# EDGAR Filing Document

**Accession Number:** 0001766502
**File Stem:** 0001628280-26-042060
**Filing Date:** 2026-6
**Character Count:** 460396
**Document Hash:** b6498de89c81777c79e57e132f7f23a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-042060.hdr.sgml**: 20260610

**ACCESSION NUMBER**: 0001628280-26-042060

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 105

**CONFORMED PERIOD OF REPORT**: 20260503

**FILED AS OF DATE**: 20260610

**DATE AS OF CHANGE**: 20260610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chewy, Inc.
- **CENTRAL INDEX KEY:** 0001766502
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 901020167
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0201

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38936
- **FILM NUMBER:** 261078035

**BUSINESS ADDRESS:**
- **STREET 1:** 7700 WEST SUNRISE BOULEVARD
- **CITY:** PLANTATION
- **STATE:** FL
- **ZIP:** 33322
- **BUSINESS PHONE:** 786-320-7111

**MAIL ADDRESS:**
- **STREET 1:** 7700 WEST SUNRISE BOULEVARD
- **CITY:** PLANTATION
- **STATE:** FL
- **ZIP:** 33322

?xml version='1.0' encoding='ASCII'? chwy-20260503

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 10-Q**

(Mark One)

☒&nbsp;&nbsp;&nbsp;&nbsp;**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the quarterly period ended May 3, 2026

or

☐**&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from ____ to ____

Commission File Number: 001-38936

![Chewy_Logo.jpg](chwy-20260503_g1.jpg)

**CHEWY, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **90-1020167** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **7700 West Sunrise Boulevard, Plantation, Florida** | **33322** |
| (Address of principal executive offices) | (Zip Code) |

---

**(786) 320-7111** 

(Registrant's telephone number, including area code)

**N/A**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, par value $0.01 per share | CHWY | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

---

| | |
|:---|:---|
| Class | Outstanding as of June 3, 2026 |
| Class A Common Stock, $0.01 par value per share | 232945978 |
| Class B Common Stock, $0.01 par value per share | 176478229 |

---

------

**CHEWY, INC.**

**FORM 10-Q**

**For the Quarterly Period Ended May 3, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | <u>Page</u> |
| | **<u>[PART I. FINANCIAL INFORMATION](#id2e8775642664c178426d7aa9d26596d_13)</u>** | |
| Item 1. | <u>[Financial Statements (Unaudited)](#id2e8775642664c178426d7aa9d26596d_19)</u> | <u>[3](#id2e8775642664c178426d7aa9d26596d_19)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets as of May](#id2e8775642664c178426d7aa9d26596d_22)[3](#id2e8775642664c178426d7aa9d26596d_22)[, 202](#id2e8775642664c178426d7aa9d26596d_22)[6](#id2e8775642664c178426d7aa9d26596d_22)[and February](#id2e8775642664c178426d7aa9d26596d_22)[1](#id2e8775642664c178426d7aa9d26596d_22)[, 20](#id2e8775642664c178426d7aa9d26596d_22)[26](#id2e8775642664c178426d7aa9d26596d_22)</u> | <u>[3](#id2e8775642664c178426d7aa9d26596d_22)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Operations and Comprehensive Income for the Thirteen Weeks Ended](#id2e8775642664c178426d7aa9d26596d_28)[May](#id2e8775642664c178426d7aa9d26596d_28)[3, 202](#id2e8775642664c178426d7aa9d26596d_28)[6 and](#id2e8775642664c178426d7aa9d26596d_28)[May 4, 2025](#id2e8775642664c178426d7aa9d26596d_28)</u> | <u>[4](#id2e8775642664c178426d7aa9d26596d_28)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Stockholders' Equity for the Thirteen Weeks Ended](#id2e8775642664c178426d7aa9d26596d_31)[May 3, 2026](#id2e8775642664c178426d7aa9d26596d_31)[and](#id2e8775642664c178426d7aa9d26596d_31)[May 4, 2025](#id2e8775642664c178426d7aa9d26596d_31)</u> | <u>[5](#id2e8775642664c178426d7aa9d26596d_31)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows for the Thirteen Weeks Ended](#id2e8775642664c178426d7aa9d26596d_34)[May](#id2e8775642664c178426d7aa9d26596d_34)[3, 2026 and](#id2e8775642664c178426d7aa9d26596d_34)[May 4, 2025](#id2e8775642664c178426d7aa9d26596d_34)</u> | <u>[6](#id2e8775642664c178426d7aa9d26596d_34)</u> |
|  | &nbsp;&nbsp;<u>[Notes to Condensed Consolidated Financial Statements](#id2e8775642664c178426d7aa9d26596d_37)</u> | <u>[7](#id2e8775642664c178426d7aa9d26596d_37)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#id2e8775642664c178426d7aa9d26596d_85)</u> | <u>[18](#id2e8775642664c178426d7aa9d26596d_85)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures about Market Risk](#id2e8775642664c178426d7aa9d26596d_103)</u> | <u>[28](#id2e8775642664c178426d7aa9d26596d_103)</u> |
| Item 4. | <u>[Controls and Procedures](#id2e8775642664c178426d7aa9d26596d_106)</u> | <u>[28](#id2e8775642664c178426d7aa9d26596d_106)</u> |
|  | **<u>[PART II. OTHER INFORMATION](#id2e8775642664c178426d7aa9d26596d_109)</u>** |  |
| Item 1. | <u>[Legal Proceedings](#id2e8775642664c178426d7aa9d26596d_112)</u> | <u>[29](#id2e8775642664c178426d7aa9d26596d_112)</u> |
| Item 1A. | <u>[Risk Factors](#id2e8775642664c178426d7aa9d26596d_115)</u> | <u>[29](#id2e8775642664c178426d7aa9d26596d_115)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#id2e8775642664c178426d7aa9d26596d_118)</u> | <u>[29](#id2e8775642664c178426d7aa9d26596d_118)</u> |
| Item 5. | <u>[Other Information](#id2e8775642664c178426d7aa9d26596d_121)</u> | <u>[29](#id2e8775642664c178426d7aa9d26596d_121)</u> |
| Item 6. | <u>[Exhibits](#id2e8775642664c178426d7aa9d26596d_130)</u> | <u>[30](#id2e8775642664c178426d7aa9d26596d_130)</u> |
|  | <u>[SIGNATURES](#id2e8775642664c178426d7aa9d26596d_133)</u> | <u>[31](#id2e8775642664c178426d7aa9d26596d_133)</u> |

---

------

**PART I. FINANCIAL INFORMATION**

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

*This Quarterly Report on Form 10-Q for the quarterly period ended May 3, 2026 contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our share repurchase program, our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or "would" or the negative of these words or other similar terms or expressions, although not all forward-looking statements contain these identifying words.*

*Although we believe that the forward-looking statements contained in this Quarterly Report on Form 10-Q are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those in such forward-looking statements, including but not limited to, our ability to:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• sustain our recent growth rates and successfully manage challenges to our future growth, including introducing new products or services, improving existing products and services, and expanding into new jurisdictions and offerings;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• successfully respond to business disruptions;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• successfully manage risks related to the macroeconomic environment, including any adverse impacts on our business operations, financial performance, supply chain, workforce, facilities, customer services and operations;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• acquire and retain new customers in a cost-effective manner and increase our net sales, improve margins and maintain profitability;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• manage our growth effectively;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• maintain positive perceptions of the Company and preserve, grow and leverage the value of our reputation and our brand;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• limit operating losses as we continue to expand our business;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• forecast net sales and appropriately plan our expenses in the future;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• estimate our market share;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• strengthen our current supplier relationships, retain key suppliers and source additional suppliers;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• negotiate acceptable pricing and other terms with third-party service providers, suppliers and outsourcing partners and maintain our relationships with such parties;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• mitigate changes in, or disruptions to, our shipping arrangements and operations;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• optimize, operate and manage the expansion of the capacity of our fulfillment centers;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• provide our customers with a cost-effective platform that is able to respond and adapt to rapid changes in technology;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• limit our losses related to online payment methods;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• maintain and scale our technology, the reliability of our websites, mobile applications, and network infrastructure, including through the use of artificial intelligence;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• maintain adequate cybersecurity with respect to our systems and retain third-party service providers that do the same with respect to their systems;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• maintain consumer confidence in the safety, quality and health of our products;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• limit risks associated with our suppliers and our outsourcing partners;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• comply with existing or future laws and regulations in a cost-efficient manner;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• utilize net operating loss and tax credit carryforwards, and other tax attributes;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• adequately protect our intellectual property rights;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• successfully defend ourselves against any allegations or claims that we may be subject to;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• attract, develop, motivate and retain highly-qualified and skilled employees;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• respond to economic conditions, industry trends, and market conditions, and their impact on the pet products market;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• reduce merchandise returns or refunds;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• respond to severe weather and limit disruption to normal business operations;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• manage new acquisitions, investments or alliances, and integrate them into our existing business;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• successfully compete in new offerings;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• manage challenges presented by international markets;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• successfully compete in the pet products and services health and retail industry, especially in the e-commerce sector;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• comply with the terms of our credit facility;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• raise capital as needed; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• maintain effective internal control over financial reporting.*

------

*You should not rely on forward-looking statements as predictions of future events, and you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of factors. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current assumptions, expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled "Risk Factors" included under Part I, Item 1A in our Annual Report on Form 10-K for the fiscal year ended* February 1, 2026*, in our other filings with the Securities and Exchange Commission, our subsequent quarterly reports, and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.*

*In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, this information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.*

*The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.*

*Investors and others should note that we may announce material information to our investors using our investor relations website (https://investor.chewy.com/), filings with the Securities and Exchange Commission (the "SEC"), press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with our investors and the public about our company, our business and other issues. It is possible that the information that we post on these channels could be deemed to be material information. We therefore encourage investors to visit these websites from time to time. The information contained on such websites and social media posts is not incorporated by reference into this filing. Further, our references to website URLs in this filing are intended to be inactive textual references only.*

------

**Item 1. Financial Statements (Unaudited)**

**CHEWY, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(in millions, except share and per share data)

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
|  | **May 3,<br>2026** | **February 1,<br>2026** |
| **Assets** | (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $485.2 | $860.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 34.9 | 18.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 231.4 | 222.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1007.9 | 864.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 78.7 | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1838.1 | 2035.8 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 556.4 | 552.3 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 88.3 | 0.3 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 436.8 | 467.9 |
| &nbsp;&nbsp;&nbsp;Goodwill | 113.2 | 39.4 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 232.2 | 232.2 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 38.7 | 38.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3303.7 | $3366.4 |
| **Liabilities and stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | $1311.1 | $1221.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1033.4 | 1080.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2344.5 | 2301.6 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 484.1 | 518.7 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 50.9 | 48.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2879.5 | 2868.5 |
| &nbsp;&nbsp;Commitments and contingencies (Note 7) |  |  |
| &nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value per share, 5,000,000 shares authorized, no shares issued and outstanding as of May 3, 2026 and February 1, 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, $0.01 par value per share, 1,500,000,000 shares authorized, 233,371,630 and 238,647,144 shares issued and outstanding as of May 3, 2026 and February 1, 2026, respectively | 2.3 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, $0.01 par value per share, 395,000,000 shares authorized, 176,478,229 and 176,478,229 shares issued and outstanding as of May 3, 2026 and February 1, 2026, respectively | 1.8 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1684.5 | 1852.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1265.3) | (1360.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 0.9 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 424.2 | 497.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $3303.7 | $3366.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying Notes to Condensed Consolidated Financial Statements.

------

**CHEWY, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

(in millions, except per share data)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| | **May 3,<br>2026** | **May 4,<br>2025** |
| Net sales | $3357.2 | $3116 |
| Cost of goods sold | 2345.8 | 2192.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 1011.4 | 923.8 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 676.8 | 653.1 |
| &nbsp;&nbsp;&nbsp;Advertising and marketing | 206.1 | 193.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 882.9 | 846.9 |
| Income from operations | 128.5 | 76.9 |
| Interest and other income, net | 2.8 | 1.0 |
| Income before income tax provision | 131.3 | 77.9 |
| Income tax provision (benefit) | 36.5 | 15.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $94.8 | $62.4 |
| Comprehensive income: |  |  |
| &nbsp;&nbsp;Net income | $94.8 | $62.4 |
| &nbsp;&nbsp;Foreign currency translation adjustments |  | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $94.8 | $62.8 |
| Earnings per share attributable to common Class A and Class B stockholders: |  |  |
| &nbsp;&nbsp;Basic | $0.23 | $0.15 |
| &nbsp;&nbsp;Diluted | $0.23 | $0.15 |
| Weighted-average common shares used in computing earnings per share: |  |  |
| &nbsp;&nbsp;Basic | 413.8 | 413.7 |
| &nbsp;&nbsp;Diluted | 419.1 | 425.3 |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

------

**CHEWY, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

(in millions)

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **13 Weeks Ended May 3, 2026** | **13 Weeks Ended May 3, 2026** | **13 Weeks Ended May 3, 2026** | **13 Weeks Ended May 3, 2026** | **13 Weeks Ended May 3, 2026** | **13 Weeks Ended May 3, 2026** |
| | **Class A and Class B Common Stock** | **Class A and Class B Common Stock** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Accumulated Other Comprehensive Income** | **Total Stockholders' Equity** |
| | **Shares** | **Amount** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Accumulated Other Comprehensive Income** | **Total Stockholders' Equity** |
| Balance as of February 1, 2026 | 415.1 | $4.2 | $1852.9 | $(1360.1) | $0.9 | $497.9 |
| &nbsp;&nbsp;Share-based compensation expense |  |  | 66.9 |  |  | 66.9 |
| &nbsp;&nbsp;Vesting of share-based compensation awards | 3.6 |  |  |  |  |  |
| &nbsp;&nbsp;Tax withholdings for share-based compensation awards | (1.3) |  | (34.0) |  |  | (34.0) |
| &nbsp;&nbsp;Repurchases of common stock | (7.6) | (0.1) | (201.3) |  |  | (201.4) |
| &nbsp;&nbsp;Net income |  |  |  | 94.8 |  | 94.8 |
| Balance as of May 3, 2026 | 409.8 | $4.1 | $1684.5 | $(1265.3) | $0.9 | $424.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **13 Weeks Ended May 4, 2025** | **13 Weeks Ended May 4, 2025** | **13 Weeks Ended May 4, 2025** | **13 Weeks Ended May 4, 2025** | **13 Weeks Ended May 4, 2025** | **13 Weeks Ended May 4, 2025** |
| | **Class A and Class B Common Stock** | **Class A and Class B Common Stock** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Accumulated Other Comprehensive (Loss) Income** | **Total Stockholders' Equity** |
| | **Shares** | **Amount** | **Additional Paid-in Capital** | **Accumulated Deficit** | **Accumulated Other Comprehensive (Loss) Income** | **Total Stockholders' Equity** |
| Balance as of February 2, 2025 | 413.6 | $4.1 | $1840.2 | $(1582.9) | $0.1 | $261.5 |
| &nbsp;&nbsp;Share-based compensation expense |  |  | 74.5 |  |  | 74.5 |
| &nbsp;&nbsp;Vesting of share-based compensation awards | 2.1 | 0.1 | (0.1) |  |  |  |
| &nbsp;&nbsp;Repurchases of common stock | (0.6) |  | (23.2) |  |  | (23.2) |
| &nbsp;&nbsp;Net income |  |  |  | 62.4 |  | 62.4 |
| &nbsp;&nbsp;Other comprehensive income |  |  |  |  | 0.4 | 0.4 |
| Balance as of May 4, 2025 | 415.1 | $4.2 | $1891.4 | $(1520.5) | $0.5 | $375.6 |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

------

**CHEWY, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in millions)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| | **May 3,<br>2026** | **May 4,<br>2025** |
| **Cash flows from operating activities** | | |
| &nbsp;&nbsp;&nbsp;Net income | $94.8 | $62.4 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 37.0 | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 66.9 | 74.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 9.3 | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity warrants and investments | 0.6 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency (gains) losses, net |  | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 2.1 | 4.9 |
| &nbsp;&nbsp;&nbsp;Net change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (8.4) | (30.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (128.0) | 30.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (6.6) | (27.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (1.9) | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | 83.6 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (33.4) | (61.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (10.2) | (9.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 2.7 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 108.5 | 86.4 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (37.7) | (37.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities of marketable securities | 5.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (21.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for acquisition of business, net of cash acquired | (174.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investing activities |  | (3.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (228.6) | (41.2) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (200.0) | (23.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from, net of income taxes paid for, parent reorganization transaction |  | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal repayments of finance lease obligations |  | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of secondary offering costs |  | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for tax withholdings related to vesting of share-based compensation awards | (53.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | (1.5) | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (254.8) | (25.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents |  | 0.4 |
| &nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents | (374.9) | 20.6 |
| Cash and cash equivalents, as of beginning of period | 860.1 | 595.8 |
| Cash and cash equivalents, as of end of period | $485.2 | $616.4 |

---

See accompanying Notes to Condensed Consolidated Financial Statements.

------

**CHEWY, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

(Unaudited)

**1. Description of Business**

Chewy, Inc. and its wholly-owned subsidiaries (collectively "Chewy" or the "Company") is primarily an e-commerce business geared toward pet products and services. Chewy serves its customers through its retail websites, and its mobile applications and focuses on delivering exceptional customer service, competitive prices, outstanding convenience (including Chewy's Autoship subscription program, fast shipping, and hassle-free returns), and a large selection of high-quality pet food, treats and supplies, and pet healthcare products and services.

As of June 3, 2026, BC Partners Advisors LP ("BC Partners") and its affiliates, La Caisse de dépôt et placement du Québec, affiliates of GIC Special Investments Pte Ltd, affiliates of StepStone Group LP and funds advised by Longview Asset Management, LLC (collectively, the "Sponsors") control a majority of the voting power of our outstanding common stock. As a result, we are considered a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange.

On October 30, 2023 (the "Closing Date"), the Company entered into certain transactions (the "Transactions") with affiliates of BC Partners pursuant to an Agreement and Plan of Merger (the "Merger Agreement"). The Transactions resulted in such affiliates restructuring their ownership interests in the Company and Chewy Pharmacy KY, LLC ("Chewy Pharmacy KY") becoming an indirect wholly-owned subsidiary of the Company.

On the Closing Date, affiliates of BC Partners transferred $1.9 billion to the Company to be used to fund: (i) tax obligations of its affiliates that were inherited by the Company as a result of the Transactions and (ii) expenses incurred by the Company in connection with the Transactions. The Merger Agreement requires affiliates of BC Partners to indemnify the Company for certain tax liabilities and includes customary indemnifications related to the Transactions. For additional information, see Note 12 - Income Taxes and Note 14 - Certain Relationships and Related Party Transactions.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation and Significant Accounting Policies**

**Basis of Presentation** 

The Company's accompanying unaudited condensed consolidated financial statements and related notes include the accounts of Chewy, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The unaudited condensed consolidated financial statements and notes thereto of Chewy, Inc. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") as set forth in the Financial Accounting Standards Board's ("FASB") accounting standards codification ("ASC").

All adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the quarterly period ended May 3, 2026 are not necessarily indicative of the results for the entire fiscal year. The unaudited condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q for the quarterly period ended May 3, 2026 should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2026 ("10-K Report").

*Fiscal Year* 

The Company has a 52- or 53-week fiscal year ending each year on the Sunday that is closest to January 31 of that year. The Company's 2026 fiscal year ends on January 31, 2027 and is a 52-week year. The Company's 2025 fiscal year ended February 1, 2026 and was a 52-week year.

**Significant Accounting Policies**

Other than policies noted herein, there have been no significant changes from the significant accounting policies disclosed in Note 2 of the "Notes to Consolidated Financial Statements" included in the 10-K Report.

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**Use of Estimates**

GAAP requires management to make certain estimates, judgments, and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates these estimates and judgments. Actual results could differ from those estimates.

Key estimates relate primarily to determining the net realizable value and demand for inventory, useful lives associated with property and equipment and intangible assets, valuation allowances with respect to deferred tax assets, contingencies, self-insurance accruals, evaluation of sales tax positions, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, management evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.

**Accrued Expenses and Other Current Liabilities**

The following table presents the components of accrued expenses and other current liabilities (in millions):

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **May 3, 2026** | **February 1, 2026** |
| Outbound fulfillment | $483.0 | $506.6 |
| Advertising and marketing | 131.3 | 148.4 |
| Payroll liabilities | 64.9 | 112.3 |
| Accrued expenses and other | 354.2 | 312.9 |
| &nbsp;&nbsp;&nbsp;Total accrued expenses and other current liabilities | $1033.4 | $1080.2 |

---

**Stockholders' Equity**

***Share Repurchase Activity***

*Share Repurchase Program* 

On May 24, 2024, the Company's Board of Directors authorized the Company to repurchase up to $500 million of its Class A common stock, par value $0.01 per share (the "Class A common stock"), and/or Class B common stock, par value $0.01 per share (the "Class B common stock" and together with the Class A common stock, the "common stock"), pursuant to a share repurchase program (the "Repurchase Program"). On April 7, 2026, the Company's Board of Directors approved an increase of $500 million to the Repurchase Program. Under the Repurchase Program, the Company may repurchase shares of common stock on a discretionary basis from time to time through open market repurchases, in privately negotiated transactions, through repurchases made in compliance with Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or other means. The actual timing and amount of any share repurchases remains subject to a variety of factors, including stock price, trading volume, market conditions, compliance with applicable legal requirements, and other general business considerations. The Repurchase Program does not require the Company to repurchase any specific dollar amount or to acquire any specific number of shares of common stock. The Repurchase Program has no expiration date and may be modified, suspended, or terminated at any time.

The total cost of repurchased shares of common stock in excess of par value, including the cost of commissions and excise taxes, is recorded to additional paid-in capital. The total cost for share repurchases executed and unpaid, as well as the cost of unpaid commissions and excise taxes, are included in accrued expenses and other current liabilities on the Company's condensed consolidated balance sheets.

During the thirteen weeks ended May 3, 2026, 7,599,226 shares of Class A common stock were repurchased and subsequently cancelled and retired pursuant to the Repurchase Program for a total cost of $200 million, excluding the cost of commissions and excise taxes. The authorized value of shares available to be repurchased under the Repurchase Program excludes the cost of commissions and excise taxes and as of May 3, 2026, the remaining value of shares of common stock that were authorized to be repurchased under the Repurchase Program was $550.0 million. As of May 3, 2026, the total unpaid cost of share repurchases was $1.4 million for excise taxes.

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**Interest and Other Income (Expense), net**

The Company generates interest income from its cash and cash equivalents and marketable securities and incurs interest expense in relation to its borrowing facilities, finance leases, and unrecognized tax benefits. The following table provides additional information about the Company's interest income (expense), net (in millions):

---

| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| | **May 3, 2026** | **May 4, 2025** |
| Interest income | $4.0 | $4.5 |
| Interest expense | (1.2) | (1.3) |
| Interest income, net | $2.8 | $3.2 |

---

The Company made interest cash payments of $0.6 million and $0.6 million during the thirteen weeks ended May 3, 2026 and May 4, 2025, respectively.

 **Other Income (Expense), net**

The Company's other income (expense), net consists of: (i) changes in the fair value of equity warrants, investments, and tax indemnification receivables, (ii) foreign currency transaction gains and losses, and (iii) allowances for credit losses on marketable securities. The following table provides additional information about the Company's other (expense) income, net (in millions):

---

| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| | **May 3, 2026** | **May 4, 2025** |
| Change in fair value of equity warrants | $— | $(2.6) |
| Foreign currency transaction (losses) gains |  | (0.1) |
| Change in fair value of equity investments | (0.3) |  |
| Change in fair value of tax indemnification receivables | 0.3 | 0.5 |
| Other (expense) income, net | $— | $(2.2) |

---

**Recent Accounting Pronouncements**

*Recently Adopted Accounting Pronouncements*

The Company did not adopt any new ASUs during the thirteen weeks ended May 3, 2026.

*Recently Issued Accounting Pronouncements*

*ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.* In November 2024, the FASB issued this ASU to improve disclosures regarding the types of expenses included in commonly presented expense captions. This update is effective beginning with the Company's 2027 fiscal year annual reporting period, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

*ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.* In September 2025, the FASB issued this ASU to modernize the accounting for internal-use software costs, primarily by simplifying the requirements to capitalize software development costs. This update is effective at the beginning of the Company's 2028 fiscal year, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements.

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**3.&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions**

**SmartPak Acquisition**

On October 28, 2025, the Company entered into a definitive agreement to acquire SmartPak Equine, LLC ("SmartPak"). Under the terms of the definitive agreement, on February 2, 2026, the Company completed the acquisition of 100% of the membership interest in SmartPak, and SmartPak became a wholly-owned subsidiary of the Company. SmartPak is a leading provider of equine health and nutrition products and the acquisition is expected to further strengthen the Company's pet healthcare and specialty product offerings.

The following table reconciles the estimated purchase price to the cash paid for the acquisition, net of cash acquired (in millions):

---

| | |
|:---|:---|
| Estimated purchase price | $175.0 |
| Less: cash acquired | 0.2 |
| Cash paid for acquisition of business, net of cash acquired | $174.8 |

---

The SmartPak transaction was accounted for as a business combination in accordance with ASC 805 *"Business Combinations."* Assets acquired and liabilities assumed were recorded in the accompanying condensed consolidated balance sheet at their estimated fair values, with the remaining unallocated purchase price recorded as goodwill. Goodwill represents the expected synergies and cost rationalization from the merger of operations as well as intangible assets that do not qualify for separate recognition such as an assembled workforce.

The following table summarizes the assets acquired and liabilities assumed as of the acquisition date (in millions):

---

| | |
|:---|:---|
| Assets acquired: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 73.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identified intangible assets | 88.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 0.1 |
| Liabilities assumed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (6.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | (6.5) |
| Other long-term liabilities | (0.3) |
| Estimated purchase price | $175.0 |

---

As of May 3, 2026, the purchase price allocation is considered preliminary and is subject to change based on the final value of the net assets acquired. Pro forma information for the SmartPak acquisition has not been provided as the impact was not material to the Company's consolidated results of operations.

Based on a preliminary allocation, in connection with this acquisition, the Company recorded goodwill of $73.9 million, the majority of which is anticipated to be deductible for tax purposes. The identified intangible assets consisted of $46.0 million of customer relationships, $33.0 million of trademarks, and $9.0 million of product portfolio with an amortization period of 17, 19, and 6 years, respectively. For more information, see Note 6 - Identified Intangible Assets.

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**4.&nbsp;&nbsp;&nbsp;&nbsp;Financial Instruments**

Cash equivalents are carried at cost, which approximates fair value and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Marketable securities are carried at fair value and are classified within Level 1 because they are valued using quoted market prices. Specific to marketable fixed income securities, the Company did not record any gross unrealized gains and losses as fair value approximates amortized cost. The Company did not record any credit losses during the thirteen weeks ended May 3, 2026. Further, as of May 3, 2026, the Company did not record an allowance for credit losses related to its fixed income securities.

Vested equity warrants and equity investments in public companies that have readily determinable fair values are carried at fair value and are classified within Level 1 because they are valued using quoted market prices.

The following table includes a summary of financial instruments measured at fair value as of May 3, 2026 (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| &nbsp;&nbsp;Cash | $475.3 | $— | $— |
| &nbsp;&nbsp;&nbsp;Commercial paper | 9.9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 485.2 |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds | 24.0 |  |  |
| &nbsp;&nbsp;&nbsp;Commercial paper | 9.9 |  |  |
| &nbsp;&nbsp;&nbsp;Equity investments | 1.0 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 34.9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial instruments | $520.1 | $— | $— |

---

The following table includes a summary of financial instruments measured at fair value as of February 1, 2026 (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| &nbsp;&nbsp;Cash | $858.8 | $— | $— |
| &nbsp;&nbsp;Corporate bonds | 1.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 860.1 |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds | 17.6 |  |  |
| &nbsp;&nbsp;&nbsp;Equity investments | 1.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 18.7 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial instruments | $878.8 | $— | $— |

---

The Company held no financial instruments measured using Level 3 significant unobservable inputs as of May 3, 2026.

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**5.&nbsp;&nbsp;&nbsp;&nbsp;Property and Equipment, net**

The following is a summary of property and equipment, net (in millions):

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **May 3, 2026** | **February 1, 2026** |
| Furniture, fixtures and equipment | $277.6 | $267.8 |
| Computer equipment | 82.6 | 81.7 |
| Internal-use software | 303.0 | 282.4 |
| Leasehold improvements | 435.9 | 428.8 |
| Construction in progress | 20.4 | 20.0 |
|  | 1119.5 | 1080.7 |
| Less: accumulated depreciation and amortization | 563.1 | 528.4 |
| Property and equipment, net | $556.4 | $552.3 |

---

Internal-use software includes labor and license costs associated with software development for internal use and is amortized using the straight-line method over the estimated useful life of the software. The following is a summary of internal-use software, net (in millions):

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **May 3, 2026** | **February 1, 2026** |
| Internal-use software | $303.0 | $282.4 |
| Less: accumulated amortization | 177.6 | 166.0 |
| Internal-use software, net | $125.4 | $116.4 |

---

Construction in progress is stated at cost, which includes the cost of construction and other directly attributable costs. No provision for depreciation is made on construction in progress until the relevant assets are completed and put into use.

For the thirteen weeks ended May 3, 2026 and May 4, 2025, the Company recorded depreciation expense on property and equipment of $24.2 million and $19.7 million, respectively, and amortization expense related to internal-use software costs of $11.3 million and $10.1 million, respectively. The aforementioned depreciation and amortization expenses were included within selling, general and administrative expenses in the condensed consolidated statements of operations.

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**6.&nbsp;&nbsp;&nbsp;&nbsp;Intangible Assets, net** 

The following table provides information about the Company's identified intangible assets (in millions, except for weighted-average remaining life):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of May 3, 2026** | **As of May 3, 2026** | **As of May 3, 2026** | **As of May 3, 2026** |
| | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Value** | **Weighted-Average Remaining Life (years)** |
| **Definite-lived intangibles** | | | | |
| &nbsp;&nbsp;Customer relationships | 46.0 | $(0.7) | 45.3 | 16.8 |
| &nbsp;&nbsp;Trademarks | 33.0 | $(0.4) | 32.6 | 18.8 |
| &nbsp;&nbsp;Product portfolio | 9.0 | $(0.4) | 8.6 | 5.8 |
| **Indefinite-lived intangibles** |  |  |  |  |
| &nbsp;&nbsp;Business licenses | 1.8 |  | 1.8 | Indefinite |
| Total intangible assets | $89.8 | $(1.5) | $88.3 | 0 |

---

For the thirteen weeks ended May 3, 2026 and May 4, 2025, the Company recorded amortization expense related to intangible assets of $1.5 million and $0.4 million, respectively.

For the thirteen weeks ended May 3, 2026 and May 4, 2025, the Company did not record any impairment charges on intangible assets.

**7.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies**

**Legal Matters**

Various legal claims arise from time to time in the normal course of business. In assessing loss contingencies related to legal proceedings that are pending against the Company, or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

The Company believes that it has adequately accrued for the potential impact of loss contingencies that are probable and reasonably estimable. The Company does not believe that the ultimate resolution of any matters to which it is presently a party will have a material adverse effect on the Company's results of operations, financial condition or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on the Company's financial condition, results of operations or cash flows.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Debt**

*ABL Credit Facility*

The Company has a senior secured asset-based credit facility (the "ABL Credit Facility"), which matures on April 1, 2030 following an amendment entered into on April 1, 2025, and provides for non-amortizing revolving loans in an aggregate principal amount of up to $800 million, subject to a borrowing base comprised of, among other things, inventory and sales receivables (subject to certain reserves). The ABL Credit Facility provides the right to request incremental commitments and add incremental asset-based revolving loan facilities in an aggregate principal amount up to the sum of (i) $250 million, (ii) the amount of permanent reductions of commitments thereunder and (iii) if greater than zero, the amount by which the borrowing base as of the date of incurrence exceeds the commitments thereunder, subject to customary conditions.

Borrowings under the ABL Credit Facility bear interest at a rate per annum equal to either a base rate or a term Secured Overnight Financing Rate ("SOFR") (with no credit spread adjustment) at the Company's option, plus a margin determined based on the Company's average excess availability, which is either (i) 0.25%, 0.50%, or 0.75% for borrowings at the base rate, or (ii) 1.25%, 1.50%, or 1.75% for SOFR borrowings. The Company is required to pay a commitment fee of 0.25% per annum with respect to the undrawn portion of the commitments, which is generally based on average daily usage of the facility. The ABL Credit Facility contains customary affirmative and negative covenants, all of which the Company is in

------

compliance with. Based on the Company's borrowing base as of May 3, 2026, which is reduced by standby letters of credit, the Company had $783.1 million of borrowing capacity under the ABL Credit Facility. As of May 3, 2026 and February 1, 2026, the Company did not have any outstanding borrowings under the ABL Credit Facility, respectively.

**9.&nbsp;&nbsp;&nbsp;&nbsp;Leases**

The Company leases all of its fulfillment and customer service centers, corporate offices, and veterinary clinics under non-cancelable operating lease agreements. The terms of the Company's real estate leases generally range from 5 to 15 years and typically allow for the leases to be renewed for up to three additional five-year terms. Fulfillment and customer service center, veterinary clinic, and corporate office leases expire at various dates through 2038, excluding renewal options. The Company also leases certain equipment under operating and finance leases. The terms of equipment leases generally range from 3 to 5 years and do not contain renewal options. These leases matured at various dates through 2025.

The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | | **As of** | **As of** |
|<br>**Leases** |<br>**Balance Sheet Classification** | **May 3, 2026** | **February 1, 2026** |
| **Assets** | | | |
| &nbsp;&nbsp;&nbsp;Operating | Operating lease right-of-use assets | $436.8 | $467.9 |
| Total operating lease assets |  | $436.8 | $467.9 |
| **Liabilities** |  |  |  |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating | Accrued expenses and other current liabilities | $39.3 | $38.1 |
| Non-current |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating | Operating lease liabilities | 484.1 | 518.7 |
| Total operating lease liabilities |  | $523.4 | $556.8 |

---

For the thirteen weeks ended May 3, 2026, assets acquired in exchange for new operating lease liabilities were $5.1 million. Lease expense primarily relates to operating lease costs and were included within selling, general and administrative expenses in the condensed consolidated statements of operations. Lease expense for the thirteen weeks ended May 3, 2026 and May 4, 2025 was $27.3 million and $27.2 million, respectively.

Cash flows used in operating activities related to operating leases were approximately $27.2 million and $27.0 million for the thirteen weeks ended May 3, 2026 and May 4, 2025, respectively.

**10.&nbsp;&nbsp;&nbsp;&nbsp;Segment Information**

The Company operates in one operating segment and one reportable segment organized around the sale of pet products and services, as the Chief Operating Decision Maker ("CODM") reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM utilizes gross profit and net income as the measures of segment profit.

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The following table presents information about the Company's measures of segment profit and significant segment expenses regularly provided to the CODM (in millions):

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| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| | **May 3, 2026** | **May 4, 2025** |
| Net sales | $3357.2 | $3116.0 |
| Cost of goods sold | 2345.8 | 2192.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 1011.4 | 923.8 |
| Fulfillment costs | 357.9 | 346.4 |
| Share-based compensation expense and related taxes | 73.4 | 78.0 |
| Depreciation and amortization | 37.0 | 30.0 |
| Other selling, general, and administrative expenses | 208.5 | 198.7 |
| Advertising and marketing expenses | 206.1 | 193.8 |
| Income tax provision (benefit) | 36.5 | 15.5 |
| Interest and other income, net | (2.8) | (1.0) |
| &nbsp;&nbsp;Net income | $94.8 | $62.4 |

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The CODM reviews assets on a consolidated basis as presented on our Condensed Consolidated Balance Sheets.

