Adam Storm
About Adam Storm
Adam Storm, age 34, is PET’s President and Chief Product Officer; he has served in this role since August 2022, having previously held the same role at Legacy Wag! from January 2020 to August 2022. He holds a B.S. in Computer Science from the University of California, Santa Cruz . Company performance in FY2024: revenues were $70.5 million (down 16% year-over-year), Adjusted EBITDA was a loss of $1.1 million (versus a $0.7 million gain in FY2023), and Platform Participants declined 25.8% year-over-year . PET did not meet 2024 revenue and adjusted EBITDA acceleration targets tied to executive RSU grants, resulting in no vesting acceleration .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wag! (Legacy Wag!) | President & Chief Product Officer | Jan 2020–Aug 2022 | Led product, strategy, and analytics during pre-merger period . |
| Wheels (shared electric mobility) | Led strategy and product, analytics | 2019–2020 | Built consumer product strategy and analytics capabilities . |
| LootBear (online rental marketplace) | Product/analytics leadership | 2015–2016 | Helped scale marketplace analytics and product execution . |
| Microsoft | Software Engineer | 2013–2015 | Engineering experience at a large-scale software platform . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Various growth-stage startups | Angel investor and advisor | Ongoing |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 386,538 | 400,000 |
| Target Bonus % | Not disclosed | Not disclosed; no cash incentive plan in 2024 |
| Actual Bonus Paid ($) | 464,142 (non‑equity incentive) | — (no cash incentives earned) |
| All Other Compensation ($) | 2,000 | 1,000 |
| Total Compensation ($) | 1,440,180 | 510,172 |
Notes:
- Base salary increased from $350,000 to $400,000 effective April 2023 per offer/severance arrangements .
- PET, as an emerging growth company, did not operate a cash incentive plan in 2024 .
Performance Compensation
Equity Incentives and 2024 Performance Conditions
| Metric | Weighting | Target | Actual FY2024 | Payout | Vesting Terms |
|---|---|---|---|---|---|
| Revenue | Not disclosed | Not disclosed | $70,507,000 | No acceleration (targets not met) | Feb 2024 grant vests 100% on Feb 18, 2026 (service-based) |
| Adjusted EBITDA | Not disclosed | Not disclosed | $(1,099,000) | No acceleration (targets not met) | May 2024 refresh grant: 33% on May 18, 2025; remainder in equal quarterly installments over 8 quarters (service-based) |
RSU Grants (2024–2022)
| Grant Date | Award Type | Shares | Vesting | Notes |
|---|---|---|---|---|
| Feb 12, 2024 | RSU | 165,000 | 100% vests Feb 18, 2026 | Acceleration by up to one year if 2024 revenue/Adj. EBITDA targets met; they were not, so no acceleration . |
| May 9, 2024 | RSU | 293,710 | 33% on May 18, 2025; remainder quarterly over 8 quarters | Service-based vesting . |
| Aug 4, 2023 | RSU | 146,563 | 33% on Aug 18, 2024; remainder quarterly over 8 quarters | Service-based vesting . |
| Dec 1, 2022 | RSU | 119,048 | 25% on May 18, 2023; remainder quarterly over 9 quarters | Service-based vesting . |
Equity Ownership & Alignment
Beneficial Ownership (as of April 17, 2025)
| Item | Amount | % of Shares Outstanding |
|---|---|---|
| Total beneficial ownership | 1,725,167 shares | 3.3% (out of 50,739,113 shares outstanding) |
| Breakdown: Options exercisable within 60 days | 996,526 shares | — |
| Breakdown: RSUs vesting/settling within 60 days | 157,544 shares | — |
| Breakdown: Shares held directly | 571,097 shares | — |
Outstanding Equity Awards (12/31/2024)
| Instrument | Quantity | Exercise/Reference Price | Expiration | Vesting Status |
|---|---|---|---|---|
| Stock option | 950,183 | $0.09 | 03/17/2030 | Exercisable |
| Stock option | 46,343 | $0.16 | 03/02/2031 | Exercisable |
| RSU (May 9, 2024) | 293,710 | Market value $69,903 (based on $0.238) | — | Unvested |
| RSU (Feb 12, 2024) | 165,000 | Market value $39,270 | — | Unvested |
| RSU (Aug 4, 2023) | 146,563 | Market value $34,882 | — | Unvested |
| RSU (Dec 1, 2022) | 119,048 | Market value $28,333 | — | Unvested |
Policy alignment:
- PET’s insider trading policy prohibits short sales, hedging transactions, derivative trading in company securities, margin accounts, and pledging by Section 16 officers and directors (i.e., pledging is prohibited) .
Employment Terms
| Term | Detail |
|---|---|
| Offer Letter date | January 8, 2020 (Legacy Wag!) |
| Original base salary in Offer Letter | $450,000; reduced to $350,000 (2021) then $301,924 during COVID, reinstated to $350,000 (Jan 1, 2022), increased to $400,000 effective April 2023 |
| Annual incentive bonus | Opportunity per Offer Letter; no cash incentive plan operated in 2024 |
| Severance (termination without Cause) | 6 months base salary continuation plus up to 6 months employer-paid COBRA premiums, subject to release and covenants |
| Change-in-control (Carve-Out Plan) | Fully vested 26.667% interest in a bonus pool equal to 15% of aggregate transaction proceeds, less individual transaction proceeds received; eligibility preserved if termination without Cause occurs within 3 months prior to change in control |
| Equity treatment upon change in control | Under the 2022 Plan, if awards are not assumed or substituted by a successor, all restrictions lapse (accelerated vesting) |
| Clawback policy | Compensation committee periodically reviews clawback policies/agreements permitting cancellation/recoupment of incentive comp |
| Perquisites | No executive-specific perquisites; employees (including NEOs) receive standard benefits and a 401(k) with up to $1,000 match in 2024 |
| Say-on-pay | As an emerging growth company, PET is not required to hold say-on-pay/say-on-frequency votes |
Compensation Structure Analysis
- Shift from options to service-based RSUs after the 2022 merger; historical startup-era programs emphasized salary, cash bonuses, and options .
- 2024 cash incentives were eliminated; RSU acceleration tied to revenue and adjusted EBITDA was not achieved, demonstrating a link to performance outcomes but with service-based vesting remaining intact .
- Severance protection is modest (six months of salary and COBRA), while change‑of‑control economics include a meaningful carve‑out bonus pool participation (26.667% of a 15% pool, less individual proceeds) and potential RSU acceleration if awards are not assumed .
Investment Implications
- Alignment: Storm owns 3.3% beneficially with a mix of low-strike legacy options ($0.09 and $0.16) and unvested RSUs, indicating material skin-in-the-game and potential leverage to upside .
- Performance sensitivity: The 2024 RSU acceleration tied to revenue/Adjusted EBITDA was not earned, as revenue fell 16% and Adjusted EBITDA turned negative, reinforcing pay-for-performance safeguards while maintaining retention via service-based vesting .
- Retention and M&A incentives: Cliff vest (Feb 2026) and quarterly vest schedules create retention hooks; the fully vested 26.667% carve‑out participation payable upon change in control (subject to terms) provides a tangible incentive aligned with potential strategic alternatives .
- Governance risk controls: Hedging and pledging prohibitions reduce alignment risks; clawback oversight exists via the compensation committee, though granular clawback triggers are not disclosed .