Document:

Exhibit 10.1

Exhibit 10.1

GSI Commerce, Inc.

2010 Equity Incentive Plan

Form of Restricted Stock Unit Award Grant Notice

GSI
Commerce, Inc. (the “Company”), pursuant to Section 6(b) of its 2010 Equity Incentive Plan (the
“Plan”), hereby awards to you as a Participant under the Plan a Restricted Stock Unit Award for the
number of shares of the Company’s Common Stock set forth below (the “Award”). This Award is
subject to all of the terms and conditions as set forth herein and in (i) the applicable Restricted
Stock Unit Award Agreement, which is attached hereto and incorporated herein in its entirety, and
(ii) the Plan, which is available on the Company’s Intranet under the Legal and Human Resources
sections and is incorporated herein in its entirety.

	 	 	 
	Participant:

	 	Michael Conn
	Date of Grant:
	 	 
	 

	 	 
	Number of Shares subject to Award:
	 	 
	 

	 	 
	Consideration:

	 	Your Services to the Company

Vesting Schedule: The shares subject to this Award will vest in accordance with the following
schedule; provided that the vesting will cease upon the termination of your Continuous Service:

50% of the total number of shares will vest on the third annual anniversary
of the Date of Grant; and

50% of the total number of shares will vest on the fourth annual anniversary
of the Date of Grant.

Notwithstanding the foregoing, this Award will immediately vest in full in the event:

	 	1.	 	that your Continuous Service is terminated due to your death or Disability (as such
term is defined in the Plan); or

	 
	 	2.	 	that you remain in Continuous Service through the date of a Change in Control (as
defined in the Change in Control Agreement by and between the Company and you dated August
8, 2006 (the “Change in Control Agreement”)) of the Company.

 

 

 

Additional Terms/Acknowledgements: You acknowledge receipt of, and understand and agree to, this
Restricted Stock Unit Award Grant Notice, the Restricted Stock Unit Award Agreement and the Plan.
You also acknowledge receipt of the 2010 Equity Incentive Plan Prospectus. You further acknowledge
that as of the Date of Grant, this Restricted Stock Unit Award Grant Notice, the Restricted Stock
Unit Award Agreement, and the Plan set forth the entire understanding between you and the Company
regarding the acquisition of stock in the Company pursuant to this Award and supersede all prior
oral and written agreements on that subject with the exception of (i) Stock Awards (as defined in
the Plan) previously granted and delivered to you under the Plan, and (ii) the following agreements
only:

Other Agreements: Change in Control Agreement

 

 

 

	 	 	 	 	 	 	 
	GSI Commerce, Inc.	 	Participant
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 
	 

	 	Signature
	 	 	 	Signature
	 
	 	 	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	 

	 	Print
	 	 	 	Print
	 
	 	 	 	 	 	 
	Title:

	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

Attachments: Restricted Stock Unit Award Agreement

 

 

 

Attachment I

Restricted Stock Unit Award Agreement

GSI Commerce, Inc.

2010 Equity Incentive Plan

Restricted Stock Unit Award Agreement

Pursuant to your Restricted Stock Unit Award Grant Notice (“Grant Notice”) and this Restricted
Stock Unit Award Agreement (the “Agreement”), GSI Commerce, Inc. (the “Company”) has granted you a
Restricted Stock Unit Award under Section 6(b) of the GSI Commerce, Inc. 2010 Equity Incentive Plan
(the “Plan”) for the number of shares of the Company’s common stock (the “Common Stock”) indicated
in the Grant Notice (collectively, the “Award”). Capitalized terms not explicitly defined in this
Agreement but defined in the Plan or Grant Notice will have the same definitions as in the Plan.

The details of your Award are as follows.

1. Grant of the Award. This Award represents the right to be issued on a future date
the number of shares of the Company’s Common Stock as indicated in the Grant Notice. As of the Date
of Grant, the Company will credit to a bookkeeping account maintained by the Company for your
benefit (“Account”) the number of shares of Common Stock subject to the Award.

