Document:

EXHIBIT 4.5

                 OPTION TO PURCHASE COMMON STOCK

THIS  WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED  UNDER  THE SECURITIES ACT OF 1933 OR  THE  SECURITIES
LAWS  OF  ANY STATE AND MAY NOT BE SOLD OR OTHERWISE DISPOSED  OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT  AND  APPLICABLE  STATE  SECURITIES  LAWS  OR  AN  APPLICABLE
EXEMPTION  TO THE REGISTRATION REQUIREMENTS OF SUCH ACT  OR  SUCH
LAWS.

                             WARRANT

         To Purchase 3,000,000 Shares of Common Stock of

                      PETMED EXPRESS, INC.

      THIS  IS  TO CERTIFY THAT, TRICON HOLDINGS, LLC, a  Florida
limited  liability company, or registered assigns (the "Holder"),
is  entitled,  at  any  time prior to  the  Expiration  Date  (as
hereinafter  defined), to purchase from PETMED EXPRESS,  INC.,  a
Florida  corporation  (the "Company"), Three Million  (3,000,000)
shares  of  Common Stock (as hereinafter defined and  subject  to
adjustment  as  provided  herein), in whole  or  in  part,  at  a
purchase  price of Thirty-Three Cents ($0.33) per share  (subject
to   adjustment  as  provided  herein),  all  on  the  terms  and
conditions and pursuant to the provisions hereinafter set forth.

1.   DEFINITIONS

      As  used  in  this Warrant, the following  terms  have  the
respective meanings set forth below:

     "Additional Shares of Common Stock" shall mean all shares of
Common  Stock issued by the Company after the date hereof,  other
than Warrant Stock.

      "Adjustment  Period"  shall mean the  period  of  five  (5)
consecutive Trading Days preceding the date as of which the  Fair
Market Value of a security is to be determined.

      "Board  of Directors" shall mean the board of directors  of
the Company.

      "Business Day" shall mean any day that is not a Saturday or
Sunday  or a day on which banks are required or permitted  to  be
closed in the State of New York.

       "Commission"  shall  mean  the  Securities  and   Exchange
Commission  or  any  other federal agency then administering  the
Securities Act and other federal securities laws.

       "Common  Stock"  shall  mean  (except  where  the  context
otherwise  indicates)  the Common Stock,  par  value  $0.001  per
share, of the Company as constituted on the date hereof, and  any
capital  stock  into which such Common Stock  may  thereafter  be
changed, and shall also include (i) capital stock of the  Company
of  any other class (regardless of how denominated) issued to the
holders  of  shares  of  Common Stock upon  any  reclassification
thereof which is not preferred as to dividends or assets over any
other  class of stock of the Company and which is not subject  to
redemption  and  (ii)  shares of common  stock  or  other  equity
securities   of  any  successor  or  acquiring  corporation   (as
described  in  Section  4.7) received by or  distributed  to  the
holders  of  Common  Stock of the Company  in  the  circumstances
contemplated by Section 4.7.

                              1

<PAGE>    Exhibit 4.5

       "Convertible   Securities"   shall   mean   evidences   of
indebtedness,  shares  of  stock or other  securities  which  are
convertible into or exchangeable or exercisable, with or  without
payment  of  additional consideration in cash  or  property,  for
Additional Shares of Common Stock, either immediately or upon the
occurrence of a specified date or a specified event.

     "Current Market Price" when used with reference to shares of
Common  Stock  or other securities on any date,  shall  mean  the
closing  price per share of Common Stock or such other securities
on  such  date and, when used with reference to shares of  Common
Stock  or other securities for any period shall mean the  average
of  the  daily closing prices per share of Common Stock  or  such
other securities for such period.  The closing price for each day
shall  be  the  last  quoted bid price  in  the  over-the-counter
market, as reported by the Nasdaq Stock Market (the "NASDAQ")  or
such other system then in use, or, if on any such date the Common
Stock  or  such  other  securities are not  quoted  by  any  such
organization,   the  closing  bid  price  as   furnished   by   a
professional market maker making a market in the Common Stock  or
such other securities selected by the Board of Directors.  If the
Common  Stock  is  listed or admitted to trading  on  a  national
securities  exchange, the closing price shall be the closing  bid
price,  regular  way,  as reported in the principal  consolidated
transaction reporting system with respect to securities listed or
admitted  to trading on the New York Stock Exchange  or,  if  the
Common  Stock or such other securities are not listed or admitted
to  trading  on the New York Stock Exchange, as reported  in  the
principal consolidated transaction reporting system with  respect
to   securities  listed  on  the  principal  national  securities
exchange  on which the Common Stock or such other securities  are
listed or admitted to trading.  If the Common Stock or such other
securities are not publicly held or so listed or publicly traded,
"Current Market Price" shall mean the Fair Market Value per share
of Common Stock or of such other securities as determined jointly
by  the Board of Directors and the Holders; provided that if such
parties  are unable to reach agreement after twenty (20) Business
Days,  such Fair Market Value shall be based on an opinion of  an
independent investment banking firm with experience  in  the  pet
veterinary  and health industry acceptable to the Holders,  which
opinion may be based on such assumptions as such firm shall  deem
to be necessary and appropriate.

     "Current Warrant Price" shall mean, in respect of a share of
Common  Stock at any date herein specified, the price at which  a
share  of Common Stock may be purchased pursuant to this  Warrant
on  such  date,  which  shall  initially  be  Thirty-Three  Cents
($0.33).

      "Excluded Securities" shall mean (i) Additional  Shares  of
Common  Stock issuable or issued to employees, outside  directors
or  consultants  of  the  Company directly  or  pursuant  to  any
existing or future stock option plan or stock incentive  plan  of
the Company; and (ii) Additional Shares of Common Stock issued or
issuable  as  direct  consideration for the  acquisition  by  the
Company of capital stock or assets of another business entity  or
in  connection with a merger or consolidation to the extent  such
issuances are approved by a majority of the members of the  Board
of Directors that are not employees of the Company.

      "Expiration Date"  shall mean 5:00 p.m., New York  time  on
____________, 2005.

     "Fair Market Value" shall mean, as to shares of Common Stock
or  any other class of capital stock or securities of the Company
or any other issuer which are publicly traded, the average of the
Current  Market Prices of such shares of securities for each  day
of  the  Adjustment  Period.   The "Fair  Market  Value"  of  any
security  which  is not publicly traded or of any other  property
shall mean the fair value thereof as determined by an independent
investment banking or appraisal firm experienced in the valuation
of  such  securities or property selected in good  faith  by  the
Board  of Directors or a committee thereof and acceptable to  the
Holder.

     "Holder" shall mean the Person in whose name this Warrant is
registered  on  the  books  of the Company  maintained  for  such
purpose.   "Holders" shall mean, collectively, each Holder  of  a
Warrant, in the event of any division of this Warrant.

     "Other Property" shall have the meaning set forth in Section
4.7.

                              2

<PAGE>    Exhibit 4.5

     "Outstanding" shall mean, when used with reference to Common
Stock, at any date as of which the number of shares thereof is to
be  determined, all issued shares of Common Stock, except  shares
then  owned or held by or for the account of the Company  or  any
subsidiary  thereof,  and shall include all  shares  issuable  in
respect  of  outstanding  scrip or any certificates  representing
fractional interests in shares of Common Stock.  For the purposes
of Sections 4.3, 4.4, 4.5 and 4.6, Common Stock Outstanding shall
also  include all shares of Common Stock issuable in  respect  of
options or warrants to purchase, or securities convertible  into,
shares of Common Stock, the exercise or conversion price of which
is less than the Current Market Price as of any date on which the
number of shares of Common Stock Outstanding is to be determined.