**11.&nbsp;&nbsp;&nbsp;&nbsp;Share-Based Compensation** 

***2024 Omnibus Incentive Plan***

In July 2024, the Company's stockholders approved the Chewy, Inc. 2024 Omnibus Incentive Plan (the "2024 Plan") replacing the Chewy, Inc. 2022 Omnibus Incentive Plan (the "2022 Plan"). The 2024 Plan became effective on July 11, 2024 and the maximum number of shares of Class A common stock that may be covered by awards granted under the 2024 Plan may not exceed the aggregate total of (i) 80.0 million shares plus (ii) the number of shares remaining available for new awards under the 2022 Plan as of the effective date, up to 3.1 million shares. Following the effective date, any shares subject to an award under the 2022 Plan or the 2024 Plan that expires or are canceled, forfeited, or terminated without the issuance of the full number of shares to which the award related will again be available for issuance under the 2024 Plan. No awards may be granted under the 2024 Plan after July 2034. The 2024 Plan provides for grants of: (i) options, including incentive stock options and non-qualified stock options, (ii) restricted stock units, (iii) other share-based awards, including share appreciation rights, phantom stock, restricted shares, performance shares, deferred share units, and share-denominated performance units, (iv) cash awards, (v) substitute awards, and (vi) dividend equivalents (collectively, the "awards"). The awards may be granted to (i) the Company's employees, consultants, and non-employee directors, (ii) employees of the Company's affiliates and subsidiaries, and (iii) consultants of the Company's affiliates.

*Service-Based Awards*

The Company granted restricted stock units with service-based vesting conditions ("RSUs") which vested subject to the employee's continued employment with the Company through the applicable vesting date. The Company recorded share-based compensation expense for RSUs on a straight-line basis over the requisite service period and accounted for forfeitures as they occur.

*Service-Based Awards Activity*

The following table summarizes the activity related to the Company's RSUs for the thirteen weeks ended May 3, 2026 (in millions, except for weighted-average grant date fair value):

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| | | |
|:---|:---|:---|
| | **Number of RSUs** | **Weighted-Average Grant Date Fair Value** |
| Unvested and outstanding as of February 1, 2026 | 20.7 | $27.77 |
| &nbsp;&nbsp;&nbsp;Granted | 14.7 | $26.61 |
| &nbsp;&nbsp;&nbsp;Vested | (3.6) | $29.70 |
| &nbsp;&nbsp;&nbsp;Forfeited | (1.3) | $27.04 |
| Unvested and outstanding as of May 3, 2026 | 30.5 | $27.01 |

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The following table summarizes the weighted average grant-date fair value of RSUs granted and total fair value of RSUs vested for the periods presented:

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| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| | **May 3, 2026** | **May 4, 2025** |
| Weighted average grant-date fair value of RSUs | $26.61 | $33.36 |
| Total fair value of vested RSUs (in millions) | $61.7 | $77.4 |

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As of May 3, 2026, total unrecognized compensation expense related to unvested RSUs was $770.7 million and is expected to be recognized over a weighted-average expected performance period of 3.0 years.

The fair value for RSUs is established based on the market price of the Company's Class A common stock on the date of grant.

*Service and Performance-Based Awards*

The Company granted restricted stock units which vested upon satisfaction of both service-based vesting conditions and company performance-based vesting conditions ("PRSUs"), subject to the employee's continued employment with the Company through the applicable vesting date. The Company recorded share-based compensation expense for PRSUs over the requisite service period and accounted for forfeitures as they occur.

*Service and Performance-Based Awards Activity*

The following table summarizes the activity related to the Company's PRSUs for the thirteen weeks ended May 3, 2026 (in millions, except for weighted-average grant date fair value):

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| | | |
|:---|:---|:---|
| | **Number of PRSUs** | **Weighted-Average Grant Date Fair Value** |
| Unvested and outstanding as of February 1, 2026 | 2.1 | $20.92 |
| &nbsp;&nbsp;&nbsp;Granted | 1.2 | $28.31 |
| &nbsp;&nbsp;&nbsp;Vested |  | $— |
| &nbsp;&nbsp;&nbsp;Forfeited | (0.3) | $21.02 |
| Unvested and outstanding as of May 3, 2026 | 3.0 | $23.87 |

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The following table summarizes the weighted average grant-date fair value of PRSUs granted and total fair value of PRSUs vested for the periods presented:

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| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| | **May 3, 2026** | **May 4, 2025** |
| Weighted average grant-date fair value of PRSUs | $28.31 | $26.35 |
| Total fair value of vested PRSUs (in millions) | $— | $— |

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As of May 3, 2026, total unrecognized compensation expense related to unvested PRSUs was $44.7 million and is expected to be recognized over a weighted-average expected performance period of 2.2 years.

The fair value for PRSUs with a Company performance-based vesting condition is established based on the market price of Class A common stock on the date of grant.

As of May 3, 2026, there were 63.1 million additional shares of Class A common stock reserved for future issuance under the 2024 Plan.

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***Share-Based Compensation Expense***

Share-based compensation expense is included within selling, general and administrative expenses in the condensed consolidated statements of operations. The Company recognized share-based compensation expense as follows (in millions):

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| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| | **May 3, 2026** | **May 4, 2025** |
| RSUs | $64.9 | $67.6 |
| PRSUs | 2.0 | 6.9 |
| Total share-based compensation expense | $66.9 | $74.5 |

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**12.&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes**

*Income Tax Provision*

Chewy is subject to taxation in the U.S. and various state, local, and foreign jurisdictions. The Company recorded an income tax provision during the thirteen weeks ended May 3, 2026 and May 4, 2025 of $36.5 million and $15.5 million, respectively. The Company's effective tax rate for the thirteen weeks ended May 3, 2026 was higher than the U.S federal statutory rate, primarily due to state income taxes and shortfall from share-based compensation, partially offset by federal and state research and development credits.

*Deferred Tax Assets and Valuation Allowances*

The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence. The realizability of the Company's net deferred tax assets is dependent on its ability to generate sufficient future taxable income prior to the expiration of tax attributes to support the utilization of these assets. As of May 3, 2026 and February 1, 2026, the Company maintained a full valuation allowance of $27.4 million against its foreign net deferred tax assets and certain U.S. state deferred tax assets.

*Tax Payments and Refunds*

In the aggregate, the Company paid $0.4 million, net of refunds received, for federal, state, and foreign income taxes, including those assumed in connection with the Transactions, during the thirteen weeks ended May 3, 2026 and received refunds for income taxes, net of payments made, of $1.4 million during the thirteen weeks ended May 4, 2025.

**13.&nbsp;&nbsp;&nbsp;&nbsp;Earnings per Share**

Basic and diluted earnings per share attributable to the Company's common stockholders are presented using the two-class method required for participating securities. Under the two-class method, net income attributable to the Company's common stockholders is determined by allocating undistributed earnings between common stock and participating securities. Undistributed earnings for the periods presented are calculated as net income less distributed earnings. Undistributed earnings are allocated proportionally to the Company's common Class A and Class B stockholders as both classes are entitled to share equally, on a per share basis, in dividends and other distributions. Basic and diluted earnings per share are calculated by dividing net income attributable to the Company's common stockholders by the weighted-average shares outstanding during the period.

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The following table sets forth basic and diluted earnings per share attributable to the Company's common stockholders for the periods presented (in millions, except per share data):

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| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| | **May 3, 2026** | **May 4, 2025** |
| **Basic and diluted earnings per share** | | |
| **Numerator** | | |
| &nbsp;&nbsp;Earnings attributable to common Class A and Class B stockholders | $94.8 | $62.4 |
| **Denominator** |  |  |
| &nbsp;&nbsp;Weighted-average common shares used in computing earnings per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 413.8 | 413.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive share-based awards | 5.3 | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 419.1 | 425.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anti-dilutive share-based awards excluded from diluted common shares | 12.1 | 2.9 |
| **Earnings per share attributable to common Class A and Class B stockholders:** |  |  |
| &nbsp;&nbsp;Basic | $0.23 | $0.15 |
| &nbsp;&nbsp;Diluted | $0.23 | $0.15 |

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**14.&nbsp;&nbsp;&nbsp;&nbsp;Certain Relationships and Related Party Transactions**

As of May 3, 2026 and February 1, 2026, the Company had a receivable from affiliates of BC Partners of $0.5 million and $0.5 million, respectively, with respect to tax payments made in connection with the Transactions, which was included in prepaid expenses and other current assets on the Company's consolidated balance sheets. For more information, see Note 12 - Income Taxes.

As of May 3, 2026 and February 1, 2026, the Company had a receivable from affiliates of BC Partners of $19.2 million and $18.9 million, respectively, with respect to the indemnification for certain tax liabilities in connection with the Transactions, which was included in other non-current assets on the Company's condensed consolidated balance sheets.

15**.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events**

On May 21, 2026, the Company completed the acquisition of Modern Animal, Inc. ("Modern Animal"), a technology-forward veterinary platform. This acquisition further strengthens Chewy's integrated pet healthcare ecosystem. The purchase price was $400 million for 100% of the issued and outstanding stock in Modern Animal, and was funded using cash on hand. As of the date the financial statements are available to be issued, the Company has not completed the purchase price allocation. Disclosures related to the identification and measurement of identifiable assets acquired and liabilities assumed, including the allocation of the purchase price and the determination of goodwill, will be provided in the second quarter of Fiscal Year 2026.

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**Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements and related notes thereto included in this Quarterly Report on Form 10-Q for the quarterly period ended May 3, 2026 ("10-Q Report") and our audited consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2026 ("10-K Report"). This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" sections herein and in our 10-K Report, our actual results may differ materially from those anticipated in these forward-looking statements. Unless the context requires otherwise, references in this 10-Q Report to "Chewy," the "Company," "we," "our," or "us" refer to Chewy, Inc. and its consolidated subsidiaries.* 

*Investors and others should note that we may announce material information to our investors using our investor relations website (https://investor.chewy.com/), filings with the SEC, press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with our investors and the public about our company, our business and other issues. It is possible that the information that we post on these channels could be deemed to be material information. We therefore encourage investors to visit these websites from time to time. The information contained on such websites and social media posts is not incorporated by reference into this filing. Further, our references to website URLs in this filing are intended to be inactive textual references only.*

**Overview**

We are the largest pet e-tailer in the United States, offering virtually every product a pet needs. We launched Chewy in 2011 to bring the best of the neighborhood pet store shopping experience to a larger audience, enhanced by the depth and wide selection of products and services, as well as the around-the-clock convenience, that only e-commerce can offer. We believe that we are the preeminent destination for pet parents as a result of our broad selection of high-quality products and expanded menu of service offerings, which we offer at great prices and deliver with an exceptional level of care and a personal touch. We are the trusted source for pet parents and partners and continually develop innovative ways for our customers to engage with us. We partner with approximately 4,000 of the best and most trusted brands in the pet industry, and we create and offer our own outstanding private brands. Through our websites and mobile applications, we offer our customers approximately 190,000 products, compelling merchandising, an easy and enjoyable shopping experience, and exceptional customer service.

**Macroeconomic Considerations**

Macroeconomic conditions, including inflationary pressures, elevated interest rates, and broader economic uncertainty, have influenced consumer spending patterns and may continue to affect demand across our categories. We monitor these conditions closely and adjust elements of our logistics, transportation, supply chain, and merchandising strategies as appropriate. Changes in consumer behavior may impact product mix, purchasing frequency, and promotional intensity, and we manage our operations with a focus on maintaining value, service levels, and operational discipline in varying economic environments.

We are unable to predict the duration and ultimate impact of evolving macroeconomic conditions on the broader economy or our operations and liquidity. As such, macroeconomic risks and uncertainties remain. Refer to the section titled "Cautionary Note Regarding Forward-Looking Statements" in this 10-Q Report and the section titled "Risk Factors" in Item 1A of our 10-K Report for the fiscal year ended February 1, 2026.

**Fiscal Year End**

We have a 52- or 53-week fiscal year ending each year on the Sunday that is closest to January 31 of that year. Our 2026 fiscal year ends on January 31, 2027 and is a 52-week year. Our 2025 fiscal year ended February 1, 2026 and was a 52-week year.

**Key Operating Metrics**

*Active Customers*

As of the last date of each reporting period, we determine our number of active customers by counting the total number of individual customers who have ordered a product or service, and for whom a product has shipped or for whom a service has been provided, at least once during the preceding 364-day period. The change in active customers in a reporting period captures both the inflow of new customers and the outflow of customers who have not made a purchase in the last 364 days. We view the

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number of active customers as a key indicator of our growth, ability to acquire and retain customers as a result of our marketing efforts, and the value we provide to our customers. The number of active customers has grown over time as we acquired new customers and retained previously acquired customers.

*Net Sales Per Active Customer*

We define net sales per active customer as the aggregate net sales for the preceding four fiscal quarters, divided by the total number of active customers at the end of that period. We view net sales per active customer as a key indicator of our customers' purchasing patterns, including their initial and repeat purchase behavior.

*Autoship and Autoship Customer Sales*

We define Autoship customers as customers in a given fiscal quarter that had an order shipped through our Autoship subscription program during the preceding 364-day period. We define Autoship as our subscription program, which provides automatic ordering, payment, and delivery of products to our customers. We view our Autoship subscription program as a key driver of recurring net sales and customer retention. For a given fiscal quarter, Autoship customer sales consist of sales and shipping revenues from all Autoship subscription program purchases and purchases outside of the Autoship subscription program by Autoship customers, excluding taxes collected from customers, excluding any refunds, and net of any promotional offers (such as percentage discounts off current purchases and other similar offers) for that quarter. For a given fiscal year, Autoship customer sales equal the sum of the Autoship customer sales for each of the fiscal quarters in that fiscal year.

*Autoship Customer Sales as a Percentage of Net Sales*

We define Autoship customer sales as a percentage of net sales as the Autoship customer sales in a given reporting period divided by the net sales from all orders in that period. We view Autoship customer sales as a percentage of net sales as a key indicator of our recurring sales and customer retention.

**Components of Results of Consolidated Operations** 

*Net Sales*

We derive net sales primarily from sales of both third-party brand and private brand pet food, pet products, pet health and specialty products, and related shipping fees. Consumable products include retail pet food and veterinary diet products. Hard goods products include non-perishable pet supplies. Pet health and specialty products include prescription medications, non-prescription pet health care products and certain specialty animal products for categories such as equine, birds, fish, and other non-traditional pets. Other net sales include private brand sales and certain pet-related services including telehealth services, pet insurance-related offerings, loyalty program memberships, and veterinary clinic services. Revenues from these service-based offerings are not a significant component of net sales and are managed as part of the Company's integrated platform rather than as standalone service offerings.

Sales of third-party brand and private brand pet food, pet products, pet health and specialty products, and shipping revenues are recorded when products are shipped, net of promotional discounts and refunds and allowances. Taxes collected from customers are excluded from net sales. Net sales is primarily driven by growth of new customers and active customers, and the frequency with which customers purchase and subscribe to our Autoship subscription program.

We also periodically provide promotional offers, including discount offers, such as percentage discounts off current purchases and other similar offers. These offers are treated as a reduction to the purchase price of the related transaction and are reflected as a net amount in net sales.

*Cost of Goods Sold*

Cost of goods sold consists of the cost of third-party brand and private brand products sold to customers, inventory freight, shipping supply costs, inventory shrinkage costs, and inventory valuation adjustments, offset by reductions for promotions and percentage or volume rebates offered by our vendors, which may depend on reaching minimum purchase thresholds. Generally, amounts received from vendors are considered a reduction of the carrying value of inventory and are ultimately reflected as a reduction of cost of goods sold.

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*Selling, General and Administrative*

Selling, general and administrative expenses consist of fulfillment costs incurred in operating and staffing fulfillment centers, customer service centers, and veterinary clinics; payroll and related expenses for employees involved in general corporate functions, including accounting, finance, tax, legal and human resources; costs associated with the use of facilities and equipment, such as depreciation expense and rent; share-based compensation, professional fees and other general corporate costs.

Fulfillment costs include costs attributable to buying, receiving, inspecting and warehousing inventories, picking, packaging and preparing customer orders for shipment, payment processing, providing pet health services, and responding to inquiries from customers. Included within fulfillment costs are merchant processing fees charged by third parties that provide merchant processing services for credit cards.

*Advertising and Marketing*

Advertising and marketing expenses consist of advertising and payroll related expenses for personnel engaged in marketing, business development and selling activities.

*Interest and Other Income (Expense), net*

We generate interest income from our cash and cash equivalents and marketable securities. We incur interest expense in relation to our borrowing facilities, finance leases, and unrecognized tax benefits.

Our other income (expense), net consists of changes in the fair value of equity warrants, equity investments, tax indemnification receivables, foreign currency transaction gains and losses, and allowances for credit losses on marketable securities.

*Income Tax Provision (Benefit)*

Income tax provision (benefit) consists of an estimate of federal and state income taxes based on enacted federal and state tax rates, as adjusted for allowable credits, deductions, and the valuation allowance against deferred tax assets, as applicable.

**Non-GAAP Financial Measures**

To supplement our GAAP results, we present certain non-GAAP financial measures that management uses to evaluate operating performance, assess liquidity, and inform capital allocation decisions. These measures include Adjusted EBITDA and Adjusted EBITDA margin, Adjusted net income and Adjusted earnings per share, and Free cash flow.

Adjusted EBITDA excludes depreciation and amortization, share-based compensation and related taxes, income tax provision (benefit), interest income (expense), transaction-related costs, changes in the fair value of equity warrants, severance and exit costs, and other items not considered indicative of our core operations. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of net sales.

Adjusted net income and Adjusted earnings per share exclude certain non-cash and non-recurring items, including share-based compensation and related taxes, releases of valuation allowances associated with deferred tax assets, transaction-related costs, changes in the fair value of equity warrants, and severance and exit costs. Beginning in the first quarter of 2026, Adjusted net income excludes transaction-related costs prospectively.

Free cash flow represents net cash provided by operating activities less capital expenditures.

We believe these measures provide additional insight into the underlying trends in our business and facilitate comparisons across reporting periods. Reconciliations to the most directly comparable GAAP measures are provided below.

These non-GAAP measures have limitations and should not be considered in isolation or as a substitute for GAAP results. For example, Adjusted EBITDA does not reflect capital expenditures, working capital requirements, interest income (expense), income taxes, or share-based compensation, which remains a recurring component of our compensation structure. In addition, other companies may calculate non-GAAP measures differently, which may limit their comparability. Accordingly, these measures should be considered together with our GAAP financial statements and related disclosures.

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**Key Financial and Operating Data**

We measure our business using both financial and operating data and use the following metrics and measures to assess the near-term and long-term performance of our overall business, including identifying trends, formulating financial projections, making strategic decisions, assessing operational efficiencies, and monitoring our business.

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| | | | |
|:---|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** | |
| *(in millions, except net sales per active customer, per share data, and percentages)* | **May 3,<br>2026** | **May 4,<br>2025** |<br>**% Change** |
| **Financial and Operating Data** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net sales | $3357.2 | $3116.0 | 7.7% |
| &nbsp;&nbsp;Net income <sup>(1)</sup> | $94.8 | $62.4 | 51.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net margin* | *2.8 %* | *2.0 %* |  |
| &nbsp;&nbsp;Adjusted EBITDA <sup>(2)</sup> | $253.1 | $192.7 | 31.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* <sup>(2)</sup> | *7.5 %* | *6.2 %* |  |
| &nbsp;&nbsp;Adjusted net income <sup>(2)</sup> | $179.9 | $148.9 | 20.8% |
| &nbsp;&nbsp;Earnings per share, basic <sup>(1)</sup> | $0.23 | $0.15 | 53.3% |
| &nbsp;&nbsp;Earnings per share, diluted <sup>(1)</sup> | $0.23 | $0.15 | 53.3% |
| &nbsp;&nbsp;Adjusted earnings per share, basic <sup>(2)</sup> | $0.43 | $0.36 | 19.4% |
| &nbsp;&nbsp;Adjusted earnings per share, diluted <sup>(2)</sup> | $0.43 | $0.35 | 22.9% |
| &nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $108.5 | $86.4 | 25.6% |
| &nbsp;&nbsp;Free cash flow <sup>(2)</sup> | $70.8 | $48.7 | 45.4% |
| &nbsp;&nbsp;&nbsp;Active customers | 21.497 | 20.756 | 3.6% |
| &nbsp;&nbsp;&nbsp;Net sales per active customer | $597 | $583 | 2.4% |
| &nbsp;&nbsp;&nbsp;Autoship customer sales | $2832.6 | $2562.7 | 10.5% |
| &nbsp;&nbsp;&nbsp;Autoship customer sales as a percentage of net sales | 84.4% | 82.2% |  |
| <sup>(1)</sup> Includes share-based compensation expense and related taxes of $73.4 million for the thirteen weeks ended May 3, 2026, compared to $78.0 million for the thirteen weeks ended May 4, 2025. | <sup>(1)</sup> Includes share-based compensation expense and related taxes of $73.4 million for the thirteen weeks ended May 3, 2026, compared to $78.0 million for the thirteen weeks ended May 4, 2025. | <sup>(1)</sup> Includes share-based compensation expense and related taxes of $73.4 million for the thirteen weeks ended May 3, 2026, compared to $78.0 million for the thirteen weeks ended May 4, 2025. | <sup>(1)</sup> Includes share-based compensation expense and related taxes of $73.4 million for the thirteen weeks ended May 3, 2026, compared to $78.0 million for the thirteen weeks ended May 4, 2025. |
| <sup>(2)</sup> Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic and diluted earnings per share, and free cash flow are non-GAAP financial measures. See "Non-GAAP Financial Measures" above. | <sup>(2)</sup> Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic and diluted earnings per share, and free cash flow are non-GAAP financial measures. See "Non-GAAP Financial Measures" above. | <sup>(2)</sup> Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic and diluted earnings per share, and free cash flow are non-GAAP financial measures. See "Non-GAAP Financial Measures" above. | <sup>(2)</sup> Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic and diluted earnings per share, and free cash flow are non-GAAP financial measures. See "Non-GAAP Financial Measures" above. |

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We define net margin as net income divided by net sales and adjusted EBITDA margin as adjusted EBITDA divided by net sales.

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*Adjusted EBITDA and Adjusted EBITDA Margin*

The following table presents a reconciliation of net income to adjusted EBITDA, as well as the calculation of net margin and adjusted EBITDA margin, for each of the periods indicated:

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| | | |
|:---|:---|:---|
| *(in millions, except percentages)* | **13 Weeks Ended** | **13 Weeks Ended** |
| **Reconciliation of Net Income to Adjusted EBITDA** | **May 3, 2026** | **May 4, 2025** |
| Net income | $94.8 | $62.4 |
| Add (deduct): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 37.0 | 30.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense and related taxes | 73.4 | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | (2.8) | (3.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity warrants |  | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 36.5 | 15.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance costs |  | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction related costs | 9.8 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exit costs | 1.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2.5 | 1.4 |
| Adjusted EBITDA | $253.1 | $192.7 |
| Net sales | $3357.2 | $3116.0 |
| *Net margin* | *2.8 %* | *2.0 %* |
| *Adjusted EBITDA margin* | *7.5 %* | *6.2 %* |

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*Adjusted Net Income and Adjusted Basic and Diluted Earnings per Share*

The following table presents a reconciliation of net income to adjusted net income, as well as the calculation of adjusted basic and diluted earnings per share, for each of the periods indicated:

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| | | |
|:---|:---|:---|
| *(in millions, except per share data)* | **13 Weeks Ended** | **13 Weeks Ended** |
| **Reconciliation of Net Income to Adjusted Net Income** | **May 3, 2026** | **May 4, 2025** |
| Net income | $94.8 | $62.4 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense and related taxes | 73.4 | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity warrants |  | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance costs |  | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction related costs | 9.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exit costs | 1.9 |  |
| Adjusted net income | $179.9 | $148.9 |
| Weighted-average common shares used in computing earnings per share and adjusted earnings per share: |  |  |
| &nbsp;&nbsp;Basic | 413.8 | 413.7 |
| &nbsp;&nbsp;Effect of dilutive share-based awards | 5.3 | 11.6 |
| &nbsp;&nbsp;Diluted | 419.1 | 425.3 |
| Earnings per share attributable to common Class A and Class B stockholders |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.23 | $0.15 |
| &nbsp;&nbsp;Diluted | $0.23 | $0.15 |
| &nbsp;&nbsp;&nbsp;Adjusted basic | $0.43 | $0.36 |
| &nbsp;&nbsp;Adjusted diluted | $0.43 | $0.35 |

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*Free Cash Flow*

The following table presents a reconciliation of net cash provided by operating activities to free cash flow for each of the periods indicated:

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| | | |
|:---|:---|:---|
| *(in millions)* | **13 Weeks Ended** | **13 Weeks Ended** |
| **Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow** | **May 3, 2026** | **May 4, 2025** |
| Net cash provided by operating activities | $108.5 | $86.4 |
| Deduct: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (37.7) | (37.7) |
| Free Cash Flow | $70.8 | $48.7 |

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Free cash flow may vary period to period based on the timing and level of capital expenditures, including investments in fulfillment capacity, pharmacy facilities, veterinary clinics, technology infrastructure, and other operational initiatives. Free cash flow may also be affected by changes in working capital, including fluctuations in inventory levels, vendor payment terms, and other components of the cash conversion cycle.

------

**Results of Consolidated Operations**

The following tables set forth our results of operations for the periods presented and express the relationship of certain line items as a percentage of net sales for those periods. The period-to-period comparison of financial results is not necessarily indicative of future results:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** | **13 Weeks Ended** | **13 Weeks Ended** | **13 Weeks Ended** |
| | | | | **% of net sales** | **% of net sales** |
| *(in millions, except percentages)* |<br>**May 3,<br>2026** |<br>**May 4,<br>2025** |<br>**% Change** | **May 3,<br>2026** | **May 4,<br>2025** |
| **Consolidated Statements of Operations** |  |  |  |  |  |
| Net sales | $3357.2 | $3116 | 7.7% | 100.0% | 100.0% |
| Cost of goods sold | 2345.8 | 2192.2 | 7.0% | 69.9% | 70.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 1011.4 | 923.8 | 9.5% | 30.1% | 29.6% |
| Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 676.8 | 653.1 | 3.6% | 20.2% | 21.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising and marketing | 206.1 | 193.8 | 6.3% | 6.1% | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 882.9 | 846.9 | 4.3% | 26.3% | 27.2% |
| Income from operations | 128.5 | 76.9 | 67.1% | 3.8% | 2.5% |
| Interest and other income, net | 2.8 | 1.0 | 180.0% | 0.1% | 0.0% |
| Income before income tax provision | 131.3 | 77.9 | 68.5% | 3.9% | 2.5% |
| Income tax provision (benefit) | 36.5 | 15.5 | 135.5% | 1.1% | 0.5% |
| Net income | $94.8 | $62.4 | 51.9% | 2.8% | 2.0% |

---

***Net Sales***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** | | |
| *(in millions, except percentages)* | **May 3,<br>2026** | **May 4,<br>2025** |<br>**$ Change** |<br>**% Change** |
| Consumables | $2292.4 | $2177.9 | $114.5 | 5.3% |
| Hardgoods | 394.8 | 342.2 | 52.6 | 15.4% |
| Pet health and specialty products | 562.7 | 496.7 | 66.0 | 13.3% |
| Other | 107.3 | 99.2 | 8.1 | 8.2% |
| &nbsp;&nbsp;&nbsp;Net sales | $3357.2 | $3116.0 | $241.2 | 7.7% |

---

Net sales for the thirteen weeks ended May 3, 2026 increased by $241.2 million, or 7.7%, to $3.4 billion compared to $3.1 billion for the thirteen weeks ended May 4, 2025. This increase was primarily driven by growth in active customers, which improved by 3.6%, to 21.5 million, and higher net sales per active customer, which increased $14, to $597 in the thirteen weeks ended May 3, 2026 compared to the thirteen weeks ended May 4, 2025, driven by growth across our consumables, pet health and specialty products, and hardgoods businesses. On February 2, 2026, the Company completed the acquisition of SmartPak whose net sales were not material for the thirteen weeks ended May 3, 2026 and are included within pet health and specialty products.

***Cost of Goods Sold and Gross Profit***

Cost of goods sold for the thirteen weeks ended May 3, 2026 increased by $153.6 million, or 7.0%, to $2.3 billion compared to $2.2 billion in the thirteen weeks ended May 4, 2025. This increase was primarily due to higher sales coupled with increased outbound freight and shipping supply costs.

Gross profit for the thirteen weeks ended May 3, 2026 increased by $87.6 million, or 9.5%, to $1,011.4 million compared to $923.8 million in the thirteen weeks ended May 4, 2025. This increase was primarily due to the year-over-year increase in net sales as described above. Gross margin for the thirteen weeks ended May 3, 2026 was 30.1%, an increase of 50 basis points compared to 29.6% for the thirteen weeks ended May 4, 2025, and is driven by growth in sponsored ads and margin growth across our consumables business.

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***Selling, General and Administrative***

Selling, general and administrative expenses for the thirteen weeks ended May 3, 2026 increased by $23.7 million, or 3.6%, to $676.8 million compared to $653.1 million in the thirteen weeks ended May 4, 2025. The majority of the increase is associated with network-wide fulfillment costs, which were collectively incurred to support the overall growth of the business, our pharmacy fulfillment network, and veterinary clinics. This also included an increase in other selling, general, and administrative expenses of $9.61 million attributable to transaction-related costs with the SmartPak acquisition, as well as a modest increase in expanded hosting and software infrastructure requirements.

***Advertising and Marketing***

Advertising and marketing expenses for the thirteen weeks ended May 3, 2026 increased by $12.3 million, or 6.3%, to $206.1 million compared to $193.8 million in the thirteen weeks ended May 4, 2025. Our marketing expenses increased due to additional investment in our lower and upper funnel marketing channels contributing to new customer acquisition and improved customer retention.

***Interest and Other Income (Expense), net***

Interest income for the thirteen weeks ended May 3, 2026 decreased by $0.4 million, to $2.8 million compared to interest income of $3.2 million in the thirteen weeks ended May 4, 2025. This decrease was due to a decrease in interest income generated from marketable securities, which matured during the thirteen weeks ended May 4, 2025.

Other expense, net, was nil for the thirteen weeks ended May 3, 2026 compared to other expense, net, of $2.2 million in the thirteen weeks ended May 4, 2025.

***Income Tax Provision (Benefit)***

Our effective tax rate for the thirteen weeks ended May 3, 2026 was higher than the U.S. federal statutory rate, primarily due to state income taxes and shortfall from share-base compensation partially offset by federal and state research and development credits.

Income tax provision for the thirteen weeks ended May 3, 2026 increased by $21.0 million, to $36.5 million compared to income tax provision of $15.5 million in the thirteen weeks ended May 4, 2025, driven primarily by higher pre-tax income.

**Liquidity and Capital Resources**

We finance our operations and capital expenditures primarily through cash flows generated by operations. Our principal sources of liquidity are expected to be our cash and cash equivalents, marketable securities, and our revolving credit facility. Cash and cash equivalents consisted primarily of cash on deposit with banks. Cash and cash equivalents totaled $485.2 million as of May 3, 2026, a decrease of $374.9 million from February 1, 2026.

We believe that our cash and cash equivalents, marketable securities, and availability under our revolving credit facility will be sufficient to fund our working capital, capital expenditure requirements, and contractual obligations for at least the next twelve months. In addition, we may choose to raise additional funds at any time through equity or debt financing arrangements, which may or may not be needed for additional working capital, capital expenditures, share repurchases, or other strategic investments. Our opinions concerning liquidity are based on currently available information. To the extent this information proves to be inaccurate, or if circumstances change, future availability of trade credit or other sources of financing may be reduced and our liquidity could be adversely affected. Our future capital requirements and the adequacy of available funds will depend on many factors, including those described in the section titled "Risk Factors" in Item 1A of our 10-K Report for the fiscal year ended February 1, 2026. Depending on the severity and direct impact of these factors on us, we may be unable to secure additional financing to meet our operating requirements on terms favorable to us, or at all.

*Cash Flows*

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| | | |
|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** |
| *($ in millions)* | **May 3, 2026** | **May 4, 2025** |
| Net cash provided by operating activities | $108.5 | $86.4 |
| Net cash (used in) provided by investing activities | $(228.6) | $(41.2) |
| Net cash used in financing activities | $(254.8) | $(25.0) |

---

------

*Operating Activities*

Net cash provided by operating activities was $108.5 million for the thirteen weeks ended May 3, 2026, which primarily consisted of $94.8 million of net income and $115.9 million of non-cash adjustments, including share-based compensation expense of $66.9 million and depreciation and amortization expense of $37.0 million. These amounts were partially offset by working capital changes of $92.8 million, which were primarily driven by a decrease in accrued expenses and other current liabilities, coupled with an increase in accounts receivable and prepaid expenses and other current assets. These changes were partially offset by a decrease in inventories.

Net cash provided by operating activities was $86.4 million for the thirteen weeks ended May 4, 2025, which primarily consisted of $62.4 million of net income, $120.4 million of non-cash adjustments, such as share-based compensation expense of $74.5 million and depreciation and amortization expense of $30.0 million, partially offset by a cash decrease of $88.8 million from working capital. Cash decreases from working capital were primarily driven by a decrease in other current liabilities and an increase in inventories, receivables, and other current assets, partially offset by an increase in payables.

*Investing Activities*

Net cash used in investing activities was $228.6 million for the thirteen weeks ended May 3, 2026, primarily consisting of $174.8 million for acquisition of SmartPak, and $37.7 million for capital expenditures related to expanding operations at our fulfillment centers, veterinary clinics, and future pharmacy facility capabilities.

Net cash used in investing activities was $41.2 million for the thirteen weeks ended May 4, 2025, primarily consisting of $37.7 million for capital expenditures related to expanding operations at our Houston, Texas fulfillment center, veterinary clinics, and future pharmacy facility capabilities.

*Financing Activities*

Net cash used in financing activities was $254.8 million for the thirteen weeks ended May 3, 2026 primarily consisting of $200.0 million for repurchases of common stock, and $53.3 million for tax withholdings related to vesting of share-based compensation awards.

Net cash used in financing activities was $25.0 million for the thirteen weeks ended May 4, 2025, primarily consisting of $23.1 million for repurchases of common stock, as well as payments for secondary offering costs, and principal repayments of finance lease obligations.

**Other Liquidity Measures**

*ABL Credit Facility*

We have a senior secured asset-based credit facility (the "ABL Credit Facility"), which matures on April 1, 2030 following an amendment entered into on April 1, 2025, and provides for non-amortizing revolving loans in the aggregate principal amount of up to $800 million, subject to a borrowing base comprised of, among other things, inventory and sales receivables (subject to certain reserves). Based on our borrowing base as of May 3, 2026, which is reduced by standby letters of credit, we had $783.1 million of borrowing capacity under the ABL Credit Facility. As of May 3, 2026 and February 1, 2026, we did not have any outstanding borrowings under the ABL Credit Facility, respectively.

*Share Repurchase Activity*

On May 24, 2024, our Board of Directors authorized the Company to repurchase up to $500 million of its Class A common stock, par value $0.01 per share (the "Class A common stock"), and/or Class B common stock, par value $0.01 per share (the "Class B common stock" and together with the Class A common stock, the "common stock"), pursuant to a share repurchase program (the "Repurchase Program").

On April 7, 2026, the Board of Directors approved an increase of $500 million to the Repurchase Program. The actual timing and amount of any share repurchases remains subject to a variety of factors, including stock price, trading volume, market conditions, compliance with applicable legal requirements, and other general business considerations. We are not required to repurchase any specific dollar amount or to acquire any specific number of shares of common stock. The Repurchase Program has no expiration date and may be modified, suspended, or terminated at any time.

------

During the thirteen weeks ended May 3, 2026, 7,599,226 shares of Class A common stock were repurchased and subsequently cancelled and retired pursuant to the Repurchase Program for a total cost of $200.0 million, excluding the cost of commissions and excise taxes. The authorized value of shares available to be repurchased under the Repurchase Program excludes the cost of commissions and excise taxes and as of May 3, 2026, the remaining value of shares of common stock that were authorized to be repurchased under the Repurchase Program was $550.0 million. As of May 3, 2026, the total unpaid cost of share repurchases was $1.4 million for excise taxes.

**Recent Accounting Pronouncements**

Information regarding recent accounting pronouncements is provided in Item 1 of Part I, "Financial Statements (Unaudited) - Note 2 - Basis of Presentation and Significant Accounting Policies - Recent Accounting Pronouncements" and is incorporated by reference herein.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk**

There have been no material changes to the quantitative and qualitative disclosures about market risk disclosed in our Annual Report on Form 10-K for the fiscal year ended February 1, 2026.

**Item 4. Controls and Procedures**

**Management's Evaluation of Disclosure Controls and Procedures**

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosure.