2. Distribution of Shares of Common Stock.

(a) The Company will deliver to you a number of shares of Common Stock equal to the number of
vested shares of Common Stock subject to your Award on the vesting date or dates provided in your
Grant Notice; provided, however, that if such vesting date falls on a date that is not a business
day, such delivery date shall instead fall on the next following business day. The form of such
delivery (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined
by the Company.

(b) Notwithstanding the foregoing, in the event that the Company determines that your sale of
shares of Common Stock on the date the shares subject to the Award are scheduled to be delivered
(the “Original Distribution Date”) would violate its policy regarding insider trading of the Common
Stock, as determined by the Company in accordance with such policy, then such shares shall not be
delivered on such Original Distribution Date and shall instead be delivered as soon as practicable
following the next date that you could sell such shares pursuant to such policy; provided, however,
that in no event shall the delivery of the shares be delayed pursuant to this provision beyond the
later of: (1) December 31st of the same calendar year of the Original Distribution Date, or (2) the
15th day of the third calendar month following the Original Distribution Date.

3. Consideration. The Common Stock delivered to you pursuant to your Award
shall be deemed paid, in whole or in part, in consideration of your services to the Company in the
amounts and to the extent required by law.

 

 

 

4. Vesting. Subject to the limitations contained herein, your Award will vest as
provided in the Grant Notice; provided that vesting will cease upon the termination of your
Continuous Service. Upon such termination of your Continuous Service, the shares credited to the
Account that were not vested on the date of such termination will be forfeited at no cost to the
Company and you will have no further right, title or interest in or to such underlying shares of
Common Stock.

5. Number of Shares. The number of shares of Common Stock subject to your Award
referenced in your Grant Notice may be adjusted from time to time for Capitalization Adjustments as
set forth in the Plan.

(a) Any shares, cash or other property that becomes subject to the Award pursuant to this
Section 5, if any, shall be subject, in a manner determined by the Board, to the same forfeiture
restrictions, restrictions on transferability, and time and manner of delivery as applicable to the
other shares covered by your Award.

(b) Notwithstanding the provisions of this Section 5, no fractional shares or rights for
fractional shares of Common Stock shall be created pursuant to this Section 5. The Board shall, in
its discretion, determine an equivalent benefit for any fractional shares or fractional shares that
might be created by the adjustments referred to in this Section 5.

6. Dividends. You shall receive no benefit or adjustment to your Award with respect
to any cash dividend, stock dividend or other distribution that does not result from a
Capitalization Adjustment as provided in Section 9(a) of the Plan; provided, however, that this
sentence shall not apply with respect to any shares of Common Stock that are delivered to you in
connection with your Award after such shares have been delivered to you.

7. Conditions to Issuance and Delivery of Shares. Notwithstanding any other provision
of this Agreement or the Plan, the Company will not be obligated to issue or deliver any shares of
Common Stock pursuant to this Agreement (i) until all conditions to the Award have been satisfied
or removed, (ii) until, in the opinion of counsel to the Company, all applicable Federal and state
laws and regulations have been complied with, (iii) if the outstanding Common Stock is at the time
listed on any stock exchange or included for quotation on an inter-dealer system, until the shares
to be delivered have been listed or included or authorized to be listed or included on such
exchange or system upon official notice of notice of issuance, (iv) if it might cause the Company
to issue or sell more shares of Common Stock that the Company is then legally entitled to issue or
sell, and (v) until all other legal matters in connection with the issuance and delivery of such
shares have been approved by counsel to the Company.

8. Execution of Documents. You hereby acknowledge and agree that the manner
selected by the Company by which you indicate your consent to your Grant Notice is also deemed to
be your execution of your Grant Notice and of this Agreement. You further agree that such manner of
indicating consent may be relied upon as your signature for establishing your execution of any
documents to be executed in the future in connection with your Award. This Restricted Stock Unit
Award Agreement shall be deemed to be signed by the Company and you
upon the respective signing by the Company and you of the Restricted Stock Unit Award Grant
Notice to which it is attached.

 

 

 

9. Non-transferability. Your Award is not transferable, except by will or by the laws
of descent and distribution. Notwithstanding the foregoing, by delivering written notice to the
Company, in a form satisfactory to the Company, you may designate a third party who, in the event
of your death, will thereafter be entitled to receive any distribution of shares pursuant to
Section 1 of this Agreement.