      "Permitted Issuances" shall mean the issuance or reissuance
of  any shares of Common Stock (whether treasury shares or  newly
issued shares) pursuant to (i) a dividend or distribution on,  or
subdivision, combination or reclassification of, the  outstanding
shares  of Common Stock requiring an adjustment in the conversion
ratio  pursuant  to  Section 4.1, or (ii) issuances  of  Excluded
Securities.

      "Person"  shall  mean  any individual,  firm,  corporation,
partnership  or other entity, and shall include any successor  by
merger or otherwise of such entity.

      "Registration Rights Agreement" shall mean the registration
rights  agreement, dated as of the date hereof, among the Company
and the Holder.

      "Securities Act" shall mean the Securities Act of 1933,  as
amended,  or  any  similar federal statute,  and  the  rules  and
regulations of the Commission thereunder, all as the  same  shall
be in effect at the time.

       "Subscription   Agreement"   shall   mean   that   certain
Subscription Agreement entered into on even date herewith by  the
Company and the Holder, and pursuant to which the Company  issued
this Warrant.

      "Trading Day" means a Business Day or, if the Common  Stock
is  listed  or  admitted  to trading on any  national  securities
exchange  or  automated quotation system, a  day  on  which  such
securities exchange or automated quotation system is open for the
transaction of business.

      "Transfer"  shall mean any disposition of  any  Warrant  or
Warrant Stock or of any interest in either thereof.

     "Warrant Price" shall mean an amount equal to the product of
(i)  the  number  of shares of Common Stock being purchased  upon
exercise  of this Warrant pursuant to Section 2.1, multiplied  by
(ii) the Current Warrant Price as of the date of such exercise.

      "Warrant  Stock"  shall  mean the shares  of  Common  Stock
purchased  by  the  Holders  of the Warrants  upon  the  exercise
thereof.

2.   EXERCISE OF WARRANT

     2.1  Manner of Exercise.  At any  time or  from time to time
from  and  after  the date hereof and until 5:00 P.M.,  New  York
time,  on  the Expiration Date, Holder may exercise this Warrant,
on  any Business Day, for all or any part of the number of shares
of Common Stock purchasable hereunder.

     2.2  In order to exercise this Warrant, in whole or in part,
Holder  shall deliver to the Company at its principal  office  at
1441  SW  29th Avenue, Pompano Beach, Florida 33069 (i) a written
notice  of  Holder's  election to exercise  this  Warrant,  which
notice shall specify the number of shares of Common Stock  to  be
purchased,  (ii)  payment of the Warrant  Price  and  (iii)  this
Warrant. Such notice shall be substantially in the form appearing
at the end of this Warrant as Exhibit A, duly executed by Holder.
Upon  receipt  of  the  items specified in the  second  preceding
sentence,  the Company shall execute or cause to be executed  and
deliver  or  cause  to be delivered to Holder  a  certificate  or
certificates representing the aggregate number of full shares  of
Common  Stock issuable upon such exercise, together with cash  in

                              3

<PAGE>    Exhibit 4.5

lieu  of  any  fraction of a share, as hereinafter provided.  The
stock  certificate or certificates so delivered shall be in  such
denomination  or  denominations as Holder shall  request  in  the
notice  and shall be registered in the name of Holder or, subject
to  Section  9,  such other name as shall be  designated  in  the
notice.  This Warrant shall be deemed to have been exercised  and
such  certificate or certificates shall be deemed  to  have  been
issued,  and  Holder or any other Person so designated  shall  be
deemed  to have become a holder of record of such shares for  all
purposes,  as of the date the notice, together with  the  Warrant
Price  and this Warrant, are received by the Company as described
above.   If  this Warrant shall have been exercised in part,  the
Company  shall,  at  the time of delivery of the  certificate  or
certificates representing Warrant Stock, deliver to Holder a  new
Warrant   evidencing  the  right  of  Holder  to   purchase   the
unpurchased  shares of Common Stock called for by  this  Warrant,
which  new Warrant shall in all other respects be identical  with
this  Warrant, or, at the request of Holder, appropriate notation
may  be  made  on this Warrant and the same returned  to  Holder.
Payment  of  the  Warrant Price shall be made at  the  option  of
Holder by certified or official bank check, and, in either  case,
specifying  the number of shares of Common Stock to be purchased,
during normal business hours on any Business Day.

     2.3   Payment of Taxes.  All shares of Common Stock issuable
upon  the exercise of this Warrant shall be validly issued, fully
paid  and  nonassessable and without any preemptive rights.   The
Company shall pay all expenses in connection with, and all  taxes
and  other governmental charges that may be imposed with  respect
to,  the  issue  or delivery thereof (other than  transfer  taxes
payable  in connection with issuing the Warrant Stock in  a  name
other than that of the Holder).

     2.4    Fractional Shares.  The Company shall not be required
to issue a fractional share of Common Stock upon exercise of this
Warrant.  As  to  any  fraction of a  share  which  Holder  would
otherwise be entitled to purchase upon such exercise, the Company
shall  pay  a cash adjustment in respect of such fraction  in  an
amount equal to the same fraction of the Current Market Price per
share of Common Stock on the date of exercise.

3.   TRANSFER, DIVISION AND COMBINATION

     3.1     Transfer.  Subject to compliance with Sections 9 and
12.4,   Transfer  of  this Warrant and all rights  hereunder,  in
whole or in part, shall be registered on the books of the Company
to be maintained for such purpose, upon surrender of this Warrant
at  the  principal office of the Company referred to  in  Section
2.1,   together  with  a  written  assignment  of  this   Warrant
substantially  in the form of Exhibit B hereto duly  executed  by
Holder  and  funds sufficient to pay any transfer  taxes  payable
upon  the  making of such Transfer. Upon such surrender  and,  if
required, such payment, the Company shall, subject to Sections  9
and  12.4, execute and deliver a new Warrant or Warrants  in  the
name  of  the  assignee  or  assignees and  in  the  denomination
specified  in such instrument of assignment, and shall  issue  to
the assignor a new Warrant evidencing the portion of this Warrant
not  so assigned, and this Warrant shall promptly be canceled.  A
Warrant, if properly assigned in compliance with Sections  9  and
12.4, may be exercised by a new Holder for the purchase of shares
of Common Stock without having a new Warrant issued.

     3.2   Division and Combination.  Subject to Sections  9  and
12.4,  this  Warrant  may be divided into  multiple  Warrants  or
combined  with  other Warrants upon presentation  hereof  at  the
aforesaid  office  or  agency of the  Company,  together  with  a
written  notice specifying the names and denominations  in  which
new  Warrants  are  to be issued, signed by Holder.   Subject  to
compliance with Section 3.1 and with Sections 9 and 12.4,  as  to
any   Transfer  which  may  be  involved  in  such  division   or
combination, the Company shall execute and deliver a new  Warrant
or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice.

     3.3  Expenses.  The Company shall prepare, issue and deliver
at its own expense (other than transfer taxes) the new Warrant or
Warrants under this Section 3.

     3.4   Maintenance of Books.  The Company agrees to maintain,
at  its  aforesaid  office, books for the  registration  and  the
registration of Transfer of the Warrants.

                              4

<PAGE>    Exhibit 4.5

4.   ADJUSTMENTS

     4.1   The  number of shares of Common Stock for  which  this
Warrant is exercisable and/or the Current Warrant Price at  which
such shares may be purchased upon exercise of this Warrant, shall
be  subject to adjustment from time to time as set forth in  this
Section  4.   The Company shall give each Holder  notice  of  any
event  described below which requires an adjustment  pursuant  to
this Section 4 at the time of such event.