As of the end of the period covered by this 10-Q Report, our management, under the supervision and with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e) and 15d-15(e). Based upon this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of May 3, 2026.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the thirteen weeks ended May 3, 2026.

**Limitations on the Effectiveness of Controls**

Our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives as specified above. Management does not expect, however, that our disclosure controls and procedures will prevent or detect all error and fraud. Any control system, no matter how well designed and operated, is based on certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

Information concerning legal proceedings is provided in Item 1 of Part I, "Financial Statements (Unaudited)–Note 7– Commitments and Contingencies–Legal Matters" and is incorporated by reference herein.

**Item 1A. Risk Factors**

There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended February 1, 2026.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

The following table presents information with respect to shares of Class A common stock repurchased by Chewy, Inc. during the thirteen weeks ended May 3, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** <sup>(1)</sup> | **Average Price Paid Per Share** <sup>(2)</sup> | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** <sup>(3)</sup> | **Approximate Dollar Value of Shares That May Yet Be Purchased Under The Plans or Programs (in millions)** <sup>(3)(4)</sup> |
| February 2, 2026 - March 1, 2026 |  | $— |  | $249.9 |
| March 2, 2026 - April 5, 2026 | 3409506 | $26.50 | 3409506 | $159.5 |
| April 6, 2026 - May 3, 2026 | 4189720 | $26.14 | 4189720 | $550 |
| Total | 7599226 |  | 7599226 |  |
| <sup>(1)</sup> The purchased shares consisted of 7,599,226 shares of Class A common stock repurchased pursuant to the Repurchase Program. | <sup>(1)</sup> The purchased shares consisted of 7,599,226 shares of Class A common stock repurchased pursuant to the Repurchase Program. | <sup>(1)</sup> The purchased shares consisted of 7,599,226 shares of Class A common stock repurchased pursuant to the Repurchase Program. | <sup>(1)</sup> The purchased shares consisted of 7,599,226 shares of Class A common stock repurchased pursuant to the Repurchase Program. | <sup>(1)</sup> The purchased shares consisted of 7,599,226 shares of Class A common stock repurchased pursuant to the Repurchase Program. |
| <sup>(2)</sup> Average price paid per share under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. | <sup>(2)</sup> Average price paid per share under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. | <sup>(2)</sup> Average price paid per share under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. | <sup>(2)</sup> Average price paid per share under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. | <sup>(2)</sup> Average price paid per share under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. |
| <sup>(3)</sup> On May 24, 2024, the Company's Board of Directors authorized the Company to repurchase up to $500 million of the Company's common stock pursuant to the Repurchase Program. On April 7, 2026, the Company's Board of Directors approved an increase of $500 million to the Company's previously authorized share repurchase program. The Repurchase Program has no expiration date and may be modified, suspended or terminated at any time. The average price paid per share and approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. Refer to Note 2 in the "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q for additional information.  | <sup>(3)</sup> On May 24, 2024, the Company's Board of Directors authorized the Company to repurchase up to $500 million of the Company's common stock pursuant to the Repurchase Program. On April 7, 2026, the Company's Board of Directors approved an increase of $500 million to the Company's previously authorized share repurchase program. The Repurchase Program has no expiration date and may be modified, suspended or terminated at any time. The average price paid per share and approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. Refer to Note 2 in the "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q for additional information.  | <sup>(3)</sup> On May 24, 2024, the Company's Board of Directors authorized the Company to repurchase up to $500 million of the Company's common stock pursuant to the Repurchase Program. On April 7, 2026, the Company's Board of Directors approved an increase of $500 million to the Company's previously authorized share repurchase program. The Repurchase Program has no expiration date and may be modified, suspended or terminated at any time. The average price paid per share and approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. Refer to Note 2 in the "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q for additional information.  | <sup>(3)</sup> On May 24, 2024, the Company's Board of Directors authorized the Company to repurchase up to $500 million of the Company's common stock pursuant to the Repurchase Program. On April 7, 2026, the Company's Board of Directors approved an increase of $500 million to the Company's previously authorized share repurchase program. The Repurchase Program has no expiration date and may be modified, suspended or terminated at any time. The average price paid per share and approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. Refer to Note 2 in the "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q for additional information.  | <sup>(3)</sup> On May 24, 2024, the Company's Board of Directors authorized the Company to repurchase up to $500 million of the Company's common stock pursuant to the Repurchase Program. On April 7, 2026, the Company's Board of Directors approved an increase of $500 million to the Company's previously authorized share repurchase program. The Repurchase Program has no expiration date and may be modified, suspended or terminated at any time. The average price paid per share and approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. Refer to Note 2 in the "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q for additional information.  |
| <sup>(4)</sup> Approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. | <sup>(4)</sup> Approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. | <sup>(4)</sup> Approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. | <sup>(4)</sup> Approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. | <sup>(4)</sup> Approximate dollar value of shares that may yet be purchased under the Repurchase Program excludes the cost of commissions and excise taxes associated with the repurchases. |

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*Restricted Stock Unit Share Withholding*

We withhold shares of our Class A common stock associated with net share settlements to cover tax withholding obligations upon the vesting of restricted stock units and performance-based restricted stock units awards under our employee equity incentive program. During the thirteen weeks ended May 3, 2026, we withheld approximately $1.3 million shares for a total value of $34.0 million through net share settlements. Refer to Note 11 in the "Notes to Condensed Consolidated Financial Statements" for additional discussion of our equity incentive plans.

**Item 5. Other Information**

*Rule 10b5-1 Plan Elections*

During the thirteen weeks ended May 3, 2026, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of Regulation S-K.

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**Item 6. Exhibits**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | |
|<br>**Exhibit No.** |<br>**Exhibit Description** | **Form** | **File No.** | **Exhibit No.** | **Filing Date** |<br>**Filed Herewith** |
| 31.1 | <u>[Certification of the Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit311certificateofchi.htm)</u> |  |  |  |  | X |
| 31.2 | <u>[Certification of the Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](exhibit312certificateofchi.htm)</u> |  |  |  |  | X |
| 32.1 | <u>[Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](exhibit321certificateofchi.htm)</u> |  |  |  |  | X |
| 10.1 | <u>[Offer Letter, dated February 20, 2026 between Christopher S Deppe and Chewy Inc.](exhibit1012026offerlette.htm)</u> |  |  |  |  | X |
| 10.2 | <u>[2026 PRSU Award Agreement - SLT](exhibit1022026prsuawardagr.htm)</u> |  |  |  |  | X |
| 10.3 | <u>[2026 PRSU Award Agreement - C10](exhibit1032026prsuawardagr.htm)</u> |  |  |  |  | X |
| 10.4 | <u>[2026 RSU Award Agreement - C08](exhibit104rsuawardagreemen.htm)</u> |  |  |  |  | X |
| 10.5 | <u>[2026 RSU Award Agreement C04-C07](exhibit105rsuawardagreemen.htm)</u> |  |  |  |  | X |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |  |  | X |
| 101.SCH | XBRL Taxonomy Extension Schema Document |  |  |  |  | X |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  | X |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |  |  |  |  | X |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  | X |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  | X |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  | X |
| \* Denotes management contract or compensatory plan or arrangement required to be filed as an exhibit hereto | \* Denotes management contract or compensatory plan or arrangement required to be filed as an exhibit hereto | \* Denotes management contract or compensatory plan or arrangement required to be filed as an exhibit hereto | \* Denotes management contract or compensatory plan or arrangement required to be filed as an exhibit hereto | \* Denotes management contract or compensatory plan or arrangement required to be filed as an exhibit hereto | \* Denotes management contract or compensatory plan or arrangement required to be filed as an exhibit hereto | \* Denotes management contract or compensatory plan or arrangement required to be filed as an exhibit hereto |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | | **CHEWY, INC.** |
| Date: | June 10, 2026 | By: | /s/ Christopher S. Deppe |
|  |  |  | Christopher S. Deppe |
|  |  |  | Chief Financial Officer |

---

## Exhibit 10.1

![](exhibit1012026offerlette001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Chris, congratulations on your offer! We're excited to see you continue your journey with the pack! As you know, our mission is to be the most trusted and convenient destination for pet parents and partners everywhere—and your contributions have helped make that possible. In your new role, you'll continue driving a customer-first culture where passionate, big-thinking pet lovers like you make an impact while growing your career. As a Chewtopian, you'll keep working alongside our dynamic, diverse team of innovators who challenge the status quo and Think Big daily. In your new role, you'll tackle complex problems, collaborate with your team, and deliver results that push our mission further. We're committed to fostering a workplace where you can bring your authentic self, feel valued for your unique perspective, and continue growing in meaningful ways. In this packet, you'll find your official offer letter and role details. If you have any questions, I'm here to help. You'll receive the VIP treatment, part of your Chewtopian Advantage! We're excited to see what you'll accomplish next in your Chewy career. Congratulations, Greg Arendt VP, HR Strategy & Operations Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 1

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![](exhibit1012026offerlette002.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 2 **Table of Contents** Offer Letter Confidentiality, Non-Solicitation, Non-Compete and Intellectual Property Assignment Agreement State-Specific Modifications Appendix Prior Works Appendix

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![](exhibit1012026offerlette003.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 3 Offer Letter February 20, 2026 Christopher S. Deppe 503-799-1393 Dear Chris, I am pleased to offer you the position of Chief Financial Officer (CFO) with Chewy, Inc., a Delaware corporation (the "Company") as part of the Corporate Administration team in Plantation, FL, reporting to the Chief Executive Officer. This letter includes information about your compensation package. Work Arrangement: As a remote employee based out of Spring Hill, Tennessee you may be expected to travel for business as requested by your supervisor and the standard employee travel and expenses policies and guidelines will apply. Start Date: Your expected start date will be February 23, 2026 (such date that you assume your responsibilities as CFO of the Company, the "Start Date"). Your appointment as Chief Financial Officer of the Company is conditioned upon approval by the Board of Directors, which appointment will be effective as of the Start Date. Base Salary: Your annual base salary will be $450,000.00. Your wages are payable on a biweekly basis, in accordance with the Company's customary payroll procedures, and subject to applicable deductions and withholdings. Base Salary Review: Chewy completes a base salary review process on an annual basis. Eligibility is not guaranteed and is based on company and individual performance. Annual Short-Term Incentive: You will be eligible to participate in Chewy's 2026 Annual Short-Term Incentive ("STI") program with a target of 100% of eligible earnings. Payouts could be higher or lower than your target contingent on factors including but not limited to time in an eligible role, performance, and program availability. As payments are based upon team member eligible earnings in the applicable fiscal year, the total award is pro-rated based on the time in a role. STI is paid following the end of the performance year and in accordance with the terms and conditions of the program in effect for the applicable fiscal year. The terms of any STI programs are subject to change at the sole discretion of Chewy.

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![](exhibit1012026offerlette004.jpg)

4 Annual Equity Grant: In the spring after your start date (April 2026), you will be eligible to receive an annual equity grant, with an award value of 800% of your annual base salary at the time of grant. At the CFO level, this equity grant will be: (i) 50% in restricted stock units ("RSUs") that will vest at a rate of 25% on the first anniversary of the annual equity grant vesting commencement date (i.e. the annual equity grant vesting commencement date is defined as the first day of the next calendar month following the beginning of the fiscal year), and 6.25% every three (3) months thereafter; and (ii) 50% in performance-based RSUs that will be subject to vest at the end of a three (3) year period of employment. This three (3) year vesting period is inclusive of a one (1) fiscal year company performance-based measurement period. Any annual grants will be at the Company's discretion and subject to the performance and other vesting criteria established by the Company and approved by the Board of Directors. The number of RSUs is calculated by dividing the Long-Term Incentive dollar amount by the average closing stock price on each of the 20 trading days preceding the grant date. While grant dates are subject to adjustment, Chewy currently grants annual awards in April. All equity awards are subject to the terms, definitions, and conditions described in the documentation for your award, to be provided to you under separate cover, and are conditioned upon approval by the Board of Directors. One-Time Grant: You will be awarded an additional equity grant with a value of $8,781,141.00 as of the grant date. This equity grant will be granted in RSUs that will vest at the rate of 30% on December 1, 2026, 25% on December 1, 2027, 25% on December 1, 2028 and 20% on December 1, 2029. The number of RSUs is calculated by dividing the Long-Term Incentive dollar amount by the average closing stock price on each of the 20 trading days preceding the grant date. This award will be granted on the Chewy grant date following your effective date. While grant dates are subject to adjustment, Chewy's grant dates are currently in April, June, September, and December. All equity awards are subject to the terms, definitions, and conditions described in the documentation for your award, to be provided to you under separate cover, and are conditioned upon approval by the Board of Directors. Time Off & Holidays: You will be eligible for unlimited paid time off (PTO). PTO is to be used within reason, subject to manager approval and the needs of the business. Except as otherwise protected by applicable law, PTO requests should be submitted to your manager no less than 2 weeks advance; and PTO requests between November 15th and December 23rd (our business peak time) are treated on a case-by-case basis depending on role and business need. The Company also offers six (6) paid designated holidays per year. At-Will Employment: This letter does not constitute a contract for employment. Your employment with the Company will be employment "at will," which means that the terms and conditions are subject to change at any time, and either you or the Company may terminate your employment at any time, either with or without notice. Any statements to the contrary are not authorized and may not be relied upon unless they are made in writing and signed by Chewy's CEO. Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399

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![](exhibit1012026offerlette005.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 5 We wish to emphasize the importance we place on the proper treatment of any confidential information with which you may have come into contact in the past. We are offering you this job based on your skills and abilities and not your possession of any trade secret, confidential or proprietary information. We require that you not obtain, keep, use for our benefit or disclose to us any confidential, proprietary or trade secret information that belongs to others, unless the party who has the rights to the information expressly consents in writing in advance. This document shall not in any way affect, modify, supersede, void or nullify any prior agreements you have entered into with the Company. By signing below, you acknowledge that, in deciding to accept Chewy's offer of employment, you are not relying on any promises or statements that are not set out in this offer letter. This offer of employment is contingent upon the following: 1. Your acceptance of this offer on or before February 23, 2026. 2. Verification of your previous employment, education, other references, and a successful background check. 3. Your signing of the Company's Confidentiality, Non-Solicitation, and Intellectual Property Assignment Agreement. If the foregoing terms are acceptable to you, please sign below and return this letter to us as soon as possible, but no later than February 23, 2026. If you have any questions regarding this offer, please contact Greg Arendt garendt@chewy.com or by phone at 810-599-9700. Sincerely, Greg Arendt VP, HR Strategy and Operations Agreed to and accepted by: Christopher Deppe: Date

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![](exhibit1012026offerlette006.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 6 Confidentiality, Non-Solicitation, Non-Compete and Intellectual Property Assignment Agreement This Confidentiality, Non-Solicitation, Non-Compete, and Intellectual Property Assignment Agreement, including the attached State-Specific Modifications Appendix (the "Agreement"), is between the undersigned ("Employee") and Chewy, Inc. ("Chewy"). Recitals: WHEREAS, Employee desires to establish and maintain an employment relationship with Chewy and/or one of Chewy's affiliates or subsidiaries (collectively referred to in this Agreement as the "Company"), and the Company desires to hire Employee for its Business (as defined herein); WHEREAS, Employee acknowledges that substantial cost and expense will be incurred by the Company for Employee's training, and Employee's training and employment will require the disclosure of certain Confidential Information (as defined below) that is proprietary; WHEREAS, Employee desires to enter into this Agreement in order to obtain employment with the Company; and NOW, THEREFORE, in consideration of Employee's employment, the Company's entrusting to Employee confidential information relating to the Company's business, providing Employee specialized training related to the Company's business and/or allowing Employee access to customers and the ability to use and develop goodwill with them, Employee agrees to and accepts the conditions of employment set forth in this Agreement[1]: 1. Confidential Information; Non-Competition Covenant; Non-Solicitation Covenant; Customer Restriction. The Employee acknowledges that: (i) the business of the Company is providing retail and wholesale pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and other pet supply services and pet products (with pets to include, without limitation, in addition to household pets, any domesticated livestock) (each individually a "Line of Business" and collectively the "Business"); (ii) the Company is one of the limited number of entities to have developed such a Business; (iii) the Company's Business is national in scope; (iv) the Company directly competes with: e-commerce and mail-order pharmacies and pharmacy compounders; e- commerce retailers and wholesalers of pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and/or other pet supply services, and pet products, including those that exclusively sell pet-related products as well as those offering pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and/or other pet supply services, and pet products as one amongst many product categories available for purchase; and brick-and-mortar retailers and wholesalers whose primary business is the retail or wholesale of pet food, pet pharmacy or compounding, pet health and wellness, and/or other pet supply services and pet products (with pets to include, without limitation, in addition to household pets, any domesticated livestock) (the entities enumerated above are collectively referred to as "Direct Competitors"); (v) over the course of Employee's career, the Company's

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![](exhibit1012026offerlette007.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 7 business may expand beyond its current Business, and therefore, the definition of Direct Competitors also includes any business engaged in the developing, marketing or selling of any product(s) or service(s) the Company is developing, marketing or selling or has plans to develop, market or sell at the time of Employee's termination of employment in which Employee had involvement or about which Employee obtained Confidential Information during the Look Back Period (defined below); (vi) Employee's work for the Company will give Employee access to the confidential affairs and proprietary information of the Company; (vii) the covenants and agreements contained in this Section are essential to the Business and goodwill of the Company; (viii) the Company would not have employed Employee but for the covenants and agreements set forth in this Section 1; and (ix) the restrictive covenant provisions in Section 1 are necessary to protect the Company's Confidential Information (including trade secrets) and key business relationships. (g) Confidential Information. "Confidential Information" refers to an item of information, or a compilation of information, in any form (tangible or intangible), related to the business of the Company that the Company has not made public or authorized public disclosure of, and that is not generally known to the public through proper means. Employee acknowledges that in Employee's position with the Company, Employee will obtain and/or have access to Confidential Information regarding the business of the Company, including, but not limited to: business plans and forecasts, market analysis, marketing plans and strategies, branding strategies, pricing-related variables and strategy, the actual and anticipated research and development activities of the Company, unpatented inventions, technical data, knowledge, information and materials about trade secrets, mailing/e-mailing lists, methods of operation, customer or client lists, data, preferences and buying histories, services, know-how, confidential information about financial performance, human resources information such as that obtained from a confidential personnel file, other proprietary matters relating to the Company, and information that is entrusted to the Company in confidence by third parties with whom the Company does business or is negotiating to do business, all of which constitute valuable assets of the Company which this Agreement is designed to protect. Nothing herein restricts or prevents an employee from sharing information about their own compensation with other employees nor prevents other employees from making inquiries about the compensation earned or paid to co-workers. Confidential Information does not include information lawfully acquired by a non-management employee about wages, hours or other terms and conditions of employment if used by them for purposes protected by §7 of the National Labor Relations Act (the NLRA) such as joining or forming a union, engaging in collective bargaining, or engaging in other concerted activity for their mutual aid or protection. Accordingly, until such time as the Confidential Information is readily available publicly (other than as a result of disclosure by Employee), Employee shall not disclose to any person or use, copy, download, upload or transfer any Confidential Information, whether or not created in whole or in part by the efforts of Employee and regardless of whether Employee is still employed by the Company. Employee will only disclose or use, copy, download, upload or transfer such Confidential Information as is required by law or as necessary in the performance of Employee's duties on behalf of the Company. If Employee has any questions about what constitutes Confidential Information, Employee agrees to contact the Company's Chief Human Resources Officer or General Counsel prior to disclosure of such information. The

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![](exhibit1012026offerlette008.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 8 Company and Employee agree that this Agreement does not alter any obligations Employee owes to the Company under any other applicable statute or the common law. Nothing in this Agreement prohibits Employee from filing a charge or complaint, including opposing or reporting criminal conduct or unlawful employment practices, or otherwise reporting an event that is reasonably and in good faith believed to be a violation of law to an attorney retained by Employee, law enforcement or the relevant law-enforcement agency (such as the Securities and Exchange Commission, Equal Employment Opportunity Commission, Department of Labor, the state division/agency for human rights or a local commission on human rights), , or from cooperating in an investigation conducted by such a government agency. Further, nothing in this Agreement prevents Employee from testifying in any administrative, legislative, or judicial proceeding or speaking with law enforcement or an attorney retained by Employee concerning alleged criminal conduct or alleged sexual harassment on the part of the Company or its agents or employees. Employee understands and agrees that under the 2016 Defend Trade Secrets Act (DTSA): (1) no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret (as defined in the Economic Espionage Act) that: (A) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order. The Company and Employee recognize that state and federal law provide additional protection for statutorily defined trade secrets and this Agreement does not waive, alter, or reduce any such additional protections. Likewise, the Company and Employee agree that this Agreement does not alter, reduce or modify any obligations Employee owes to the Company under any other applicable statute or the common law. (g) Non-Competition Covenant. Employee agrees that during employment and for a period of two (2) years from the date Employee's employment ends (whatever the cause) ("Restricted Period"), Employee shall not, anywhere within the Territory (defined below), directly or through the direction or control of others, acting individually or as an owner, shareholder, partner, employee, contractor, agent or otherwise, on behalf of a Direct Competitor: (i) provide services that are the same as or similar in function or purpose to the services Employee provided to the Company during the last two (2) years of employment or such shorter period of time as Employee has been employed (the "Look Back Period") or (ii) or provide services that are otherwise likely or probable to result in the use or disclosure of Confidential Information to a Direct Competitor. Notwithstanding the foregoing, Employee may accept employment with a Direct Competitor if the part of the Direct Competitor's business in which Employee accepts employment is not a business that competes with a portion or division of the Company's Business that Employee had involvement with or access to Confidential Information about during the Look Back Period, if prior to acceptance Employee provides the

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![](exhibit1012026offerlette009.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 9 Company written notice of the position Employee is taking and provides written assurances satisfactory to Company that the position will not involve a competing product of which Employee had involvement or access to Confidential Information about, cause harm to Company's customer relationships, or involve use of Confidential Information. Only the Company's Chief Human Resources Officer or General Counsel has authority to advise whether the written assurances provided by the Employee pursuant to this section are satisfactory. "Territory" means the geographic territory(ies) assigned to Employee by Company during the Look Back Period (by state, county, or other recognized geographic boundary used in the Company's Business); and, if Employee has no such specifically assigned geographic territory then: (i) those states and counties in which Employee participated in the Company's Business and/or about which Employee was provided access to Confidential Information during the Look Back Period; and, (ii) the state and county where Employee resides. If Employee is employed by the Company in a research and development capacity and/or if Employee is employed in a senior management position (such as Director, Senior Director, Vice President and above, Board Member, or Officer) then Employee is presumed to have participated in the Company's Business and/or had Confidential Information about the Company's Business throughout the United States (including state and state-equivalents and county and county- equivalents therein), as the Company and Employee agree that the Company's Business is e- commerce, is conducted nationwide and competes nationwide. Employee is responsible for seeking clarification from the Company's Human Resources department if it is unclear to Employee at any time what the scope of the Territory is. (g) Employee and Independent Contractor Non-Solicitation Covenant. Employee agrees that during the Restricted Period, Employee will not, in person or through the assistance of others, knowingly participate in soliciting or communicating (verbally or in writing) with a Covered Worker (defined herein) for the purpose of persuading the Covered Worker to go to work for a Direct Competitor or to end or modify the Covered Worker's relationship with the Company. A "Covered Worker" means a current employee or independent contractor of the Company about whom Employee gained knowledge of through Employee's employment with the Company, with whom Employee worked, or about whom Employee acquired Confidential Information, or any former employee or independent contractor of the Company about whom Employee gained knowledge of through Employee's employment with the Company, with whom Employee worked, or about whom Employee acquired Confidential Information and who has been employed or engaged by the Company at any time during the six months prior to the date of Covered Worker's termination. In the event the Company loses a Covered Worker due, in whole or in part, to conduct by Employee that violates this Agreement prior to the issuance of injunctive relief, Employee shall pay the Company a sum equal to thirty percent (30%) of the annual compensation of the person(s) who were improperly solicited and left Company, based on such person's last rate of compensation with the Company. This payment shall not preclude or act as a substitute for any remedy that would otherwise be available, including but not limited to, injunctive relief to prevent further violations. Nothing herein is intended to be or is to be construed as a prohibition against general advertising such as "help wanted" ads that are not targeted at the Company's employees or independent contractors.

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![](exhibit1012026offerlette010.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 10 (g) Customer Non-Solicitation Restriction. Employee agrees that during the Restricted Period, Employee will not, working alone or in conjunction with one or more other persons or entities, whether for compensation or not, on behalf of a Direct Competitor: (i) solicit, assist in soliciting, or facilitate the solicitation of, the sale of pet food, pet pharmacy, pet health and wellness, and/or other pet supply products, to any and all customers of the Company with respect to whom Employee had Material Business-Related Contact (defined below) or accessed or received Confidential Information about during the Look Back Period ("Covered Customer"); or (ii) interfere with the Company's business relationship with any Covered Customer. "Material Business-Related Contact" means a direct, substantive conference, meeting, correspondence, discussion, or other contact or communication (but not merely a mass mailing, "cold call" telephone solicitation, incidental meeting at trade shows or conventions or other like incidental contacts), that is intended to result in, lead to, maintain, increase, facilitate, further or otherwise aid, the sale, or other provision of products or services sold or provided by the Company. For the purposes of Section 1(c) and (d), "solicit" means to interact with someone in an effort to cause or encourage the person or entity to do something, regardless of which party first initiates contact. The non-solicitation covenants in Section 1(c) and (d) are understood to be inherently and reasonably limited by geography to those locations and/or places of business where the Covered Customer, or Covered Worker is located and available for solicitation. Where (and only where) a different form of geographic limitation is required by applicable state law for enforcement, the covenants will be considered limited to Employee's Territory. 2. Return of Company Property and Confidential Materials. All tangible property (including cell phones, laptop or tablet computers and other Company property), as well as all Confidential Information, is the exclusive property of the Company and must be returned to the Company in accordance with the Company's instructions upon termination of Employee's employment or at such other time as is requested by the Company. Employee agrees that upon termination of employment for any reason whatsoever Employee shall return all copies, in whatever form or media, including hard copies and electronic copies, of Confidential Information to the Company, and Employee shall delete any copy of the Confidential Information on any computer file or database maintained by Employee and, upon request by the Company, Employee shall certify in writing that they have done so. 3. Intellectual Property Assignment. Employee is expected to use his or her inventive and creative capacities for the benefit of the Company and to contribute, where possible, to the Company's intellectual property in the ordinary course of employment. (g) "Inventions" mean any inventions, discoveries, improvements, designs, processes, machines, products, innovations, business methods or systems, know how, ideas or concepts of commercial value or utility, and related technologies or methodologies, whether or not shown or described in writing or reduced to practice and whether patentable or not. "Works" mean original works of authorship, including, but not limited to: literary works (including all written material), mask works, computer programs, formulas, tests, notes, data compilations, databases, artistic and graphic works (including designs, graphs, drawings, blueprints, and other works), recordings, models, photographs, slides, motion pictures, and audio visual works;

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![](exhibit1012026offerlette011.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 11 whether copyrightable or not, and regardless of the form or manner in which documented or recorded. "Trademarks" mean any trademarks, trade dress or names, symbols, special wording or devices used to identify a business or its business activities whether subject to trademark protection or not. The foregoing is collectively referred to in this Agreement as "Intellectual Property." (g) Employee assigns to the Company Employee's entire right, title and interest in and to all Inventions that are made, conceived, or reduced to practice by Employee, alone or jointly with others, during Employee's employment with the Company (whether during working hours or not) that either (i) relate to the Company's Business, or actual or demonstrably anticipated research or development of the Company, or (ii) involve the use or assistance of any tools, time, material, personnel, information, or facility of the Company, or (iii) result from or relate to any work, services, or duties undertaken by Employee for the Company. (g) Employee recognizes that all Works and Trademarks conceived, created, or reduced to practice by Employee, alone or jointly with others, during Employee's employment shall to the fullest extent permissible by law be considered the Company's sole and exclusive property and "works made for hire" as defined in the U.S. Copyright Laws for purposes of United States law and the law of any other country adhering to the "works made for hire" or similar notion or doctrine, and will be considered the Company's property from the moment of creation or conception forward for all purposes without the need for any further action or agreement by Employee or the Company. If any such Works, Trademarks or portions thereof shall not be legally qualified as works made for hire in the United States or elsewhere, or shall subsequently be held to not be works made for hire or not the exclusive property of the Company, Employee hereby assigns to the Company all of Employee's rights, title and interest, past, present and future, to such Works or Trademarks. Employee will not engage in any unauthorized publication or use of such Company Works or Trademarks, nor will Employee use same to compete with or otherwise cause damage to the business interests of the Company. (g) It is the purpose and intent of this Agreement to convey to the Company all of the rights (inclusive of moral rights) and interests of every kind, that Employee may hold in Inventions, Works, Trademarks and other Intellectual Property that are covered by Sections 3(a) – (c) above ("Company Intellectual Property"), past, present and future; and, Employee waives any right that Employee may have to assert moral rights or other claims contrary to the foregoing understanding. It is understood that this means that in addition to the original work product (be it invention, plan, idea, know how, concept, development, discovery, process, method, or any other legally recognized item that can be legally owned), the Company exclusively owns all rights in any and all derivative works, copies, improvements, patents, registrations, claims, or other embodiments of ownership or control arising or resulting from an item of assigned Company Intellectual Property everywhere such may arise throughout the world. The decision whether or not to commercialize or market any Company Intellectual Property is within the Company's sole discretion and for the Company's sole benefit and no royalty will be due to Employee as a result of the Company's efforts to commercialize or market any such invention. In the event that there is any Invention, Work, Trademark, or other form of intellectual property that is incorporated into any product or service of the Company that

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![](exhibit1012026offerlette012.jpg)

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![](exhibit1012026offerlette013.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 13 (g) Notwithstanding anything herein to the contrary, Employee understands that the provisions of this Agreement requiring assignment of Work Product to the Company do not apply to any invention that qualifies fully under the provisions of any of the following: California Labor Code Section 2870; Delaware Code Title 19 Section 805; Illinois Employee Patent Act Section 1060/2; Kansas Statutes Section 44-130; Minnesota Statutes 13A Section 181.78; New Jersey Rev. Stat. §34:1B-265; North Carolina General Statute Section 66-57.1; Washington Revenue Code Section 49.44.140; and Utah Code Sections 34-39-l through 34-39-3, "Employment Inventions Act." NOTICE: Employee acknowledges notice that to the extent one of the foregoing laws applies, Employee's invention assignment agreement will not apply to an invention for which no equipment, supplies, facility or trade secret information of the Company was used and which was developed entirely on Employee's own time, unless: (1) the invention relates directly to the Business or to the Company's actual or demonstrably anticipated research or development; or (2) the invention results from any work performed by Employee for the Company. Similarly, to the extent California Labor Code Section 2870, or Illinois 765 ILCS 1060/1-3, "Employee Patent Act", controls then the same notice will apply absent the word "directly" in part (1). Employee will advise the Company promptly in writing of any inventions that Employee believes meet the criteria in any of the laws identified in this Section 3. 4. Reasonable Restrictions. Employee acknowledges and agrees that the restrictions and covenants contained in this Agreement (including but not limited to the temporal and geographic restrictions) are reasonably necessary to protect the goodwill and legitimate business interests of the Company, including without limitation the Company's Confidential Information and business, employment and other relationships. 5. Reformation. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. If a Court determines that at the time this Agreement is presented for enforcement any provisions are overly broad or unenforceable (such as to time, geography, subject or scope of restricted activity), the parties agree that the Court shall reform the Agreement to make it enforceable to the maximum extent possible and shall enforce the other terms as written. 6. Not an Employment Agreement. This Agreement is not, and shall not be construed to create, any contract of employment, express or implied. Nor does this Agreement in any way alter the "at- will" status of Employee's employment. 7. Duty to Disclose Agreement and to Report New Employer. To ensure full compliance with the terms of this Agreement, during the Restricted Period, Employee shall provide a copy of this Agreement to any future employer. In the event that Employee leaves the employ of the Company, Employee hereby consents to the notification of Employee's new employer of Employee's rights and obligations under this Agreement. Employee will not assert any claim that such conduct is legally actionable interference or otherwise impermissible regardless of whether or not this Agreement is later found to be enforceable in whole or in part.

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![](exhibit1012026offerlette014.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 14 8. Representations as to Prior or Other Agreements. Employee represents and warrants that they are able to perform the contemplated duties of employment without being in breach of any confidentiality agreements or disclosing proprietary information of any third party, and that no proprietary information of any third party shall be disclosed to the Company. Employee is not aware of an agreement, contract, non-compete covenant, non-disclosure agreement or similar restriction that would in any way restrict, limit or prohibit Employee's employment by the Company that Employee has not disclosed and provided to the Company. 9. Governing Law, Venue and Personal Jurisdiction. To maintain uniformity in the interpretation of this Agreement across the Company's operations in many different states, the parties have expressly agreed that this Agreement, the parties' performance hereunder and the relationship between them shall be governed by, construed and enforced in accordance with the laws of the State of Florida without regard to the conflict of law rules or limitations of Florida or any other state that may otherwise apply. Any claim by either Employee or the Company for injunctive relief to enforce Sections 1 and/or 3 of this Agreement shall be exclusively finally resolved by a state or federal court located in Broward County, Florida and the parties to this Agreement hereby consent to personal jurisdiction therein. Notwithstanding the foregoing, if Employee is party to an arbitration agreement with the Company, except for a claim by either Employee or the Company for injunctive relief where such would be otherwise authorized by law to enforce Sections 1 and/or 3 of this Agreement, the Federal Arbitration Act, 9 U.S.C. § 1 et seq. and federal law shall govern all aspects of any agreement between the parties to arbitrate claims arising from or related to this Agreement and such claims shall be submitted to binding arbitration in accordance with the arbitration agreement Employee executed with the Company. 10. Injunctive Relief. Employee acknowledges that the restrictions contained in this Agreement are necessary to protect Confidential Information (including trade secrets), and to protect the business and goodwill of the Company and are reasonable for such purposes. Employee agrees that any breach of this Agreement is likely to cause the Company substantial and irrevocable damage that is difficult to measure. Therefore, in the event of any such breach or threatened breach, Employee agrees that the Company, and/or any entity to which this Agreement is assigned pursuant to Section 14, in addition to such other remedies which may be available, shall have the right to obtain an injunction from a court restraining such a breach or threatened breach and the right to specific performance, with One Thousand Dollars ($1,000.00) being the agreed-upon amount of bond (if any) that needs be posted to secure such relief. 11. Attorneys' Fees. If Employee breaches any obligation in this Agreement, Employee will pay the expenses, including reasonable attorneys' fees, incurred by the Company to establish that breach, to obtain injunctive relief, and/or otherwise to enforce the terms of this Agreement. If under applicable law, the foregoing cannot be enforced without also giving Employee the right to recover attorneys' fees and costs if deemed the prevailing party, then the foregoing sentence shall not apply and both parties shall bear their own attorney's fees and costs instead. The Company shall be deemed the prevailing party if it is awarded any part of the legal or equitable relief it seeks, irrespective of whether some of the relief it seeks is denied or modified.