10. Award not a Service Contract. Your Award is not an employment or service
contract, and nothing in your Award will be deemed to create in any way whatsoever any obligation
on your part to continue in the employ of the Company or an Affiliate, or on the part of the
Company or an Affiliate to continue your employment. In addition, nothing in your Award will
obligate the Company or an Affiliate, their respective stockholders, Boards of Directors or
Employees to continue any relationship that you might have as a Employee, Director or Consultant
for the Company or an Affiliate.

11. Unsecured Obligation. Your Award is unfunded, and as a holder of a vested Award,
you will be considered an unsecured creditor of the Company with respect to the Company’s
obligation, if any, to issue shares of Common Stock pursuant to this Agreement. You will not have
voting or any other rights as a stockholder of the Company with respect to the shares of Common
Stock awarded pursuant to this Agreement until such shares are issued to you pursuant to Section 1
of this Agreement. Upon such issuance, you will obtain full voting and other rights as a
stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to
its provisions, will create or be construed to create a trust of any kind or a fiduciary
relationship between you and the Company or any other person.

12. Withholding Obligations.

(a) On or before the time you receive a distribution of shares pursuant to your Award, or at
any time thereafter as requested by the Company, you hereby authorize withholding from, at the
Company’s election, vested shares of Common Stock distributable to you, payroll and any other
amounts payable to you and otherwise agree to make adequate provision for, as determined by the
Company, any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or an Affiliate, if any, which arise in connection with your Award.

(b) Unless the tax withholding obligations of the Company or any Affiliate are satisfied, the
Company will have no obligation to issue a certificate for such shares of Common Stock.

13. Other Documents. You hereby acknowledge receipt or the right to receive a
document providing the information required by Rule 428(b)(1) promulgated under the Securities Act,
which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s insider
trading policy.

 

 

 

14. Notices. All notices with respect to the Plan shall be in writing and shall be
hand delivered or sent by first class mail or reputable overnight delivery service, expenses
prepaid.
Notice may also be given by electronic mail or facsimile and shall be effective on the date
transmitted if confirmed within 24 hours thereafter by a signed original sent in a manner provided
in the preceding sentence. Notices to the Company or the Board shall be delivered or sent to GSI’s
headquarters, 935 First Avenue, King of Prussia, PA 19406, to the attention of its Chief Financial
Officer and its General Counsel. Notices to any Participant or holder of shares of Common Stock
issued pursuant to an Award shall be sufficient if delivered or sent to such person’s address as it
appears in the regular records of the Company or its transfer agent.

15. Headings. The headings of the Sections in this Agreement are inserted for
convenience only and will not be deemed to constitute a part of this Agreement or to affect the
meaning of this Agreement.

16. Amendment. This Agreement may be amended only by a writing executed by the
Company and you which specifically states that it is amending this Agreement. Notwithstanding the
foregoing, this Agreement may be amended solely by the Board (or appropriate committee thereof) by
a writing which specifically states that it is amending this Agreement, so long as a copy of such
amendment is delivered to you, and provided that no such amendment adversely affecting your rights
hereunder may be made without your written consent. Without limiting the foregoing, the Board (or
appropriate committee thereof) reserves the right to change, by written notice to you, the
provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose
of the grant as a result of any change in applicable laws or regulations or any future law,
regulation, ruling, or judicial decision, including with respect to compliance with Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations issued thereunder,
provided that any such change will be applicable only to rights relating to that portion of the
Award which is then subject to restrictions as provided herein.

17. Miscellaneous.

(a) The rights and obligations of the Company under your Award will be transferable by the
Company to any one or more persons or entities, and all covenants and agreements hereunder will
inure to the benefit of, and be enforceable by the Company’s successors and assigns. Your rights
and obligations under your Award may not be assigned by you, except with the prior written consent
of the Company.

(b) The benefits provided under this Agreement are intended to be subject to a “substantial
risk of forfeiture” under Code Section 409A, and to be payable within the “short term deferral
period” under such statute following lapse of the applicable forfeiture conditions.

(c) You agree upon request to execute any further documents or instruments necessary or
desirable in the sole determination of the Company to carry out the purposes or intent of your
Award.