     4.2  Stock Dividends, Subdivisions and Combinations. In case
the Company shall at any time or from time to time after the date
hereof  (A) take a record of the holders of its Common Stock  for
the  purpose  of  entitling them to receive a  dividend,  or  any
distribution,  on  the  outstanding shares  of  Common  Stock  in
Additional  Shares of Common Stock, (B) subdivide the outstanding
shares  of  Common Stock, (C) combine the outstanding  shares  of
Common  Stock  into a smaller number of shares or  (D)  issue  by
reclassification  of  the shares of Common Stock  any  shares  of
capital  stock of the Company, then (i) the number of  shares  of
Common  Stock  for which this Warrant is exercisable  immediately
after the occurrence of any such event shall be adjusted to equal
the number of shares of Common Stock which a record holder of the
same  number of shares of Common Stock for which this Warrant  is
exercisable  immediately prior to the occurrence  of  such  event
would  own or be entitled to receive after the happening of  such
event,  and  (ii) the Current Warrant Price per  share  shall  be
adjusted  to equal the quotient of (A) the Current Warrant  Price
multiplied by the number of shares of Common Stock for which this
Warrant  is  exercisable  immediately prior  to  the  adjustment,
divided  by  (B) the number of shares for which this  Warrant  is
exercisable  immediately  after such adjustment.   An  adjustment
made  pursuant to this Section 4.1 shall become effective (x)  in
the  case of any such dividend or distribution, immediately after
the close of business on the record date for the determination of
holders  of  shares  of  Common Stock entitled  to  receive  such
dividend or distribution, or (y) in the case of such subdivision,
reclassification or combination, at the close of business on  the
day upon which such corporate action becomes effective.

     4.3   Certain Other Distributions. If the Company  shall  at
any  time  or  from time to time after the date  hereof  declare,
order, pay or make a dividend or other distribution of:

        (a)  cash, except that the provisions of this Section 4.2
shall  not apply to any dividend or distribution of cash  to  the
extent   such  dividend  or  distribution  is  payable   out   of
consolidated earnings or retained earnings,

        (b)  any evidences of its indebtedness, any shares of its
stock   or  any  other  securities  or  property  of  any  nature
whatsoever  by  way  of  dividend (other than  cash,  Convertible
Securities or Additional Shares of Common Stock), or

        (c)      any warrants or other rights to subscribe for or
purchase  any  evidences of its indebtedness, any shares  of  its
stock   or  any  other  securities  or  property  of  any  nature
whatsoever (other than cash, Convertible Securities or Additional
Shares  of Common Stock), then (i) the number of shares of Common
Stock for which this Warrant is exercisable shall be adjusted  to
equal  the  product of the number of shares of Common  Stock  for
which  this  Warrant  is exercisable immediately  prior  to  such
adjustment  multiplied by a fraction (A) the numerator  of  which
shall  be the Current Market Price per share of Common Stock  for
the  period of twenty (20) Trading Days preceding such adjustment
and  (B)  the  denominator of which shall be such Current  Market
Price  per  share of Common Stock less the Fair Market Value  per
share  of  Common Stock of any such dividend or distribution  and
(ii)  the  Current Warrant Price shall be adjusted to  equal  the
quotient  of  (A)  the Current Warrant Price  multiplied  by  the
number  of  shares  of  Common Stock for which  this  Warrant  is
exercisable immediately prior to the adjustment, divided  by  (B)
the  number  of  shares  for which this  Warrant  is  exercisable
immediately  after  such adjustment.  A reclassification  of  the
Common Stock (other than a change in par value, or from par value
to no par value or from no par value to par value) into shares of
Common  Stock  and shares of any other class of  stock  shall  be
deemed a distribution by the Company to the holders of its Common
Stock  of  such  shares of such other class of stock  within  the
meaning  of  this Section 4.2 and, if the outstanding  shares  of
Common Stock shall be changed into a larger or smaller number  of
shares  of Common Stock as a part of such reclassification,  then
such change shall be deemed a subdivision or combination, as  the

                              5

<PAGE>    Exhibit 4.5

case may be, of the outstanding shares of Common Stock within the
meaning of Section 4.1.

     4.4   Issuance of Additional Shares of Common Stock.  If  at
any time the Company shall (except as hereinafter provided) issue
or  sell  any  Additional  Shares of  Common  Stock,  other  than
Permitted  Issuances, in exchange for consideration in an  amount
per Additional Share of Common Stock less than the Current Market
Price  of  the Common Stock at the time the Additional Shares  of
Common Stock are issued, then (i) the Current Warrant Price as to
the  number of shares for which this Warrant is exercisable prior
to  such  adjustment  shall be reduced to a price  determined  by
multiplying  the  Current  Warrant  Price  by  a  fraction,   the
numerator  of which shall be the sum of (A) the total  number  of
shares  of  Common Stock Outstanding immediately  prior  to  such
issuance  or  sale and (B) the number of shares of  Common  Stock
which  the  consideration  received  for  the  total  number   of
Additional  Shares  of Common Stock being issued  or  sold  would
purchase  at  the  Current Market Price, and the  denominator  of
which  is  the  sum of (X) the number of shares of  Common  Stock
Outstanding  immediately prior to such issuance or sale  and  (Y)
the  number of Additional Shares of Common Stock being issued  or
sold and (ii) the number of shares of Common Stock for which this
Warrant  is  exercisable shall be adjusted to equal  the  product
obtained  by  multiplying  the Current Warrant  Price  in  effect
immediately prior to such issue or sale by the number  of  shares
of Common Stock for which this Warrant is exercisable immediately
prior  to such issue or sale and dividing the product thereof  by
the  Current  Warrant  Price resulting from the  adjustment  made
pursuant to clause (i) above.

      4.5   Issuance of Warrants or Other Rights.  If at any time
the  Company  shall take a record of the holders  of  its  Common
Stock for the purpose of entitling them to receive a distribution
of, or shall in any manner (whether directly or by assumption  in
a merger in which the Company is the surviving corporation) issue
or  sell,  any  warrants  or other rights  to  subscribe  for  or
purchase any Additional Shares of Common Stock or any Convertible
Securities,  whether  or not the rights to  exchange  or  convert
thereunder are immediately exercisable, and the price  per  share
for  which  Common  Stock is issuable upon the exercise  of  such
Warrants or other rights or upon conversion or exchange  of  such
Convertible  Securities  shall be less than  the  Current  Market
Price  in  effect immediately prior to the time of such issue  or
sale,  then  the  number  of shares for  which  this  Warrant  is
exercisable  and the Current Warrant Price shall be  adjusted  as
provided  in Section 4.3 on the basis that the maximum number  of
Additional Shares of Common Stock issuable pursuant to  all  such
warrants or other rights or necessary to effect the conversion or
exchange  of all such Convertible Securities shall be  deemed  to
have  been  issued  and outstanding and the  Company  shall  have
received all of the consideration payable therefor, if any, as of
the date of the actual issuance of the number of shares for which
this Warrant is exercisable and such warrants or other rights. No
further  adjustments of the Current Warrant Price shall  be  made
upon the actual issue of such Common Stock or of such Convertible
Securities upon exercise of such warrants or other rights or upon
the  actual  issue of such Common Stock upon such  conversion  or
exchange  of  such Convertible Securities.  On the expiration  of
any  such warrants or other rights or the termination of any such
right  to  convert or exchange such Convertible  Securities,  the
Current Warrant Price then in effect hereunder shall forthwith be
increased to the Current Warrant Price which would have  been  in
effect  at  the time of such expiration or termination  had  such
warrants,   rights  or  Convertible  Securities  so  expired   or
terminated never been issued.