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![](exhibit1012026offerlette015.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 15 12. Waiver. The waiver by the Company of a breach or threatened breach of this Agreement by Employee shall not be construed as a waiver of any subsequent breach by Employee. The refusal or failure of the Company to enforce any specific restrictive covenant in this Agreement against Employee, or any other person for any reason, shall not constitute a defense to the enforcement by the Company of any other restrictive covenant provision set forth in this Agreement. 13. Tolling. If Employee fails to comply with a timed restriction in this Agreement, the time period for that will be extended by one day for each day Employee is found to have violated the restriction, not to exceed a period of two (2) years following the date Employee's employment ends. 14. Successors and Assigns. If the Company is sold, merged into another entity, or otherwise reorganized, this Agreement shall automatically be assigned to the successor entity and Employee shall continue to owe the obligations set forth in this Agreement to the successor entity unless otherwise agreed in writing. In such a circumstance, Confidential Information shall include information of the successor entity as well as that of the Company. The Company shall have the right to assign this Agreement at its sole election without the need for further notice to or consent by Employee. 15. Survival. This Agreement shall survive the termination of Employee's employment with the Company. 16. Continuing Effect. This Agreement shall remain in full force and effect throughout Employee's entire employment, regardless of any change in Employee's employment relationship with the Company, whether through promotions, demotions, transfers, changes in compensation, changes in benefits, changes in job duties, changes in responsibilities, changes in title, or otherwise. 17. Entire Agreement. This Agreement, including the state-specific modifications in the Appendix, embodies the entire agreement of the parties on the subject matter herein; provided, however, if Employee is party to a Restricted Stock Unit Agreement or other equity or incentive agreement with the Company, the confidentiality, nonsolicitation, and/or noncompetition provisions of such agreement shall supplement and be read together with the provisions of this Agreement to afford the Company the greatest protections allowed by applicable law, except that the governing law and venue of any such agreement shall be superseded by the governing law and venue provision in Section 9 of this Agreement. Further, for the avoidance of doubt, the restrictive covenants in this Agreement will not be construed to replace, reduce or otherwise detrimentally impact the applicability or enforceability of any other such restrictive covenants Employee may agree to with the Company. Nothing in this Agreement limits or reduces any common law or statutory duty Employee owes to the Company, nor does this Agreement limit or eliminate any remedies available to the Company for a violation of such duties. No amendment or modification of this Agreement shall be valid or binding upon the Company or the Employee unless made in writing and signed by the parties hereto (unless such amendment or modification is by order of a court or arbitrator). All prior understandings and agreements relating to the subject matter of this Agreement are hereby expressly terminated, except as provided in this Section 17. [Signature page follows.]

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![](exhibit1012026offerlette016.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 16 The effective date of this Agreement shall be the date signed by Employee below unless this Agreement is entered into as a condition of initial employment or promotion in which case the effective date is the first day of Employee's employment in such new position (whether reduced to writing on that date or not). Employee acknowledges that they have discussed the contents of this Agreement with their legal counsel or has been afforded the opportunity to avail themselves of the opportunity to the extent Employee wished to do so. Chewy, Inc. Greg Arendt VP, HR Strategy and Operations Date: Agreed to and accepted by: Christopher Deppe: Date:

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![](exhibit1012026offerlette017.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 17 State-Specific Modifications Appendix The following shall apply to modify provisions of the Agreement, where applicable, based upon the controlling law in the state where I (Employee) primarily reside when last employed by the Company if the Choice of Law in Paragraph 9 is determined by a court or arbitrator not to control or is expressly described as inapplicable to Employee below: Low Wage Worker Protections. The parties acknowledge that some states prohibit or place limitations on the use of covenants not to compete or noncompete covenants with an employee considered to be a low wage worker based on the employee's rate of compensation or overtime exemption status under the Fair Labor Standards Act (a "Low Wage Worker Protection" law, or "LWWP law"). It is the Parties intend not to create any restriction that would violate any controlling state LWWP law. Where the controlling state's law includes an LWWP law, it is the parties' intent that this Agreement's obligations be construed so as to fit within any applicable exclusion for duty of loyalty obligations, nonsolicitation covenants, confidential information protection covenants, and intellectual property assignment agreements recognized under the LWWP law at issue, and that it not create a prohibited covenant not to compete. Alabama: If Alabama law is deemed to apply, then for so long as Alabama law controls: the definition of "Covered Worker" in Section 1(c)shall be limited to only include an employee or independent contractor who is in a Sensitive Position. An employee or consultant in a "Sensitive Position" refers to an employee or an independent contractor of the Company who is uniquely essential to the management, organization, or service of the business. California: If California law controls, the non-solicitation restrictions in Sections 1(c) and (d) and the non-competition restriction in Section 1(b) shall not apply post-employment. However, any conduct relating to the solicitation of Company's customers or employees that involves the misappropriation of the Company's trade secret information, such as its protected customer information, will remain prohibited conduct at all times. Further, Section 9 shall be modified to read: the parties have expressly agreed that this Agreement, the parties' performance hereunder and the relationship between them shall be governed by, construed and enforced in accordance with the laws of the State of California without regard to the conflict of law rules or limitations of California or any other state that may otherwise apply. Any claim by either Employee or the Company for injunctive relief to enforce Sections 1 and/or 3 of this Agreement shall be exclusively finally resolved by a state or federal court located in California and the parties to this Agreement hereby consent to personal jurisdiction therein. Notwithstanding the foregoing, if Employee is party to an arbitration agreement with the Company, except for a claim by either Employee or the Company for injunctive relief where such would be otherwise authorized by law to enforce Sections 1 and/or 3 of this Agreement, the Federal Arbitration Act, 9 U.S.C. § 1 et seq. and federal law shall govern all aspects of any agreement between the parties to arbitrate claims arising from or related to this Agreement and such claims shall be submitted to binding arbitration in accordance with the arbitration agreement Employee executed with the Company.

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![](exhibit1012026offerlette018.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 18 Colorado: If Colorado law is deemed to apply, and Employee is not an officer, executive or management employee, or an employee who constitutes professional staff to executive and management personnel, then for so long as Colorado law controls: (a) Section 1(b) shall not apply; (b) the definition of Covered Customer in Section 1(d) shall be modified to be limited to only those persons or entities that Employee had access to trade secrets about in the Look Back Period; and (c) I stipulate that the employee and customer non-solicitation obligations in Section 1(c) and (d) are reasonable and necessary for the protection of trade secrets within the meaning § 8-2-113(2)(b) (the "Colorado Noncompete Act"). District of Columbia: If Employee performs work for the Company in the District of Columbia and the law of the District of Columbia controls, then the non-competition restrictions in Section 1(b) shall not apply to Employee to the extent they would prohibit Employee from being simultaneously or subsequently employed by another person, performing work or providing services for pay for another person, or operating my own business. However, conduct involving disclosure of confidential, proprietary, or sensitive information, client lists, customer lists, or a trade secret, as that term is defined in section 2(4) of the Uniform Trade Secrets Act of 1988 (D.C. Law 7- 216; D.C. Official Code §36-401(4) shall remain prohibited and nothing in this Agreement shall be construed to limit or eliminate any rights or remedies the Company would have against me under trade secret law, unfair competition law, agency law or other laws applicable in the District of Columbia absent this Agreement. Georgia: If Georgia law is deemed to apply, then for so long as Georgia law controls: the definition of Confidential Information will be understood to exclude information voluntarily disclosed to the public by the Company (excluding unauthorized disclosures by me or others), information that is the result of independent development by others, and information that is otherwise available in the public domain through lawful means. Nothing in this Agreement, including the definition of Confidential Information, limits or alters the definition of what constitutes a trade secret under any federal or state law designed to protect trade secrets. Idaho: If Idaho law is deemed to apply, then for so long as Idaho law controls: the Restricted Period shall be reduced to eighteen (18) months. Illinois: If Illinois law is deemed to apply, then for so long as Illinois law controls, (a) the non-competition restrictions in Section 1 (b) shall not apply if Employee earns equal to or less than $75,000 annually ("Non-Competition Earnings Threshold") (with the Non-Competition Earnings Threshold increasing by $5,000 every five years from January 1, 2027 through January 1, 2037); (b) the customer and employee non-solicitation restrictions in Sections 1 (c) and (d) shall not apply if Employee earns equal or less than $45,000 annually ("Non-Solicit Earnings Threshold")(with the Non-Solicit Earnings Threshold increasing by $2,500 every five years from January 1, 2027 through January 1, 2037). Employee further agree that if, at the time Employee signs the Agreement, Employee's earnings do not meet the Non- Competition Earnings Threshold and/or the Non-Solicit Earnings Threshold, then the non-competition provision contained in Section 1 (b), will automatically become enforceable against Employee if and when Employee begins earning an amount equal to or greater than the Non-Competition Earnings Threshold, and

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![](exhibit1012026offerlette019.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 19 the non-solicitation provisions in Sections 1 (c) and (d) will automatically become enforceable against Employee if and when Employee begins earning an amount equal to or greater than the Non-Solicit Earnings Threshold; (c) the Restricted Period shall be reduced to twelve (12) months; (d) Employee acknowledges they received a copy of the Agreement at least 14 calendar days before the effective date and they were instructed to consult with an attorney before entering into the Agreement; and (e) Section 11 (Attorneys' Fees) is rewritten as follows: "In the event that any action is filed to enforce the terms and conditions of this Agreement, the prevailing party in the action will recover from the non-prevailing party, in addition to any other sum that either party may be called upon to pay, a reasonable sum for the prevailing party's attorney's fees and costs. The Company shall be deemed the prevailing party if it is awarded any part of the legal or equitable relief it seeks, irrespective of whether some of the relief it seeks is denied or modified.". Indiana: If Indiana law is deemed to apply, then for so long as Indiana law controls: (a) the definition of Covered Worker in Section 1(c) will be further limited to employees who have access to or possess any knowledge that would give a competitor an unfair advantage; and (b) the Restricted Period shall be reduced to eighteen (18) months. Louisiana: If Louisiana law is deemed to apply, then for so long as Louisiana law controls: (a) the Territory referenced in Section 1(b) of the Agreement is understood to cover the following parishes in Louisiana: Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Cameron, Catahoula, Claiborne, Concordia, De Soto, East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson, Jefferson Davis, Lafayette, Lafourche, La Salle, General, Livingston, Madison, Morehouse, Natchitoches, Orleans, Ouachita, Plaquemines, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Tensas, Terrebonne, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana, and Winn; and, if counties (or their equivalents) in Employee's Territory that are located outside of Louisiana must also be specified by name, Employee acknowledges that the names at issue are those listed by the U. S. Census Bureau for the remainder of the United States found at https://en.wikipedia.org/wiki/List_of_counties_by_U.S._state (summarizing data from www.census.gov and incorporated herein by reference) and same are all incorporated herein by reference)(b) the Non-Solicitation of Customers provision in Section 1(d) shall be limited to the foregoing parishes and counties. However, nothing in this Agreement may be construed to prohibit the enforcement of Sections 1(b) and (d) in accordance with their terms in states outside of Louisiana; and (c) the Restricted Period shall be reduced to twelve (12) months. Maine: If Maine law is deemed to apply, then for so long as Maine law controls: (a) Employee acknowledges that if Employee is being initially hired by the Company that Employee was notified a noncompete agreement would be required prior to their receiving a formal offer of employment from the Company and they were given a copy of the Agreement at least three business days before they were required to sign the Agreement; (b) Section 1(b) will not take effect until one year of employment or a period of six months from the date the

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![](exhibit1012026offerlette020.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 20 agreement is signed, whichever is later; and (c) Section 1(b) shall not apply if Employee earns at or below 400% of the federal poverty level (https://aspe.hhs.gov/poverty-guidelines). Maryland: If Maryland law is deemed to apply, then for so long as Maryland law controls: Section 1(b) shall not apply if Employee earns equal to or less than $15/hour or $31,200 annually. Massachusetts: If Massachusetts law is deemed to apply, Section 1(b) does not apply. Missouri: If Missouri law controls, then the employee non-solicit obligations in Section 1(c) will be modified to exclude from the definition of Covered Worker any employee who provides only secretarial or clerical services. Montana: If Montana law is deemed to apply, then for so long as Montana law controls: (a) the at-will provision in Section 6 shall not apply; and (b) Nebraska: If Nebraska law is deemed to apply, then for so long as Nebraska law controls: (a) Section 1(d) shall not apply to any customer Employee did not personally solicit, service, or have business-related dealings with during Look Back Period; (b) Section 1(b) shall not apply; and (c) the Restricted Period shall be reduced to twelve (12) months. Nevada: If Nevada law is deemed to apply, then for so long as Nevada law controls: (a) the noncompete obligations in Section 1(b) will not become effective until Employee has either been employed by the Company for sixty (60) days or received $5,000 in wages from the Company; (b) the restrictions in Section 1(d) shall not preclude Employee from providing services to any former customer of the Company if: (i) Employee did not solicit the former customer; (ii) the customer voluntarily chose to leave and sought services from Employee; and (iii) Employee is otherwise complying with the limitations in this Agreement as to time and scope of activity to be restrained; (c)if Employee is paid solely on an hourly wage basis, the non-competition in Section 1 (b) shall not apply; and (d) if Employee's employment with the Company is terminated as a result of a reduction in force, reorganization or similar restructuring of the Company, the non-compete covenant will only be enforceable during the period in which the Company is paying the Employee's salary, benefits or equivalent compensation, including without limitation, severance pay, if it elects to make such a payment. New Hampshire: If New Hampshire law is deemed to apply, then for so long as New Hampshire law controls: (a) Section 1(b) does not apply if Employee earns an hourly rate less than or equal to 200 percent of the federal minimum wage; and (b) Employee acknowledges that they were given a copy of this Agreement prior to the offer of employment.

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![](exhibit1012026offerlette021.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 21 New York: If New York law is deemed to apply, then for so long as New York law controls: the restrictions in Section 1(d) shall not apply to customers who became a customer of the Company as a result of Employee's independent contact and business development efforts with the customer prior to and independent from Employee's employment with Company. North Carolina: If North Carolina law is deemed to apply, then for so long as North Carolina law controls: (a)) the Look Back Period shall be calculated looking back one year from the date the employment ends or two years from the date of enforcement and not from the date employment ends, whichever provides the Company the greatest protection and is enforceable under applicable law; and (b) the Restricted Period shall be reduced to twelve (12) months. North Dakota: If North Dakota law is deemed to apply, then for so long as North Dakota law controls: the non-solicitation restrictions in Section 1(c) and (d) and the non-competition restriction in Section 1(b) shall not apply post- employment. However, any conduct relating to the solicitation of Company's customers or employees that involves the misappropriation of the Company's trade secret information, such as its protected customer information, will remain prohibited conduct at all times. Oklahoma: If Oklahoma law is deemed to apply, then for so long as Oklahoma law controls: (a) Section 1(b) shall not apply post-employment; and (b) the application of Section 1(d) is limited to solicitation of established Company customers (person or entity) that Employee or a person acting under Employee's supervision had significant business-related contact or dealings with on behalf of the Company or was provided Confidential Information about in the Look Back Period. A customer will be presumed to be established where actual sales and/or services have occurred or been performed in the preceding year and/or where there is an active proposal for sales or services pending as of the date my employment with Company ends. Oregon: If Oregon law is deemed to apply, then for so long as Oregon law controls: (a) unless the Company chooses to compensate Employee as allowed under the Oregon Noncompete Act (Or. Rev. Stat. §653 et seq.), the restrictions in Section 1(b) shall only apply to Employee if: (a) Employee is engaged in administrative, executive or professional work and performs predominantly intellectual, managerial, or creative tasks, exercise discretion and independent judgment and earns a salary and is paid on a salary basis; (b) the Company has a "protectable interest" (meaning, access to trade secrets or competitively sensitive confidential business or professional information that otherwise would not qualify as a trade secret, including product development plans, product launch plans, marketing strategy or sales plans); and (c) the total amount of Employee's annual gross salary and commission, calculated on an annual basis, at the time of their termination, exceeds $100,533 (or the earnings threshold in effect based on annual adjustment for inflation pursuant to the Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor immediately preceding the calendar year of my termination). ; (b) the Restricted Period shall be reduced to twelve (12) months; and

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![](exhibit1012026offerlette022.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 22 (c) if Employee is a new employee, Employee acknowledges that they were notified in a written offer of employment received two weeks before the commencement of employment that a noncompetition agreement was a condition of employment. Rhode Island: If Rhode Island law is deemed to apply, then for so long as Rhode Island law controls: Section 1(b) shall not apply to Employee post-employment if Employee is: classified as non-exempt under the FLSA; an undergraduate or graduate student in an internship or short-term employment relationship; 18 years of age or younger; or a low wage employee (defined as earning less than 250% of the federal poverty level, (https://aspe.hhs.gov/poverty-guidelines)). South Carolina: If South Carolina law is deemed to apply, then for so long as South Carolina law controls the Restricted Period shall be reduced to twelve (12) months. Utah: If Utah law is deemed to apply, then for so long as Utah law controls: the Restricted Period shall be reduced to twelve (12) months. Virginia: If Virginia law is deemed to apply, then for so long as Virginia law controls: (a) Section 1(b)(ii) shall not apply; (b) the Restricted Period shall be reduced to twelve (12) months; (c) the parties agree that the non-competition and non-solicitation provisions in Section 1 are reasonably limited in nature and do not prohibit employment with a competing business in a non-competitive position; and (d) unless Employee's earnings are derived, in whole or in predominant part, from sales commissions, incentives, or bonuses: (i) Employee's non-competition obligation in Section 1(b) and non-solicitation obligation in Section 1(d)(ii) shall not apply if Employee's average weekly earnings calculated as provided for under Code of Virginia §40.1-28.7:7 (the "Virginia Act"), are less than the average weekly wage of the Commonwealth as determined pursuant to subsection B of §65.2-500 or Employee otherwise qualifies as a low-wage employee under the Virginia Act; and (ii) notwithstanding anything in the Agreement to the contrary, nothing in the Employee's non-competition and non-solicitation obligations shall restrict Employee from providing a service to a customer or client of Company if Employee does not initiate contact with or solicit the customer or client. Washington: If Washington law is deemed to apply, then for so long as Washington law controls: (a) Sections 1(b), (d)(ii), and the definition of "solicit" shall only apply post-employment if Employee's annualized earnings from the Company exceeds $100,000.00 per year (adjusted annually in accordance with Section 5 of Washington HP 1450), and Sections 1(b), (d)(ii), and the definition of "solicit" shall only apply during employment if Employee earns at least twice the Washington minimum hourly wage (subject to the common law duty of loyalty and the Company's Code of Conduct and Ethics);

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![](exhibit1012026offerlette023.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 23 (b) Employer further agrees that if Employee's employment with the Company is terminated as the result of a layoff, the Company will not enforce the non-competition provision contained in Section 1(b), the customer non-solicit provision in Section 1(d)(ii) and the definition of "solicit" against Employee unless, during the period of enforcement, the Company pays Employee compensation equivalent to Employee's final base pay at the time of the termination of Employee's employment, minus the amount of any compensation Employee earns through employment after the end of Employee's employment with the Company, which Employee agrees to promptly and fully disclose. For purposes of this section, "layoff" means termination of Employee's employment by the Company for reasons of Employer's insolvency or other purely economic factors, and specifically excludes termination of Employee's employment for any other reason, either with or without cause; (c) the Restricted Period shall be reduced to eighteen (18) months; (d) Employee further acknowledges that Employee had advance notice of the terms of this Agreement prior to accepting the Company's offer of employment; and (e) Section 9 shall be modified to state as follows: The parties have expressly agreed that this Agreement, the parties' performance hereunder and the relationship between them shall be governed by, construed and enforced in accordance with the laws of the State of Washington without regard to the conflict of law rules or limitations of Washington or any other state that may otherwise apply. Any claim by either Employee or the Company for injunctive relief to enforce Sections 1 and/or 3 of this Agreement shall be exclusively finally resolved by a state or federal court located in Washington, and the parties to this Agreement hereby consent to personal jurisdiction therein. Notwithstanding the foregoing, if Employee is party to an arbitration agreement with the Company, except for a claim by either Employee or the Company for injunctive relief where such would be otherwise authorized by law to enforce Sections 1 and/or 3 of this Agreement, the Federal Arbitration Act, 9 U.S.C. § 1 et seq. and federal law shall govern all aspects of any agreement between the parties to arbitrate claims arising from or related to this Agreement and such claims shall be submitted to binding arbitration in accordance with the arbitration agreement Employee executed with the Company. Wisconsin: If Wisconsin law is deemed to apply, then for so long as Wisconsin law controls: (a) the definition of "Covered Worker" in Section 1(c) shall be modified to only include an employee whom Employee had personal contact while Employee was employed with the Company and to whom the Company entrusted Confidential Information; (b) the Restricted Period shall be reduced to twelve months; and (c) Section 13 shall not apply.

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![](exhibit1012026offerlette024.jpg)

Chewy, Inc. \| 7700 West Sunrise Boulevard, Plantation, FL 33322 \| 1-800-672-4399 24 Prior Works Appendix By signing below, I confirm that I have provided by email to my Company recruiter a complete list of Prior Works that have been made or conceived or first reduced to practice by me alone or jointly with others prior to my employment by the Company that I desire to clarify are not subject to the Agreement's Intellectual Property assignment provisions. If, due to confidentiality agreements with a prior employer, I cannot disclose certain inventions that would otherwise be included on the above list, I have provided this notification to my Company recruiter as well. Employee's Signature: Christopher Deppe: Date:

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## Exhibit 10.2

**EXHIBIT 10.2**

**AWARD NOTICE**

**RELATING TO**

**THE PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT**

**CHEWY, INC.**

**2024 OMNIBUS INCENTIVE PLAN**

The Participant has been granted Performance-Based Restricted Stock Units with the terms set forth in this Award Notice, and subject to the terms and conditions of the Plan and the Performance-Based Restricted Stock Unit Agreement to which this Award Notice is attached. Capitalized terms used and not defined in this Award Notice shall have the meanings set forth in the Performance-Based Restricted Stock Unit Agreement and the Plan, as applicable.

<u>Participant</u>: Participant Name

<u>Date of Grant</u>: Grant Date

<u>Restricted Stock Units Granted</u>: Number of Granted Restricted Stock Units (the "<u>Award</u>")

<u>Vesting Commencement Date</u>: Vest Commencement

<u>Vesting Schedule</u>: Please refer to Appendix: Vesting Schedule (the "<u>Vesting Schedule</u>")

The Award is subject to both Performance Conditions and the Service Condition (each, as defined below) and in order for any portion of the Award to vest both the Performance Conditions and the Service Condition must be met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Performance Vesting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Participant will be eligible to receive between zero percent (0%) and two hundred percent (200%) of the Target PRSUs depending on the extent to which the performance- based vesting conditions described in <u>Appendix A</u> (the "<u>Performance Conditions</u>") are satisfied during the Performance Period. PRSUs that do not vest in accordance with the Performance Conditions as of the Certification Date (as defined in Appendix A) shall be immediately forfeited for no consideration as of the Certification Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Service Vesting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Award will be subject to a service-based vesting condition (the "<u>Service</u> <u>Condition</u>") which will be satisfied based on the Participant's continued Service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Service Condition will be satisfied with respect to 100% of the Award on the third anniversary of the Vesting Commencement Date, subject to the Participant's continued Service with the Company through the vesting date. In all cases, if the number of PRSUs specified above does not result in a whole number, then no fractional PRSUs shall vest.

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon the Participant's termination of Service, any portion of the Award for which the Service Condition has not been satisfied shall be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Change in Control Treatment**. Upon a Change in Control, subject to the Participant's continued Service through the Change in Control, (i) if the Change of Control occurs prior to the Certification Date, then the Performance Condition will be deemed satisfied at 100% and the Service Condition will be deemed satisfied with respect to 100% of the Award or (ii) if the Change of Control occurs on or following the Certification Date, then the Performance Condition will be determined based on the actual results as determined on the Certification Date and the Service Condition will be deemed satisfied with respect to 100% of the Award.

\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*

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**PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT**

**CHEWY, INC.**

**2024 OMNIBUS INCENTIVE PLAN**

This Performance-Based Restricted Stock Unit Agreement, effective as of the Date of Grant (as defined below), is between Chewy, Inc., a Delaware corporation ("<u>Chewy</u>"), and the Participant (as defined below).

**WHEREAS**, Chewy has adopted the Chewy, Inc. 2024 Omnibus Incentive Plan (as it may be amended, the "<u>Plan</u>") in order to provide equity-based incentive awards to eligible service providers to encourage them to maintain stockholder value, act consistent with the interest of Chewy's stockholders, deliver outcomes and/or continue in the Service of the Company; and

**WHEREAS**, the Board of Directors has determined to grant PRSUs (as defined below) to the Participant (as defined below) as provided herein and the Company and the Participant (as defined below) hereby wish to memorialize the terms and conditions applicable to such PRSUs; and

**WHEREAS**, Participant's participation in the terms of the Plan and this Agreement through acceptance of PRSUs is entirely voluntary, and is not a term and/or condition of employment, and is not compensation for services rendered, but is instead an award granted on a discretionary basis to align Participant's interests with those of Chewy's stockholders and is an award that Participant is free to decline at Participant's discretion.

**NOW, THEREFORE**, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Definitions**. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. The following terms shall have the following meanings for purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Agreement</u>" shall mean this Performance-Based Restricted Stock Unit Agreement including (unless the context otherwise requires) the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Award Notice</u>" shall mean the notice to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Cause</u>" shall have the meaning ascribed to such term in any employment agreement entered into by the Participant and Company and if not so defined, or no such agreement exists, "Cause" shall mean (i) a refusal or failure to follow the lawful and reasonable directions of the Board or individual to whom the Participant reports, which refusal or failure is not cured within thirty (30) days following delivery of written notice of such conduct to the Participant; (ii) conviction of the Participant of any felony involving fraud or act of dishonesty against the Company or any of its affiliates; (iii) conduct by the Participant which, based upon good faith and reasonable factual investigation and determination of the Company, demonstrates gross unfitness to serve; (iv) intentional, material violation by the Participant of any contractual, statutory, or fiduciary duty owed by the Participant to the Company or any of its affiliates; or (v) willful misconduct causing material economic harm or public disgrace to the Company of any of its subsidiaries or affiliates.

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Company</u>" shall mean Chewy and all of its Subsidiaries, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Date of Grant</u>" shall mean the "Date of Grant" listed in the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Detrimental Activities Violation</u>" shall mean the Participant's breach of a covenant contained in Appendix B to this Agreement or any contractual covenant with the Company regarding confidentiality, competitive activity, solicitation of the Company's vendors, suppliers, customers, or employees, disparagement, or any similar provision applicable to or agreed to by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Participant</u>" shall mean the "Participant" listed in the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>PRSUs</u>" shall mean that number of Performance-Based Restricted Stock Units listed in the Award Notice as "Target PRSUs Granted."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Subsidiary</u>" shall mean any "subsidiary" within the meaning of Rule 405 of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Grant of Units**. The Company hereby grants the PRSUs to the Participant, each of which represents the right to receive one Share upon vesting of such PRSU, subject to and in accordance with the terms, conditions and restrictions set forth in the Plan, the Award Notice, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**PRSU Account**. The Company shall cause an account (the "<u>Unit Account</u>") to be established and maintained on the books of the Company to record the number of PRSUs credited to the Participant under the terms of this Agreement. The Participant's interest in the Unit Account shall be that of a general, unsecured creditor of the Company. Each PRSU shall accrue dividend equivalents ("<u>Dividend Equivalents</u>") with respect to dividends that would otherwise be paid on the Share underlying such PRSU during the period from the Date of Grant to the date such Share is delivered in accordance with Section 4. Dividend Equivalents shall be subject to the same vesting conditions applicable to the PRSU on which such Dividend Equivalents are accrued and shall be paid in cash to the Participant upon delivery of the underlying Share in respect of which the Dividend Equivalents were accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Vesting; Settlement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The PRSUs shall become vested after the Performance Conditions and the Service Condition are met, in accordance with the schedule set forth on the Award Notice. The Company shall deliver to the Participant one Share for each PRSU (as adjusted under the Plan) as soon as practicable and no later than twenty (20) business days following the applicable vesting date, subject to Section 5(b) below, and such vested PRSU shall be cancelled upon such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless otherwise determined by the Committee, upon settlement pursuant to Section 4(a), the Company shall issue the number of Shares underlying such vested PRSUs to the Participant, free and clear of all restrictions, less a number of Shares equal to or greater in value than the minimum amount necessary to satisfy federal, state, local or foreign withholding tax requirements, if any (but which may in no event be greater than the maximum statutory withholding amounts in the Participant's jurisdiction) required to be withheld by the Company (the "<u>Withholding Taxes</u>") in accordance with Section 13 of the Plan (except to the extent the

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**EXHIBIT 10.2**

Participant shall have a written agreement with the Company or any of its Affiliates under which the Company or an Affiliate of the Company is responsible for payment of taxes with respect to the issuance of the Shares, or in the event the Company is not required to withhold any payments in respect of taxes, in which case the full number of Shares shall be issued). To the extent any Withholding Taxes may become due prior to the settlement of any PRSUs, the Committee may accelerate the vesting of a number of PRSUs equal in value to the Withholding Taxes, the Shares delivered in settlement of such PRSUs shall be delivered to the Company, and the number of PRSUs so accelerated shall reduce the number of PRSUs which would otherwise become vested on the next applicable vesting date. The number of PRSUs or Shares equal to the Withholding Taxes shall be determined using the closing price per Share on the New York Stock Exchange (the "<u>NYSE</u>") (or other principal exchange on which the Shares then trade) on the trading day immediately prior to the date of delivery of the Shares to the Participant or the Company, as applicable, and shall be rounded up to the nearest whole PRSU or Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company shall pay any costs incurred in connection with issuing the Shares. Upon the issuance of the Shares to the Participant, the Participant's Unit Account shall be eliminated. Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to issue or transfer the Shares as contemplated by this Agreement unless and until such issuance or transfer shall comply with all relevant provisions of law and the requirements of any stock exchange on which the Company's shares are listed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Termination of Service**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that the Participant's Service with the Company terminates for any reason, any unvested PRSUs shall never be earned or vested, and all of the Participant's rights hereunder with respect to such unvested PRSUs (and any Dividend Equivalents accrued thereon) shall therefore cease as of the Termination Date (unless otherwise provided for by the Committee in accordance with the Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Participant's rights with respect to the PRSUs shall not be affected by any change in the nature of the Participant's Service so long as the Participant continues to be an employee or service provider, as applicable, of the Company. Whether (and the circumstances under which) the Participant's Service has terminated and the determination of the Termination Date for the purposes of this Agreement shall be determined by the Committee (or, with respect to any Participant who is not a director or "officer" as defined under Rule 16a-1(f) of the Exchange Act, its designee, whose good faith determination shall be final, binding and conclusive; provided, that such designee may not make any such determination with respect to the designee's own Service for purposes of the PRSUs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Restrictions on Transfer**. The Participant may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber the PRSUs or the Participant's right under the PRSUs to receive Shares, except other than by will or by the laws of descent and distribution and any such attempted or purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any of its Affiliates; <u>provided</u>, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Repayment of Proceeds; Clawback Policy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Company discovers, either before or after termination of Service, that there are or were grounds to terminate the Participant's Service for Cause, or that a Detrimental Activities Violation has occurred, then the Participant shall be required, in addition to any other remedy available (on a non-exclusive basis), to pay to the Company, within ten (10) business days of the Company's request to the Participant therefor, the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or other disposition of, or distributions in respect of, the PRSUs or Shares issued in settlement of the PRSUs. With respect to the scenario where the Company discovers that after a termination of Service that grounds for a termination with Cause existed at the time thereof, then any reference in this Agreement to grounds existing for a termination with Cause shall be determined without regard to any cure period or other procedural delay or event required prior to a finding of, or termination with, Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The PRSUs and all proceeds of the PRSUs shall be subject to any right or obligation that the Company may have (i) under any Company Clawback Policy, including, without limitation, the Chewy Clawback Policy or other agreement or arrangement with the Participant, and (ii) under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the Securities and Exchange Commission (the "<u>SEC</u>"), the listing standards of the NYSE, or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)By acceptance of the grant of PRSUs pursuant to this Agreement, the Participant acknowledges and agrees that the Company may cause the cancellation or forfeiture of PRSUs or Shares issuable upon settlement of any PRSU on the books and records of the Company or any transfer agent to enforce the provisions of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**No Right to Continued Service**. Neither the Plan nor this Agreement nor the Participant's receipt of the PRSUs hereunder shall impose any obligation on the Company to continue the Service of the Participant. Further, the Company may at any time terminate the Service of the Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**No Rights as a Stockholder**. The Participant's interest in the PRSUs shall not entitle the Participant to any rights as a Chewy stockholder. The Participant shall not be deemed to be the holder of, or have any of the rights and privileges of a Chewy stockholder in respect of, the Shares unless and until such Shares have been issued to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Adjustments Upon Change in Capitalization**. The terms of this Agreement, including the PRSUs, the Participant's Unit Account, and/or the Shares, shall be subject to adjustment in accordance with Section 8 of the Plan. This paragraph shall also apply with respect to any extraordinary dividend or other extraordinary distribution in respect of Chewy's common stock (whether in the form of cash or other property).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**Award Subject to Plan**. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The PRSUs granted

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**EXHIBIT 10.2**

hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Severability**. Except where otherwise expressly indicated, Participant's obligations under this Agreement are severable and/or subject to reformation or partial enforcement. If a court of competent jurisdiction determines that at the time this Agreement is presented for enforcement any provisions are overly broad or unenforceable, the parties agree that the court shall engage in partial enforcement and/or reform the Agreement to make it enforceable to the maximum extent possible for the protection of the Company's interests and prevention of irreparable harm which is the express intent of the parties. If despite the forgoing, a provision of this Agreement is held by a court or arbitrator of competent jurisdiction (an "<u>Adjudicator</u>") to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**Venue; Personal Jurisdiction; Language**. Subject to any arbitration agreement between Participant and the Company, any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference) or a judgment entered by an Adjudicator, that can be pursued or enforced in a court of law, shall be brought in the U.S. District Court for the District of Delaware or in another court of competent subject matter jurisdiction located in the State of Delaware. The Participant, the Company, and any transferees who hold PRSUs pursuant to a valid assignment, all hereby submit to the exclusive jurisdiction of the courts of proper subject matter jurisdiction located in Delaware (the "<u>Chosen Venue</u>"), consent to the exercise of personal jurisdiction over them by such courts, and waive

(a) any objections which they may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement that can be pursued in a court of law in the Chosen Venue; (b) any claim that any such suit, action, or proceeding brought in the Chosen Venue has been brought in any inconvenient forum; and (c) any right to a jury trial in the Chosen Venue (unless such jury waiver would violate controlling law or otherwise make the remainder of the forgoing provisions regarding Chosen Venue unenforceable); provided, however, if and when Participant last worked for the Company Participant primarily resided and worked in California, Colorado, Minnesota, or Washington, the Chosen Venue and choice of law shall not apply to any action arising out of the Commitment to Avoid Detrimental Activities. Nothing herein shall be construed to waive the arbitration obligations Participant or Company may have as a result of any arbitration agreement between them. If the Participant has received a copy of this Agreement (or the Plan or any other document related hereto or thereto) translated into a language other than English, such translated copy is qualified in its entirety by reference to the English version thereof, and in the event of any conflict the English version will govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**Successors in Interest**. Any successor to the Company shall have the benefits of the Company under, and be entitled to enforce, this Agreement. Likewise, the Participant's legal representative shall have the benefits of the Participant under, and be entitled to enforce, this Agreement. All obligations imposed upon the Participant and all rights granted to the Company under this Agreement shall be final, binding and conclusive upon the Participant's heirs, executors, administrators and successors.

