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PETM > SEC Filings for PETM > Form 8-K/A on 19-Jun-2013All Recent SEC Filings

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Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.

This Current Report on Form 8-K/A is being filed by PetSmart, Inc. (the "Company") to supplement the Company's Current Report on Form 8-K (the "Prior Report"), filed on January 22, 2013. The Prior Report announced the appointments, effective June 14, 2013, of David K. Lenhardt as the Company's Chief Executive Officer and Joseph D. O'Leary as the Company's President and Chief Operating Officer. The Company is filing this Form 8-K/A to disclose the revised compensatory arrangements for Messrs. Lenhardt and O'Leary in connection with these appointments.

Revised Compensatory Arrangements for New Chief Executive Officer and new President and Chief Operating Officer

On June 14, 2013, the Company's Compensation Committee and Board of Directors approved, effective immediately, the following compensation changes for these executive officers to reflect the significantly increased responsibilities they each assumed as of that date.

Cash Compensation

                                                                    New Base Salary Effective                New ESTIP Target*
Executive                              Position                           June 14, 2013                   (as a % of base salary)
David K. Lenhardt            Chief Executive Officer               $                   950,000                                 120 %
Joseph D. O'Leary            President and Chief Operating
                             Officer                               $                   750,000                                  90 %

* The new target under the Company's Amended and Restated Executive Short-Term Incentive Plan ("ESTIP") will apply to base salary earned on or after June 14, 2013; the ESTIP target disclosed in the Definitive Proxy Statement filed by the Company on May 3, 2013 (the "Proxy Statement") will apply to base salary earned prior to that date.

Equity Awards

                                                                                Additional Performance Share Unit Grant
                                                                          (in addition to grant disclosed in Proxy Statement)
                            Additional Stock Option
                             Grant (in addition to
                            grant disclosed in Proxy
Executive                          Statement)                  Minimum Award               Target Award                  Maximum Award
David K. Lenhardt                              37,769                       0                        9,389                          18,778
Joseph D. O'Leary                               7,420                       0                        1,845                           3,690

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