     4.6  Issuance of Convertible Securities.  If at any time the
Company  shall take a record of the holders of its  Common  Stock
for  the purpose of entitling them to receive a distribution  of,
or  shall in any manner (whether directly or by assumption  in  a
merger  in which the Company is the surviving corporation)  issue
or sell, any Convertible Securities, whether or not the rights to
exchange  or convert thereunder are immediately exercisable,  and
the  price per share for which Common Stock is issuable upon such
conversion  or  exchange shall be less than  the  Current  Market
Price  in  effect immediately prior to the time of such issue  or
sale,  then  the  number  of shares for  which  this  Warrant  is
exercisable  and the Current Warrant Price shall be  adjusted  as
provided  in Section 4.3 on the basis that the maximum number  of
Additional  Shares  of  Common  Stock  necessary  to  effect  the
conversion  or exchange of all such Convertible Securities  shall
be  deemed  to have been issued and outstanding and  the  Company
shall have received all of the consideration payable therefor, if
any,  as  of  the  date  of actual issuance of  such  Convertible
Securities.  No adjustment of the number of shares for which this
Warrant  is  exercisable and the Current Warrant Price  shall  be
made  under this Section 4.5 upon the issuance of any Convertible
Securities  which  are issued pursuant to  the  exercise  of  any

                              6

<PAGE>    Exhibit 4.5

warrants  or  other subscription or purchase rights therefor,  if
any  such  adjustment shall previously have been  made  upon  the
issuance  of  such warrants or other rights pursuant  to  Section
4.4.   No  further adjustments of the number of shares for  which
this  Warrant is exercisable and the Current Warrant Price  shall
be  made  upon  the  actual  issue  of  such  Common  Stock  upon
conversion  or  exchange of such  and, if any issue  or  sale  of
such  is made  upon  exercise  of any  warrant or  other right to
subscribe  for  or to purchase any such  for which adjustments of
the  number  of shares for which this Warrant is exercisable  and
the Current Warrant Price have been or are to be made pursuant to
other provisions of this Section 4, no further adjustments of the
number  of shares for which this Warrant is exercisable  and  the
Current  Warrant Price shall be made by reason of such  issue  or
sale.  On the expiration of any such warrants or other rights  or
the  termination  of any such right to convert or  exchange such,
the  Current  Warrant  Price  then  in   effect  hereunder  shall
forthwith be increased to the Current Warrant Price  which  would
have  been  in  effect   at  the  time  of  such  expiration   or
termination had such warrants,  rights or  Convertible Securities
so expired or terminated never been issued.

      4.7   Other Provisions Applicable to Adjustments under this
Section.   The  following provisions shall be applicable  to  the
making of adjustments of the number of shares of Common Stock for
which  this Warrant is exercisable and the Current Warrant  Price
provided for in this Section 4:

      (a)   Computation of Consideration.  To the extent that any
Additional  Shares of Common Stock or any Convertible  Securities
or  any warrants or other rights to subscribe for or purchase any
Additional  Shares of Common Stock or any Convertible  Securities
shall   be  issued  for  cash  consideration,  the  consideration
received by the Company therefor shall be the amount of the  cash
received  by the Company therefor, or, if such Additional  Shares
of  Common Stock or  are offered by the Company for subscription,
the subscription price, or,  if such Additional  Shares of Common
Stock or are sold to underwriters or dealers for public  offering
without a subscription  offering, the public  offering price  (in
any  such case  subtracting  any  amounts paid or  receivable for
accrued interest or  accrued  dividends and  without taking  into
account any compensation,  discounts or expenses paid or incurred
by the Company  for and in the underwriting  of, or otherwise  in
connection with, the issuance thereof).  To the extent that  such
issuance  shall  be for a consideration other  than  cash,  then,
except as herein otherwise expressly provided, the amount of such
consideration shall be deemed to be the Fair Market Value of such
consideration  at  the  time  of  such  issuance.   In  case  any
Additional  Shares of Common Stock or any Convertible  Securities
or any warrants or other rights to subscribe for or purchase such
Additional  Shares  of  Common  Stock  or  shall  be   issued  in
connection with  any  merger  in  which  the  Company  issues any
securities, the amount of consideration therefor shall be  deemed
to  be the Fair Market Value of such portion  of  the assets and
business  of  the  nonsurviving  corporation  as  such  Board  of
Directors in good  faith shall  determine to be  attributable  to
such  Additional Shares of Common Stock, Convertible  Securities,
warrants  or other rights, as the case may be.  The consideration
for  any  Additional Shares of Common Stock issuable pursuant  to
any  warrants  or other rights to subscribe for or  purchase  the
same  shall  be  the consideration received by  the  Company  for
issuing  such  warrants  or  other  rights  plus  the  additional
consideration  payable  to  the Company  upon  exercise  of  such
warrants  or other rights.  The consideration for any  Additional
Shares  of  Common Stock issuable pursuant to the  terms  of  any
shall be the  consideration  received by the  Company for issuing
warrants or other rights to subscribe for  or purchase such, plus
the  consideration paid or  payable to the Company in  respect of
the subscription for  or purchase  of  such, plus  the additional
consideration, if any, payable to the Company upon  the  exercise
of  the  right  of  conversion or exchange  in  such  Convertible
Securities.   In  case  of  the  issuance  at  any  time  of  any
Additional  Shares of Common Stock or Convertible  Securities  in
payment or satisfaction of any dividends upon any class of  stock
other  than  Common Stock, the Company shall be  deemed  to  have
received   for  such  Additional  Shares  of  Common   Stock   or
Convertible  Securities a consideration equal to  the  amount  of
such  dividend  so  paid or satisfied.  If Additional  Shares  of
Common  Stock are sold as a unit with other securities or  rights
of   value,  the  aggregate  consideration  received   for   such
Additional Shares of Common Stock shall be deemed to  be  net  of
the  Fair  Market  Value of such other securities  or  rights  of
value.

      (b)  When Adjustments to Be Made.  The adjustments required
by  this  Section 4 shall be made whenever and as  often  as  any
specified event requiring an adjustment shall occur, except  that
any  adjustment of the number of shares of Common Stock for which

                              7

<PAGE>    Exhibit 4.5

this Warrant is exercisable that would otherwise be required  may
be  postponed (except in the case of a subdivision or combination
of shares of the Common Stock, as provided for in Section 4.1) up
to, but not beyond the date of exercise if such adjustment either
by  itself or with other adjustments not previously made  results
in  an increase or decrease of less than one percent (1%) of  the
shares  of  Common  Stock for which this Warrant  is  exercisable
immediately  prior  to  the making of such adjustment;  provided,
however, that such adjustment must result in an adjustment of One
Cent  ($0.01) or more.  Any adjustment representing a  change  of
less  than  such  minimum amount (except as aforesaid)  which  is
postponed  shall  be carried forward and made  as  soon  as  such
adjustment,  together  with other adjustments  required  by  this
Section  4  and not previously made, would result  in  a  minimum
adjustment  or on the date of exercise.  For the purpose  of  any
adjustment, any specified event shall be deemed to have  occurred
at the close of business on the date of its occurrence.

      (c)    ractional Interests.  In computing adjustments under
this  Section  4, fractional interests in Common Stock  shall  be
taken into account to the nearest 1/100th of a share.

      (d)    When Adjustment Not Required.  If the  Company shall
take  a record of the holders of its Common Stock for the purpose
of  entitling  them  to  receive a dividend  or  distribution  or
subscription or purchase rights and shall, thereafter and  before
the  distribution  to stockholders thereof, legally  abandon  its
plan  to pay or deliver such dividend, distribution, subscription
or  purchase  rights,  then thereafter  no  adjustment  shall  be
required  by  reason of the taking of such record  and  any  such
adjustment previously made in respect thereof shall be  rescinded
and annulled.

      (e)     Escrow of  Warrant Stock.  If, after  any  property
becomes distributable pursuant to this Section 4 by reason of the
taking of any record of the holders of Common Stock, but prior to
the  occurrence  of  the event for which such  record  is  taken,
Holder  exercises this Warrant, any Additional Shares  of  Common
Stock  issuable upon exercise by reason of such adjustment  shall
be  deemed the last shares of Common Stock for which this Warrant
is exercised (notwithstanding any other provision to the contrary
herein) and such shares or other property shall be held in escrow
for  Holder by the Company to be issued to Holder when and to the
extent  that the event actually takes place, upon payment of  the
then  Current Warrant Price.  Notwithstanding any other provision
to  the  contrary herein, if the event for which such record  was
taken  fails to occur or is rescinded, then such escrowed  shares
shall be canceled by the Company and escrowed property returned.