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**Data Privacy Consent**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant's personal data as described in this Agreement and any other PRSU grant materials by the Company for the exclusive purpose of implementing, administering and managing the Participant's participation in the Plan. The Participant understands that the Company may hold certain personal information about the Participant, including, but not limited to, the Participant's name, home address and telephone number, work location and phone number, date of birth, social security number or other identification number, salary, nationality, job title, hire date, any shares of stock or directorships held in the Company, details of all awards or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding in the Participant's favor, for the purpose of implementing, administering and managing the Plan ("<u>Personal Data</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Use of Personal Data; Retention</u>. The Participant understands that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, now or in the future, that these recipients may be located in the Participant's country or elsewhere, and that the recipient's country may have different data privacy laws and protections than the Participant's country. The Participant understands that the Participant may request a list with the names and addresses of any potential recipients of the Personal Data by contacting the Participant's local human resources representative. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Personal Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan. The Participant understands that Personal Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan. The Participant understands that the Participant may, at any time, view Personal Data, request additional information about the storage and processing of Personal Data, require any necessary amendments to Personal Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant's local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Withdrawal of Consent</u>. The Participant understands that the Participant is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the Participant's consent, the Participant's Service and career with the Company will not be adversely affected; the only consequence of the Participant's refusing or withdrawing the Participant's consent is that the Company would not be able to grant PRSUs or other equity awards to the Participant or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing the Participant's consent may affect the Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Participant's local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**Detrimental Activities**. The Participant acknowledges and recognizes that an important purpose of this Agreement is to align the interests of Participant with those of Chewy's stockholders and to ensure that the Participant does not engage in activity detrimental to the interests of Chewy's

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**EXHIBIT 10.2**

stockholders if Participant is going to be allowed the opportunity to participate in the financial rewards that result from the PRSU and their relationship to the value of equity participation in Chewy. In addition, Participant acknowledges that an ancillary purpose consistent with protecting the interests of the stockholders arises with respect to Participant because Participant will be allowed access to confidential and proprietary information (including, but not limited to, trade secrets), as well as access to the prospective and actual customers, suppliers, investors, clients and partners of the Company, and the goodwill associated with the Company. Participant accordingly agrees to comply with the provisions of Appendix B to this Agreement (the "<u>Commitment to Avoid Detrimental Activities</u>") as a condition of receipt and retention of the PRSUs provided for in this Agreement and their beneficial value. For the avoidance of doubt, the covenants made by Participant in this Agreement supplement and are in addition to, and not in lieu of, any other restrictive covenants or similar covenants or agreements between the Participant and the Company, nor will they be construed to replace, reduce or otherwise detrimentally impact the applicability or enforceability of any other such restrictive covenants Participant may agree to with the Company. Participant acknowledges and agrees not to contest or dispute the Company's position that the prohibition of detrimental activities provided for in Appendix B is inextricably connected to and part of the Company's governance of its internal affairs and relates directly to the interests of Chewy's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation**. By accepting this Agreement and the grant of the PRSUs contemplated hereunder, the Participant expressly acknowledges that (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be suspended or terminated by the Company at any time, to the extent permitted by the Plan; (b) the grant of PRSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of PRSUs, or benefits in lieu of PRSUs, even if PRSUs have been granted in the past; (c) all determinations with respect to future grants of PRSUs, if any, including the date of grant, the number of Shares granted and the applicable vesting terms, will be at the sole discretion of the Company; (d) the Participant's participation in the Plan is voluntary; (e) the value of the PRSUs is an extraordinary item that is outside the scope of the Participant's Services contract, if any, and nothing can or must automatically be inferred from such Services contract or its consequences; (f) grants of PRSUs, and the income and value of same, are not part of normal or expected compensation for any purpose and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, the Participant waives any claim on such basis, and for the avoidance of doubt, the PRSUs shall not constitute an "acquired right" under the applicable law of any jurisdiction; and (g) the future value of the underlying Shares is unknown and cannot be predicted with certainty. In addition, the Participant understands, acknowledges and agrees that the Participant will have no rights to compensation or damages related to PRSU proceeds in consequence of the termination of the Participant's Service for any reason whatsoever and whether or not in breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**Award Administrator**. The Company may from time to time designate a third party (an "<u>Award Administrator</u>") to assist the Company in the implementation, administration, and management of the Plan and any PRSUs granted thereunder, including by sending award notices on behalf of the Company to Participants, and by facilitating through electronic means acceptance of PRSU Agreements by Participants.

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**Section 409A of the Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement is intended to comply with the provisions of Section 409A of the Code and the regulations promulgated thereunder. Without limiting the foregoing, the Committee shall have the right to amend the terms and conditions of this Agreement in any respect as may be necessary or appropriate to comply with Section 409A of the Code or any regulations promulgated thereunder, including without limitation by delaying the issuance of the Shares contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this Agreement to the contrary, if a Participant is a "specified employee" within the meaning of Section 409A of the Code, no payments in respect of any PRSU that is "deferred compensation" subject to Section 409A of the Code and not exempt for Section 409A as a short-term deferral or otherwise and which would otherwise be payable upon the Participant's "separation from service" (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months after the date of the Participant's "separation from service" or, if earlier, the Participant's date of death. Following any applicable six-month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. The Participant is solely responsible and liable for the satisfaction of all taxes and penalties under Section 409A of the Code that may be imposed on or in respect of the Participant in connection with this Agreement, and the Company shall not be liable to any Participant for any payment made under this Plan that is determined to result in an additional tax, penalty or interest under Section 409A of the Code, nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Section 409A of the Code. Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**Book Entry Delivery of Shares**. Whenever reference in this Agreement is made to the issuance or delivery of certificates representing one or more Shares, the Company may elect to issue or deliver such Shares in book entry form in lieu of certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**Electronic Delivery and Acceptance**. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**Acceptance and Agreement by the Participant**. By accepting the PRSUs (including through electronic means), the Participant agrees to be bound by the terms, conditions, and restrictions set forth in the Plan, this Agreement, and the Company's policies, as in effect from time to time, relating to the Plan. The Participant's rights under the PRSUs will lapse forty-five (45) days from the Date of Grant, and the PRSUs will be forfeited on such date if the Participant shall not have accepted this Agreement by such date. For the avoidance of doubt, the Participant's failure to accept this Agreement shall not affect the Participant's continuing obligations under any other agreement between the Company and the Participant.

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.**No Advice Regarding Grant**. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan, or the Participant's acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with the Participant's own personal tax, legal and financial advisors regarding the Participant's participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.**Imposition of Other Requirements**. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the PRSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.**Waiver**. The Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other participant in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.**Counterparts**. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one in the same agreement.

[*Signatures follow*]

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**EXHIBIT 10.2**

CHEWY INC.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Acknowledge and agreed as of the date first written above:

<u>Participant Name&nbsp;&nbsp;&nbsp;&nbsp;</u> Participant Signature:

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**EXHIBIT 10.2**

**<u>Appendix A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Performance Metrics**. This Appendix A contains the performance vesting conditions and methodology applicable to the PRSUs. Subject to the terms and conditions set forth in the Plan, the Agreement and the Award Notice, the portion of the PRSUs subject to this Award, if any, that become earned during each Performance Period will be determined upon the Committee's certification of achievement of the Performance Conditions in accordance with this Appendix A, which shall occur within seventy five (75) days following the end of each Performance Period (the "<u>Certification Date</u>"). Capitalized terms used but not defined herein shall have the same meaning as is ascribed thereto in the Agreement, the Award Notice or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the Certification Date, the Participant's achievement of the Performance Conditions with respect to fifty percent (50%) of the Award will be determined in accordance with the table below with linear interpolation between the listed values:

---

| | |
|:---|:---|
| **Net Sales ($)** | **Percent of Target PRSUs Earned** |
| $13.600B | 50% |
| $13.675B | 100% |
| $13.825B | 200% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon the Certification Date, the Participant's achievement of the Performance Conditions with respect to thirty percent (30%) of the Award will be determined in accordance with the table below with linear interpolation between the listed values:

---

| | |
|:---|:---|
| **Adjusted EBITDA Margin (%)** | **Percent of Target PRSUs Earned** |
| 6.70% | 50% |
| 6.80% | 100% |
| 7.00% | 200% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon the Certification Date, the Participant's achievement of the Performance Conditions with respect to twenty percent (20%) of the Award will be determined in accordance with the table below with linear interpolation between the listed values:

---

| | |
|:---|:---|
| **Free Cash Flow ($)** | **Percent of Target PRSUs Earned** |
| $711M | 50% |
| $725M | 100% |
| $755M | 200% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. &nbsp;&nbsp;&nbsp;&nbsp;Certain Defined Terms**. For purposes of this Agreement, the following terms will have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Adjusted EBITDA Margin</u>" means adjusted EBITDA margin as calculated per the Company's standard in preparing financial statements filed with the SEC.

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**EXHIBIT 10.2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Free Cash Flow</u>" means free cash flow as calculated per the Company's standard in preparing financial statements filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Net Sales</u>" means net sales as calculated per the Company's standard in preparing financial statements filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Performance Period</u>" means fiscal year 2026, which begins on February 2, 2026 and ends on January 31, 2027.

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**EXHIBIT 10.2**

**<u>Appendix B</u>**

**Commitment to Avoid Detrimental Activities**

Participant acknowledges that as an individual being presented with the opportunity to share in the growth and value of Chewy through PRSUs it is important to avoid certain activities while engaged to provide Services to the Company and for a reasonable period of time thereafter that would be detrimental to Chewy's business and its potential value to stockholders. Participant agrees that it is reasonable for the Company to require a commitment from Participant of this nature in order to allow Participant to participate in and retain the benefits of the PRSUs. Accordingly, Participant agrees that any activity or conduct by Participant that violates one of the restrictions or obligations provided for in Parts B-1, B-2, B-3, or B-4 below will be considered a "<u>Detrimental Activities Violation</u>".

**B-1. Avoidance of Competition and Other Detrimental Acts During Engagement.**

While employed or otherwise engaged as an individual to provide services to the Company (as an employee, consultant, or otherwise), Participant will comply with each of the restrictions and obligations below.

1. While employed with the Company, Participant will comply at all times with Participant's duty of loyalty to the Company as an employee or agent of the Company placed in a position of special trust and confidence. This duty shall be understood to include, but not be limited to,

(a)an obligation not to engage or participate in the business of a Competitor (as defined below), or become employed with a Competitor as an employee, owner, member, partner, consultant, director or otherwise, without the express written consent of the Company,

(b)an obligation not to interfere with or otherwise knowingly cause harm to the Company's ongoing or prospective business relationship with a Company employee, consultant or individual providing services as an independent contractor, or a supplier, distributor, vendor, customer, or other person or entity that does business with the Company or that the Company has a reasonable expectation of doing business with, and

(c)an obligation to inform the Company of business opportunities that fall within the Company's line of business and not pursue them for personal gain separate from the Company without the Company's express written consent in advance, or otherwise participate in any conduct or relationship that creates a conflict of interest in violation of Company policies.

2. Participant will not knowingly participate in or pursue activities that harm the value of the Company's intellectual property and will honor all agreements with the Company concerning the ownership and protection of proprietary works and intellectual property. Participant will be responsible for understanding, complying with, and implementing any intellectual property policy or guidelines published by the Company as they apply to the Participant's position and area of accountability at the Company.

3. The "<u>Business</u>" of the Company is providing retail and wholesale pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and other pet supply products and services (with "pets" as referenced in this Agreement to include, without limitation, in addition to household pets, any

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**EXHIBIT 10.2**

domesticated livestock); (ii) the Company is one of the limited number of entities to have developed such a Business; (iii) the Company's Business is national in scope; (iv) the Company directly competes with: e-commerce and mail-order pharmacies and pharmacy compounders; e- commerce retailers and wholesalers of pet food, pet pharmacy and compounding, pet health and wellness, pet insurance and other pet supply services and pet products, including those that exclusively sell pet-related products as well as those offering pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and/or other pet supply services and pet products as one amongst many product categories available for purchase; and brick-and-mortar retailers and wholesalers whose primary business is the retail or wholesale of pet food, pet pharmacy or compounding, pet health and wellness, and/or other pet supply services and pet products (the entities enumerated above are collectively referred to as "<u>Competitors</u>"); (v) over the course of Participant's career, the Company's business may expand beyond its current Business, and therefore, the definition of Competitors also includes any business engaged in the developing, marketing or selling of any product(s) or service(s) the Company is developing, marketing or selling or has plans to develop, market or sell at the time of Participant's termination of employment, in which Participant had involvement or about which Participant was provided Confidential Information (as defined below) during the Look Back Period (as defined below).

**B-2. Avoidance of Competition and Other Detrimental Acts After Engagement.**

Participant will comply with the following restrictions for a period of two (2) years after Participant's employment or other services engagement with the Company ends:

1.<u>Noncompete</u>. Participant will not, within the Participant's Territory (as defined below), directly or through the direction or assistance of others, acting individually or as an owner, shareholder, partner, employee, contractor, agent or otherwise, on behalf of a Competitor: (a) provide, supervise or manage services that are the same as or similar in function or purpose to the services Participant provided to the Company during the last two (2) years of employment or such shorter period of time as Participant was actually employed or engaged to provide personal services to the Company (the "<u>Look Back Period</u>") (b) assist in the development or improvement of a product or service that competes with a product or service of the Company, or (c) provide services that are otherwise likely or probable to result in the use or disclosure of Confidential Information to a Competitor. "<u>Territory</u>" means the geographic territory(ies) assigned to Participant by Company during the Look Back Period (by state, county, or other recognized geographic boundary used in the Company's Business); and, if Participant has no such specifically assigned geographic territory then: (i) those states and counties in which Participant participated in the Company's Business and/or about which Participant was provided access to Confidential Information during the Look Back Period; and, (ii) the state and county where Participant resides. If Participant is employed by the Company in a research and development capacity and/or if Participant is employed in a senior management position (such as Director, Senior Director, Vice President and above, Board Member, or Officer) then Participant is presumed to have participated in the Company's Business and/or had Confidential Information about the Company's Business throughout the United States (including state and state-equivalents and county and county-equivalents therein), as the Company and Participant agree that the Company's Business is e-commerce, is conducted nationwide and competes nationwide.

2.<u>Worker Nonsolicit</u>. Participant will not, directly or indirectly through providing assistance to others, knowingly participate in soliciting or communicating (verbally, electronically, or in other written form) with a Covered Worker (as defined below) for the purpose of persuading the Covered Worker to

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**EXHIBIT 10.2**

go to work for a Competitor or to end or modify the Covered Worker's relationship with the Company or assist a Competitor in efforts to hire a Covered Worker away from the Company. A "<u>Covered Worker</u>" means an employee or individual worker engaged as an independent contractor of the Company that Participant works with, gains knowledge of or is provided Confidential Information about in the Look Back Period. A worker who resigns will continue to be considered a Covered Worker for a period of six (6) months after the workers employment or other engagement with the Company ends except where it would make this restriction unenforceable.

3.<u>Customer Nonsolicit</u>*.* Participant will not, working alone or in conjunction with one or more other persons or entities, whether for compensation or not, on behalf of (or for the benefit of) a Competitor: (i) solicit, assist in soliciting, or facilitate the solicitation of, competing business from a customer of the Company that Participant had material business-related contact or involvement with or was provided Confidential Information about during the Look Back Period ("<u>Covered Customer</u>"); or (ii) interfere with the Company's business relationship with any such Covered Customer.

4.<u>Business Relationship Interference</u>. Participant will not, directly or indirectly through providing assistance to others, knowingly interfere with the Company's ongoing or prospective business relationship with a supplier, distributor, or vendor that the Company has a reasonable expectation of doing business with, and that Participant had material business-related contact or involvement with or gained knowledge of through Participant's role with the Company in the Look Back Period, by soliciting, inducing or otherwise encouraging the supplier, distributor, or vendor to cease or reduce doing business with the Company or to give a valuable business opportunity to a Competitor.

**B-3. Avoidance of Unauthorized Confidential Information Use or Disclosure.**

1. Participant will honor all agreements with the Company regarding maintaining the confidentiality of information that qualifies as protected Confidential Information under such agreements, protect and preserve the value of the Company's trade secrets and proprietary information to the Company (irrespective of whether same is also covered by contractual definition of Confidential Information), and comply with Company policies and directives regarding the handling of Company records, files, computer system access, materials and property at all times. To the extent Participant is not otherwise subject to another contractual agreement with the Company covering Confidential Information, Participant agrees that until such time as the Confidential Information is readily-available publicly (other than as a result of disclosure by Participant), except as necessary to perform their job duties for the Company, Participant shall not disclose to any person or use, copy, download, upload or transfer any Confidential Information, whether or not created in whole or in part by the efforts of Participant, and regardless of whether Participant is still employed by the Company. Participant will only disclose or use, copy, download, upload or transfer such Confidential Information as is required by law or as necessary in the performance of Participant's duties on behalf of the Company.

2. If Participant is subject to another contractual agreement that defines what constitutes the Company's "Confidential Information", that definition shall control. Absent such a controlling definition, it is understood that "<u>Confidential Information</u>" refers to an item of information, or a compilation of information, in any form (tangible or intangible), related to the business of the Company that Participant gains access to in the course of their employment with the Company, that the Company has not made public or authorized public disclosure of, and that is not generally known to the public through proper means. Participant acknowledges that, in Participant's position with the Company,

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**EXHIBIT 10.2**

Participant will obtain and/or have access to Confidential Information regarding the Company's business. Examples of Confidential Information include, but are not limited to: business plans and forecasts, market analysis, marketing plans and strategies, branding strategies, pricing-related variables and strategy, the actual and anticipated research and development activities of the Company, unpatented inventions, technical data, knowledge, information and materials about trade secrets, mailing/e-mailing lists, methods of operation, customer or client lists, consumer preferences and buying histories, services, proprietary know-how, non-public information about financial performance, human resources information such as that obtained from a confidential personnel file, other proprietary matters relating to the Company, and information that is entrusted to the Company in confidence by third parties with whom the Company does business or is negotiating to do business, all of which constitute valuable assets of the Company which this Agreement is designed to protect. Nothing herein restricts or prevents an employee from sharing information about their own compensation with other employees nor prevents other employees from making inquiries about the compensation earned or paid to co-workers.

3. Participant agrees that, within five (5) business days of the termination of Participant's employment or services relationship with the Company for any reason whatsoever, or sooner upon the Company's request, Participant shall return all copies, in whatever form or media, including hard copies and electronic copies, of Confidential Information to the Company, and Participant shall delete any copy of the Confidential Information on any computer file or database maintained by Participant and, upon request by the Company, Participant shall certify in writing that this has process has been completed and no copies of Confidential Information are retained.

**B-4. Avoidance of Disparagement.**

Participant agrees to avoid making comments that are disparaging, false, misleading, defamatory or cast in a negative light the Company, or the Company's current or former directors, officers, or employees. And, Participant agrees not to, in any respect, make any disparaging or defamatory comments concerning any aspect of the Participant's relationship with the Company or any comments concerning the conduct or events which precipitated any termination of the Participant's employment from the Company. However, the Participant's obligations under this covenant shall not prevent Participant from exercising the right to (1) communicate with a law enforcement officer acting within the line and scope of the officer's law enforcement duties that a violation of the law has occurred or is occurring; (2) communicate with a government regulator acting within the line and scope of the regulator's regulatory duties that a violation of the law has occurred or is occurring; (3) respond to a lawfully served judicial, grand jury, or other lawful subpoena; (4) testify in a judicial or administrative proceeding in response to a lawfully served subpoena or an order of a court of competent jurisdiction; (5) confer with the obligated party's attorney for the purpose of obtaining legal advice or representation; (6) respond to lawful discovery in a judicial or administrative action; provided the disparaging statement is either ordered by a court of competent jurisdiction or made in compliance with a protective order entered by the same court; (7) prosecute or defend a civil action between or among parties to a covered contract; provided the party making the disparaging statement attempts to and, if permitted by law, does file the disparaging statement and any related pleading under seal or in compliance with a protective order entered by a court of competent jurisdiction in the civil action; or (8) exercise federally protected statutory rights, including, but not limited to, the exercise of rights under the National Labor Relations Act or the Civil Rights Act of 1964, as amended.

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**EXHIBIT 10.2**

**B-5. Enforcement.**

1. In the event the Company has reason to believe Participant has engaged in a Detrimental Activities Violation or is pursuing a course of conduct that threatens such a violation, Company shall have the right to suspend the vesting schedule with respect to any unvested PRSUs until it determines that a violation has occurred and/or that any threatened violation has been resolved so as to longer be a threat. In the event of a Detrimental Activities Violation, Section 7 (Repayment of Proceeds; Clawback Policy) may be applied as determined appropriate by the Company in the exercise of the full degree of discretion allowed under the Plan. The type of harm to the Company caused by a Detrimental Activities Violation cannot be fully measured and remedied through monetary damages and would be irreparable in nature. Accordingly, in addition to the forgoing, the Company shall retain all rights and remedies available in law or equity to enforce the restrictions and obligations that Participant has committed to in Appendix B.

2. Participant's Commitment to Avoid Detrimental Activities and the terms of this Agreement awarding PRSUs to Participant are mutually dependent, material terms. Accordingly, in the event the enforceability of any portion of the Commitment to Avoid Detrimental Activities is challenged by Participant and found by an Adjudicator to be void or unenforceable in any part deemed material by the Company, then the Company shall have the right to demand and receive from Participant within ten (10) business days of the Company's request to the Participant, the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or other disposition of, or distributions in respect of, the PRSUs or Shares issued in settlement of the PRSUs.

3. If Participant violates one of the restrictions in Section B-2, the period of the breached restriction will be extended for an additional period of time equal to the time that elapses from commencement of the breach to the later of (a) the definitive termination of such breach or (b) the final resolution of any litigation arising from such breach; provided, however, that this extension of time shall be capped so that the extension of time itself does not exceed the length of time originally proscribed for the restriction, and if this extension would make the restriction unenforceable under controlling law it will not be enforced.

**B-6. Limitations.**

1. E<u>xceptions to Restrictions</u>. Notwithstanding anything in this Agreement to the contrary, nothing herein prohibits Participant from owning a non-controlling interest consisting of two percent (2%) or less of any class of securities in any publicly traded company or passive investments through an independently controlled fund such as a mutual fund, provided that Participant is not a controlling person of, or a member of a group that controls, a business that is a Competitor, and further provided that Participant does not otherwise participate in any conduct prohibited under this Agreement. In addition, nothing herein shall be construed to prohibit Participant's employment in a separately operated subsidiary or other business unit of a company that would not be a Competitor but for common ownership with a Competitor so long as Participant provides written assurances regarding the non-competitive nature of Participants position that are satisfactory to the Company and Participant remains employed solely in such non-competitive entity or unit during the pendency of the restrictions in Section B-2. Nothing herein is intended to be or is to be construed as a prohibition against general generic advertising of a company's products, services, or job openings to the public such as "help wanted" ads that are not targeted at the Company. The parties acknowledge that some states prohibit or place limitations on the use of covenants not to compete or noncompete covenants with an employee

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**EXHIBIT 10.2**

considered to be a low wage worker based on the employee's rate of compensation or overtime exemption status under the Fair Labor Standards Act (a "Low Wage Worker Protection" law, or "LWWP law"). It is the parties' intent not to create any restriction that would violate any controlling state LWWP law. Where the controlling state's law includes an LWWP law, it is the parties' intent that this Agreement's obligations be construed so as to fit within any applicable exclusion for duty of loyalty obligations, nonsolicitation covenants, confidential information protection covenants, and intellectual property assignment agreements recognized under the LWWP law at issue, and that it does not create a prohibited covenant not to compete.

2.<u>Protected Conduct</u>. Nothing in this Agreement prohibits Participant from (i) opposing an event or conduct that Participant reasonably believes is a violation of law, including criminal conduct, discrimination, harassment, retaliation, a safety or health violation, or other unlawful employment practices (whether in the workplace or at a work-related event), (ii) disclosing sexual assault or sexual harassment (in the workplace, at work-related events, between employees, or between an employer and an employee or otherwise); or (iii) reporting such an event or conduct to Participant's attorney, law enforcement, or the relevant law-enforcement agency (such as the SEC, Department of Labor, Occupational Safety and Health Administration, Equal Employment Opportunity Commission, or the state division of human rights), or (iv) testifying or otherwise making any truthful statements or disclosures in an administrative, legislative, arbitral, or judicial proceeding, including a deposition taken in connection with any of the proceedings, concerning alleged criminal conduct or unlawful employment practices, or as otherwise required by law, regulation or legal process, or cooperating in an investigation conducted by any government agency. Participant acknowledges notice that the Defend Trade Secrets Act provides that no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that: (a) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public. It also provides that an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may in pursuing such lawsuit disclose trade secrets to his/her attorney and use trade secrets in court submissions so long as documents containing the trade secret are filed under seal and do not disclose trade secrets except as permitted by court order. Nothing in this Agreement prohibits Participant from using information acquired through lawful means regarding the wages, benefits, or other terms and conditions of employment of individuals employed by Company for any purpose protected under the National Labor Relations Act (such as the right of employees to self-organization, to form, join, or assist labor organizations, to bargain collectively through representatives of their own choosing, and to engage in other concerted activities for the purpose of collective bargaining or other mutual aid or protection), unless the information is entrusted to Participant in confidence by Company as part of Participant's job duties or Participant is employed in a supervisor or management level position. Conduct of the above-described nature is referred to herein as "<u>Protected Conduct</u>." Nothing requires notice to or approval from the Company before engaging in such Protected Conduct. Further, nothing in this paragraph shall be construed to protect, invite, permit, or limit liability for, otherwise illegal activity such a breaking and entering, illegal computer access (hacking) or theft of the Company's property.

3.<u>State-Specific Modifications</u>. It is the intent of the Company to apply Appendix B in a manner that does not violate any law that is deemed to be the controlling law for the parties with respect to the obligations in the Agreement. If Participant resides in California and when Participant last worked for

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**EXHIBIT 10.2**

the Company Participant primarily resided and worked in California, then Section B-2 shall not apply except to the extent Participant's conduct also involves the use or disclosure of trade secrets of the Company. If Participant resides in Washington and when Participant last worked for the Company Participant was a Washington-based employee, then Section B-2 (Noncompete) and B-2 (Business Relationship Interference) shall not apply and Sections B-2 (Worker Nonsolicit) and B-2 (Customer Nonsolicit) shall be limited so that they only apply to prohibit Participant's solicitation of an employee of the Company to leave such employment, and solicitation of a customer of the Company to cease or reduce the extent to which it is doing business with the Company. If the Company is deemed to operate in the District of Columbia and when Participant last worked for the Company Participant worked for it in the District of Columbia, then nothing in Appendix B will be applied to prohibit Participant from being simultaneously or subsequently employed by another person, performing work or providing services for pay for another person, or operating Participant's own business. However, conduct involving disclosure of confidential, proprietary, or sensitive information, client lists, customer lists, or a trade secret (as defined in the Uniform Trade Secrets Act) will remain prohibited. If Participant resides in Minnesota and when Participant last worked for the Company Participant primarily resided and worked in Minnesota, then Section A-2 (Noncompete) shall not apply. If Participant resides in Colorado and when Participant last worked for the Company Participant primarily resided and worked in Colorado, then: Section A-2 (Noncompete) and A-2 (Business Relationship Interference) shall not apply; and nothing in the Agreement shall be construed to prohibit Participant from disclosing or discussing (either orally or in writing) information about unlawful acts in the workplace, such as any alleged discriminatory or unfair employment practice, or any other conduct protected by section 24-34-407, C.R.S., of the Protecting Opportunities and Workers' Rights ("POWR") Act.

## Exhibit 10.3

**EXHIBIT 10.3**

**AWARD NOTICE**

**RELATING TO**

**THE PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT**

**CHEWY, INC.**

**2024 OMNIBUS INCENTIVE PLAN**

The Participant has been granted Performance-Based Restricted Stock Units with the terms set forth in this Award Notice, and subject to the terms and conditions of the Plan and the Performance-Based Restricted Stock Unit Agreement to which this Award Notice is attached. Capitalized terms used and not defined in this Award Notice shall have the meanings set forth in the Performance-Based Restricted Stock Unit Agreement and the Plan, as applicable.

<u>Participant</u>: Participant Name

<u>Date of Grant</u>: Grant Date

<u>Restricted Stock Units Granted</u>: Number of Granted Restricted Stock Units (the "<u>Award</u>")

<u>Vesting Commencement Date</u>: Vest Commencement

<u>Vesting Schedule</u>: Please refer to Appendix: Vesting Schedule (the "<u>Vesting Schedule</u>")

The Award is subject to both Performance Conditions and the Service Condition (each, as defined below) and in order for any portion of the Award to vest both the Performance Conditions and the Service Condition must be met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Performance Vesting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Participant will be eligible to receive between zero percent (0%) and two hundred percent (200%) of the Target PRSUs depending on the extent to which the performance- based vesting conditions described in <u>Appendix A</u> (the "<u>Performance Conditions</u>") are satisfied during the Performance Period. PRSUs that do not vest in accordance with the Performance Conditions as of the Certification Date (as defined in Appendix A) shall be immediately forfeited for no consideration as of the Certification Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Service Vesting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Award will be subject to a service-based vesting condition (the "<u>Service</u> <u>Condition</u>") which will be satisfied based on the Participant's continued Service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Service Condition will be satisfied with respect to 100% of the Award on the third anniversary of the Vesting Commencement Date, subject to the Participant's continued Service with the Company through the vesting date. In all cases, if the number of PRSUs specified

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above does not result in a whole number, then no fractional PRSUs shall vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon the Participant's termination of Service, any portion of the Award for which the Service Condition has not been satisfied shall be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Change in Control Treatment**. Upon a Change in Control, subject to the Participant's continued Service through the Change in Control, (i) if the Change of Control occurs prior to the Certification Date, then the Performance Condition will be deemed satisfied at 100% and the Service Condition will be deemed satisfied with respect to 100% of the Award or (ii) if the Change of Control occurs on or following the Certification Date, then the Performance Condition will be determined based on the actual results as determined on the Certification Date and the Service Condition will be deemed satisfied with respect to 100% of the Award.

\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*

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**PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT**

**CHEWY, INC.**

**2024 OMNIBUS INCENTIVE PLAN**

This Performance-Based Restricted Stock Unit Agreement, effective as of the Date of Grant (as defined below), is between Chewy, Inc., a Delaware corporation ("<u>Chewy</u>"), and the Participant (as defined below).

**WHEREAS**, Chewy has adopted the Chewy, Inc. 2024 Omnibus Incentive Plan (as it may be amended, the "<u>Plan</u>") in order to provide equity-based incentive awards to eligible service providers to encourage them to maintain stockholder value, act consistent with the interest of Chewy's stockholders, deliver outcomes and/or continue in the Service of the Company; and

**WHEREAS**, the Board of Directors has determined to grant PRSUs (as defined below) to the Participant (as defined below) as provided herein and the Company and the Participant (as defined below) hereby wish to memorialize the terms and conditions applicable to such PRSUs; and

**WHEREAS**, Participant's participation in the terms of the Plan and this Agreement through acceptance of PRSUs is entirely voluntary, and is not a term and/or condition of employment, and is not compensation for services rendered, but is instead an award granted on a discretionary basis to align Participant's interests with those of Chewy's stockholders and is an award that Participant is free to decline at Participant's discretion.

**NOW, THEREFORE**, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Definitions**. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. The following terms shall have the following meanings for purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Agreement</u>" shall mean this Performance-Based Restricted Stock Unit Agreement including (unless the context otherwise requires) the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Award Notice</u>" shall mean the notice to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Cause</u>" shall have the meaning ascribed to such term in any employment agreement entered into by the Participant and Company and if not so defined, or no such agreement exists, "Cause" shall mean (i) a refusal or failure to follow the lawful and reasonable directions of the Board or individual to whom the Participant reports, which refusal or failure is not cured within thirty (30) days following delivery of written notice of such conduct to the Participant; (ii) conviction of the Participant of any felony involving fraud or act of dishonesty against the Company or any of its affiliates; (iii) conduct by the Participant which, based upon good faith and reasonable factual investigation and determination of the Company, demonstrates gross unfitness to serve; (iv) intentional, material violation by the Participant of any contractual, statutory, or fiduciary duty owed by the Participant to the Company or any of its affiliates; or (v) willful misconduct causing material economic harm or public disgrace to the Company of any of its subsidiaries or affiliates.

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**EXHIBIT 10.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Company</u>" shall mean Chewy and all of its Subsidiaries, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Date of Grant</u>" shall mean the "Date of Grant" listed in the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Detrimental Activities Violation</u>" shall mean the Participant's breach of a covenant contained in Appendix B to this Agreement or any contractual covenant with the Company regarding confidentiality, competitive activity, solicitation of the Company's vendors, suppliers, customers, or employees, disparagement, or any similar provision applicable to or agreed to by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Participant</u>" shall mean the "Participant" listed in the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>PRSUs</u>" shall mean that number of Performance-Based Restricted Stock Units listed in the Award Notice as "Target PRSUs Granted."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Subsidiary</u>" shall mean any "subsidiary" within the meaning of Rule 405 of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Grant of Units**. The Company hereby grants the PRSUs to the Participant, each of which represents the right to receive one Share upon vesting of such PRSU, subject to and in accordance with the terms, conditions and restrictions set forth in the Plan, the Award Notice, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**PRSU Account**. The Company shall cause an account (the "<u>Unit Account</u>") to be established and maintained on the books of the Company to record the number of PRSUs credited to the Participant under the terms of this Agreement. The Participant's interest in the Unit Account shall be that of a general, unsecured creditor of the Company. Each PRSU shall accrue dividend equivalents ("<u>Dividend Equivalents</u>") with respect to dividends that would otherwise be paid on the Share underlying such PRSU during the period from the Date of Grant to the date such Share is delivered in accordance with Section 4. Dividend Equivalents shall be subject to the same vesting conditions applicable to the PRSU on which such Dividend Equivalents are accrued and shall be paid in cash to the Participant upon delivery of the underlying Share in respect of which the Dividend Equivalents were accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Vesting; Settlement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The PRSUs shall become vested after the Performance Conditions and the Service Condition are met, in accordance with the schedule set forth on the Award Notice. The Company shall deliver to the Participant one Share for each PRSU (as adjusted under the Plan) as soon as practicable and no later than twenty (20) business days following the applicable vesting date, subject to Section 5(b) below, and such vested PRSU shall be cancelled upon such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless otherwise determined by the Committee, upon settlement pursuant to Section 4(a), the Company shall issue the number of Shares underlying such vested PRSUs to the Participant, free and clear of all restrictions, less a number of Shares equal to or greater in value than the minimum amount necessary to satisfy federal, state, local or foreign withholding tax requirements, if any (but which may in no event be greater than the maximum statutory withholding amounts in the Participant's jurisdiction) required to be withheld by the Company (the "<u>Withholding Taxes</u>") in accordance with Section 13 of the Plan (except to the extent the

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**EXHIBIT 10.3**

Participant shall have a written agreement with the Company or any of its Affiliates under which the Company or an Affiliate of the Company is responsible for payment of taxes with respect to the issuance of the Shares, or in the event the Company is not required to withhold any payments in respect of taxes, in which case the full number of Shares shall be issued). To the extent any Withholding Taxes may become due prior to the settlement of any PRSUs, the Committee may accelerate the vesting of a number of PRSUs equal in value to the Withholding Taxes, the Shares delivered in settlement of such PRSUs shall be delivered to the Company, and the number of PRSUs so accelerated shall reduce the number of PRSUs which would otherwise become vested on the next applicable vesting date. The number of PRSUs or Shares equal to the Withholding Taxes shall be determined using the closing price per Share on the New York Stock Exchange (the "<u>NYSE</u>") (or other principal exchange on which the Shares then trade) on the trading day immediately prior to the date of delivery of the Shares to the Participant or the Company, as applicable, and shall be rounded up to the nearest whole PRSU or Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company shall pay any costs incurred in connection with issuing the Shares. Upon the issuance of the Shares to the Participant, the Participant's Unit Account shall be eliminated. Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to issue or transfer the Shares as contemplated by this Agreement unless and until such issuance or transfer shall comply with all relevant provisions of law and the requirements of any stock exchange on which the Company's shares are listed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Termination of Service**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that the Participant's Service with the Company terminates for any reason, any unvested PRSUs shall never be earned or vested, and all of the Participant's rights hereunder with respect to such unvested PRSUs (and any Dividend Equivalents accrued thereon) shall therefore cease as of the Termination Date (unless otherwise provided for by the Committee in accordance with the Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Participant's rights with respect to the PRSUs shall not be affected by any change in the nature of the Participant's Service so long as the Participant continues to be an employee or service provider, as applicable, of the Company. Whether (and the circumstances under which) the Participant's Service has terminated and the determination of the Termination Date for the purposes of this Agreement shall be determined by the Committee (or, with respect to any Participant who is not a director or "officer" as defined under Rule 16a-1(f) of the Exchange Act, its designee, whose good faith determination shall be final, binding and conclusive; provided, that such designee may not make any such determination with respect to the designee's own Service for purposes of the PRSUs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Restrictions on Transfer**. The Participant may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber the PRSUs or the Participant's right under the PRSUs to receive Shares, except other than by **will** or by the laws of descent and distribution and any such attempted or purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any of its Affiliates; <u>provided</u>, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

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**EXHIBIT 10.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Repayment of Proceeds; Clawback Policy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Company discovers, either before or after termination of Service, that there are or were grounds to terminate the Participant's Service is terminated for Cause, or that a Detrimental Activities Violation has occurred, then the Participant shall be required, in addition to any other remedy available (on a non-exclusive basis), to pay to the Company, within ten (10) business days of the Company's request to the Participant therefor, the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or other disposition of, or distributions in respect of, the PRSUs or Shares issued in settlement of the PRSUs. With respect to the scenario where the Company discovers that after a termination of Service that grounds for a termination with Cause existed at the time thereof, then any reference in this Agreement to grounds existing for a termination with Cause shall be determined without regard to any cure period or other procedural delay or event required prior to a finding of, or termination with, Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The PRSUs and all proceeds of the PRSUs shall be subject to any right or obligation that the Company may have (i) under any Company Clawback Policy, including, without limitation, the Chewy Clawback Policy or other agreement or arrangement with the Participant, and (ii) under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the Securities and Exchange Commission (the "<u>SEC</u>"), the listing standards of the NYSE, or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)By acceptance of the grant of PRSUs pursuant to this Agreement, the Participant acknowledges and agrees that the Company may cause the cancellation or forfeiture of PRSUs or Shares issuable upon settlement of any PRSU on the books and records of the Company or any transfer agent to enforce the provisions of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**No Right to Continued Service**. Neither the Plan nor this Agreement nor the Participant's receipt of the PRSUs hereunder shall impose any obligation on the Company to continue the Service of the Participant. Further, the Company may at any time terminate the Service of the Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**No Rights as a Stockholder**. The Participant's interest in the PRSUs shall not entitle the Participant to any rights as a Chewy stockholder. The Participant shall not be deemed to be the holder of, or have any of the rights and privileges of a Chewy stockholder in respect of, the Shares unless and until such Shares have been issued to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Adjustments Upon Change in Capitalization**. The terms of this Agreement, including the PRSUs, the Participant's Unit Account, and/or the Shares, shall be subject to adjustment in accordance with Section 8 of the Plan. This paragraph shall also apply with respect to any extraordinary dividend or other extraordinary distribution in respect of Chewy's common stock (whether in the form of cash or other property).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**Award Subject to Plan**. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The PRSUs granted

------

**EXHIBIT 10.3**

hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Severability**. Except where otherwise expressly indicated, Participant's obligations under this Agreement are severable and/or subject to reformation or partial enforcement. If a court of competent jurisdiction determines that at the time this Agreement is presented for enforcement any provisions are overly broad or unenforceable, the parties agree that the court shall engage in partial enforcement and/or reform the Agreement to make it enforceable to the maximum extent possible for the protection of the Company's interests and prevention of irreparable harm which is the express intent of the parties. If despite the forgoing, a provision of this Agreement is held by a court or arbitrator of competent jurisdiction (an "<u>Adjudicator</u>") to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**Venue; Personal Jurisdiction; Language**. Subject to any arbitration agreement between Participant and the Company, any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference) or a judgment entered by an Adjudicator, that can be pursued or enforced in a court of law, shall be brought in the U.S. District Court for the District of Delaware or in another court of competent subject matter jurisdiction located in the State of Delaware. The Participant, the Company, and any transferees who hold PRSUs pursuant to a valid assignment, all hereby submit to the exclusive jurisdiction of the courts of proper subject matter jurisdiction located in Delaware (the "<u>Chosen Venue</u>"), consent to the exercise of personal jurisdiction over them by such courts, and waive(a) any objections which they may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement that can be pursued in a court of law in the Chosen Venue; (b) any claim that any such suit, action, or proceeding brought in the Chosen Venue has been brought in any inconvenient forum; and (c) any right to a jury trial in the Chosen Venue (unless such jury waiver would violate controlling law or otherwise make the remainder of the forgoing provisions regarding Chosen Venue unenforceable); provided, however, if and when Participant last worked for the Company Participant primarily resided and worked in California, Colorado, Minnesota, or Washington, the Chosen Venue and choice of law shall not apply to any action arising out of the Commitment to Avoid Detrimental Activities.. Nothing herein shall be construed to waive the arbitration obligations Participant or Company may have as a result of any arbitration agreement between them. If the Participant has received a copy of this Agreement (or the Plan or any other document related hereto or thereto) translated into a language other than English, such translated copy is qualified in its entirety by reference to the English version thereof, and in the event of any conflict the English version will govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**Successors in Interest**. Any successor to the Company shall have the benefits of the Company under, and be entitled to enforce, this Agreement. Likewise, the Participant's legal representative shall have the benefits of the Participant under, and be entitled to enforce, this Agreement. All obligations imposed upon the Participant and all rights granted to the Company under this Agreement shall be final, binding and conclusive upon the Participant's heirs, executors, administrators and successors.

