SEC Contract Filing

Filing Date: 2023-06-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>a8k06152023-ex105.htm
<DESCRIPTION>EX-10.5
<TEXT>
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<title>Document</title></head><body><div id="i7f900f6a35dd45419fc72ec71e0db5bd_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:360pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit 10.5</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">PETMED EXPRESS, INC.<br>2015 OUTSIDE DIRECTOR EQUITY COMPENSATION PLAN</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><br></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(amending and restating the PetMed Express, Inc. <br>2015 Outside Director Equity Compensation Restricted Stock Plan)</font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1. PURPOSE OF PLAN&#160;</font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;The PetMed Express, Inc. 2015 Outside Director Equity Compensation Plan, f&#47;k&#47;a the 2015 Outside Director Equity Compensation Restricted Stock Plan (the &#8220;2015 Plan&#8221;), is established by PetMed Express, Inc. (&#8220;PetMed&#8221; or the &#8220;Company&#8221;) to attract, retain and compensate highly qualified individuals who are not employees or affiliates of PetMed or any of its subsidiaries, to serve as members of the Company&#8217;s Board of Directors (the &#8220;Board of Directors&#8221;), and to enable them to increase their ownership of PetMed&#8217;s Common Stock, thereby increasing their proprietary interest in PetMed and their identification with the interests of PetMed&#8217;s stockholders.&#160;</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2. STOCK SUBJECT TO THE 2015 PLAN&#59; TYPES OF AWARDS&#160;</font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;The shares that may be awarded under the 2015 Plan (without payment by participants) shall be the common stock, par value $.001 per share, of the Company (&#8220;Common Stock&#8221;), and shall be authorized, but un-issued, shares.&#160;&#160;The maximum number of shares of Common Stock that may be awarded hereunder (subject to any adjustments as provided below) shall not in the aggregate exceed 400,000 shares.&#160;&#160;Shares of Common Stock forfeited as a result of a participant&#8217;s termination of service as a director or other conditions of the award not being met shall again become available for award under the 2015 Plan. The number of shares of Common Stock available for issuance under the 2015 Plan shall automatically increase on the first trading day of January each calendar year during the term of the 2015 Plan by an amount equal to ten percent (10%) of the total number of shares of Common Stock authorized under the 2015 Plan.&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The following types of awards may be granted under the 2015 Plan&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(a) Restricted Stock Award, which means a grant of shares of Common Stock that are subject to a risk of forfeiture or restrictions on transfer, or both a risk of forfeiture and restrictions on transfer, which may lapse upon the completion of a period of service or satisfaction of other conditions (which may include the achievement of performance goals established by the Committee).</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(b) Restricted Stock Units, which means the right to receive a share of Common Stock for each Restricted Stock Unit, or a cash payment the value of which is equal to the fair market value of one share of Common Stock, in each</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">case upon completion of a period of service or satisfaction of other conditions (subject to any applicable deferral</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">election that may be authorized by the Company).</font></div><div><font><br></font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3. ADMINISTRATION&#160;</font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;The 2015 Plan shall