     4.8  Reorganization, Reclassification, Merger, Consolidation
or  Disposition  of  Assets.   In  case  the  Company  shall  (i)
reorganize its capital, (ii) reclassify its capital stock,  (iii)
consolidate or merge with or into another corporation (where  the
Company  is  not the surviving corporation or where  there  is  a
change in or distribution with respect to the Common Stock of the
Company), or (iv) sell, transfer or otherwise dispose of  all  or
substantially  all  its property, assets or business  to  another
corporation  and,  pursuant to the terms of such  reorganization,
reclassification, merger, consolidation or disposition of assets,
shares of Common Stock of the successor or acquiring corporation,
or  any cash, shares of stock or other securities or property  of
any  nature  whatsoever (including warrants or other subscription
or  purchase rights) in addition to or in lieu of Common Stock of
the successor or acquiring corporation ("Other Property"), are to
be  received  by or distributed to the holders of  Common  Stock,
then  Holder  shall have the right thereafter  to  receive,  upon
exercise  of this Warrant and payment of the Warrant  Price,  the
number  of  shares of common stock of the successor or  acquiring
corporation   or  of  the  Company,  if  it  is   the   surviving
corporation, and Other Property receivable upon or as a result of
such  reorganization, reclassification, merger, consolidation  or
disposition  of  assets by a holder of the number  of  shares  of
Common  Stock  for which this Warrant is exercisable  immediately
prior  to  such  event.  In  case  of  any  such  reorganization,
reclassification, merger, consolidation or disposition of assets,
the  successor  or  acquiring  corporation  (if  other  than  the
Company)  shall expressly assume the due and punctual  observance
and  performance of each and every covenant and condition of this
Warrant  to be performed and observed by the Company and all  the
obligations   and   liabilities  hereunder,   subject   to   such
modifications  as  may be deemed appropriate  (as  determined  by
resolution  of  the Board of Directors) in order to  provide  for
adjustments of shares of the Common Stock for which this  Warrant
is exercisable which shall be as nearly equivalent as practicable
to  the adjustments provided for in this Section 4.  For purposes
of  this Section 4.7, "common stock of the successor or acquiring
corporation" shall include stock of such corporation of any class

                              8

<PAGE>    Exhibit 4.5

which  is not preferred as to dividends or assets over any  other
class  of  stock of such corporation and which is not subject  to
redemption  and shall also include any evidences of indebtedness,
shares of stock or other securities which are convertible into or
exchangeable for any such stock, either immediately or  upon  the
arrival of a specified date or the happening of a specified event
and any warrants or other rights to subscribe for or purchase any
such  stock.  Notwithstanding the foregoing, in the  event  of  a
transaction  described in clauses (iii) or (iv) of  this  Section
4.7,  to  the extent such transaction is a bona fide unaffiliated
third  party  transaction,  the  Company  may  require  that  the
Warrants  be  converted  into, for each share  of  Warrant  Stock
issuable  upon  the  exercise  of a  Warrant,  the  consideration
received  in respect of a share of the Company's Common Stock  in
such transaction less with respect to each share of Warrant Stock
issuable  upon  exercise of a Warrant, the Current Warrant  Price
thereof.   The  foregoing provisions of this  Section  4.7  shall
similarly apply to successive reorganizations, reclassifications,
mergers, consolidations or disposition of assets.

      4.9   Certain Limitations.  Notwithstanding anything herein
to  the  contrary,  the  Company agrees not  to  enter  into  any
transaction  which, by reason of any adjustment hereunder,  would
cause the Current Warrant Price to be less than the par value per
share of Common Stock.

5.   NOTICES TO WARRANT HOLDERS

      5.1   Notice  of  Adjustments; Change  in  Warrant  Status.
Whenever  the  number of shares of Common Stock  for  which  this
Warrant is exercisable, or whenever the price at which a share of
such Common Stock may be purchased upon exercise of the Warrants,
shall  be  adjusted  pursuant to Section 2.1 or  Section  4,  the
Company  shall forthwith prepare a certificate to be executed  by
the  chief  financial officer of the Company  setting  forth,  in
reasonable  detail,  the event requiring the adjustment  and  the
method  by  which  such  adjustment was calculated  (including  a
description  of  the  basis  on  which  the  Board  of  Directors
determined   the   Fair  Market  Value  of   any   evidences   of
indebtedness,  shares of stock, other securities or  property  or
warrants or other subscription or purchase rights referred to  in
Section 4.2 or 4.6(a)), specifying the number of shares of Common
Stock  for  which  this  Warrant  is  exercisable  and  (if  such
adjustment  was  made  pursuant to Section  4.7)  describing  the
number  and  kind of any other shares of stock or Other  Property
for  which  this Warrant is exercisable, and any  change  in  the
purchase  price  or prices thereof, after giving effect  to  such
adjustment or change.  The Company shall promptly cause a  signed
copy  of  such  certificate to be delivered  to  each  Holder  in
accordance  with  Section 12.2.  The Company shall  keep  at  its
principal  office copies of all such certificates and  cause  the
same  to be available for inspection at said office during normal
business  hours by any Holder or any prospective purchaser  of  a
Warrant designated by a Holder thereof.

     5.2  Notice of Corporate Action.  If at any time

           (a)  the Company shall take a record of the holders of
its  Common Stock for the purpose of entitling them to receive  a
dividend  (other  than a cash dividend which is  payable  out  of
earnings  or earned surplus legally available for the payment  of
dividends under the laws of the jurisdiction of incorporation  of
the Company) or other distribution, or any right to subscribe for
or  purchase  any evidences of its indebtedness,  any  shares  of
stock  of  any class or any other securities or property,  or  to
receive any other right, or

          (b)   there shall be any capital reorganization of  the
Company, any reclassification or recapitalization of the  capital
stock  of  the  Company or any consolidation  or  merger  of  the
Company with, or any sale, transfer or other disposition  of  all
or  substantially  all the property, assets or  business  of  the
Company to, another corporation, or

          (c)    there   shall  be  a  voluntary  or  involuntary
dissolution, liquidation or winding up of the Company;

           (d)   then,  in  any one or more of  such  cases,  the
Company shall give to Holder (i) at least twenty (20) days' prior
written  notice  of  the date on which a  record  date  shall  be
selected  for  such  dividend,  distribution  or  right  or   for
determining rights to vote in respect of any such reorganization,
reclassification,   merger,   consolidation,   sale,    transfer,

                              9

<PAGE>    Exhibit 4.5

disposition, dissolution, liquidation or winding up, and (ii)  in
the  case  of any such reorganization, reclassification,  merger,
consolidation,   sale,   transfer,   disposition,    dissolution,
liquidation  or  winding  up, at least twenty  (20)  days'  prior
written notice of the date when the same shall take place.   Such
notice in accordance with the foregoing clause also shall specify
(i)  the  date  on which any such record is to be taken  for  the
purpose  of  such dividend, distribution or right,  the  date  on
which  the holders of Common Stock shall be entitled to any  such
dividend,  distribution or right, and the  amount  and  character
thereof,  and  (ii)  the date on which any  such  reorganization,
reclassification,   merger,   consolidation,   sale,    transfer,
disposition, dissolution, liquidation or winding up  is  to  take
place  and the time, if any such time is to be fixed, as of which
the  holders of Common Stock shall be entitled to exchange  their
shares   of  Common  Stock  for  securities  or  other   property
deliverable  upon such reorganization, reclassification,  merger,
consolidation,   sale,   transfer,   disposition,    dissolution,
liquidation  or  winding up.  Each such written notice  shall  be
sufficiently given if addressed to Holder at the last address  of
Holder  appearing  on the books of the Company and  delivered  in
accordance with Section 12.2.