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**EXHIBIT 10.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**Data Privacy Consent**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant's personal data as described in this Agreement and any other PRSU grant materials by the Company for the exclusive purpose of implementing, administering and managing the Participant's participation in the Plan.The Participant understands that the Company may hold certain personal information about the Participant, including, but not limited to, the Participant's name, home address and telephone number, work location and phone number, date of birth, social security number or other identification number, salary, nationality, job title, hire date, any shares of stock or directorships held in the Company, details of all awards or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding in the Participant's favor, for the purpose of implementing, administering and managing the Plan ("<u>Personal Data</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Use of Personal Data; Retention</u>. The Participant understands that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, now or in the future, that these recipients may be located in the Participant's country or elsewhere, and that the recipient's country may have different data privacy laws and protections than the Participant's country. The Participant understands that the Participant may request a list with the names and addresses of any potential recipients of the Personal Data by contacting the Participant's local human resources representative. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Personal Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan. The Participant understands that Personal Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan. The Participant understands that the Participant may, at any time, view Personal Data, request additional information about the storage and processing of Personal Data, require any necessary amendments to Personal Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant's local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Withdrawal of Consent</u>. The Participant understands that the Participant is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the Participant's consent, the Participant's Service and career with the Company will not be adversely affected; the only consequence of the Participant's refusing or withdrawing the Participant's consent is that the Company would not be able to grant PRSUs or other equity awards to the Participant or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing the Participant's consent may affect the Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Participant's local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**Detrimental Activities**. The Participant acknowledges and recognizes that an important purpose of this Agreement is to align the interests of Participant with those of Chewy's stockholders and to ensure that the Participant does not engage in activity detrimental to the interests of Chewy's

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**EXHIBIT 10.3**

stockholders if Participant is going to be allowed the opportunity to participate in the financial rewards that result from the PRSU and their relationship to the value of equity participation in Chewy. In addition, Participant acknowledges that an ancillary purpose consistent with protecting the interests of the stockholders arises with respect to Participant because Participant will be allowed access to confidential and proprietary information (including, but not limited to, trade secrets), as well as access to the prospective and actual customers, suppliers, investors, clients and partners of the Company, and the goodwill associated with the Company. Participant accordingly agrees to comply with the provisions of Appendix B to this Agreement (the "<u>Commitment to Avoid Detrimental Activities</u>") as a condition of receipt and retention of the PRSUs provided for in this Agreement and their beneficial value. For the avoidance of doubt, the covenants made by Participant in this Agreement supplement and are in addition to, and not in lieu of, any other restrictive covenants or similar covenants or agreements between the Participant and the Company, nor will they be construed to replace, reduce or otherwise detrimentally impact the applicability or enforceability of any other such restrictive covenants Participant may agree to with the Company. Participant acknowledges and agrees not to contest or dispute the Company's position that the prohibition of detrimental activities provided for in Appendix B is inextricably connected to and part of the Company's governance of its internal affairs and relates directly to the interests of Chewy's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation**. By accepting this Agreement and the grant of the PRSUs contemplated hereunder, the Participant expressly acknowledges that (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be suspended or terminated by the Company at any time, to the extent permitted by the Plan; (b) the grant of PRSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of PRSUs, or benefits in lieu of PRSUs, even if PRSUs have been granted in the past; (c) all determinations with respect to future grants of PRSUs, if any, including the date of grant, the number of Shares granted and the applicable vesting terms, will be at the sole discretion of the Company; (d) the Participant's participation in the Plan is voluntary; (e) the value of the PRSUs is an extraordinary item that is outside the scope of the Participant's Services contract, if any, and nothing can or must automatically be inferred from such Services contract or its consequences;

(f) grants of PRSUs, and the income and value of same, are not part of normal or expected compensation for any purpose and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, the Participant waives any claim on such basis, and for the avoidance of doubt, the PRSUs shall not constitute an "acquired right" under the applicable law of any jurisdiction; and (g) the future value of the underlying Shares is unknown and cannot be predicted with certainty. In addition, the Participant understands, acknowledges and agrees that the Participant will have no rights to compensation or damages related to PRSU proceeds in consequence of the termination of the Participant's Service for any reason whatsoever and whether or not in breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**Award Administrator**. The Company may from time to time designate a third party (an "<u>Award Administrator</u>") to assist the Company in the implementation, administration, and management of the Plan and any PRSUs granted thereunder, including by sending award notices on behalf of the Company to Participants, and by facilitating through electronic means acceptance of PRSU Agreements by Participants.

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**EXHIBIT 10.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**Section 409A of the Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement is intended to comply with the provisions of Section 409A of the Code and the regulations promulgated thereunder. Without limiting the foregoing, the Committee shall have the right to amend the terms and conditions of this Agreement in any respect as may be necessary or appropriate to comply with Section 409A of the Code or any regulations promulgated thereunder, including without limitation by delaying the issuance of the Shares contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this Agreement to the contrary, if a Participant is a "specified employee" within the meaning of Section 409A of the Code, no payments in respect of any PRSU that is "deferred compensation" subject to Section 409A of the Code and not exempt for Section 409A as a short-term deferral or otherwise and which would otherwise be payable upon the Participant's "separation from service" (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six (6) months after the date of the Participant's "separation from service" or, if earlier, the Participant's date of death. Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. The Participant is solely responsible and liable for the satisfaction of all taxes and penalties under Section 409A of the Code that may be imposed on or in respect of the Participant in connection with this Agreement, and the Company shall not be liable to any Participant for any payment made under this Plan that is determined to result in an additional tax, penalty or interest under Section 409A of the Code, nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Section 409A of the Code. Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**Book Entry Delivery of Shares**. Whenever reference in this Agreement is made to the issuance or delivery of certificates representing one or more Shares, the Company may elect to issue or deliver such Shares in book entry form in lieu of certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**Electronic Delivery and Acceptance**. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**Acceptance and Agreement by the Participant**. By accepting the PRSUs (including through electronic means), the Participant agrees to be bound by the terms, conditions, and restrictions set forth in the Plan, this Agreement, and the Company's policies, as in effect from time to time, relating to the Plan. The Participant's rights under the PRSUs will lapse forty-five (45) days from the Date of Grant, and the PRSUs will be forfeited on such date if the Participant shall not have accepted this Agreement by such date. For the avoidance of doubt, the Participant's failure to accept this Agreement shall not affect the Participant's continuing obligations under any other agreement between the Company and the Participant.

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**EXHIBIT 10.3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.**No Advice Regarding Grant**. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan, or the Participant's acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with the Participant's own personal tax, legal and financial advisors regarding the Participant's participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.**Imposition of Other Requirements**. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the PRSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.**Waiver**. The Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other participant in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.**Counterparts**. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one in the same agreement.

[*Signatures follow*]

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**EXHIBIT 10.3**

CHEWY INC.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Acknowledge and agreed as of the date first written above:

<u>Participant Name&nbsp;&nbsp;&nbsp;&nbsp;</u> Participant Signature:

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**EXHIBIT 10.3**

**<u>Appendix A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Performance Metrics**. This Appendix A contains the performance vesting conditions and methodology applicable to the PRSUs. Subject to the terms and conditions set forth in the Plan, the Agreement and the Award Notice, the portion of the PRSUs subject to this Award, if any, that become earned during each Performance Period will be determined upon the Committee's certification of achievement of the Performance Conditions in accordance with this Appendix A, which shall occur within seventy five (75) days following the end of each Performance Period (the "<u>Certification Date</u>"). Capitalized terms used but not defined herein shall have the same meaning as is ascribed thereto in the Agreement, the Award Notice or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the Certification Date, the Participant's achievement of the Performance Conditions with respect to fifty percent (50%) of the Award will be determined in accordance with the table below with linear interpolation between the listed values:

---

| | |
|:---|:---|
| **Net Sales ($)** | **Percent of Target PRSUs Earned** |
| $13.600B | 50% |
| $13.675B | 100% |
| $13.825B | 200% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon the Certification Date, the Participant's achievement of the Performance Conditions with respect to fifty percent (50%) of the Award will be determined in accordance with the table below with linear interpolation between the listed values:

---

| | |
|:---|:---|
| **Adjusted EBITDA Margin (%)** | **Percent of Target PRSUs Earned** |
| 6.70% | 50% |
| 6.80% | 100% |
| 7.00% | 200% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Certain Defined Terms**. For purposes of this Agreement, the following terms will have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Adjusted EBITDA Margin</u>" means adjusted EBITDA margin as calculated per the Company's standard in preparing financial statements filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Net Sales</u>" means net sales as calculated per the Company's standard in preparing financial statements filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Performance Period</u>" means fiscal year 2026, which begins on February 2, 2026 and ends on January 31, 2027.

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**EXHIBIT 10.3**

**<u>Appendix B</u>**

**Commitment to Avoid Detrimental Activities**

Participant acknowledges that as an individual being presented with the opportunity to share in the growth and value of Chewy through PRSUs it is important to avoid certain activities while engaged to provide Services to the Company and for a reasonable period of time thereafter that would be detrimental to Chewy's business and its potential value to stockholders. Participant agrees that it is reasonable for the Company to require a commitment from Participant of this nature in order to allow Participant to participate in and retain the benefits of the PRSUs. Accordingly, Participant agrees that any activity or conduct by Participant that violates one of the restrictions or obligations provided for in Parts B-1, B-2, B-3, or B-4 below will be considered a "<u>Detrimental Activities Violation</u>".

**B-1. Avoidance of Competition and Other Detrimental Acts During Engagement.**

While employed or otherwise engaged as an individual to provide services to the Company (as an employee, consultant, or otherwise), Participant will comply with each of the restrictions and obligations below.

1. While employed with the Company, Participant will comply at all times with Participant's duty of loyalty to the Company as an employee or agent of the Company placed in a position of special trust and confidence. This duty shall be understood to include, but not be limited to,

(a)an obligation not to engage or participate in the business of a Competitor (as defined below), or become employed with a Competitor as an employee, owner, member, partner, consultant, director or otherwise, without the express written consent of the Company,

(b)an obligation not to interfere with or otherwise knowingly cause harm to the Company's ongoing or prospective business relationship with a Company employee, consultant or individual providing services as an independent contractor, or a supplier, distributor, vendor, customer, or other person or entity that does business with the Company or that the Company has a reasonable expectation of doing business with, and

(c)an obligation to inform the Company of business opportunities that fall within the Company's line of business and not pursue them for personal gain separate from the Company without the Company's express written consent in advance, or otherwise participate in any conduct or relationship that creates a conflict of interest in violation of Company policies.

2. Participant will not knowingly participate in or pursue activities that harm the value of the Company's intellectual property and will honor all agreements with the Company concerning the ownership and protection of proprietary works and intellectual property. Participant will be responsible for understanding, complying with, and implementing any intellectual property policy or guidelines published by the Company as they apply to the Participant's position and area of accountability at the Company.

The "<u>Business</u>" of the Company is providing retail and wholesale pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and other pet supply products and services (with

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**EXHIBIT 10.3**

"pets" as referenced in this Agreement to include, without limitation, in addition to household pets, any domesticated livestock); (ii) the Company is one of the limited number of entities to have developed such a Business; (iii) the Company's Business is national in scope; (iv) the Company directly competes with: e-commerce and mail-order pharmacies and pharmacy compounders; e- commerce retailers and wholesalers of pet food, pet pharmacy and compounding, pet health and wellness, pet insurance and other pet supply services and pet products, including those that exclusively sell pet-related products as well as those offering pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and/or other pet supply services and pet products as one amongst many product categories available for purchase; and brick-and-mortar retailers and wholesalers whose primary business is the retail or wholesale of pet food, pet pharmacy or compounding, pet health and wellness, and/or other pet supply services and pet products (the entities enumerated above are collectively referred to as "<u>Competitors</u>"); (v) over the course of Participant's career, the Company's business may expand beyond its current Business, and therefore, the definition of Competitors also includes any business engaged in the developing, marketing or selling of any product(s) or service(s) the Company is developing, marketing or selling or has plans to develop, market or sell at the time of Participant's termination of employment, in which Participant had involvement or about which Participant was provided Confidential Information (as defined below) during the Look Back Period (as defined below).

**B-2. Avoidance of Competition and Other Detrimental Acts After Engagement.**

Participant will comply with the following restrictions for a period of two (2) years after Participant's employment or other services engagement with the Company ends:

1.<u>Noncompete</u>. Participant will not, within the Participant's Territory (as defined below), directly or through the direction or assistance of others, acting individually or as an owner, shareholder, partner, employee, contractor, agent or otherwise, on behalf of a Competitor: (a) provide, supervise or manage services that are the same as or similar in function or purpose to the services Participant provided to the Company during the last two years of employment or such shorter period of time as Participant was actually employed or engaged to provide personal services to the Company (the "<u>Look Back Period</u>") (b) assist in the development or improvement of a product or service that competes with a product or service of the Company, or (c) provide services that are otherwise likely or probable to result in the use or disclosure of Confidential Information to a Competitor. "<u>Territory</u>" means the geographic territory(ies) assigned to Participant by Company during the Look Back Period (by state, county, or other recognized geographic boundary used in the Company's Business); and, if Participant has no such specifically assigned geographic territory then: (i) those states and counties in which Participant participated in the Company's Business and/or about which Participant was provided access to Confidential Information during the Look Back Period; and, (ii) the state and county where Participant resides. If Participant is employed by the Company in a research and development capacity and/or if Participant is employed in a senior management position (such as Director, Senior Director, Vice President and above, Board Member, or Officer) then Participant is presumed to have participated in the Company's Business and/or had Confidential Information about the Company's Business throughout the United States (including state and state-equivalents and county and county-equivalents therein), as the Company and Participant agree that the Company's Business is e-commerce, is conducted nationwide and competes nationwide.

2.<u>Worker Nonsolicit</u>. Participant will not, directly or indirectly through providing assistance to others, knowingly participate in soliciting or communicating (verbally, electronically, or in other written

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**EXHIBIT 10.3**

form) with a Covered Worker (as defined below) for the purpose of persuading the Covered Worker to go to work for a Competitor or to end or modify the Covered Worker's relationship with the Company or assist a Competitor in efforts to hire a Covered Worker away from the Company. A "<u>Covered Worker</u>" means an employee or individual worker engaged as an independent contractor of the Company that Participant works with, gains knowledge of or is provided Confidential Information about in the Look Back Period. A worker who resigns will continue to be considered a Covered Worker for a period of six (6) months after the workers employment or other engagement with the Company ends except where it would make this restriction unenforceable.

3.<u>Customer Nonsolicit</u>*.* Participant will not, working alone or in conjunction with one or more other persons or entities, whether for compensation or not, on behalf of (or for the benefit of) a Competitor: (i) solicit, assist in soliciting, or facilitate the solicitation of, competing business from a customer of the Company that Participant had material business-related contact or involvement with or was provided Confidential Information about during the Look Back Period ("<u>Covered Customer</u>"); or (ii) interfere with the Company's business relationship with any such Covered Customer.

4.<u>Business Relationship Interference</u>. Participant will not, directly or indirectly through providing assistance to others, knowingly interfere with the Company's ongoing or prospective business relationship with a supplier, distributor, or vendor that the Company has a reasonable expectation of doing business with, and that Participant had material business-related contact or involvement with or gained knowledge of through Participant's role with the Company in the Look Back Period, by soliciting, inducing or otherwise encouraging the supplier, distributor, or vendor to cease or reduce doing business with the Company or to give a valuable business opportunity to a Competitor.

**B-3. Avoidance of Unauthorized Confidential Information Use or Disclosure.**

1. Participant will honor all agreements with the Company regarding maintaining the confidentiality of information that qualifies as protected Confidential Information under such agreements, protect and preserve the value of the Company's trade secrets and proprietary information to the Company (irrespective of whether same is also covered by contractual definition of Confidential Information), and comply with Company policies and directives regarding the handling of Company records, files, computer system access, materials and property at all times. To the extent Participant is not otherwise subject to another contractual agreement with the Company covering Confidential Information, Participant agrees that until such time as the Confidential Information is readily-available publicly (other than as a result of disclosure by Participant), except as necessary to perform their job duties for the Company, Participant shall not disclose to any person or use, copy, download, upload or transfer any Confidential Information, whether or not created in whole or in part by the efforts of Participant, and regardless of whether Participant is still employed by the Company. Participant will only disclose or use, copy, download, upload or transfer such Confidential Information as is required by law or as necessary in the performance of Participant's duties on behalf of the Company.

2. If Participant is subject to another contractual agreement that defines what constitutes the Company's "Confidential Information", that definition shall control. Absent such a controlling definition, it is understood that "<u>Confidential Information</u>" refers to an item of information, or a compilation of information, in any form (tangible or intangible), related to the business of the Company that Participant gains access to in the course of their employment with the Company, that the Company has not made public or authorized public disclosure of, and that is not generally known to the public

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**EXHIBIT 10.3**

through proper means. Participant acknowledges that, in Participant's position with the Company, Participant will obtain and/or have access to Confidential Information regarding the Company's business. Examples of Confidential Information include, but are not limited to: business plans and forecasts, market analysis, marketing plans and strategies, branding strategies, pricing-related variables and strategy, the actual and anticipated research and development activities of the Company, unpatented inventions, technical data, knowledge, information and materials about trade secrets, mailing/e-mailing lists, methods of operation, customer or client lists, consumer preferences and buying histories, services, proprietary know-how, non-public information about financial performance, human resources information such as that obtained from a confidential personnel file, other proprietary matters relating to the Company, and information that is entrusted to the Company in confidence by third parties with whom the Company does business or is negotiating to do business, all of which constitute valuable assets of the Company which this Agreement is designed to protect. Nothing herein restricts or prevents an employee from sharing information about their own compensation with other employees nor prevents other employees from making inquiries about the compensation earned or paid to co-workers.

3. Participant agrees that, within five (5) business days of termination of Participant's employment or services relationship with the Company for any reason whatsoever, or sooner upon the Company's request, Participant shall return all copies, in whatever form or media, including hard copies and electronic copies, of Confidential Information to the Company, and Participant shall delete any copy of the Confidential Information on any computer file or database maintained by Participant and, upon request by the Company, Participant shall certify in writing that this has process has been completed and no copies of Confidential Information are retained.

**B-4. Avoidance of Disparagement.**

Participant agrees to avoid making comments that are disparaging, false, misleading, defamatory or cast in a negative light the Company, or the Company's current or former directors, officers, or employees. And, Participant agrees not to, in any respect, make any disparaging or defamatory comments concerning any aspect of the Participant's relationship with the Company or any comments concerning the conduct or events which precipitated any termination of the Participant's employment from the Company. However, the Participant's obligations under this covenant shall not prevent Participant from exercising the right to (1) communicate with a law enforcement officer acting within the line and scope of the officer's law enforcement duties that a violation of the law has occurred or is occurring; (2) communicate with a government regulator acting within the line and scope of the regulator's regulatory duties that a violation of the law has occurred or is occurring; (3) respond to a lawfully served judicial, grand jury, or other lawful subpoena; (4) testify in a judicial or administrative proceeding in response to a lawfully served subpoena or an order of a court of competent jurisdiction; (5) confer with the obligated party's attorney for the purpose of obtaining legal advice or representation; (6) respond to lawful discovery in a judicial or administrative action; provided the disparaging statement is either ordered by a court of competent jurisdiction or made in compliance with a protective order entered by the same court; (7) prosecute or defend a civil action between or among parties to a covered contract; provided the party making the disparaging statement attempts to and, if permitted by law, does file the disparaging statement and any related pleading under seal or in compliance with a protective order entered by a court of competent jurisdiction in the civil action; or (8) exercise federally protected statutory rights, including, but not limited to, the exercise of rights under the National Labor Relations Act or the Civil Rights Act of 1964, as amended.

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**EXHIBIT 10.3**

**B-5. Enforcement.**

In the event the Company has reason to believe Participant has engaged in a Detrimental Activities Violation or is pursuing a course of conduct that threatens such a violation, Company shall have the right to suspend the vesting schedule with respect to any unvested PRSUs until it determines that a violation has occurred and/or that any threatened violation has been resolved so as to longer be a threat. In the event of a Detrimental Activities Violation, Section 7 (Repayment of Proceeds; Clawback Policy) may be applied as determined appropriate by the Company in the exercise of the full degree of discretion allowed under the Plan. The type of harm to the Company caused by a Detrimental Activities Violation cannot be fully measured and remedied through monetary damages and would be irreparable in nature. Accordingly, in addition to the forgoing, the Company shall retain all rights and remedies available in law or equity to enforce the restrictions and obligations that Participant has committed to in Appendix B.

4. Participant's Commitment to Avoid Detrimental Activities and the terms of this Agreement awarding PRSUs to Participant are mutually dependent, material terms. Accordingly, in the event the enforceability of any portion of the Commitment to Avoid Detrimental Activities is challenged by Participant and found by an Adjudicator to be void or unenforceable in any part deemed material by the Company, then the Company shall have the right to demand and receive from Participant within ten (10) business days of the Company's request to the Participant, the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or other disposition of, or distributions in respect of, the PRSUs or Shares issued in settlement of the PRSUs.

5. If Participant violates one of the restrictions in Section B-2, the period of the breached restriction will be extended for an additional period of time equal to the time that elapses from commencement of the breach to the later of (a) the definitive termination of such breach or (b) the final resolution of any litigation arising from such breach; provided, however, that this extension of time shall be capped so that the extension of time itself does not exceed the length of time originally proscribed for the restriction, and if this extension would make the restriction unenforceable under controlling law it will not be enforced.

**B-6. Limitations.**

1.<u>Exceptions to Restrictions</u>. Notwithstanding anything in this Agreement to the contrary, nothing herein prohibits Participant from owning a non-controlling interest consisting of two percent (2%) or less of any class of securities in any publicly traded company or passive investments through an independently controlled fund such as a mutual fund, provided that Participant is not a controlling person of, or a member of a group that controls, a business that is a Competitor, and further provided that Participant does not otherwise participate in any conduct prohibited under this Agreement. In addition, nothing herein shall be construed to prohibit Participant's employment in a separately operated subsidiary or other business unit of a company that would not be a Competitor but for common ownership with a Competitor so long as Participant provides written assurances regarding the non-competitive nature of Participants position that are satisfactory to the Company and Participant remains employed solely in such non-competitive entity or unit during the pendency of the restrictions in Section B-2. Nothing herein is intended to be or is to be construed as a prohibition against general generic advertising of a company's products, services, or job openings to the public such as "help wanted" ads that are not targeted at the Company. The parties acknowledge that some states prohibit or place

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**EXHIBIT 10.3**

limitations on the use of covenants not to compete or noncompete covenants with an employee considered to be a low wage worker based on the employee's rate of compensation or overtime exemption status under the Fair Labor Standards Act (a "Low Wage Worker Protection" law, or "LWWP law"). It is the parties' intent not to create any restriction that would violate any controlling state LWWP law. Where the controlling state's law includes an LWWP law, it is the parties' intent that this Agreement's obligations be construed so as to fit within any applicable exclusion for duty of loyalty obligations, nonsolicitation covenants, confidential information protection covenants, and intellectual property assignment agreements recognized under the LWWP law at issue, and that it does not create a prohibited covenant not to compete.

2.<u>Protected Conduct</u>. Nothing in this Agreement prohibits Participant from (i) opposing an event or conduct that Participant reasonably believes is a violation of law, including criminal conduct, discrimination, harassment, retaliation, a safety or health violation, or other unlawful employment practices (whether in the workplace or at a work-related event), (ii) disclosing sexual assault or sexual harassment (in the workplace, at work-related events, between employees, or between an employer and an employee or otherwise); or (iii) reporting such an event or conduct to Participant's attorney, law enforcement, or the relevant law-enforcement agency (such as the SEC, Department of Labor, Occupational Safety and Health Administration, Equal Employment Opportunity Commission, or the state division of human rights), or (iv) testifying or otherwise making any truthful statements or disclosures in an administrative, legislative, arbitral, or judicial proceeding, including a deposition taken in connection with any of the proceedings, concerning alleged criminal conduct or unlawful employment practices, or as otherwise required by law, regulation or legal process, or cooperating in an investigation conducted by any government agency. Participant acknowledges notice that the Defend Trade Secrets Act provides that no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that: (a) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public. It also provides that an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may in pursuing such lawsuit disclose trade secrets to his/her attorney and use trade secrets in court submissions so long as documents containing the trade secret are filed under seal and do not disclose trade secrets except as permitted by court order. Nothing in this Agreement prohibits Participant from using information acquired through lawful means regarding the wages, benefits, or other terms and conditions of employment of individuals employed by Company for any purpose protected under the National Labor Relations Act (such as the right of employees to self-organization, to form, join, or assist labor organizations, to bargain collectively through representatives of their own choosing, and to engage in other concerted activities for the purpose of collective bargaining or other mutual aid or protection), unless the information is entrusted to Participant in confidence by Company as part of Participant's job duties or Participant is employed in a supervisor or management level position. Conduct of the above-described nature is referred to herein as "<u>Protected Conduct</u>." Nothing requires notice to or approval from the Company before engaging in such Protected Conduct. Further, nothing in this paragraph shall be construed to protect, invite, permit, or limit liability for, otherwise illegal activity such a breaking and entering, illegal computer access (hacking) or theft of the Company's property.

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**EXHIBIT 10.3**

3.<u>State-Specific Modifications</u>. It is the intent of the Company to apply Appendix B in a manner that does not violate any law that is deemed to be the controlling law for the parties with respect to the obligations in the Agreement. If Participant resides in California and when Participant last worked for the Company Participant primarily resided and worked in California, then Section B-2 shall not apply except to the extent Participant's conduct also involves the use or disclosure of trade secrets of the Company. If Participant resides in Washington and when Participant last worked for the Company Participant was a Washington-based employee, then Section B-2 (Noncompete) and B-2 (Business Relationship Interference) shall not apply and Sections B-2 (Worker Nonsolicit) and B-2 (Customer Nonsolicit) shall be limited so that they only apply to prohibit Participant's solicitation of an employee of the Company to leave such employment, and solicitation of a customer of the Company to cease or reduce the extent to which it is doing business with the Company. If the Company is deemed to operate in the District of Columbia and when Participant last worked for the Company Participant worked for it in the District of Columbia, then nothing in Appendix B will be applied to prohibit Participant from being simultaneously or subsequently employed by another person, performing work or providing services for pay for another person, or operating Participant's own business. However, conduct involving disclosure of confidential, proprietary, or sensitive information, client lists, customer lists, or a trade secret (as defined in the Uniform Trade Secrets Act) will remain prohibited. If Participant resides in Minnesota and when Participant last worked for the Company Participant primarily resided and worked in Minnesota, then Section A-2 (Noncompete) shall not apply. If Participant resides in Colorado and when Participant last worked for the Company Participant primarily resided and worked in Colorado, then: Section A-2 (Noncompete) and A-2 (Business Relationship Interference) shall not apply; and nothing in the Agreement shall be construed to prohibit Participant from disclosing or discussing (either orally or in writing) information about unlawful acts in the workplace, such as any alleged discriminatory or unfair employment practice, or any other conduct protected by section 24-34-407, C.R.S., of the Protecting Opportunities and Workers' Rights ("POWR") Act.

## Exhibit 10.4

**EXHIBIT 10.4**

**AWARD NOTICE**

**RELATING TO**

**THE RESTRICTED STOCK UNIT AGREEMENT**

**Senior Leadership Award**

**CHEWY, INC.**

**2024 OMNIBUS INCENTIVE PLAN**

The Participant has been granted Restricted Stock Units with the terms set forth in this Award Notice, and subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement to which this Award Notice is attached. Capitalized terms used and not defined in this Award Notice shall have the meanings set forth in the Restricted Stock Unit Agreement and the Plan, as applicable.

<u>Participant</u>: Participant Name

<u>Date of Grant</u>: Grant Date

<u>Restricted Stock Units Granted</u>: Number of Granted Restricted Stock Units (the "<u>Award</u>")

<u>Vesting Commencement Date</u>: Vest Commencement

<u>Vesting Schedule</u>: Please refer to Appendix: Vesting Schedule (the "<u>Vesting Schedule</u>")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Regular Vesting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Award will be subject to a time-based vesting condition (the "<u>Service</u> <u>Condition</u>"), which will be satisfied based on the Participant's continued Service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Service Condition will be satisfied subject to the Vesting Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon the Participant's termination of Service, any portion of the Award for which the Service Condition has not been satisfied shall be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Change in Control Treatment**. Upon a Change in Control, subject to the Participant's continued Service through the Change in Control, the Service Condition will be deemed satisfied with respect to 100% of the Award.

\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*

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**RESTRICTED STOCK UNIT AGREEMENT**

**CHEWY, INC.**

**2024 OMNIBUS INCENTIVE PLAN**

This Restricted Stock Unit Agreement, effective as of the Date of Grant (as defined below), is between Chewy, Inc., a Delaware corporation ("<u>Chewy</u>"), and the Participant (as defined below).

**WHEREAS**, Chewy has adopted the Chewy, Inc. 2024 Omnibus Incentive Plan (as it may be amended, the "<u>Plan</u>") in order to provide equity-based incentive awards to eligible service providers to encourage them to maintain stockholder value, act consistent with the interest of Chewy's stockholders, deliver outcomes and/or continue in the Service of the Company; and

**WHEREAS**, the Board of Directors has determined to grant RSUs (as defined below) to the Participant (as defined below) as provided herein and the Company and the Participant (as defined below) hereby wish to memorialize the terms and conditions applicable to such RSUs; and

**WHEREAS,** Participant's participation in the terms of the Plan and this Agreement (as defined below) through acceptance of RSUs is entirely voluntary, and is not a term and/or condition of employment, and is not compensation for services rendered, but is instead an award granted on a discretionary basis to align Participant's interests with those of Chewy's stockholders and is an award that Participant is free to decline at Participant's discretion.