(d) You acknowledge and agree that you have reviewed your Award in its entirety, have had an
opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully
understand all provisions of your Award.

 

 

 

18. Governing Plan Document. Your Award is subject to all the provisions of the Plan,
the provisions of which are hereby made a part of your Award, and is further subject to all
interpretations, amendments, rules and regulations which may from time to time be promulgated and
adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and
those of the Plan, the provisions of the Plan will control. The Board (or appropriate committee
thereof) will have the power to interpret the Plan and this Agreement and to adopt such rules for
the administration, interpretation, and application of the Plan as are consistent therewith and to
interpret or revoke any such rules. All actions taken and all interpretations and determinations
made by the Board (or appropriate committee thereof) will be final and binding upon you, the
Company, and all other interested persons. No member of the Board (or appropriate committee
thereof) will be personally liable for any action, determination, or interpretation made in good
faith with respect to the Plan or this Agreement.

19. Effect on Other Employee Benefit Plans. The value of the Award subject to this
Agreement will not be included as compensation, earnings, salaries, or other similar terms used
when calculating the Employee’s benefits under any employee benefit plan sponsored by the Company
or any subsidiary except as such plan otherwise expressly provides. The Company expressly reserves
its rights to amend, modify, or terminate any of the Company’s or any subsidiary’s employee benefit
plans.

20. Choice of Law. The interpretation, performance and enforcement of this Agreement
will be governed by the law of the state of Delaware without regard to such state’s conflicts of
laws rules.

21. Severability. If all or any part of this Agreement or the Plan is declared by any
court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not
invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any
Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid will,
if possible, be construed in a manner which will give effect to the terms of such Section or part
of a Section to the fullest extent possible while remaining lawful and valid.Exhibit 10.2

Exhibit 10.2

FORM OF

TRANSACTION INCENTIVE AGREEMENT

THIS TRANSACTION INCENTIVE AGREEMENT (this “Agreement”) is entered into as of this
 _____ 

day of
 _____, 2011 (“Effective Date”), by and between GSI Commerce, Inc. (the
“Company”), and
 _____ 
(the “Executive”).

WHEREAS, the Executive is employed by the Company as of the Effective Date;

WHEREAS, the Company considers the Executive to be an employee whose continuing services,
leadership and support are and will be valuable, especially in connection with a Sale of the
Company (as defined below);

WHEREAS, subject to the terms of this Agreement, the Company wishes to incent the Executive to
remain an employee in good standing in the event there is a Sale of the Company; and

WHEREAS, the Company and the Executive desire to set forth herein the terms and conditions
under which the Company shall pay the Executive an Incentive Amount (as defined below) in
connection with a Sale of the Company.

NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound, the parties hereby agree as follows:

1. Certain Defined Terms. The following terms have the following meanings when used in
this Agreement:

(a) “Board” shall mean the Board of Directors of the Company.

(b) “Cause” shall mean the occurrence of the following events:

(i) a good faith determination by the Board that the Executive (A) was grossly negligent or
engaged in willful misconduct in the performance of his or her duties for the Company, (B) was
convicted of, or entered a plea of guilty to, a crime constituting a felony or any criminal offense
constituting fraud, dishonesty or moral turpitude under the laws of the United States or any state
thereof, other than an automobile offense, or (C) intentionally and materially violated any
contract or agreement between the Executive and the Company, the Company’s Code of Business Conduct
or any of the Company’s material policies; provided, however, that no act or failure to act by the
Executive shall be deemed to constitute Cause under this clause (C) if done, or omitted to be done,
in good faith and with the reasonable belief that the action or omission was in the best interests
of the Company; and

(ii) (A) the Company has delivered written notice to the Executive of its intention to
terminate his employment for Cause within ninety (90) days after the Company has actual knowledge
of the facts and circumstances upon which it seeks to rely as a basis for its right to terminate
for Cause, (B) such notice sets forth in reasonable detail such facts and
circumstances and (C) the Executive has failed to correct any of the events listed in Section
1(b)(i) above, if such events are reasonably capable of being corrected, within thirty (30) days
following delivery of the Company’s written notice of its intention to terminate for Cause.