6.   RIGHTS OF HOLDERS

     6.1   No  Impairment.  The Company shall not by any  action,
including,   without  limitation,  amending   its   Articles   of
Incorporation or comparable governing instruments or through  any
reorganization,   transfer  of  assets,  consolidation,   merger,
dissolution,  issue or sale of securities or any other  voluntary
action,  avoid or seek to avoid the observance or performance  of
any  of the terms of this Warrant, but will at all times in  good
faith  assist in the carrying out of all such terms  and  in  the
taking of all such actions as may be necessary or appropriate  to
protect   the  rights  of  Holder  against  impairment.   Without
limiting  the generality of the foregoing, the Company  will  (a)
not  increase  the  par  value  of any  shares  of  Common  Stock
receivable  upon  the exercise of this Warrant above  the  amount
payable  therefor upon such exercise immediately  prior  to  such
increase  in  par  value, (b) take all  such  action  as  may  be
necessary  or appropriate in order that the Company  may  validly
and  legally issue fully paid and nonassessable shares of  Common
Stock  upon  the exercise of this Warrant, and (c) use  its  best
efforts to obtain all such authorizations, exemptions or consents
from  any  public regulatory body having jurisdiction thereof  as
may be necessary to enable the Company to perform its obligations
under this Warrant.

           Upon  the request of Holder, the Company will  at  any
time during the period this Warrant is outstanding acknowledge in
writing,   in   form  reasonably  satisfactory  to  Holder,   the
continuing  validity of this Warrant and the obligations  of  the
Company hereunder.

7.    RESERVATION AND AUTHORIZATION OF COMMON STOCK; REGISTRATION
WITH OR APPROVAL OF ANY GOVERNMENTAL AUTHORITY

     7.1   From  and after the date hereof, the Company shall  at
all  times reserve and keep available for issue upon the exercise
of  Warrants such number of its authorized but unissued shares of
Common Stock as will be sufficient to permit the exercise in full
of  all  outstanding Warrants.  All shares of Common Stock  which
shall  be  so issuable, when issued upon exercise of any  Warrant
and  payment  therefor  in accordance  with  the  terms  of  such
Warrant,  shall  be duly and validly issued and  fully  paid  and
nonassessable, and not subject to preemptive rights.
1.
     7.2    Before  taking  any  action  which  would  cause   an
adjustment reducing the Current Warrant Price below the then  par
value,  if  any,  of  the shares of Common  Stock  issuable  upon
exercise  of  the Warrants, the Company shall take any  corporate
action  which  may  be necessary in order that  the  Company  may
validly and legally issue fully paid and nonassessable shares  of
such Common Stock at such adjusted Current Warrant Price.

8.   TAKING OF RECORD; STOCK AND WARRANT TRANSFER BOOKS

     8.1  In the case of all dividends or other distributions  by
the  Company to the holders of its Common Stock with  respect  to
which any provision of Section 4 refers to the taking of a record
of  such holders, the Company will in each such case take such  a
record and will take such record as of the close of business on a
Business  Day.  The  Company will not at any  time,  except  upon
dissolution, liquidation or winding up of the Company, close  its

                              10

<PAGE>    Exhibit 4.5

stock transfer books or Warrant transfer books so as to result in
preventing or delaying the exercise or Transfer of any Warrant.

9.   RESTRICTIONS ON TRANSFERABILITY

     9.1   The  Warrants  and  the Warrant  Stock  shall  not  be
transferred, hypothecated or assigned before satisfaction of  the
conditions  specified  in this Section 9,  which  conditions  are
intended  to  ensure  compliance  with  the  provisions  of   the
Securities Act with respect to the Transfer of any Warrant or any
Warrant  Stock. Holder, by acceptance of this Warrant, agrees  to
be bound by the provisions of this Section 9.

     9.2   Restrictive Legend.  Except as otherwise  provided  in
this  Section  9, each Warrant and each certificate  for  Warrant
Stock  initially issued upon the exercise of a Warrant, and  each
certificate for Warrant Stock issued to any subsequent transferee
of  any such certificate, shall be stamped or otherwise imprinted
with the following legend:

     "THE  SECURITIES  REPRESENTED BY THIS CERTIFICATE  HAVE
     NOT  BEEN REGISTERED UNDER THE SECURITIES ACT OF  1933,
     AS  AMENDED.  THE  SECURITIES HAVE  BEEN  ACQUIRED  FOR
     INVESTMENT   AND  MAY  NOT  BE  SOLD,  TRANSFERRED   OR
     OTHERWISE  DISPOSED OF EXCEPT IN COMPLIANCE  WITH  SUCH
     ACT."

     9.3   Registration  Rights.   The  Holders  shall  have  the
registration   rights  set  forth  in  the  Registration   Rights
Agreement.

10.  LOSS OR MUTILATION

     10.1 Upon receipt by the Company from any Holder of evidence
reasonably satisfactory to it of the ownership of and  the  loss,
theft,  destruction or mutilation of this Warrant  and  indemnity
reasonably  satisfactory to it, and in case  of  mutilation  upon
surrender  and cancellation hereof, the Company will execute  and
deliver  in  lieu  hereof a new Warrant of  like  tenor  to  such
Holder;  provided, in the case of mutilation, no indemnity  shall
be  required  if this Warrant in identifiable form is surrendered
to the Company for cancellation.

11.  LIMITATION OF LIABILITY

     11.1  No  provision  hereof, in the absence  of  affirmative
action  by  Holder  to purchase shares of Common  Stock,  and  no
enumeration herein of the rights or privileges of Holder  hereof,
shall  give rise to any liability of such Holder for the purchase
price  of  any  Common Stock or as a stockholder of the  Company,
whether such liability is asserted by the Company or by creditors
of the Company.

12.  MISCELLANEOUS

     12.1  Nonwaiver and Expenses.  No course of dealing  or  any
delay  or failure to exercise any right hereunder on the part  of
Holder  shall  operate  as a waiver of such  right  or  otherwise
prejudice Holder's rights, powers or remedies.

     12.2   Notice  Generally.   Any  notice,  demand,   request,
consent,  approval, declaration, delivery or other  communication
hereunder  to be made pursuant to the provisions of this  Warrant
shall  be  sufficiently given or made if in  writing  and  either
delivered  in  person  with  receipt  acknowledged  or  sent   by
registered  or certified mail, return receipt requested,  postage
prepaid,  or by a nationally recognized overnight courier  or  by
facsimile  and  confirmed by facsimile answerback,  addressed  as
follows:

         (a)  If to any Holder or holder of Warrant Stock, at its
last  known  address  appearing  on  the  books  of  the  Company
maintained for such purpose.

                              11

<PAGE>    Exhibit 4.5

         (b)  If to the Company at:

              PetMed Express, Inc.
              1441 SW 29th Avenue
              Pompano Beach, FL 33069
              Attention: Marc A. Puleo, M.D.
              Facsimile Number: 954-971-0544

or at such other address as may be substituted by notice given as
herein provided.  The giving of any notice required hereunder may
be  waived  in  writing  by the party entitled  to  receive  such
notice.    Every  notice,  demand,  request,  consent,  approval,
declaration, delivery or other communication hereunder  shall  be
deemed  to  have been duly given or served on the date  on  which
personally   delivered,  with  receipt  acknowledged,   sent   by
facsimile and confirmed by facsimile answerback, one (1) Business
Day  after  the same shall have been deposited with a  nationally
recognized overnight courier or three (3) Business Days after the
same  shall  have  been  deposited in  the  United  States  mail.
Failure  or  delay  in delivering copies of any  notice,  demand,
request,  approval, declaration, delivery or other  communication
to  the Person designated above to receive a copy shall in no way
adversely  affect  the  effectiveness  of  such  notice,  demand,
request, approval, declaration, delivery or other communication.

