Exhibit 10.1

 

TERMINATION OF TOLLING AND STANDSTILL AGREEMENT

 

THIS TERMINATION OF TOLLING AND STANDSTILL AGREEMENT (this “Termination
Agreement”) is made and entered into by Overstock.com, Inc. (“Overstock”) and
the Overstock.com, Inc. Employee Benefits Committee (the “Committee”), on behalf
of the Overstock.com, Inc. 401(k) Plan (the “Plan”), on and to be effective as
of October 14, 2010.

 

WHEREAS, on August 31, 2009 Overstock and the Committee entered into a Tolling
and Standstill Agreement (the “Agreement”) for the benefit of certain
participants in the Plan who acquired shares of Overstock Common Stock in Plan
accounts between July 1, 2008 and June 30, 2009; and

 

WHEREAS, Overstock has completed a registered rescission offer to such
participants in the Plan as contemplated by Section 1 of the Agreement; and

 

WHEREAS, the Committee serves as the Administrator of the Plan, and is
authorized to take such actions with respect to the Plan as may be deemed
necessary or appropriate by the Committee; and

 

WHEREAS, the Committee, on behalf of the Plan, and Overstock (the “Parties”)
believe that the Agreement has served the purpose for which it was intended, and
desire to terminate the Agreement; and

 

WHEREAS, each of the Parties has the right, pursuant to Section 2 of the
Agreement, to terminate the Agreement unilaterally as set forth therein, but
each desires instead to terminate the Agreement by mutual agreement as set forth
herein;

 

NOW THEREFORE, the Parties agree as follows:

 

1. Termination of Agreement. The Parties hereby mutually agree to terminate the
Agreement, effective as of October 14, 2010.

 

2. Filing of Termination Agreement. Overstock does not consider either the
Agreement or this Termination Agreement to be a material contract that would
require filing under Item 1.01 of Form 8-K or otherwise.  However, Overstock
filed the Agreement as an exhibit to an Item 8.01 Form 8-K on August 31, 2009,
and intends to file this Termination as an exhibit to a similar Form 8-K or
otherwise.

 

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Executed on the date first written above.

 

OVERSTOCK.COM, INC.

 

By:

/s/ Patrick M. Byrne

 

Name:

Patrick M. Byrne

 

Title:

Chief Executive Officer

 

 

 

OVERSTOCK.COM. INC. 401(K) PLAN
By: Overstock.com, Inc. Employee Benefits Committee

 

By:

/s/ Jonathan E. Johnson III

 

 

Jonathan E. Johnson III

 

 

Committee Member

 

 

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