 

 

 

(c) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder.

(d) “Good Reason” shall mean with respect to the Executive, the occurrence of one or
more of the following events or conditions, without the Executive’s express prior written consent
(which may be withheld for any reason or no reason), provided that upon the first occurrence of any
such event or condition, the Executive shall have given the Company written notice that he or she
is resigning his or her employment with the Company due to the occurrence of such event or
condition and the Company shall not have corrected the situation within ten (10) days after the
Executive gives such notice:

(i) a material reduction in the Executive’s duties, positions, titles, offices, authority or
responsibilities relative to the duties, positions, titles, offices, authority or responsibilities
in effect immediately prior to the Sale of the Company; the assignment to the Executive of any
duties or responsibilities that are substantially inconsistent with the Executive’s duties,
positions, titles, offices, authority or responsibilities as in effect immediately before such
assignment; or any removal of the Executive from or failure to reappoint or reelect the Executive
to any of such positions, titles or offices; provided that any of the foregoing that result solely
from the fact that the Company is no longer a publicly traded and listed company shall not by
itself constitute Good Reason under this Section 1(d);

(ii) a reduction in the greater of the Executive’s (A) base salary as in effect immediately
prior to the Sale of the Company, or (B) base salary at such higher level as may be determined
following the Sale of the Company;

(iii) a reduction in the greater of the Executive’s (A) bonus or other cash incentive
compensation opportunity as in effect immediately prior to the Sale of the Company, or (B) bonus or
other cash incentive compensation opportunity at such higher level as may be determined following
the Sale of the Company; a reduction or negative change in the Executive’s equity award or other
long-term non-cash incentive opportunities (the value of which is measured as of the date of grant
using a reasonable valuation methodology consistently applied); or a reduction or negative change
in the Executive’s benefits other than base salary, bonus or other cash and non cash incentive
compensation as in effect immediately prior to the Sale of the Company; provided, however, that
Good Reason shall not exist under this Section 1(d) if after a Sale of the Company, the Company
offers the Executive a range of cash and non-cash bonus and incentive opportunities and other
benefits which, taken as a whole, are comparable to the cash and non-cash bonus and incentive
opportunities and other benefits provided to the Executive immediately prior to the Sale of the
Company;

(iv) the failure of the Company to timely pay or provide to the Executive any portion of the
Executive’s compensation or benefits then due to the Executive;

 

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(v) a relocation of the Executive’s principal place of employment that will result in an
increase of more than thirty (30) miles in the Executive’s one-way commute as compared to the
Executive’s one-way commute prior to the Sale of the Company;

(vi) any material breach by the Company of this Agreement or any other material agreement
between the Company and the Executive, including any employment agreement, indemnification
agreement or agreement relating to any equity award; or

(vii) the failure by the Company to obtain, before a Sale of the Company occurs, an agreement
in writing from any successors and assigns to all or substantially all of the business or assets of
the Company to assume and agree to perform this Agreement unless otherwise assumed by such
successors and assigns by operation of law.

(e) “Employee in Good Standing” shall mean, on the applicable payment date described
in Section 2 below, the Executive is employed by the Company, or any subsidiary of the Company, has
not tendered written notice of intent to resign or retire effective as of the applicable payment
date, on or before the applicable payment date, and has not behaved in a manner that would be
grounds for discharge for Cause.

(f) “Entity” shall mean a corporation, partnership, limited liability company or other
entity.

(g) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

(h) “Exchange Act Person” shall mean any natural person, Entity or “group” (within the
meaning of Section 13(d) or 14(d) of the Exchange Act), except that Exchange Act Person shall not
include (i) the Company or any affiliate, (ii) any employee benefit plan of the Company or any
affiliate or any trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any affiliate, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their Ownership of stock of the Company; or
(v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the
Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities
of the Company representing more than fifty percent (50%) of the combined voting power of the
Company’s then outstanding securities.

(i) “Incentive Amount” shall mean the amount payable to the Executive in accordance
with Section 2, as a result of a Sale of the Company.

(j) “Own,” “Owned,” “Owner,” “Ownership” shall mean a person
or Entity shall be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired
“Ownership” of securities if such person or Entity, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares voting power, which includes
the power to vote or to direct the voting, with respect to such securities.