     12.3 Remedies.  Each Holder and holder of Warrant Stock,  in
addition to being entitled to exercise all rights granted by law,
including  recovery  of  damages, will be  entitled  to  specific
performance  of  its rights under of this Warrant.   The  Company
agrees  that  monetary damages would not be adequate compensation
for  any  loss  incurred  by reason of a  breach  by  it  of  the
provisions of this Warrant and hereby agrees to waive the defense
in any action for specific performance that a remedy at law would
be adequate.

     12.4  Successors  and  Permitted Assigns.   Subject  to  the
provisions of Sections 3.1, this Warrant and the rights evidenced
hereby  shall  inure to the benefit of and be  binding  upon  the
successors  of  the  Company  and the  successors  and  permitted
assigns  of Holder.  The provisions of this Warrant are  intended
to  be  for the benefit of all Holders from time to time of  this
Warrant and, with respect to Section 9 hereof, holders of Warrant
Stock,  and shall be enforceable by any such Holder or holder  of
Warrant Stock.

     12.5 Amendment.  This Warrant and all other Warrants may  be
modified  or  amended or the provisions hereof  waived  with  the
written consent of the Company and the Holders of the majority of
the  outstanding Warrants, provided that no such Warrant  may  be
modified  or  amended to reduce the number of  shares  of  Common
Stock  for  which such Warrant is exercisable or to increase  the
price at which such shares may be purchased upon exercise of such
Warrant  (before  giving  effect to any  adjustment  as  provided
therein) without the prior written consent of the Holder thereof.

     12.6  Severability.  Wherever possible,  each  provision  of
this  Warrant  shall  be interpreted in  such  manner  as  to  be
effective and valid under applicable law, but if any provision of
this  Warrant shall be prohibited by or invalid under  applicable
law,  such provision shall be ineffective to the extent  of  such
prohibition or invalidity, without invalidating the remainder  of
such provision or the remaining provisions of this Warrant.

     12.7  Headings.  The headings used in this Warrant  are  for
the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.

     12.8  Governing Law.  This Warrant shall be governed by  the
laws  of  the State of Florida, without regard to the  provisions
thereof relating to conflict of laws.

                              12

<PAGE>    Exhibit 4.5

     IN WITNESS WHEREOF, the Company has caused this Warrant to
be duly executed and its corporate seal to be impressed hereon
and attested by its Secretary or an Assistant Secretary.

Dated:  November 22, 2000

                                   PETMED EXPRESS, INC.

                                   By:  /s/ Marc Puleo, M.D.
                                      ---------------------------
                                   Name:  Marc Puleo, M.D.
                                   Title: Chief Executive Officer

Attest:

By:    /s/ Marc Puleo, M.D.
   -----------------------------
Name:  Marc Puleo, M.D.
Title: Chief Executive Officer

                              13

<PAGE>    Exhibit 4.5

                            EXHIBIT A

                          EXERCISE FORM

         [To be executed only upon exercise of Warrant]

              Net Issue Exercise _____No  ______Yes

     The undersigned registered owner of this Warrant irrevocably
exercises this Warrant for the purchase of _____ Shares of Common
Stock   of  PETMED  EXPRESS,  INC.  and  herewith  makes  payment
therefor,  all  at  the  price and on the  terms  and  conditions
specified in this Warrant and requests that certificates for  the
shares  of  Common Stock hereby purchased (and any securities  or
other property issuable upon such exercise) be issued in the name
of    and   delivered   to   _____________   whose   address   is
________________ and, if such shares of Common  Stock  shall  not
include all of the shares of Common Stock issuable as provided in
this  Warrant, that a new Warrant of like tenor and date for  the
balance  of  the  shares  of Common Stock issuable  hereunder  be
delivered to the undersigned.

                                   ------------------------------
                                   (Name of Registered Owner)

                                   ------------------------------
                                   (Signature of Registered
                                   Owner)

                                   ------------------------------
                                   (Street Address)

                                   ------------------------------
                                   (City) (State) (Zip Code)

NOTICE:   The signature on this subscription must correspond with
          the name as written upon the face of the within Warrant
          in every particular, without alteration or enlargement
          or any change whatsoever.

                              1

<PAGE>    Exhibit 4.5

                            EXHIBIT B

                         ASSIGNMENT FORM

      FOR VALUE RECEIVED the undersigned registered owner of this
Warrant  hereby  sells, assigns and transfers unto  the  Assignee
named  below  all  of  the rights of the undersigned  under  this
Warrant, with respect to the number of shares of Common Stock set
forth below:

  Name and Address of Assignee      No. of Shares of Common Stock
  ----------------------------      -----------------------------

and    does    hereby   irrevocably   constitute   and    appoint
________________  attorney-in-fact to register such  transfer  on
the  books  of  PETMED EXPRESS, INC. maintained for the  purpose,
with full power of substitution in the premises.

Dated:______________              Print Name:____________________

                                  Signature:_____________________

                                  Witness:_______________________

NOTICE: The signature on this assignment must correspond with
        the name as written upon the face of the within Warrant
        in every particular, without alteration or enlargement
        or any change whatsoever.

                              2

<PAGE>    Exhibit 4.5EX-10.1: LETTER AGREEMENT DATED JUNE 4, 2002

 

Exhibit 10.1

	 	 	 
		 	
Aetna Inc.

151 Farmington Avenue

Hartford, CT  06156-3124
	 
	 
	 
	

June 4, 2002	 	
L. Edward Shaw, Jr.

General Counsel

Law and Regulatory Affairs, RC4B

(860) 273-4444

Fax:  (860) 273-1732
	 
	Frolly M. Boyd

149 4th Avenue

Milford, CT 06460	 	 

Dear Frolly:

The purpose of this letter is to confirm the agreement (“Agreement”) we have
reached regarding your separation from Aetna Inc. (formerly known as Aetna U.S.
Healthcare Inc.), and its affiliated and related entities (collectively, the
“Company”), subject to the approval of the Company’s Board of Directors or its
Executive Committee. The terms of the Agreement are as follows:

	1.	 	Your last day of employment will be June 30, 2002, the effective date of
your separation. You agree to execute all documentation requested by the
Company reasonably needed to implement this Agreement, including
resignations from all positions and directorships you may hold with
Company subsidiaries or affiliates. Prior to that date, you are taking
all unused paid time off accrued in your paid time off account.
	 
	2.	 	From July 1, 2002 through December 26, 2003 (a period of 78 weeks), you
will be paid separation payments calculated using your current annual
salary and annual target bonus, payable bi-weekly in accordance with the
Company’s regular payroll practices. This is a benefit for which you
would not otherwise be eligible under current Company plans and policies
and is in lieu of any other separation benefits not specified in this
Agreement, including the Company’s Severance and Salary Continuation
Benefits Plan. However, if you take a position with the Company at any
time before the conclusion of the period, all payments and benefits under
this Agreement will cease.
	 
	3.	 	You will continue to be eligible for group medical and dental coverage on
the same basis as active employees through December 26, 2003. Thereafter,
you are eligible for Aetna’s retiree group medical and dental coverage.
Participation in all other benefit programs will stop as of September 27,
2002, except that all separation payments paid pursuant to Section 2 above
and the pro-rata bonus referred to in Section 4 below will count for
pension accrual purposes under the qualified and non-qualified defined
benefit pension plans.
	 
