However, should you experience an involuntary, not-for-Cause termination within 48 months of the commencement of your employment, the full retention bonus will be paid in full, subject to standard deductions and withholdings, and subject to you signing (and not revoking) a severance agreement and general release of claims in the form to be provided by Petco.
Severance Provision - Should you experience an involuntary, not-for-Cause termination, Petco will provide for a severance payment equal to twelve (12) months of your base salary, subject to standard deductions and withholdings, and subject to you signing (and not revoking) a severance agreement and general release of claims in the form to be provided by Petco.
Relocation - We are pleased to provide you with relocation assistance through our third-party provider, Cartus. A PDF for Package D Homeowner that describes your benefits in detail has been included for your review. Petco approves an exception under our Interim Living Options to provide a lump sum payment of $25,000 (tax assisted) in lieu of directly providing corporate housing. In addition Petco approves the use of an enclosed car carrier to move your four vehicles, two motorcycles and one scooter. Petco will cover the cost of one rental car for the duration of time you reside in corporate housing. A Cartus representative will contact you directly within three business days after accepting and returning your Offer Letter to begin the relocation process.
Medical/Dental/Vision Benefits/Flex Spending Plan - Upon date of hire, you are eligible to participate in the Petco group medical/dental/vision/flex spending plans. Your contributions for the first 60 days will be deducted on an after-tax basis. Effective the first of the month following 60 days, your contributions will be withheld on a pre-tax basis. Upon hire, you may access www.mypetcobenefits.com for more information on our benefit plans.
Non-Qualified Deferred Compensation Plan - You may contribute up to 85% of base pay and up to 100% of your fiscal year bonus each calendar year into the non-qualified deferred compensation plan. Petco has a discretionary match on base pay and bonus pay. You may enroll within 30 days of hire and each year in November for the following year.
401(k) Savings Plan - You will be eligible to participate in the Petco Animal Supplies 401(k) Plan effective the first of the month following one year of service, provided that you meet the eligibility requirements. You may elect to contribute up to 60% of your salary on a tax-deferred basis (subject to any plan discrimination testing limits). Petco will provide a discretionary matching contribution of 50% on the first 3% of salary deferred (subject to any plan discrimination testing limits).
Time Off Work - Petco offers an informal time off policy, which allows executives (i.e., Director-level and above for purposes of time off policy) to take as much time away from the office as needed and as deemed consistent with the responsibilities of the job, subject to approval by ones manager. Because executives are expected to work as needed to fulfill their job responsibilities, Petco leaves to the discretion of each executive how to best manage his/her time, including scheduling time away from the office for vacation, illness, and other personal reasons. While no accrual or allotment of hours occurs under this informal time off policy, it would not be unreasonable for an executive to take 20 to 30 days of each year for vacation or other personal reasons.
Financial and Tax Preparation Services As a senior officer, you will be eligible for financial planning and tax preparation services through AYCO Financial Services, a Goldman Sachs company. This service is paid for by the Company, and treated as income to you for tax purposes.