 

3

 

(k) “Release” shall mean the Company’s standard release, which includes a waiver and
release in favor of the Company, members of the Board, shareholders and their respective agents,
and which the Executive must execute and not revoke as a condition to receive payment
of his or her Incentive Amount, if any, under this Agreement in the event of a Sale of the
Company. In addition, the Release shall include, among other terms, the Executive’s agreement (i)
that he or she is not entitled to any additional amounts under this Agreement, except for the
amounts that have been designated as payable to the Executive at the time of execution of the
Release, and (ii) to release and waive any and all claims he or she may have relating to the
Executive’s employment or service with the Company (but not including amounts payable under any
separate agreements with the Company, such as under a change in control or employment agreement),
including any laws relating to discrimination or taxes.

(l) “Sale of the Company” shall mean the consummation, in a single transaction or in
a series of related transactions, of any one or more of the following events:

(i) any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the
Company representing more than fifty (50%) of the combined voting power of the Company’s then
outstanding securities other than by virtue of a merger, consolidation or similar transaction,
which is covered by Section 1(k)(ii) below. Notwithstanding the foregoing, a Sale of the Company
shall not be deemed to occur (A) on account of the acquisition of securities of the Company from
the Company by an investor, any affiliate (as such term is defined in Rule 405 of the Securities
Act) thereof or any other Exchange Act Person in a transaction or series of related transactions
the primary purpose of which is to obtain financing for the Company through the issuance of equity
securities or (B) solely because the level of Ownership held by any Exchange Act Person (the
“Subject Person”) exceeds the designated percentage threshold of the outstanding voting
securities as a result of a repurchase or other acquisition of voting securities by the Company
reducing the number of shares outstanding, provided that if a Sale of the Company would occur (but
for the operation of this sentence) as a result of the acquisition of voting securities by the
Company, and after such share acquisition, the Subject Person becomes the Owner of any additional
voting securities that, assuming the repurchase or other acquisition had not occurred, increases
the percentage of the then outstanding voting securities Owned by the Subject Person over the
designated percentage threshold, then a Sale of the Company shall be deemed to occur;

(ii) there is consummated a merger, consolidation or similar transaction involving, directly
or indirectly, the Company and, immediately after the consummation of such merger, consolidation or
similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly
or indirectly, either (i) outstanding voting securities representing more than fifty percent (50%)
of the combined outstanding voting power of the surviving Entity in such merger, consolidation or
similar transaction or (ii) more than fifty percent (50%) of the combined outstanding voting power
of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each
case in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such transaction;

(iii) the stockholders of the Company approve or the Board approves a plan of complete
dissolution or liquidation of the Company, or a complete dissolution or liquidation of the Company
shall otherwise occur;

 

4

 

(iv) there is consummated a sale, lease, exclusive license or other disposition of all or
substantially all of the consolidated assets of the Company and its Subsidiaries, other than a
sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting
power of the voting securities of which are Owned by stockholders of the Company in substantially
the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such sale, lease, license or other disposition;

(v) individuals who, on the Effective Date, are members of the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided, however,
that if the appointment or election (or nomination for election) of any new director was approved
or recommended by a majority vote of the Incumbent Board, such new director shall, for purposes of
this Agreement, be considered a member of the Incumbent Board.

The term Sale of the Company shall not include a sale of assets, merger or other transaction
effected exclusively for the purpose of changing the domicile of the Company.

(m) “Securities Act” shall mean the Securities Act of 1933, as amended.

(n) “Subsidiary” shall mean, with respect to the Company (i) any corporation of which
more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to
elect a majority of the board of directors of such corporation (irrespective of whether, at the
time, stock of any other class or classes of such corporation shall have or might have voting power
by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the
Company and (ii) any partnership in which the Company has a direct or indirect interest (whether in
the form of voting or participation in profits or capital contribution) of more than fifty percent
(50%).