	4.	 	On or about February 28, 2003, you will be paid a pro-rata annual bonus
for the performance year 2002 of $168,000.

 

 

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	5.	 	On July 1, 2002, you are eligible for treatment as a retiree with more than
65 points of combined age and service and will vest to all unvested
options. Also, you will remain eligible to vest to a pro-rata portion of
your performance stock unit award grant of June 18, 2001 provided
performance vesting occurs with respect to 2002 or a later performance
year; the pro-ration will be calculated using a numerator of 365 days and a
denominator consisting of the number of days in the period beginning July
1, 2001 through the vesting date, if any. The vesting and exercise of your
stock options and performance stock unit award are otherwise governed by
the terms of your award agreements and the plan. If you have any questions
regarding your employee benefits, you should contact the HR Help Line at
1-800-AETNA HR (1-800-238-6247). If you have any questions about your
stock option and performance stock unit awards, you should contact
Executive Compensation at 1-860-273-0226.
	 
	6.	 	You will continue to be eligible for calendar year 2002, on the same
basis as active employees, for executive financial planning services
provided by The Ayco Company, subject to the program annual calendar year
maximum of $7,500 (amounts in excess of this limit are responsibility of
the executive).
	 
	7.	 	In consideration for the Company’s agreement to provide the salary, bonus
and benefits continuation described above, you forever release and
discharge the Company (and its directors, employees, and agents) from any
and all liability, claims, and demands and causes of action (by whatever
name called and whether known or unknown) which you had, have, or may
have, arising out of:

	 	A.	 	your employment with the Company;
	 	B.	 	the cessation of such employment; or
	 	C.	 	any act, omission, occurrence, or other matter related to such
employment or cessation of employment, up to including the date you
sign this Agreement.
	 

	 	 	This release includes, but is not limited to, claims and liabilities under
the Americans with Disabilities Act, the Civil Rights Act of 1964, the
Civil Rights Act of 1991, the Age Discrimination in Employment Act, the
Employee Retirement Income Security Act of 1974 (ERISA), any other claims
under federal, state, or local law, and claims for attorney’s fees, costs,
and the like. However, this release does not apply to pension or 401(k)
benefits vested as of the end of the salary continuation period, nor does
it apply to your right to enforce entitlements under this Agreement.
	 
	 	 	Further, you promise that you will not institute any lawsuit against the
Company or its directors, employees or agents concerning any claim you have
released above. You agree that if you violate this promise, you will not
be entitled to damages or any other relief, including costs and attorney’s
fees.

 

 

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Frolly M. Boyd

June 4, 2002

	8.	 	Nothing in this Agreement shall affect or diminish your rights to
indemnification, or the Company’s indemnification obligations to you,
authorized by law and the charter and bylaws of the Company, or under any
applicable insurance policies, in connection with claims brought by third
parties, including, but not limited to, any derivative actions brought in
the Company’s name.
	 
	9.	 	In further consideration for the Company’s agreement to provide the
salary, bonus and benefits continuation described above, you promise that:

	 	A.	 	unless required by law, you will not, for yourself or any other
person or entity, directly or indirectly, divulge, communicate or in
any way make use of any confidential, sensitive, or proprietary
information acquired in the performance of your service for the
Company, without the prior written consent of an appropriate Company
officer;
	 
	 	B.	 	unless required by law, you will not disclose to any person or
entity the terms and conditions of, or any information acquired in
connection with, this Agreement, without the prior written consent of
an appropriate Company officer, other than your legal, financial or
career advisors, and the members of your immediate family, if they
agree to maintain confidentiality;
	 
	 	C.	 	you shall provide assistance to and shall cooperate with the
Company, upon its reasonable request and without additional
compensation, with respect to matters within the scope of your duties
and responsibilities during employment. (The Company agrees and
acknowledges that it shall, to the maximum extent possible under then
prevailing circumstances, coordinate (or cause an affiliate to
coordinate) any such request with your other commitments and
responsibilities to minimize the degree to which such request
interferes with such commitments and responsibilities.) The Company
agrees that it will reimburse you for reasonable travel expenses (ie.,
travel, meals, and lodging) that you may incur in providing assistance
to the Company hereunder;
	 
	 	D.	 	you will not disparage the Company or any of its officers or
directors, and the Company will not disparage you; and
	 
	 	E.	 	the non-solicitation and other restrictive covenants set forth in
the stock option and other equity-based award agreements and other
non-solicitation and confidentiality agreements in favor of the
Company shall remain in full force and effect and are incorporated by
reference into this Agreement. In addition, you shall promptly notify
the Company’s General Counsel if you are contacted by a regulatory or
self-regulatory agency with respect to matters pertaining to the
Company or by an attorney or other individual who informs you that
he/she has filed, intends to file, or is considering filing a claim or
complaint against the Company.

 

 

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Frolly M. Boyd

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	 	 	If any provision of this section is determined by a court of competent
jurisdiction not to be enforceable in the manner set forth in this
Agreement, the Company and you agree that it is the intention of the
parties that such provision should be enforceable to the maximum extent
possible under applicable law and that such court shall reform such
provision to make it enforceable in accordance with the intent of the
parties. You acknowledge that the covenants and obligations with respect
to nondisclosure and non-solicitation relate to special, unique and
extraordinary matters and that a violation of any of the terms of such
covenants and obligations will cause the Company irreparable injury for
which adequate remedies are not available at law. Therefore, you agree
that, if you shall breach any of those covenants, the Company shall have no
further obligation to pay you any benefits otherwise payable hereunder, and
the Company shall be entitled to an injunction, restraining order or such
other equitable relief (without the requirement to post bond) restraining
you from committing any violation of the covenants and obligations
contained in this section. The remedies in the preceding sentence are
cumulative and are in addition to any other rights and remedies the Company
may have at law or in equity (or as set forth in any prior agreement
between you and the Company) as a court or arbitrator shall reasonably
determine.

	10.	 	This Agreement shall not in any way be construed as an admission by the
Company or any of its agents that they have acted wrongfully with respect
to you or any other person.
	 
	11.	 	You represent that to the best of your knowledge all documents and
property of the Company, including those containing confidential,
sensitive or proprietary information, have been returned to the Company.
In addition, you confirm that no charge, complaint or action filed by you
or on your behalf against the Company or any of its agents exists in any
forum or form. If any such charge, complaint action has been or is filed,
you will not be entitled to damages or any other relief, including costs
and attorney’s fees.
	 
	12.	 	This Agreement shall be construed in accordance with the laws of the
State of Connecticut and any actions brought under this Agreement shall be
exclusively brought in the state and federal courts in the State of
Connecticut. Both parties hereto irrevocably consent to the personal
jurisdiction of such courts.
	 
	13.	 	The entire agreement between you and the Company is set out in this
Agreement. No other promises or representations have been made, and there
is no oral understanding or agreement between you and the Company that is
not contained, or incorporated by reference, in this Agreement.
	 
	14.	 	You acknowledge that you:

	 	A.	 	have been advised to consult an attorney before signing this
Agreement and that you have had an opportunity to consult with an
attorney of your choice;

 

 

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Frolly M. Boyd

June 4, 2002

	 	B.	 	have read this Agreement in its entirety, understand its terms
and knowingly and voluntarily consent to its terms and conditions; and
	 
	 	C.	 	have had the opportunity to consider the Agreement for at least
21 days; to the extent that this Agreement differs in any way, whether
material or not, from any proposal previously communicated, verbally
or in writing, to you, you have had sufficient time to consider this
Agreement, and you waive any right you may have to additional time to
review it.

In the event of your death prior to the payments called for in Sections 2 and 4
above, any amounts due you, but not yet paid, will be paid to your surviving
spouse, or if he does not survive you, to your estate.

This Agreement will become effective on the eighth day following the day you
execute it. After signing both copies of this Agreement, please return one
copy to me and retain a copy for your records. You may revoke this Agreement
at any time prior to its effective date by giving written notice to me.

	 	 	 
	Aetna Inc.	 	 
	 
	By:   /s/L. Edward Shaw Jr.

         L. Edward Shaw, Jr.	 	 
	 
	/s/Frolly Boyd

Frolly M. Boyd	 	
June 4, 2002

[Date]

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