**NOW, THEREFORE**, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Definitions**. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. The following terms shall have the following meanings for purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Agreement</u>" shall mean this Restricted Stock Unit Agreement including (unless the context otherwise requires) the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Award Notice</u>" shall mean the notice to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Cause</u>" shall have the meaning ascribed to such term in any employment agreement entered into by the Participant and Company and if not so defined, or no such agreement exists, "Cause" shall mean (i) a refusal or failure to follow the lawful and reasonable directions of the Board of Directors or individual to whom the Participant reports, which refusal or failure is not cured within thirty (30) days following delivery of written notice of such conduct to the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conviction of the Participant of any felony involving fraud or act of dishonesty against the Company or any of its affiliates; (iii) conduct by the Participant which, based upon good faith and reasonable factual investigation and determination of the Company, demonstrates gross unfitness to serve; (iv) intentional, material violation by the Participant of any contractual, statutory, or fiduciary duty owed by the Participant to the Company or any of its affiliates; or (v) willful misconduct causing material economic harm or public disgrace to the Company of any of its subsidiaries or affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Company</u>" shall mean Chewy and all of its Subsidiaries, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Date of Grant</u>" shall mean the "Date of Grant" listed in the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Detrimental Activities Violation</u>" shall mean the Participant's breach of a covenant contained in this Agreement's Appendix: Commitment to Avoid Detrimental Activities (the "<u>Commitment to Avoid Detrimental Activities</u>") or any contractual covenant with the Company regarding confidentiality, competitive activity, solicitation of the Company's vendors, suppliers, customers, or employees, disparagement, or any similar provision applicable to or agreed to by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Participant</u>" shall mean the "Participant" listed in the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>RSUs</u>" shall mean that number of Restricted Stock Units listed in the Award Notice as "Restricted Stock Units Granted."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Subsidiary</u>" shall mean any "subsidiary" within the meaning of Rule 405 of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Grant of Units**. The Company hereby grants the RSUs to the Participant, each of which represents the right to receive one Share upon vesting of such RSU, subject to and in accordance with the terms, conditions and restrictions set forth in the Plan, the Award Notice, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**RSU Account**. The Company shall cause an account (the "<u>Unit Account</u>") to be established and maintained on the books of the Company to record the number of RSUs credited to the Participant under the terms of this Agreement. The Participant's interest in the Unit Account shall be that of a general, unsecured creditor of the Company. Each RSU shall accrue dividend equivalents ("<u>Dividend</u> <u>Equivalents</u>") with respect to dividends that would otherwise be paid on the Share underlying such RSU during the period from the Date of Grant to the date such Share is delivered in accordance with Section 4 below. Dividend Equivalents shall be subject to the same vesting conditions applicable to the RSU on which such Dividend Equivalents are accrued and shall be paid in cash to the Participant upon delivery of the underlying Share in respect of which the Dividend Equivalents were accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Vesting; Settlement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The RSUs shall become vested in accordance with the Vesting Schedule. The Company shall deliver to the Participant one Share for each RSU (as adjusted under the Plan) as soon as practicable and no later than twenty (20) business days following the applicable vesting date, subject to Section 5(b) below, and such vested RSU shall be cancelled upon such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless otherwise determined by the Committee, upon settlement pursuant to Section 4(a), the Company shall issue the number of Shares underlying such vested RSUs to the Participant, free and clear of all restrictions, less a number of Shares equal to or greater in value than the minimum amount necessary to satisfy federal, state, local or foreign withholding tax requirements, if any (but which may in no event be greater than the maximum statutory withholding amounts in the Participant's jurisdiction) required to be withheld by the Company

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(the "<u>Withholding Taxes</u>") in accordance with Section 15 of the Plan (except to the extent the Participant shall have a written agreement with the Company or any of its Affiliates under which the Company or an Affiliate of the Company is responsible for payment of taxes with respect to the issuance of the Shares, or in the event the Company is not required to withhold any payments

in respect of taxes, in which case the full number of Shares shall be issued). To the extent any Withholding Taxes may become due prior to the settlement of any RSUs, the Committee may accelerate the vesting of a number of RSUs equal in value to the Withholding Taxes, the Shares delivered in settlement of such RSUs shall be delivered to the Company, and the number of RSUs so accelerated shall reduce the number of RSUs which would otherwise become vested on the next applicable vesting date. The number of RSUs or Shares equal to the Withholding Taxes shall be determined using the closing price per Share on the New York Stock Exchange (the "<u>NYSE</u>") (or other principal exchange on which the Shares then trade) on the trading day immediately prior to the date of delivery of the Shares to the Participant or the Company, as applicable, and shall be rounded up to the nearest whole RSU or Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company shall pay any costs incurred in connection with issuing the Shares. Upon the issuance of the Shares to the Participant, the Participant's Unit Account shall be eliminated. Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to issue or transfer the Shares as contemplated by this Agreement unless and until such issuance or transfer shall comply with all relevant provisions of law and the requirements of any stock exchange on which the Company's shares are listed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Termination of Service**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that the Participant's Service with the Company terminates for any reason, any unvested RSUs shall never be earned or vested, and all of the Participant's rights hereunder with respect to such unvested RSUs (and any Dividend Equivalents accrued thereon) shall therefore cease as of the Termination Date (unless otherwise provided for by the Committee in accordance with the Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Participant's rights with respect to the RSUs shall not be affected by any change in the nature of the Participant's Service so long as the Participant continues to be an employee or service provider, as applicable, of the Company. Whether (and the circumstances under which) the Participant's Service has terminated and the determination of the Termination Date for the purposes of this Agreement shall be determined by the Committee (or, with respect to any Participant who is not a director or "officer" as defined under Rule 16a-1(f) of the Exchange Act, its designee, whose good faith determination shall be final, binding and conclusive; provided, that such designee may not make any such determination with respect to the designee's own Service for purposes of the RSUs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Restrictions on Transfer**. The Participant may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber the RSUs or the Participant's right under the RSUs to receive Shares, except other than by will or by the laws of descent and distribution and any such attempted or purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any of its Affiliates; provided, that the designation of a

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beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Repayment of Proceeds; Clawback Policy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Company discovers, either before or after termination of Service, that there are or were grounds to terminate the Participant's Service for Cause, or that a Detrimental Activities Violation has occurred, then the Participant shall be required, in addition to any other remedy available (on a non-exclusive basis), to pay to the Company, within ten (10) business days of the Company's request to the Participant therefor, the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or other disposition of, or distributions in respect of, the RSUs or Shares issued in settlement of the RSUs. With respect to the scenario where the Company discovers that after a termination of Service that grounds for a termination with Cause existed at the time thereof, then any reference in this Agreement to grounds existing for a termination with Cause shall be determined without regard to any cure period or other procedural delay or event required prior to a finding of, or termination with, Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The RSUs and all proceeds of the RSUs shall be subject to any right or obligation that the Company may have (i) under any Company clawback policy, including, without limitation, the Chewy Clawback Policy or other agreement or arrangement with the Participant, and (ii) under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the Securities and Exchange Commission, the listing standards of the NYSE, or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)By acceptance of the grant of RSUs pursuant to this Agreement, the Participant acknowledges and agrees that the Company may cause the cancellation or forfeiture of RSUs or Shares issuable upon settlement of any RSU on the books and records of the Company or any transfer agent to enforce the provisions of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**No Right to Continued Service**. Neither the Plan nor this Agreement nor the Participant's receipt of the RSUs hereunder shall impose any obligation on the Company to continue the Service of the Participant. Further, the Company may at any time terminate the Service of the Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**No Rights as a Stockholder**. The Participant's interest in the RSUs shall not entitle the Participant to any rights as a Chewy stockholder. The Participant shall not be deemed to be the holder of, or have any of the rights and privileges of a Chewy stockholder in respect of, the Shares unless and until such Shares have been issued to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Adjustments Upon Change in Capitalization**. The terms of this Agreement, including the RSUs, the Participant's Unit Account, and/or the Shares, shall be subject to adjustment in accordance with Section 9 of the Plan. This paragraph shall also apply with respect to any extraordinary dividend or other extraordinary distribution in respect of Chewy's common stock (whether in the form of cash or other property).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**Award Subject to Plan**. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The RSUs granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Severability**. Except where otherwise expressly indicated, Participant's obligations under this Agreement are severable and/or subject to reformation or partial enforcement. If a court of competent jurisdiction determines that at the time this Agreement is presented for enforcement any provisions are overly broad or unenforceable, the parties agree that the court shall engage in partial enforcement and/or reform the Agreement to make it enforceable to the maximum extent possible for the protection of the Company's interests and prevention of irreparable harm which is the express intent of the parties. If despite the forgoing, a provision of this Agreement is held by a court or arbitrator of competent jurisdiction (an "<u>Adjudicator</u>") to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**Venue; Personal Jurisdiction; Language**. Subject to any arbitration agreement between Participant and the Company, any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference) or a judgment entered by an Adjudicator, that can be pursued or enforced in a court of law, shall be brought in the U.S. District Court for the District of Delaware or in another court of competent subject matter jurisdiction located in the State of Delaware. The Participant, the Company, and any transferees who hold RSUs pursuant to a valid assignment, all hereby submit to the exclusive jurisdiction of the courts of proper subject matter jurisdiction located in Delaware (the "<u>Chosen Venue</u>"), consent to the exercise of personal jurisdiction over them by such courts, and waive(a) any objections which they may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement that can be pursued in a court of law in the Chosen Venue; (b) any claim that any such suit, action, or proceeding brought in the Chosen Venue has been brought in any inconvenient forum; and (c) any right to a jury trial in the Chosen Venue (unless such jury waiver would violate controlling law or otherwise make the remainder of the forgoing provisions regarding Chosen Venue unenforceable); provided, however, if and when Participant last worked for the Company Participant primarily resided and worked in California, Colorado, Minnesota, or Washington, the Chosen Venue and choice of law shall not apply to any action arising out of the Commitment to Avoid Detrimental Activities.. Nothing herein shall be construed to waive the arbitration obligations Participant or Company may have as a result of any arbitration agreement between them. If the Participant has received a copy of this Agreement (or the Plan or any other document related hereto or thereto) translated into a language other than English, such translated copy is qualified in its entirety by reference to the English version thereof, and in the event of any conflict the English version will govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**Successors in Interest**. Any successor to the Company shall have the benefits of the Company under, and be entitled to enforce, this Agreement. Likewise, the Participant's legal representative shall have the benefits of the Participant under, and be entitled to enforce, this Agreement. All obligations imposed upon the Participant and all rights granted to the Company under this

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Agreement shall be final, binding and conclusive upon the Participant's heirs, executors, administrators and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**Data Privacy Consent**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant's personal data as described in this Agreement and any other RSU grant materials by the Company for the exclusive purpose of implementing, administering and managing the Participant's participation in the Plan. The Participant understands that the Company may hold certain personal information about the Participant, including, but not limited to, the Participant's name, home address and telephone number, work location and phone number, date of birth, social security number or other identification number, salary, nationality, job title, hire date, any shares of stock or directorships held in the Company, details of all awards or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding in the Participant's favor, for the purpose of implementing, administering and managing the Plan ("<u>Personal Data</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Use of Personal Data; Retention</u>. The Participant understands that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, now or in the future, that these recipients may be located in the Participant's country or elsewhere, and that the recipient's country may have different data privacy laws and protections than the Participant's country. The Participant understands that the Participant may request a list with the names and addresses of any potential recipients of the Personal Data by contacting the Participant's local human resources representative. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Personal Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan. The Participant understands that Personal Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan. The Participant understands that the Participant may, at any time, view Personal Data, request additional information about the storage and processing of Personal Data, require any necessary amendments to Personal Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant's local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Withdrawal of Consent</u>. The Participant understands that the Participant is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the Participant's consent, the Participant's Service and career with the Company will not be adversely affected; the only consequence of the Participant's refusing or withdrawing the Participant's consent is that the Company would not be able to grant RSUs or other equity awards to the Participant or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing the Participant's consent may affect the Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Participant's local human resources representative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**Detrimental Activities**. The Participant acknowledges and recognizes that an important purpose of this Agreement is to align the interests of Participant with those of Chewy's stockholders and to ensure that the Participant does not engage in activity detrimental to the interests of Chewy's stockholders if Participant is going to be allowed the opportunity to participate in the financial rewards that result from the RSU and their relationship to the value of equity participation in Chewy. In addition, Participant acknowledges that an ancillary purpose consistent with protecting the interests of the stockholders arises with respect to Participant because Participant will be allowed access to confidential and proprietary information (including, but not limited to, trade secrets), as well as access to the prospective and actual customers, suppliers, investors, clients and partners of the Company, and the goodwill associated with the Company. Participant accordingly agrees to comply with the provisions of the Commitment to Avoid Detrimental Activities as a condition of receipt and retention of the RSUs provided for in this Agreement and their beneficial value. For the avoidance of doubt, the covenants made by Participant in this Agreement supplement and are in addition to, and not in lieu of, any other restrictive covenants or similar covenants or agreements between the Participant and the Company, nor will they be construed to replace, reduce or otherwise detrimentally impact the applicability or enforceability of any other such restrictive covenants Participant may agree to with the Company. Participant acknowledges and agrees not to contest or dispute the Company's position that the prohibition of detrimental activities provided for in the Commitment to Avoid Detrimental Activities is inextricably connected to and part of the Company's governance of its internal affairs and relates directly to the interests of Chewy's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation**. By accepting this Agreement and the grant of the RSUs contemplated hereunder, the Participant expressly acknowledges that (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be suspended or terminated by the Company at any time, to the extent permitted by the Plan; (b) the grant of RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; (c) all determinations with respect to future grants of RSUs, if any, including the date of grant, the number of Shares granted and the applicable vesting terms, will be at the sole discretion of the Company; (d) the Participant's participation in the Plan is voluntary; (e) the value of the RSUs is an extraordinary item that is outside the scope of the Participant's Services contract, if any, and nothing can or must automatically be inferred from such Services contract or its consequences; (f) grants of RSUs, and the income and value of same, are not part of normal or expected compensation for any purpose and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, the Participant waives any claim on such basis, and for the avoidance of doubt, the RSUs shall not constitute an "acquired right" under the applicable law of any jurisdiction; and (g) the future value of the underlying Shares is unknown and cannot be predicted with certainty. In addition, the Participant understands, acknowledges and agrees that the Participant will have no rights to compensation or damages related to RSU proceeds in consequence of the termination of the Participant's Service for any reason whatsoever and whether or not in breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**Award Administrator**. The Company may from time to time designate a third party as an "Award Administrator" to assist the Company in the implementation, administration, and management of the Plan and any RSUs granted thereunder, including by sending award notices on behalf of the

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Company to Participants, and by facilitating through electronic means acceptance of RSU Agreements by Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**Section 409A of the Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement is intended to comply with the provisions of Section 409A of the Code and the regulations promulgated thereunder. Without limiting the foregoing, the Committee shall have the right to amend the terms and conditions of this Agreement in any respect as may be necessary or appropriate to comply with Section 409A of the Code or any regulations promulgated thereunder, including without limitation by delaying the issuance of the Shares contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this Agreement to the contrary, if a Participant is a "specified employee" within the meaning of Section 409A of the Code, no payments in respect of any RSU that is "deferred compensation" subject to Section 409A of the Code and not exempt for Section 409A as a short-term deferral or otherwise and which would otherwise be payable upon the Participant's "separation from service" (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six (6) months after the date of the Participant's "separation from service" or, if earlier, the Participant's date of death. Following any applicable six (6)-month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. The Participant is solely responsible and liable for the satisfaction of all taxes and penalties under Section 409A of the Code that may be imposed on or in respect of the Participant in connection with this Agreement, and the Company shall not be liable to any Participant for any payment made under this Plan that is determined to result in an additional tax, penalty or interest under Section 409A of the Code, nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Section 409A of the Code. Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**Book Entry Delivery of Shares**. Whenever reference in this Agreement is made to the issuance or delivery of certificates representing one or more Shares, the Company may elect to issue or deliver such Shares in book entry form in lieu of certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**Electronic Delivery and Acceptance**. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**Acceptance and Agreement by the Participant**. By accepting the RSUs (including through electronic means), the Participant agrees to be bound by the terms, conditions, and restrictions set forth in the Plan, this Agreement, and the Company's policies, as in effect from time to time, relating to the Plan. The Participant's rights under the RSUs will lapse sixty (60) days from the Date of Grant, and the RSUs will be forfeited on such date if the Participant shall not have accepted this Agreement by such date. For the avoidance of doubt, the Participant's failure to accept this Agreement shall not affect the Participant's continuing obligations under any other agreement between the Company and the Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.**No Advice Regarding Grant**. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan, or the Participant's acquisition or sale of the underlying Shares. The Participant is hereby advised to consult with the Participant's own personal tax, legal and financial advisors regarding the Participant's participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.**Imposition of Other Requirements**. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.**Waiver**. The Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other participant in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.**Counterparts**. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one in the same agreement.

[*Signatures follow*]

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CHEWY INC.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Acknowledge and agreed as of the date first written above:

<u>Participant Name&nbsp;&nbsp;&nbsp;&nbsp;</u> Participant Signature:

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**<u>Appendix : Commitment to Avoid Detrimental Activities</u>**

Participant acknowledges that as an individual being presented with the opportunity to share in the growth and value of Chewy through RSUs it is important to avoid certain activities while engaged to provide Services to the Company and for a reasonable period of time thereafter that would be detrimental to Chewy's business and its potential value to stockholders. Participant agrees that it is reasonable for the Company to require a commitment from Participant of this nature in order to allow Participant to participate in and retain the benefits of the RSUs. Accordingly, Participant agrees that any activity or conduct by Participant that violates one of the restrictions or obligations provided for in Parts A-1, A-2, A-3, or A-4 below will be considered a "<u>Detrimental Activities Violation</u>".

**A-1. Avoidance of Competition and Other Detrimental Acts During Engagement.**

While employed or otherwise engaged as an individual to provide services to the Company (as an employee, consultant, or otherwise), Participant will comply with each of the restrictions and obligations below.

1. While employed with the Company, Participant will comply at all times with Participant's duty of loyalty to the Company as an employee or agent of the Company placed in a position of special trust and confidence. This duty shall be understood to include, but not be limited to,

(a)an obligation not to engage or participate in the business of a Competitor (as defined below), or become employed with a Competitor as an employee, owner, member, partner, consultant, director or otherwise, without the express written consent of the Company,

(b)an obligation not to interfere with or otherwise knowingly cause harm to the Company's ongoing or prospective business relationship with a Company employee, consultant or individual providing services as an independent contractor, or a supplier, distributor, vendor, customer, or other person or entity that does business with the Company or that the Company has a reasonable expectation of doing business with, and

(c)an obligation to inform the Company of business opportunities that fall within the Company's line of business and not pursue them for personal gain separate from the Company without the Company's express written consent in advance, or otherwise participate in any conduct or relationship that creates a conflict of interest in violation of Company policies.

2. Participant will not knowingly participate in or pursue activities that harm the value of the Company's intellectual property and will honor all agreements with the Company concerning the ownership and protection of proprietary works and intellectual property. Participant will be responsible for understanding, complying with, and implementing any intellectual property policy or guidelines published by the Company as they apply to Participant's position and area of accountability at the Company.

3. The "<u>Business</u>" of the Company is providing retail and wholesale pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and other pet supply products and services (with "pets" as referenced in this Agreement to include, without limitation, in addition to household pets, any domesticated livestock); (ii) the Company is one of the limited number of entities to have developed

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such a Business; (iii) the Company's Business is national in scope; (iv) the Company directly competes with: e-commerce and mail-order pharmacies and pharmacy compounders; e- commerce retailers and wholesalers of pet food, pet pharmacy and compounding, pet health and wellness, pet insurance and other pet supply services and pet products, including those that exclusively sell pet-related products as well as those offering pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and/or other pet supply services and pet products as one amongst many product categories available for purchase; and brick-and-mortar retailers and wholesalers whose primary business is the retail or wholesale of pet food, pet pharmacy or compounding, pet health and wellness, and/or other pet supply services and pet products (the entities enumerated above are collectively referred to as "<u>Competitors</u>"); (v) over the course of Participant's career, the Company's business may expand beyond its current Business, and therefore, the definition of Competitors also includes any business engaged in the developing, marketing or selling of any product(s) or service(s) the Company is developing, marketing or selling or has plans to develop, market or sell at the time of Participant's termination of employment, in which Participant had involvement or about which Participant was provided Confidential Information (as defined below) during the Look Back Period (as defined below).

**A-2. Avoidance of Competition and Other Detrimental Acts After Engagement.**

Participant will comply with the following restrictions for a period of two (2) years after Participant's employment or other services engagement with the Company ends:

1.<u>Noncompete</u>. Participant will not, within Participant's Territory (as defined below), directly or through the direction or assistance of others, acting individually or as an owner, shareholder, partner, employee, contractor, agent or otherwise, on behalf of a Competitor: (a) provide, supervise or manage services that are the same as or similar in function or purpose to the services Participant provided to the Company during the last two (2) years of employment or such shorter period of time as Participant was actually employed or engaged to provide personal services to the Company (the "<u>Look Back Period</u>") (b) assist in the development or improvement of a product or service that competes with a product or service of the Company, or (c) provide services that are otherwise likely or probable to result in the use or disclosure of Confidential Information to a Competitor. "<u>Territory</u>" means the geographic territory(ies) assigned to Participant by Company during the Look Back Period (by state, county, or other recognized geographic boundary used in the Company's Business); and, if Participant has no such specifically assigned geographic territory then: (i) those states and counties in which Participant participated in the Company's Business and/or about which Participant was provided access to Confidential Information during the Look Back Period; and, (ii) the state and county where Participant resides. If Participant is employed by the Company in a research and development capacity and/or if Participant is employed in a senior management position (such as Director, Senior Director, Vice President and above, Board Member, or Officer) then Participant is presumed to have participated in the Company's Business and/or had Confidential Information about the Company's Business throughout the United States (including state and state-equivalents and county and county- equivalents therein), as the Company and Participant agree that the Company's Business is e-commerce, is conducted nationwide and competes nationwide. The covenants contained in this Section A-2.1 shall not apply to "Clinical Care Participants." For purposes of this Section A-2.1, "<u>Clinical Care</u> <u>Participants</u>" shall mean those Participants in Lead Veterinarian, Associate Veterinarian, or Market Lead job roles and working in a Chewy Vet Care clinic.

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<u>Worker Nonsolicit</u>. Participant will not, directly or indirectly through providing assistance to others, knowingly participate in soliciting or communicating (verbally, electronically, or in other written form) with a Covered Worker (as defined below) for the purpose of persuading the Covered Worker to go to work for a Competitor or to end or modify the Covered Worker's relationship with the Company or assist a Competitor in efforts to hire a Covered Worker away from the Company. A "<u>Covered Worker</u>" means an employee or individual worker engaged as an independent contractor of the Company that Participant works with, gains knowledge of or is provided Confidential Information about in the Look Back Period. A worker who resigns will continue to be considered a Covered Worker for a period of six

(6) months after the workers employment or other engagement with the Company ends except where it would make this restriction unenforceable.

2.<u>Customer Nonsolicit</u>*.* Participant will not, working alone or in conjunction with one or more other persons or entities, whether for compensation or not, on behalf of (or for the benefit of) a Competitor: (a) solicit, assist in soliciting, or facilitate the solicitation of, competing business from a customer of the Company that Participant had material business-related contact or involvement with or was provided Confidential Information about during the Look Back Period ("<u>Covered Customer</u>"); or (b) interfere with the Company's business relationship with any such Covered Customer.

3.<u>Business Relationship Interference</u>. Participant will not, directly or indirectly through providing assistance to others, knowingly interfere with the Company's ongoing or prospective business relationship with a supplier, distributor, or vendor that the Company has a reasonable expectation of doing business with, and that Participant had material business-related contact or involvement with or gained knowledge of through Participant's role with the Company in the Look Back Period, by soliciting, inducing or otherwise encouraging the supplier, distributor, or vendor to cease or reduce doing business with the Company or to give a valuable business opportunity to a Competitor.

**A-3. Avoidance of Unauthorized Confidential Information Use or Disclosure.**

1. Participant will honor all agreements with the Company regarding maintaining the confidentiality of information that qualifies as protected Confidential Information under such agreements, protect and preserve the value of the Company's trade secrets and proprietary information to the Company (irrespective of whether same is also covered by contractual definition of Confidential Information), and comply with Company policies and directives regarding the handling of Company records, files, computer system access, materials and property at all times. To the extent Participant is not otherwise subject to another contractual agreement with the Company covering Confidential Information, Participant agrees that until such time as the Confidential Information is readily-available publicly (other than as a result of disclosure by Participant), except as necessary to perform their job duties for the Company, Participant shall not disclose to any person or use, copy, download, upload or transfer any Confidential Information, whether or not created in whole or in part by the efforts of Participant, and regardless of whether Participant is still employed by the Company. Participant will only disclose or use, copy, download, upload or transfer such Confidential Information as is required by law or as necessary in the performance of Participant's duties on behalf of the Company.

If Participant is subject to another contractual agreement that defines what constitutes the Company's "Confidential Information", that definition shall control. Absent such a controlling definition, it is understood that "<u>Confidential Information</u>" refers to an item of information, or a compilation of

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information, in any form (tangible or intangible), related to the business of the Company that Participant gains access to in the course of their employment with the Company, that the Company has not made public or authorized public disclosure of, and that is not generally known to the public through proper means. Participant acknowledges that, in Participant's position with the Company, Participant will obtain and/or have access to Confidential Information regarding the Company's business. Examples of Confidential Information include, but are not limited to: business plans and forecasts, market analysis, marketing plans and strategies, branding strategies, pricing-related variables and strategy, the actual and anticipated research and development activities of the Company, unpatented inventions, technical data, knowledge, information and materials about trade secrets, mailing/e-mailing lists, methods of operation, customer or client lists, consumer preferences and buying histories, services, proprietary know-how, non-public information about financial performance, human resources information such as that obtained from a confidential personnel file, other proprietary matters relating to the Company, and information that is entrusted to the Company in confidence by third parties with whom the Company does business or is negotiating to do business, all of which constitute valuable assets of the Company which this Agreement is designed to protect. Nothing herein restricts or prevents an employee from sharing information about their own compensation with other employees nor prevents other employees from making inquiries about the compensation earned or paid to co-workers.

2. Participant agrees that, within five (5) business days of the termination of Participant's employment or services relationship with the Company for any reason whatsoever, or sooner upon the Company's request, Participant shall return all copies, in whatever form or media, including hard copies and electronic copies, of Confidential Information to the Company, and Participant shall delete any copy of the Confidential Information on any computer file or database maintained by Participant and, upon request by the Company, Participant shall certify in writing that this has process has been completed and no copies of Confidential Information are retained.

**A-4. Avoidance of Disparagement.**

Participant agrees to avoid making comments that are disparaging, false, misleading, defamatory or cast in a negative light the Company, or the Company's current or former directors, officers, or employees. And, Participant agrees not to, in any respect, make any disparaging or defamatory comments concerning any aspect of Participant's relationship with the Company or any comments concerning the conduct or events which precipitated any termination of Participant's employment from the Company. However, Participant's obligations under this covenant shall not prevent Participant from exercising the right to (1) communicate with a law enforcement officer acting within the line and scope of the officer's law enforcement duties that a violation of the law has occurred or is occurring; (2) communicate with a government regulator acting within the line and scope of the regulator's regulatory duties that a violation of the law has occurred or is occurring; (3) respond to a lawfully served judicial, grand jury, or other lawful subpoena; (4) testify in a judicial or administrative proceeding in response to a lawfully served subpoena or an order of a court of competent jurisdiction; (5) confer with the obligated party's attorney for the purpose of obtaining legal advice or representation; (6) respond to lawful discovery in a judicial or administrative action; provided the disparaging statement is either ordered by a court of competent jurisdiction or made in compliance with a protective order entered by the same court; (7) prosecute or defend a civil action between or among parties to a covered contract; provided the party making the disparaging statement attempts to and, if permitted by law, does file the disparaging statement and any

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related pleading under seal or in compliance with a protective order entered by a court of competent jurisdiction in the civil action; or (8) exercise federally protected statutory rights, including, but not limited to, the exercise of rights under the National Labor Relations Act or the Civil Rights Act of 1964, as amended.

**A-5.&nbsp;&nbsp;&nbsp;&nbsp;Enforcement.**

1. In the event the Company has reason to believe Participant has engaged in a Detrimental Activities Violation or is pursuing a course of conduct that threatens such a violation, the Company shall have the right to suspend the vesting schedule with respect to any unvested RSUs until it determines that a violation has occurred and/or that any threatened violation has been resolved so as to longer be a threat. In the event of a Detrimental Activities Violation, Section 7 (Repayment of Proceeds; Clawback Policy) of the Agreement may be applied as determined appropriate by the Company in the exercise of the full degree of discretion allowed under the Plan. The type of harm to the Company caused by a Detrimental Activities Violation cannot be fully measured and remedied through monetary damages and would be irreparable in nature. Accordingly, in addition to the forgoing, the Company shall retain all rights and remedies available in law or equity to enforce the restrictions and obligations that Participant has committed to in the Commitment to Avoid Detrimental Activities.

2. Participant's Commitment to Avoid Detrimental Activities and the terms of this Agreement awarding RSUs to Participant are mutually dependent, material terms. Accordingly, in the event the enforceability of any portion of the Commitment to Avoid Detrimental Activities is challenged by Participant and found by an Adjudicator to be void or unenforceable in any part deemed material by the Company, then the Company shall have the right to demand and receive from Participant within ten (10) business days of the Company's request to Participant, the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) Participant received upon the sale or other disposition of, or distributions in respect of, the RSUs or Shares issued in settlement of the RSUs.

3. If Participant violates one of the restrictions in Section A-2, the period of the breached restriction will be extended for an additional period of time equal to the time that elapses from commencement of the breach to the later of (a) the definitive termination of such breach or (b) the final resolution of any litigation arising from such breach; provided, however, that this extension of time shall be capped so that the extension of time itself does not exceed the length of time originally proscribed for the restriction, and if this extension would make the restriction unenforceable under controlling law it will not be enforced.

**A-6.&nbsp;&nbsp;&nbsp;&nbsp;Limitations.**

1.<u>Exceptions to Restrictions</u>. Notwithstanding anything in this Agreement to the contrary, nothing herein prohibits Participant from owning a non-controlling interest consisting of two percent (2%) or less of any class of securities in any publicly traded company or passive investments through an independently controlled fund such as a mutual fund, provided that Participant is not a controlling person of, or a member of a group that controls, a business that is a Competitor, and further provided that Participant does not otherwise participate in any conduct prohibited under this Agreement. In

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addition, nothing herein shall be construed to prohibit Participant's employment in a separately operated subsidiary or other business unit of a company that would not be a Competitor but for common ownership with a Competitor so long as Participant provides written assurances regarding the non-competitive nature of Participants position that are satisfactory to the Company and Participant remains employed solely in such non-competitive entity or unit during the pendency of the restrictions in Section A-2. Nothing herein is intended to be or is to be construed as a prohibition against general generic advertising of a company's products, services, or job openings to the public such as "help wanted" ads that are not targeted at the Company. The parties acknowledge that some states prohibit or place limitations on the use of covenants not to compete or noncompete covenants with an employee considered to be a low wage worker based on the employee's rate of compensation or overtime exemption status under the Fair Labor Standards Act (a "Low Wage Worker Protection" law, or "LWWP law"). It is the parties' intent not to create any restriction that would violate any controlling state LWWP law. Where the controlling state's law includes an LWWP law, it is the parties' intent that this Agreement's obligations be construed so as to fit within any applicable exclusion for duty of loyalty obligations, nonsolicitation covenants, confidential information protection covenants, and intellectual property assignment agreements recognized under the LWWP law at issue, and that it does not create a prohibited covenant not to compete.

2.<u>Protected Conduct</u>. Nothing in this Agreement prohibits Participant from (i) opposing an event or conduct that Participant reasonably believes is a violation of law, including criminal conduct, discrimination, harassment, retaliation, a safety or health violation, or other unlawful employment practices (whether in the workplace or at a work-related event), (ii) disclosing sexual assault or sexual harassment (in the workplace, at work-related events, between employees, or between an employer and an employee or otherwise); or (iii) reporting such an event or conduct to Participant's attorney, law enforcement, or the relevant law-enforcement agency (such as the Securities and Exchange Commission, Department of Labor, Occupational Safety and Health Administration, Equal Employment Opportunity Commission, or the state division of human rights), or (iv) testifying or otherwise making any truthful statements or disclosures in an administrative, legislative, arbitral, or judicial proceeding, including a deposition taken in connection with any of the proceedings, concerning alleged criminal conduct or unlawful employment practices, or as otherwise required by law, regulation or legal process, or cooperating in an investigation conducted by any government agency. Participant acknowledges notice that the Defend Trade Secrets Act provides that no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that: (a) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or,(b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public. It also provides that an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may in pursuing such lawsuit disclose trade secrets to his/her attorney and use trade secrets in court submissions so long as documents containing the trade secret are filed under seal and do not disclose trade secrets except as permitted by court order. Nothing in this Agreement prohibits Participant from using information acquired through lawful means regarding the wages, benefits, or other terms and conditions of employment of individuals employed by Company for any purpose protected under the National Labor Relations Act (such as the right of employees to self-organization, to form, join, or assist labor organizations, to bargain collectively

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through representatives of their own choosing, and to engage in other concerted activities for the purpose of collective bargaining or other mutual aid or protection), unless the information is entrusted to Participant in confidence by Company as part of Participant's job duties or Participant is employed in a supervisor or management level position. Conduct of the above-described nature is referred to herein as "<u>Protected Conduct</u>." Nothing requires notice to or approval from the Company before engaging in such Protected Conduct. Further, nothing in this paragraph shall be construed to protect, invite, permit, or limit liability for, otherwise illegal activity such a breaking and entering, illegal computer access (hacking) or theft of the Company's property.

3.<u>State-Specific Modifications</u>. It is the intent of the Company to apply this Commitment to Avoid Detrimental Activities in a manner that does not violate any law that is deemed to be the controlling law for the parties with respect to the obligations in the Agreement. If Participant resides in California and when Participant last worked for the Company Participant primarily resided and worked in California, then Section A-2 shall not apply except to the extent Participant's conduct also involves the use or disclosure of trade secrets of the Company. If Participant resides in Washington and when Participant last worked for the Company Participant was a Washington-based employee, then Section A-2 (Noncompete) and A-2 (Business Relationship Interference) shall not apply and Sections A-2 (Worker Nonsolicit) and A-2 (Customer Nonsolicit) shall be limited so that they only apply to prohibit Participant's solicitation of an employee of the Company to leave such employment, and solicitation of a customer of the Company to cease or reduce the extent to which it is doing business with the Company. If the Company is deemed to operate in the District of Columbia and when Participant last worked for the Company Participant worked for it in the District of Columbia, then nothing herein will be applied to prohibit Participant from being simultaneously or subsequently employed by another person, performing work or providing services for pay for another person, or operating Participant's own business. However, conduct involving disclosure of confidential, proprietary, or sensitive information, client lists, customer lists, or a trade secret (as defined in the Uniform Trade Secrets Act) will remain prohibited. If Participant resides in Minnesota and when Participant last worked for the Company Participant primarily resided and worked in Minnesota, then Section A-2 (Noncompete) shall not apply. If Participant resides in Colorado and when Participant last worked for the Company Participant primarily resided and worked in Colorado, then: Section A-2 (Noncompete) and A-2 (Business Relationship Interference) shall not apply; and nothing in the Agreement shall be construed to prohibit Participant from disclosing or discussing (either orally or in writing) information about unlawful acts in the workplace, such as any alleged discriminatory or unfair employment practice, or any other conduct protected by section 24-34-407, C.R.S., of the Protecting Opportunities and Workers' Rights ("POWR") Act.

## Exhibit 10.5

**EXHIBIT 10.5**

**AWARD NOTICE**

**RELATING TO**

**THE RESTRICTED STOCK UNIT AGREEMENT**

**Standard Award**

**CHEWY, INC.**

**2024 OMNIBUS INCENTIVE PLAN**

The Participant has been granted Restricted Stock Units with the terms set forth in this Award Notice, and subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement to which this Award Notice is attached. Capitalized terms used and not defined in this Award Notice shall have the meanings set forth in the Restricted Stock Unit Agreement and the Plan, as applicable.

<u>Participant</u>: Participant Name

<u>Date of Grant</u>: Grant Date

<u>Restricted Stock Units Granted</u>: Number of Granted Restricted Stock Units (the "<u>Award</u>")

<u>Vesting Commencement Date</u>: Vest Commencement

<u>Vesting Schedule</u>: Please refer to Appendix: Vesting Schedule (the "<u>Vesting Schedule</u>")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Regular Vesting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Award will be subject to a time-based vesting condition (the "<u>Service</u> <u>Condition</u>"), which will be satisfied based on the Participant's continued Service with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Service Condition will be satisfied subject to the Vesting Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon the Participant's termination of Service, any portion of the Award for which the Service Condition has not been satisfied shall be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Change in Control Treatment**. Upon a Change in Control, subject to the Participant's continued Service through the Change in Control, the Service Condition will be deemed satisfied with respect to 100% of the Award.

\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*

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**RESTRICTED STOCK UNIT AGREEMENT**

**CHEWY, INC.**

**2024 OMNIBUS INCENTIVE PLAN**

This Restricted Stock Unit Agreement, effective as of the Date of Grant (as defined below), is between Chewy, Inc., a Delaware corporation ("<u>Chewy</u>"), and the Participant (as defined below).

**WHEREAS**, Chewy has adopted the Chewy, Inc. 2024 Omnibus Incentive Plan (as it may be amended, the "<u>Plan</u>") in order to provide equity-based incentive awards to eligible service providers to encourage them to maintain stockholder value, act consistent with the interest of Chewy's stockholders, deliver outcomes and/or continue in the Service of the Company; and

**WHEREAS**, the Board of Directors has determined to grant RSUs (as defined below) to the Participant (as defined below) as provided herein and the Company and the Participant (as defined below) hereby wish to memorialize the terms and conditions applicable to such RSUs; and

**WHEREAS,** Participant's participation in the terms of the Plan and this Agreement (as defined below) through acceptance of RSUs is entirely voluntary, and is not a term and/or condition of employment, and is not compensation for services rendered, but is instead an award granted on a discretionary basis to align Participant's interests with those of Chewy's stockholders and is an award that Participant is free to decline at Participant's discretion.