2. Incentive Amount. If a Sale of the Company occurs, the Company shall pay to the
Executive an Incentive Amount in an amount equal (before withholding of taxes) to $_____;
provided that the Executive has remained an Employee in Good Standing of the Company from the date
of this Agreement through the Payment Date (as defined below). The Incentive Amount shall be
payable to the Executive in a single lump cash payment upon the third anniversary of the Sale of
the Company (the “Payment Date”). The Incentive Amount shall be excluded from benefit pay
and/or compensation under the Company’s applicable employee benefit plans.

3. Termination of Employment.

(a) Voluntary Resignation, Retirement, or Termination for Cause. In the event that,
prior to the Sale of the Company, the Executive is no longer an Employee in Good Standing, the
Executive shall forfeit any and all rights to receive an Incentive Amount under this Agreement.

 

5

 

(b) Termination without Cause; Termination for Good Reason. In the event that, prior
to the Payment Date, the Executive’s employment is terminated by the Company without Cause or the
Executive terminates his or her employment with the Company for Good Reason, subject to the
Executive’s execution and non-revocation of the Release, the Company shall pay to the Executive an
amount equal to the amount of the Incentive Amount which would otherwise have become payable under
Section 2 above, provided that the date of discharge shall be
substituted for the Payment Date for purposes of calculating the dollar amount of such bonus.
Such payment shall be made to the Executive within ten (10) days following the date of the
Executive’s termination from employment with the Company. Notwithstanding any provision of this
Agreement to the contrary, in no event shall the timing of the Executive’s execution of the
Release, directly or indirectly, result in the Executive designating the calendar year of payment,
and if a payment that is subject to execution of the Release could be made in more than one taxable
year, payment shall be made in the later taxable year.

(c) Death or Disability. In the event that the Executive dies, or terminates his or
her employment on account of disability (within the meaning of the applicable disability benefit
plan in which the Executive participates from time to time) on a date on which the Executive was an
Employee in Good Standing, and prior to the Payment Date, the Company shall pay to the Executive,
or the Executive’s estate in the event of death, a single cash payment which shall be equal (before
withholding of taxes) to the total Incentive Amount multiplied by the following fraction: the
numerator shall be the number of days that have elapsed between the date of this Agreement and the
date of the Executive’s death or disability, and the denominator shall be the number of days that
have elapsed between the date of this Agreement and the Sale of the Company. Such payment shall be
made to the Executive within ten (10) days following the date of the Executive’s termination from
employment with the Company.

4. Mutual Agreement of the Parties. Notwithstanding any provision in this Agreement to the
contrary, the Executive and the Company may mutually agree, in writing, that, prior to the Payment
Date, the Company shall pay to the Executive the Incentive Amount which would otherwise have become
payable under Section 2 above. Such payment shall be made to the Executive and subject to the
Executive’s execution and non-revocation of the Release as agreed upon by the Executive and the
Company.

5. Parachute Payments. In the event the Executive is not party to a change in control or
comparable agreement with the Company, the following provisions of this Section 5 shall be
applicable.

(a) Anything in this Agreement to the contrary notwithstanding, if any benefit the Executive
would receive from the Company pursuant to this Agreement or otherwise (a “Payment”) would
(i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but
for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced
Amount” shall be either (x) the largest portion of the Payment that would result in no portion
of the Payment being subject to the Excise Tax or (y) the largest portion of the Payment, up to and
including the total Payment, whichever amount, after taking into account all applicable federal,
state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest
applicable marginal rate), results in the Executive’s receipt, on an after-tax basis, of the
greater amount of the Payment, notwithstanding that all or some portion of the Payment may be
subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments”
is necessary so that the Payment equals the Reduced Amount, the amounts payable or benefits to be
provided to the Executive shall be reduced such that the economic loss to the Executive as a result
of the “parachute payment” elimination is minimized. In applying this principle, the reduction
shall be made in a manner consistent with the requirements of Section
409A of the Code and where two economically equivalent amounts are subject to reduction but
payable at different times, such amounts shall be reduced on a pro rata basis but not below zero.

 

6

 

(b) The Company shall appoint a nationally recognized independent accounting firm to make the
determinations required hereunder, which accounting firm shall not then be serving as accountant or
auditor for the individual, entity or group that effected the Sale of the Company. The Company
shall bear all expenses with respect to the determinations by such accounting firm required to be
made hereunder.

