms of his employment agreement.
The Company also granted Mr. Akdag options to purchase 750,000 shares
of its common stock under its 1998 Stock Option Plan at an exercise price of
$.32 per share which vest at the rate of 187,500 options on each of March 16,
2001, 2002, 2003 and 2004.
In conjunction with Mr. Akdag joining the Company, the Company's Board
of Directors has elected the following persons to the offices set forth opposite
their respective names, each to serve at the pleasure of the Board of Directors:
Name Office
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Marc A. Puleo, M.D. Chairman of the Board, President and
Secretary
Menderes Akdag Chief Executive Officer
Christopher Lloyd Chief Operating Officer
John Vermaaten Chief Financial Officer and Treasurer
Biographical information for Dr. Puleo and Messrs. Lloyd and Vermaaten
was included in the Company's annual report on Form 10-KSB for the fiscal year
ended March 31, 2000. The following is biographical information for Mr. Akdag.
MENDERES AKDAG. Prior to joining PetMed Express, Inc., from November
2000 until March 2001, Mr. Akdag served as Chief Executive Officer of
International Cosmetics Marketing Co. d/b/a Beverly Sassoon & Co., a publicly
held (OTCBB: ICMK) direct sales company distributing skin care and nutritional
products. From May 1991 until August 2000, Mr. Akdag was employed by Lens
Express, Inc., a direct sales company distributing replacement contact lens,
serving as its President from May 1996 until August 2000, Chief Executive
officer and a member of the Board of Directors from August 1992 until May 1996,
and Chief Financial Officer and a member of the Board of Directors from May 1991
until August 1992. On December 14, 1998, Netel, Inc., a
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corporation in which Mr. Akdag served as director, filed a Petition for Chapter
11 bankruptcy in the United States Bankruptcy Court Southern District of
Florida. The proceeding was styled IN RE: NETEL, INC., CASE NO.
98-28929-BKC-PGH. On July 19, 1999, the Bankruptcy Court entered an Order
Confirming an Amended Chapter 11 Plan. On December 21, 1999, the Bankruptcy
Court entered a Final Decree, Discharge of Trustee, and closed the case. Mr.
Akdag holds a Bachelor of Science degree in Business Administration with a major
in finance from the University of Florida where he graduated with high honors.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
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10 Employment Agreement dated March 16, 2001 by and between
PetMed Express, Inc. and Menderes Akdag
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PetMed Express, Inc.
Date: March 30, 2001 By: /s/ Marc A. Puleo
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Marc A. Puleo, M.D.,
President
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