**NOW, THEREFORE**, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Definitions**. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. The following terms shall have the following meanings for purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Agreement</u>" shall mean this Restricted Stock Unit Agreement including (unless the context otherwise requires) the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Award Notice</u>" shall mean the notice to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Company</u>" shall mean Chewy and all of its Subsidiaries, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Date of Grant</u>" shall mean the "Date of Grant" listed in the Award Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Detrimental Activities Violation</u>" shall mean the Participant's breach of a covenant contained in this Agreement's Appendix: Commitment to Avoid Detrimental Activities (the "<u>Commitment to Avoid Detrimental Activities</u>") or any contractual covenant with the Company regarding confidentiality, competitive activity, solicitation of the Company's vendors, suppliers, customers, or employees, disparagement, or any similar provision applicable to or agreed to by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Participant</u>" shall mean the "Participant" listed in the Award Notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>RSUs</u>" shall mean that number of Restricted Stock Units listed in the Award Notice as "Restricted Stock Units Granted."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"<u>Subsidiary</u>" shall mean any "subsidiary" within the meaning of Rule 405 of the Securities Act of 1933, as amended

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Grant of Units**. The Company hereby grants the RSUs to the Participant, each of which represents the right to receive one Share upon vesting of such RSU, subject to and in accordance with the terms, conditions and restrictions set forth in the Plan, the Award Notice, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**RSU Account**. The Company shall cause an account (the "<u>Unit Account</u>") to be established and maintained on the books of the Company to record the number of RSUs credited to the Participant under the terms of this Agreement. The Participant's interest in the Unit Account shall be that of a general, unsecured creditor of the Company. Each RSU shall accrue dividend equivalents ("<u>Dividend</u> <u>Equivalents</u>") with respect to dividends that would otherwise be paid on the Share underlying such RSU during the period from the Date of Grant to the date such Share is delivered in accordance with Section 4 below. Dividend Equivalents shall be subject to the same vesting conditions applicable to the RSU on which such Dividend Equivalents are accrued and shall be paid in cash to the Participant upon delivery of the underlying Share in respect of which the Dividend Equivalents were accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Vesting; Settlement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The RSUs shall become vested in accordance with the Vesting Schedule. The Company shall deliver to the Participant one Share for each RSU (as adjusted under the Plan) as soon as practicable and no later than twenty (20) business days following the applicable vesting date, subject to Section 5(b) below, and such vested RSU shall be cancelled upon such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless otherwise determined by the Committee, upon settlement pursuant to Section 4(a), the Company shall issue the number of Shares underlying such vested RSUs to the Participant, free and clear of all restrictions, less a number of Shares equal to or greater in value than the minimum amount necessary to satisfy federal, state, local or foreign withholding tax requirements, if any (but which may in no event be greater than the maximum statutory withholding amounts in the Participant's jurisdiction) required to be withheld by the Company (the "<u>Withholding Taxes</u>") in accordance with Section 15 of the Plan (except to the extent the Participant shall have a written agreement with the Company or any of its Affiliates under which the Company or an Affiliate of the Company is responsible for payment of taxes with respect to the issuance of the Shares, or in the event the Company is not required to withhold any payments in respect of taxes, in which case the full number of Shares shall be issued). To the extent any Withholding Taxes may become due prior to the settlement of any RSUs, the Committee may accelerate the vesting of a number of RSUs equal in value to the Withholding Taxes, the Shares delivered in settlement of such RSUs shall be delivered to the Company, and the number of RSUs so accelerated shall reduce the number of RSUs which would otherwise become vested on the next applicable vesting date. The number of RSUs or Shares equal to the Withholding Taxes shall be determined using the closing price per Share on the New York Stock Exchange (the "<u>NYSE</u>") (or other principal exchange on which the Shares then trade) on the trading day

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immediately prior to the date of delivery of the Shares to the Participant or the Company, as applicable, and shall be rounded up to the nearest whole RSU or Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company shall pay any costs incurred in connection with issuing the Shares. Upon the issuance of the Shares to the Participant, the Participant's Unit Account shall be eliminated. Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to issue or transfer the Shares as contemplated by this Agreement unless and until such issuance or transfer shall comply with all relevant provisions of law and the requirements of any stock exchange on which the Company's shares are listed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Termination of Service**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that the Participant's Service with the Company terminates for any reason, any unvested RSUs shall never be earned or vested, and all of the Participant's rights hereunder with respect to such unvested RSUs (and any Dividend Equivalents accrued thereon) shall therefore cease as of the Termination Date (unless otherwise provided for by the Committee in accordance with the Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Participant's rights with respect to the RSUs shall not be affected by any change in the nature of the Participant's Service so long as the Participant continues to be an employee or service provider, as applicable, of the Company. Whether (and the circumstances under which) the Participant's Service has terminated and the determination of the Termination Date for the purposes of this Agreement shall be determined by the Committee (or, with respect to any Participant who is not a director or "officer" as defined under Rule 16a-1(f) of the Exchange Act, its designee, whose good faith determination shall be final, binding and conclusive; provided, that such designee may not make any such determination with respect to the designee's own Service for purposes of the RSUs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Restrictions on Transfer**. The Participant may not assign, alienate, pledge, attach, sell or otherwise transfer or encumber the RSUs or the Participant's right under the RSUs to receive Shares, except other than by will or by the laws of descent and distribution and any such attempted or purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any of its Affiliates; <u>provided</u>, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Repayment of Proceeds; Clawback Policy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Company discovers, either before or after termination of Service, that there are or were grounds to terminate the Participant's Service for Cause, or that a Detrimental Activities Violation has occurred, then the Participant shall be required, in addition to any other remedy available (on a non-exclusive basis), to pay to the Company, within ten (10) business days of the Company's request to the Participant therefor, the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or

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other disposition of, or distributions in respect of, the RSUs or Shares issued in settlement of the RSUs. With respect to the scenario where the Company discovers that after a termination of Service that grounds for a termination with Cause existed at the time thereof, then any reference in this Agreement to grounds existing for a termination with Cause shall be determined without regard to any cure period or other procedural delay or event required prior to a finding of, or termination with, Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The RSUs and all proceeds of the RSUs shall be subject to any right or obligation that the Company may have (i) under any Company clawback policy, including, without limitation, the Chewy Clawback Policy or other agreement or arrangement with the Participant, and (ii) under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the Securities and Exchange Commission, the listing standards of the NYSE, or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)By acceptance of the grant of RSUs pursuant to this Agreement, the Participant acknowledges and agrees that the Company may cause the cancellation or forfeiture of RSUs or Shares issuable upon settlement of any RSU on the books and records of the Company or any transfer agent to enforce the provisions of this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**No Right to Continued Service**. Neither the Plan nor this Agreement nor the Participant's receipt of the RSUs hereunder shall impose any obligation on the Company to continue the Service of the Participant. Further, the Company may at any time terminate the Service of the Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**No Rights as a Stockholder**. The Participant's interest in the RSUs shall not entitle the Participant to any rights as a Chewy stockholder. The Participant shall not be deemed to be the holder of, or have any of the rights and privileges of a Chewy stockholder in respect of, the Shares unless and until such Shares have been issued to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Adjustments Upon Change in Capitalization**. The terms of this Agreement, including the RSUs, the Participant's Unit Account, and/or the Shares, shall be subject to adjustment in accordance with Section 9 of the Plan. This paragraph shall also apply with respect to any extraordinary dividend or other extraordinary distribution in respect of Chewy's common stock (whether in the form of cash or other property).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**Award Subject to Plan**. By entering into this Agreement, the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan. The RSUs granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**Severability**. Except where otherwise expressly indicated, Participant's obligations under this Agreement are severable and/or subject to reformation or partial enforcement. If a court of competent jurisdiction determines that at the time this Agreement is presented for enforcement any

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provisions are overly broad or unenforceable, the parties agree that the court shall engage in partial enforcement and/or reform the Agreement to make it enforceable to the maximum extent possible for the protection of the Company's interests and prevention of irreparable harm which is the express intent of the parties. If despite the forgoing, a provision of this Agreement is held by a court or arbitrator of competent jurisdiction (an "<u>Adjudicator</u>") to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**Venue; Personal Jurisdiction; Language**. Subject to any arbitration agreement between Participant and the Company, any suit, action or proceeding with respect to this Agreement (or any provision incorporated by reference) or a judgment entered by an Adjudicator, that can be pursued or enforced in a court of law, shall be brought in the U.S. District Court for the District of Delaware or in another court of competent subject matter jurisdiction located in the State of Delaware. The Participant, the Company, and any transferees who hold RSUs pursuant to a valid assignment, all hereby submit to the exclusive jurisdiction of the courts of proper subject matter jurisdiction located in Delaware (the "<u>Chosen Venue</u>"), consent to the exercise of personal jurisdiction over them by such courts, and waive (a) any objections which they may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement that can be pursued in a court of law in the Chosen Venue; (b) any claim that any such suit, action, or proceeding brought in the Chosen Venue has been brought in any inconvenient forum; and (c) any right to a jury trial in the Chosen Venue (unless such jury waiver would violate controlling law or otherwise make the remainder of the forgoing provisions regarding Chosen Venue unenforceable); provided, however, if and when Participant last worked for the Company Participant primarily resided and worked in California, Colorado, Minnesota, or Washington, the Chosen Venue and choice of law shall not apply to any action arising out of the Commitment to Avoid Detrimental Activities. Nothing herein shall be construed to waive the arbitration obligations Participant or Company may have as a result of any arbitration agreement between them. If the Participant has received a copy of this Agreement (or the Plan or any other document related hereto or thereto) translated into a language other than English, such translated copy is qualified in its entirety by reference to the English version thereof, and in the event of any conflict the English version will govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**Successors in Interest**. Any successor to the Company shall have the benefits of the Company under, and be entitled to enforce, this Agreement. Likewise, the Participant's legal representative shall have the benefits of the Participant under, and be entitled to enforce, this Agreement. All obligations imposed upon the Participant and all rights granted to the Company under this Agreement shall be final, binding and conclusive upon the Participant's heirs, executors, administrators and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**Data Privacy Consent**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant's personal data as described in this Agreement and any other RSU grant materials by the Company for the exclusive purpose of implementing, administering and managing the Participant's participation in the Plan. The Participant understands that the Company may hold certain personal information

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about the Participant, including, but not limited to, the Participant's name, home address and telephone number, work location and phone number, date of birth, social security number or other identification number, salary, nationality, job title, hire date, any shares of stock or directorships held in the Company, details of all awards or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding in the Participant's favor, for the purpose of implementing, administering and managing the Plan ("<u>Personal Data</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Use of Personal Data; Retention</u>. The Participant understands that Personal Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, now or in the future, that these recipients may be located in the Participant's country or elsewhere, and that the recipient's country may have different data privacy laws and protections than the Participant's country. The Participant understands that the Participant may request a list with the names and addresses of any potential recipients of the Personal Data by contacting the Participant's local human resources representative. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Personal Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan. The Participant understands that Personal Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan. The Participant understands that the Participant may, at any time, view Personal Data, request additional information about the storage and processing of Personal Data, require any necessary amendments to Personal Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant's local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Withdrawal of Consent</u>. The Participant understands that the Participant is providing the consents herein on a purely voluntary basis. If the Participant does not consent, or if the Participant later seeks to revoke the Participant's consent, the Participant's Service and career with the Company will not be adversely affected; the only consequence of the Participant's refusing or withdrawing the Participant's consent is that the Company would not be able to grant RSUs or other equity awards to the Participant or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing the Participant's consent may affect the Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Participant's local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**Detrimental Activities**. The Participant acknowledges and recognizes that an important purpose of this Agreement is to align the interests of Participant with those of Chewy's stockholders and to ensure that the Participant does not engage in activity detrimental to the interests of Chewy's stockholders if Participant is going to be allowed the opportunity to participate in the financial rewards that result from the RSU and their relationship to the value of equity participation in Chewy. In addition, Participant acknowledges that an ancillary purpose consistent with protecting the interests of the stockholders arises with respect to Participant because Participant will be allowed access to confidential and proprietary information (including, but not limited to, trade secrets), as well as access to the prospective and actual customers, suppliers, investors, clients and partners of the Company, and the

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goodwill associated with the Company. Participant accordingly agrees to comply with the provisions of the Commitment to Avoid Detrimental Activities as a condition of receipt and retention of the RSUs provided for in this Agreement and their beneficial value. For the avoidance of doubt, the covenants made by Participant in this Agreement supplement and are in addition to, and not in lieu of, any other restrictive covenants or similar covenants or agreements between the Participant and the Company, nor will they be construed to replace, reduce or otherwise detrimentally impact the applicability or enforceability of any other such restrictive covenants Participant may agree to with the Company. Participant acknowledges and agrees not to contest or dispute the Company's position that the prohibition of detrimental activities provided for in the Commitment to Avoid Detrimental Activities is inextricably connected to and part of the Company's governance of its internal affairs and relates directly to the interests of Chewy's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation**. By accepting this Agreement and the grant of the RSUs contemplated hereunder, the Participant expressly acknowledges that (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be suspended or terminated by the Company at any time, to the extent permitted by the Plan; (b) the grant of RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; (c) all determinations with respect to future grants of RSUs, if any, including the date of grant, the number of Shares granted and the applicable vesting terms, will be at the sole discretion of the Company; (d) the Participant's participation in the Plan is voluntary; (e) the value of the RSUs is an extraordinary item that is outside the scope of the Participant's Services contract, if any, and nothing can or must automatically be inferred from such Services contract or its consequences; (f) grants of RSUs, and the income and value of same, are not part of normal or expected compensation for any purpose and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, the Participant waives any claim on such basis, and for the avoidance of doubt, the RSUs shall not constitute an "acquired right" under the applicable law of any jurisdiction; and (g) the future value of the underlying Shares is unknown and cannot be predicted with certainty. In addition, the Participant understands, acknowledges and agrees that the Participant will have no rights to compensation or damages related to RSU proceeds in consequence of the termination of the Participant's Service for any reason whatsoever and whether or not in breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**Award Administrator**. The Company may from time to time designate a third party as an "Award Administrator" to assist the Company in the implementation, administration, and management of the Plan and any RSUs granted thereunder, including by sending award notices on behalf of the Company to Participants, and by facilitating through electronic means acceptance of RSU Agreements by Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.**Section 409A of the Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement is intended to comply with the provisions of Section 409A of the Code and the regulations promulgated thereunder. Without limiting the foregoing, the Committee shall have the right to amend the terms and conditions of this Agreement in any respect as may be necessary or appropriate to comply with Section 409A of the Code or any regulations

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promulgated thereunder, including without limitation by delaying the issuance of the Shares contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Notwithstanding any other provision of this Agreement to the contrary, if a Participant is a "specified employee" within the meaning of Section 409A of the Code, no payments in respect of any RSU that is "deferred compensation" subject to Section 409A of the Code and not exempt for Section 409A as a short-term deferral or otherwise and which would otherwise be payable upon the Participant's "separation from service" (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six (6) months after the date of the Participant's "separation from service" or, if earlier, the Participant's date of death. Following any applicable six (6)-month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. The Participant is solely responsible and liable for the satisfaction of all taxes and penalties under Section 409A of the Code that may be imposed on or in respect of the Participant in connection with this Agreement, and the Company shall not be liable to any Participant for any payment made under this Plan that is determined to result in an additional tax, penalty or interest under Section 409A of the Code, nor for reporting in good faith any payment made under this Agreement as an amount includible in gross income under Section 409A of the Code. Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.**Book Entry Delivery of Shares**. Whenever reference in this Agreement is made to the issuance or delivery of certificates representing one or more Shares, the Company may elect to issue or deliver such Shares in book entry form in lieu of certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.**Electronic Delivery and Acceptance**. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.**Acceptance and Agreement by the Participant**. By accepting the RSUs (including through electronic means), the Participant agrees to be bound by the terms, conditions, and restrictions set forth in the Plan, this Agreement (including, but not limited to, the Commitment to Avoid Detrimental Activities and the Vesting Schedule), and the Company's policies, as in effect from time to time, relating to the Plan. The Participant's rights under the RSUs will lapse sixty (60) days from the Date of Grant, and the RSUs will be forfeited on such date if the Participant shall not have accepted this Agreement by such date. For the avoidance of doubt, the Participant's failure to accept this Agreement shall not affect the Participant's continuing obligations under any other agreement between the Company and the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.**No Advice Regarding Grant**. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan, or the Participant's acquisition or sale of the underlying Shares. The Participant is hereby advised

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to consult with the Participant's own personal tax, legal and financial advisors regarding the Participant's participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.**Imposition of Other Requirements**. The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.**Waiver**. The Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant or any other participant in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.**Counterparts**. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one in the same agreement.

[*Signatures follow*]

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CHEWY INC.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Acknowledge and agreed as of the date first written above:

<u>Participant Name&nbsp;&nbsp;&nbsp;&nbsp;</u> Participant Signature:

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**<u>Appendix: Commitment to Avoid Detrimental Activities</u>**

Participant acknowledges that as an individual being presented with the opportunity to share in the growth and value of Chewy through RSUs it is important to avoid certain activities while engaged to provide Services to the Company and for a reasonable period of time thereafter that would be detrimental to Chewy's business and its potential value to stockholders. Participant agrees that it is reasonable for the Company to require a commitment from Participant of this nature in order to allow Participant to participate in and retain the benefits of the RSUs. Accordingly, Participant agrees that any activity or conduct by Participant that violates one of the restrictions or obligations provided for in Parts A-1, A-2, A-3, or A-4 below will be considered a "<u>Detrimental Activities Violation</u>".

**A-1. Avoidance of Competition and Other Detrimental Acts During Engagement.**

While employed or otherwise engaged as an individual to provide services to the Company (as an employee, consultant, or otherwise), Participant will comply with each of the restrictions and obligations below.

1. While employed with the Company, Participant will comply at all times with Participant's duty of loyalty to the Company as an employee or agent of the Company placed in a position of special trust and confidence. This duty shall be understood to include, but not be limited to,

(a)an obligation not to engage or participate in the business of a Competitor (as defined below), or become employed with a Competitor as an employee, owner, member, partner, consultant, director or otherwise, without the express written consent of the Company,

(b)an obligation not to interfere with or otherwise knowingly cause harm to the Company's ongoing or prospective business relationship with a Company employee, consultant or individual providing services as an independent contractor, or a supplier, distributor, vendor, customer, or other person or entity that does business with the Company or that the Company has a reasonable expectation of doing business with, and

(c)an obligation to inform the Company of business opportunities that fall within the Company's line of business and not pursue them for personal gain separate from the Company without the Company's express written consent in advance, or otherwise participate in any conduct or relationship that creates a conflict of interest in violation of Company policies.

2. Participant will not knowingly participate in or pursue activities that harm the value of the Company's intellectual property and will honor all agreements with the Company concerning the ownership and protection of proprietary works and intellectual property. Participant will be responsible for understanding, complying with, and implementing any intellectual property policy or guidelines published by the Company as they apply to Participant's position and area of accountability at the Company.

3. The "<u>Business</u>" of the Company is providing retail and wholesale pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and other pet supply products and services (with "pets" as referenced in this Agreement to include, without limitation, in addition to household pets, any domesticated livestock); (ii) the Company is one of the limited number of entities to have developed

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such a Business; (iii) the Company's Business is national in scope; (iv) the Company directly competes with: e-commerce and mail-order pharmacies and pharmacy compounders; e-commerce retailers and wholesalers of pet food, pet pharmacy and compounding, pet health and wellness, pet insurance and other pet supply services and pet products, including those that exclusively sell pet-related products as well as those offering pet food, pet pharmacy and compounding, pet health and wellness, pet insurance, and/or other pet supply services and pet products as one amongst many product categories available for purchase; and brick-and-mortar retailers and wholesalers whose primary business is the retail or wholesale of pet food, pet pharmacy or compounding, pet health and wellness, and/or other pet supply services and pet products (the entities enumerated above are collectively referred to as "<u>Competitors</u>"); (v) over the course of Participant's career, the Company's business may expand beyond its current Business, and therefore, the definition of Competitors also includes any business engaged in the developing, marketing or selling of any product(s) or service(s) the Company is developing, marketing or selling or has plans to develop, market or sell at the time of Participant's termination of employment, in which Participant had involvement or about which Participant was provided Confidential Information (as defined below) during the Look Back Period (as defined below).

**A-2. Avoidance of Competition and Other Detrimental Acts After Engagement.**

Participant will comply with the following restrictions for a period of one (1) year after Participant's employment or other services engagement with the Company ends:

1.<u>Noncompete</u>. Participant will not, within Participant's Territory (as defined below), directly or through the direction or assistance of others, acting individually or as an owner, shareholder, partner, employee, contractor, agent or otherwise, on behalf of a Competitor: (a) provide, supervise or manage services that are the same as or similar in function or purpose to the services Participant provided to the Company during the last two (2) years of employment or such shorter period of time as Participant was actually employed or engaged to provide personal services to the Company (the "<u>Look Back Period</u>") (b) assist in the development or improvement of a product or service that competes with a product or service of the Company, or (c) provide services that are otherwise likely or probable to result in the use or disclosure of Confidential Information to a Competitor. "Territory" means the geographic territory(ies) assigned to Participant by Company during the Look Back Period (by state, county, or other recognized geographic boundary used in the Company's Business); and, if Participant has no such specifically assigned geographic territory then: (i) those states and counties in which Participant participated in the Company's Business and/or about which Participant was provided access to Confidential Information during the Look Back Period; and, (ii) the state and county where Participant resides. If Participant is employed by the Company in a research and development capacity and/or if Participant is employed in a senior management position (such as Director, Senior Director, Vice President and above, Board Member, or Officer) then Participant is presumed to have participated in the Company's Business and/or had Confidential Information about the Company's Business throughout the United States (including state and state-equivalents and county and county-equivalents therein), as the Company and Participant agree that the Company's Business is e-commerce, is conducted nationwide and competes nationwide. The covenants contained in this Section A-2.1 shall not apply to "Clinical Care Participants." For purposes of this Section A-2.1, "<u>Clinical Care</u> <u>Participants</u>" shall mean those Participants in Lead Veterinarian, Associate Veterinarian, or Market Lead job roles and working in a Chewy Vet Care clinic.

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2.<u>Worker Nonsolicit</u>. Participant will not, directly or indirectly through providing assistance to others, knowingly participate in soliciting or communicating (verbally, electronically, or in other written form) with a Covered Worker (as defined below) for the purpose of persuading the Covered Worker to go to work for a Competitor or to end or modify the Covered Worker's relationship with the Company or assist a Competitor in efforts to hire a Covered Worker away from the Company. A "<u>Covered Worker</u>" means an employee or individual worker engaged as an independent contractor of the Company that Participant works with, gains knowledge of or is provided Confidential Information about in the Look Back Period. A worker who resigns will continue to be considered a Covered Worker for a period of six

(6) months after the workers employment or other engagement with the Company ends except where it would make this restriction unenforceable.

3.<u>Customer Nonsolicit</u>*.* Participant will not, working alone or in conjunction with one or more other persons or entities, whether for compensation or not, on behalf of (or for the benefit of) a Competitor: (a) solicit, assist in soliciting, or facilitate the solicitation of, competing business from a customer of the Company that Participant had material business-related contact or involvement with or was provided Confidential Information about during the Look Back Period ("<u>Covered Customer</u>"); or (b) interfere with the Company's business relationship with any such Covered Customer.

4.<u>Business Relationship Interference</u>. Participant will not, directly or indirectly through providing assistance to others, knowingly interfere with the Company's ongoing or prospective business relationship with a supplier, distributor, or vendor that the Company has a reasonable expectation of doing business with, and that Participant had material business-related contact or involvement with or gained knowledge of through Participant's role with the Company in the Look Back Period, by soliciting, inducing or otherwise encouraging the supplier, distributor, or vendor to cease or reduce doing business with the Company or to give a valuable business opportunity to a Competitor.

**A-3. Avoidance of Unauthorized Confidential Information Use or Disclosure.**

1. Participant will honor all agreements with the Company regarding maintaining the confidentiality of information that qualifies as protected Confidential Information under such agreements, protect and preserve the value of the Company's trade secrets and proprietary information to the Company (irrespective of whether same is also covered by contractual definition of Confidential Information), and comply with Company policies and directives regarding the handling of Company records, files, computer system access, materials and property at all times. To the extent Participant is not otherwise subject to another contractual agreement with the Company covering Confidential Information, Participant agrees that until such time as the Confidential Information is readily-available publicly (other than as a result of disclosure by Participant), except as necessary to perform their job duties for the Company, Participant shall not disclose to any person or use, copy, download, upload or transfer any Confidential Information, whether or not created in whole or in part by the efforts of Participant, and regardless of whether Participant is still employed by the Company. Participant will only disclose or use, copy, download, upload or transfer such Confidential Information as is required by law or as necessary in the performance of Participant's duties on behalf of the Company.

2. If Participant is subject to another contractual agreement that defines what constitutes the Company's "Confidential Information", that definition shall control. Absent such a controlling definition, it is understood that "<u>Confidential Information</u>" refers to an item of information, or a

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compilation of information, in any form (tangible or intangible), related to the business of the Company that Participant gains access to in the course of their employment with the Company, that the Company has not made public or authorized public disclosure of, and that is not generally known to the public through proper means. Participant acknowledges that, in Participant's position with the Company, Participant will obtain and/or have access to Confidential Information regarding the Company's business. Examples of Confidential Information include, but are not limited to: business plans and forecasts, market analysis, marketing plans and strategies, branding strategies, pricing-related variables and strategy, the actual and anticipated research and development activities of the Company, unpatented inventions, technical data, knowledge, information and materials about trade secrets, mailing/e-mailing lists, methods of operation, customer or client lists, consumer preferences and buying histories, services, proprietary know-how, non-public information about financial performance, human resources information such as that obtained from a confidential personnel file, other proprietary matters relating to the Company, and information that is entrusted to the Company in confidence by third parties with whom the Company does business or is negotiating to do business, all of which constitute valuable assets of the Company which this Agreement is designed to protect. Nothing herein restricts or prevents an employee from sharing information about their own compensation with other employees nor prevents other employees from making inquiries about the compensation earned or paid to co-workers.

3. Participant agrees that, within five (5) business days of the termination of Participant's employment or services relationship with the Company for any reason whatsoever, or sooner upon the Company's request, Participant shall return all copies, in whatever form or media, including hard copies and electronic copies, of Confidential Information to the Company, and Participant shall delete any copy of the Confidential Information on any computer file or database maintained by Participant and, upon request by the Company, Participant shall certify in writing that this has process has been completed and no copies of Confidential Information are retained.

**A-4. Avoidance of Disparagement.**

Participant agrees to avoid making comments that are disparaging, false, misleading, defamatory or cast in a negative light the Company, or the Company's current or former directors, officers, or employees. And, Participant agrees not to, in any respect, make any disparaging or defamatory comments concerning any aspect of Participant's relationship with the Company or any comments concerning the conduct or events which precipitated any termination of Participant's employment from the Company. However, Participant's obligations under this covenant shall not prevent Participant from exercising the right to (1) communicate with a law enforcement officer acting within the line and scope of the officer's law enforcement duties that a violation of the law has occurred or is occurring; (2) communicate with a government regulator acting within the line and scope of the regulator's regulatory duties that a violation of the law has occurred or is occurring; (3) respond to a lawfully served judicial, grand jury, or other lawful subpoena; (4) testify in a judicial or administrative proceeding in response to a lawfully served subpoena or an order of a court of competent jurisdiction; (5) confer with the obligated party's attorney for the purpose of obtaining legal advice or representation; (6) respond to lawful discovery in a judicial or administrative action; provided the disparaging statement is either ordered by a court of competent jurisdiction or made in compliance with a protective order entered by the same court; (7) prosecute or defend a civil action between or among parties to a covered contract; provided the party making the

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disparaging statement attempts to and, if permitted by law, does file the disparaging statement and any related pleading under seal or in compliance with a protective order entered by a court of competent jurisdiction in the civil action; or (8) exercise federally protected statutory rights, including, but not limited to, the exercise of rights under the National Labor Relations Act or the Civil Rights Act of 1964, as amended.

**A-5.&nbsp;&nbsp;&nbsp;&nbsp;Enforcement.**

1. In the event the Company has reason to believe Participant has engaged in a Detrimental Activities Violation or is pursuing a course of conduct that threatens such a violation, the Company shall have the right to suspend the vesting schedule with respect to any unvested RSUs until it determines that a violation has occurred and/or that any threatened violation has been resolved so as to longer be a threat. In the event of a Detrimental Activities Violation, Section 7 (Repayment of Proceeds; Clawback Policy) of the Agreement may be applied as determined appropriate by the Company in the exercise of the full degree of discretion allowed under the Plan. The type of harm to the Company caused by a Detrimental Activities Violation cannot be fully measured and remedied through monetary damages and would be irreparable in nature. Accordingly, in addition to the forgoing, the Company shall retain all rights and remedies available in law or equity to enforce the restrictions and obligations that Participant has committed to in the Commitment to Avoid Detrimental Activities.

2. Participant's Commitment to Avoid Detrimental Activities and the terms of this Agreement awarding RSUs to Participant are mutually dependent, material terms. Accordingly, in the event the enforceability of any portion of the Commitment to Avoid Detrimental Activities is challenged by Participant and found by an Adjudicator to be void or unenforceable in any part deemed material by the Company, then the Company shall have the right to demand and receive from Participant within ten (10) business days of the Company's request to Participant, the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) Participant received upon the sale or other disposition of, or distributions in respect of, the RSUs or Shares issued in settlement of the RSUs.

3. If Participant violates one of the restrictions in Section A-2, the period of the breached restriction will be extended for an additional period of time equal to the time that elapses from commencement of the breach to the later of (a) the definitive termination of such breach or (b) the final resolution of any litigation arising from such breach; provided, however, that this extension of time shall be capped so that the extension of time itself does not exceed the length of time originally proscribed for the restriction, and if this extension would make the restriction unenforceable under controlling law it will not be enforced.

**A-6.&nbsp;&nbsp;&nbsp;&nbsp;Limitations.**

1.<u>Exceptions to Restrictions</u>. Notwithstanding anything in this Agreement to the contrary, nothing herein prohibits Participant from owning a non-controlling interest consisting of two percent (2%) or less of any class of securities in any publicly traded company or passive investments through an independently controlled fund such as a mutual fund, provided that Participant is not a controlling person of, or a member of a group that controls, a business that is a Competitor, and further provided

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that Participant does not otherwise participate in any conduct prohibited under this Agreement. In addition, nothing herein shall be construed to prohibit Participant's employment in a separately operated subsidiary or other business unit of a company that would not be a Competitor but for common ownership with a Competitor so long as Participant provides written assurances regarding the non-competitive nature of Participants position that are satisfactory to the Company and Participant remains employed solely in such non-competitive entity or unit during the pendency of the restrictions in Section A-2. Nothing herein is intended to be or is to be construed as a prohibition against general generic advertising of a company's products, services, or job openings to the public such as "help wanted" ads that are not targeted at the Company. The parties acknowledge that some states prohibit or place limitations on the use of covenants not to compete or noncompete covenants with an employee considered to be a low wage worker based on the employee's rate of compensation or overtime exemption status under the Fair Labor Standards Act (a "Low Wage Worker Protection" law, or "LWWP law"). It is the parties' intent not to create any restriction that would violate any controlling state LWWP law. Where the controlling state's law includes an LWWP law, it is the parties' intent that this Agreement's obligations be construed so as to fit within any applicable exclusion for duty of loyalty obligations, nonsolicitation covenants, confidential information protection covenants, and intellectual property assignment agreements recognized under the LWWP law at issue, and that it does not create a prohibited covenant not to compete.

2.<u>Protected Conduct</u>. Nothing in this Agreement prohibits Participant from (i) opposing an event or conduct that Participant reasonably believes is a violation of law, including criminal conduct, discrimination, harassment, retaliation, a safety or health violation, or other unlawful employment practices (whether in the workplace or at a work-related event), (ii) disclosing sexual assault or sexual harassment (in the workplace, at work-related events, between employees, or between an employer and an employee or otherwise); or (iii) reporting such an event or conduct to Participant's attorney, law enforcement, or the relevant law-enforcement agency (such as the Securities and Exchange Commission, Department of Labor, Occupational Safety and Health Administration, Equal Employment Opportunity Commission, or the state division of human rights), or (iv) testifying or otherwise making any truthful statements or disclosures in an administrative, legislative, arbitral, or judicial proceeding, including a deposition taken in connection with any of the proceedings, concerning alleged criminal conduct or unlawful employment practices, or as otherwise required by law, regulation or legal process, or cooperating in an investigation conducted by any government agency. Participant acknowledges notice that the Defend Trade Secrets Act provides that no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that: (a) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public. It also provides that an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may in pursuing such lawsuit disclose trade secrets to his/her attorney and use trade secrets in court submissions so long as documents containing the trade secret are filed under seal and do not disclose trade secrets except as permitted by court order. Nothing in this Agreement prohibits Participant from using information acquired through lawful means regarding the wages, benefits, or other terms and conditions of employment of individuals employed by Company for any purpose protected under the National Labor Relations Act (such as the right of

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employees to self-organization, to form, join, or assist labor organizations, to bargain collectively through representatives of their own choosing, and to engage in other concerted activities for the purpose of collective bargaining or other mutual aid or protection), unless the information is entrusted to Participant in confidence by Company as part of Participant's job duties or Participant is employed in a supervisor or management level position. Conduct of the above-described nature is referred to herein as "<u>Protected Conduct</u>." Nothing requires notice to or approval from the Company before engaging in such Protected Conduct. Further, nothing in this paragraph shall be construed to protect, invite, permit, or limit liability for, otherwise illegal activity such a breaking and entering, illegal computer access (hacking) or theft of the Company's property.

3.<u>State-Specific Modifications</u>. It is the intent of the Company to apply this Commitment to Avoid Detrimental Activities in a manner that does not violate any law that is deemed to be the controlling law for the parties with respect to the obligations in the Agreement. If Participant resides in California and when Participant last worked for the Company Participant primarily resided and worked in California, then Section A-2 shall not apply except to the extent Participant's conduct also involves the use or disclosure of trade secrets of the Company. If Participant resides in Washington and when Participant last worked for the Company Participant was a Washington-based employee, then Section A-2 (Noncompete) and A-2 (Business Relationship Interference) shall not apply and Sections A-2 (Worker Nonsolicit) and A-2 (Customer Nonsolicit) shall be limited so that they only apply to prohibit Participant's solicitation of an employee of the Company to leave such employment, and solicitation of a customer of the Company to cease or reduce the extent to which it is doing business with the Company. If the Company is deemed to operate in the District of Columbia and when Participant last worked for the Company Participant worked for it in the District of Columbia, then nothing herein will be applied to prohibit Participant from being simultaneously or subsequently employed by another person, performing work or providing services for pay for another person, or operating Participant's own business. However, conduct involving disclosure of confidential, proprietary, or sensitive information, client lists, customer lists, or a trade secret (as defined in the Uniform Trade Secrets Act) will remain prohibited. If Participant resides in Minnesota and when Participant last worked for the Company Participant primarily resided and worked in Minnesota, then Section A-2 (Noncompete) shall not apply. If Participant resides in Colorado and when Participant last worked for the Company Participant primarily resided and worked in Colorado, then: Section A-2 (Noncompete) and A-2 (Business Relationship Interference) shall not apply; and nothing in the Agreement shall be construed to prohibit Participant from disclosing or discussing (either orally or in writing) information about unlawful acts in the workplace, such as any alleged discriminatory or unfair employment practice, or any other conduct protected by section 24-34-407, C.R.S., of the Protecting Opportunities and Workers' Rights ("POWR") Act.

## Exhibit 31.1

**EXHIBIT 31.1**

**Certification of the Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Sumit Singh, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Chewy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | June 10, 2026 | /s/ Sumit Singh |
| | | Sumit Singh |
| | | Chief Executive Officer |
| | | *(Principal Executive Officer)* |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**Certification of the Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Christopher S. Deppe, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Chewy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 10, 2026 | /s/ Christopher S. Deppe |
| | | Christopher S. Deppe |
| | | Chief Financial Officer |
| | | *(Principal Financial Officer)* |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report of Chewy, Inc. (the "Company") on Form 10-Q for the period ended May 3, 2026, as filed with the Securities and Exchange Commission (the "Periodic Report"), we, Sumit Singh, Chief Executive Officer of the Company, and Christopher S. Deppe, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Periodic Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 10, 2026

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| |
|:---|
| /s/ Sumit Singh |
| Sumit Singh |
| Chief Executive Officer |
| *(Principal Executive Officer)* |
| /s/ Christopher S. Deppe |
| Christopher S. Deppe |
| Chief Financial Officer |
| *(Principal Financial Officer)* |

---

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