(c) The accounting firm engaged to make the determinations hereunder shall provide its
calculations, together with detailed supporting documentation, to the Company and the Executive
within fifteen (15) calendar days after the date on which the Executive’s right to a Payment is
triggered (if requested at that time by the Company or the Executive) or such other time as
requested by the Company or the Executive. If the accounting firm determines that no Excise Tax is
payable with respect to a Payment, either before or after the application of the Reduced Amount, it
shall furnish the Company and the Executive with an opinion reasonably acceptable to the Executive
that no Excise Tax will be imposed with respect to such Payment. The Company shall be entitled to
rely upon the accounting firm’s determinations, which shall be final and binding on all persons.

6. Funding of Commitment/Debt Subordination Agreement. The Company will not be required to
establish any special or separate fund or to make any other segregation of assets to assure payment
of the Incentive Amount.

7. Withholding Taxes. All payments under this Agreement shall be made subject to
applicable tax withholding, and the Company shall withhold from any payments under this Agreement
all federal, state and local taxes as the Company is required to withhold pursuant to any law or
governmental rule or regulation. The Executive shall bear all expense of, and be solely
responsible for, all federal, state and local taxes due with respect to any payment received under
this Agreement.

8. No Employment Rights. Nothing expressed or implied in this Agreement will create any
right or duty on the part of the Company, on the one hand, or the Executive, on the other, to have
the Executive remain in the employment of the Company or any prior to or following any Sale of the
Company. Except as specifically provided in this Agreement, this Agreement shall not affect the
rights and obligations of the Company and the Executive pursuant to any and all prior agreements
and understandings concerning the Executive’s employment by the Company, including, but not limited
to, the Executive’s change in control agreement, if any.

9. Successors. This Agreement shall be binding upon the heirs, executors, administrators,
successors and assigns of the parties. Any successor to, or acquiror of, the Company in a Sale of
the Company shall assume this Agreement.

10. Governing Law. This Agreement shall be governed by and interpreted under the laws of
State of Delaware without giving effect to any conflict of laws provisions.

 

7

 

11. Code Section 409A. This Agreement is intended to comply with Code Section 409A and its
corresponding regulations, or an exemption, and payments may only be made under this
Agreement upon an event and in a manner permitted by Code Section 409A, to the extent applicable.
Payment of the Incentive Amount under the Agreement is intended to be exempt from Code Section 409A
under the “short-term deferral” exception, to the maximum extent applicable, and then under the
“separation pay” exception, to the maximum extent applicable. All payments to be made upon a
termination of employment under this Agreement may only be made upon a “separation from service”
under Code Section 409A. For purposes of Code Section 409A, the right to a series of installment
payments under this Agreement shall be treated as a right to a series of separate payments. In no
event may the Executive, directly or indirectly, designate the calendar year of a payment.
Notwithstanding anything in this Agreement to the contrary, if required by Code Section 409A, if
the Executive is considered a “specified employee” for purposes of Code Section 409A and if payment
of any amounts under this Agreement is required to be delayed for a period of six months after
separation from service pursuant to Code Section 409A, payment of such amounts shall be delayed as
required by Code Section 409A, and the accumulated amounts shall be paid in a lump sum payment
within ten days after the end of the six-month period. If the Executive dies during the
postponement period prior to the payment of benefits, the amounts withheld on account of Code
Section 409A shall be paid to the personal representative of the Executive’s estate within sixty
(60) days after the date of the Executive’s death.

12. Miscellaneous. No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing signed by the Executive and
the Company. No waiver by either party hereto at any time of any breach by the other party hereto
or compliance with any condition or provision of this Agreement to be performed by such other party
will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. No agreements or representations, oral or otherwise, expressed or
implied with respect to the subject matter hereof have been made by either party that is not set
forth expressly in this Agreement. References to Sections are references to Sections of this
Agreement.

13. Counterparts. This Agreement may be executed in one or more counterparts, each of
which will be deemed to be an original but all of which together will constitute one and the same
agreement. This Agreement may be executed and delivered by facsimile.

[SIGNATURE PAGE FOLLOWS]

 

8

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.

	 	 	 	 	 	 	 
	 	 	GSI COMMERCE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

[Name]

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