Document:

Exhibit 10.1

 

AMENDMENT NO. 4 TO MANAGEMENT AGREEMENT

 

This AMENDMENT NO. 4 TO MANAGEMENT AGREEMENT (this “Amendment”) is dated February 15, 2018 and effective as of December 28, 2017, by and among Starwood Property Trust, Inc., a Maryland corporation (the “Company”), and SPT Management, LLC, a Delaware limited liability company (the “Manager”).  Unless the context requires otherwise, capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned to them in the Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Company and the Manager are parties to that certain Management Agreement, dated as of August 17, 2009 and as amended from time to time, including by Amendment No. 1 to Management Agreement, dated as of May 7, 2012, Amendment No. 2 to Management Agreement, dated as of December 4, 2014, and Amendment No. 3 to the Management Agreement, dated as of August 4, 2016 (the “Agreement”);

 

WHEREAS, the Company and the Manager desire to have the Agreement specifically contemplate “DownREIT” and/or “UPREIT” equity unit issuances where such equity unit receives distributions that are referenced to the dividends received by a share of Common Stock and such equity unit is redeemable at the option of the holder for cash or, at the option of the Company or a Subsidiary, for one share of Common Stock (subject to adjustment) and to address any issuance of Common Stock in exchange for the stock of another company;

 

WHEREAS, the Company and the Manager desire to amend, and do hereby amend, the Agreement as set forth herein; and

 

NOW THEREFORE, in consideration of the premises and agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

1.1          Definition of Equity.  Section 1(a) of the Agreement is hereby amended by adding the double underlined text so that the definition of “Equity” reads in its entirety as follows:

 

“Equity” means (a) the sum of (1) the net proceeds from all issuances of the Company’s equity securities (or, without duplication, equity securities of Subsidiaries issued in exchange for properties or interests therein) since inception (allocated on a pro rata basis for such issuances during the fiscal quarter of any such issuance), plus (2) the Company’s retained earnings (and, to the extent deducted from the Company’s retained earnings, distributions payable with respect to equity securities of Subsidiaries issued in exchange for properties or interests therein) at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less (b) any amount that the Company or any of its Subsidiaries has paid to repurchase the Company’s Common Stock since inception. Equity excludes (1) any unrealized gains and losses and other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, and (2) one-time events pursuant to changes in GAAP, and certain non-cash items not otherwise described above, in each case after discussions between the Manager and the Independent Directors and approval by a majority of the Independent Directors.  The amount of net proceeds received shall be subject to the determination of the Board of Directors to the extent such proceeds are other than cash or marketable securities or if the applicable equity was not issued based on a formula calculated relative to the trading price of shares of Common Stock.

 

1.2          Definition of Core Earnings.  Section 1(a) of the Agreement is hereby is hereby amended by adding the double underlined text and deleting the strikethrough text so that the definition of “Core Earnings” reads in its entirety as follows:

 

“Core Earnings” means the net income (loss), computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income, (v) one-time events pursuant to changes in GAAP, (vi) to the extent deducted from net income (loss), distributions payable with respect to equity securities of Subsidiaries issued in exchange for properties or interests therein and (vii) certain non-cash adjustments, in each case after discussions between the Manager and the Independent Directors and approved by a majority of the Independent Directors.

 

 

1.3          Definition of Incentive Compensation.  Section 1(a) of the Agreement is hereby is hereby amended by adding the double underlined text to the first paragraph of the definition of “Incentive Compensation” such that the first paragraph of the definition of “Incentive Compensation” reads in its entirety as follows:

 

“Incentive Compensation” means the incentive management fee calculated and payable with respect to each calendar quarter (or part thereof that this Agreement is in effect) in arrears in an amount, not less than zero, equal to the difference between (1) the product of (a) 20% and (b) the difference between (i) Core Earnings of the Company for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price per share of the Common Stock of all of the Company’s public offerings of Common Stock and acquisitions in exchange for Common Stock (and, without duplication, issue price per equity security of Subsidiaries issued in exchange for properties or interests therein) multiplied by the weighted average number of shares of Common Stock (and, without duplication, equity securities of Subsidiaries issued in exchange for properties or interests therein) outstanding (including, for the avoidance of doubt, any restricted shares of Common Stock, restricted stock units or any shares of Common Stock underlying other awards granted under one or more of the Company’s Equity Incentive Plans) in the previous 12-month period and (B) 8%, and (2) the sum of any Incentive Compensation paid to the Manager with respect to the first three calendar quarters of such previous 12-month period; provided, however, that (1) no Incentive Compensation shall be payable with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters is greater than zero and (2) for purposes of clause (1)(a)(ii)(A) above, on and after January 31, 2014, the computation of the weighted average issue price per share of the Common Stock shall be decreased to give effect to the book value per share on January 31, 2014 of the assets of the Company’s formerly wholly-owned subsidiary, Starwood Waypoint Residential Trust, which was spun-off on January 31, 2014, and the computation of the average number of shares of Common Stock outstanding shall be decreased by the weighted-average number of shares of Starwood Waypoint Residential Trust distributed in the spin-off on January 31, 2014.  The issue price per share of Common Stock (or equity security of a Subsidiary) shall be subject to the determination of the Board of Directors to the extent such Common Stock (or equity security of a Subsidiary) is issued in exchange for consideration other than cash or marketable securities or if the Common Stock (or equity security of a Subsidiary) was not issued based on a formula calculated relative to the trading price of shares of Common Stock.

 

1.4          Interpretation.  All questions of interpretation and application of the changes made by this Amendment shall be determined by the audit committee of the Board of Directors in its sole discretion.

 

1.5          Representations and Warranties.

 

(a)           The Company represents and warrants to the Manager that this Amendment: (i) has been duly and validly executed and delivered by the Company; and (ii) constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws and equitable principles related to or limiting creditors’ rights generally and by general principles of equity.

 

(b)           The Manager represents and warrants to the Company that this Amendment: (i) has been duly and validly executed and delivered by the Manager; and (ii) constitutes the legal, valid and binding obligation of the Manager, enforceable against the Manager in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws and equitable principles related to or limiting creditors’ rights generally and by general principles of equity.

 

1.6          Ratification of Agreement.  Except as expressly provided in this Amendment, all of the terms, covenants and other provisions of the Agreement are hereby ratified and confirmed and shall continue to be in full force and effect in accordance with their respective terms.

 

1.7          Miscellaneous Provisions.  The provisions of Section 16 (Miscellaneous) of the Agreement shall apply mutatis mutandis to this Amendment.

 

[Remainder of page intentionally left blank.]

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment as of the date first written above.

 

	
 
    	
STARWOOD PROPERTY TRUST, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Barry S. Sternlicht
    
	
 
    	
 
    	
Name: Barry S. Sternlicht
    
	
 
    	
 
    	
Title: Chief Executive   Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SPT MANAGEMENT, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Andrew J. Sossen
    
	
 
    	
 
    	
Name: Andrew J. Sossen
    
	
 
    	
 
    	
Title: Authorized Signatory
    

 

[Amendment No. 4 to Management Agreement]Exhibit

Exhibit 10.24

Mutual Separation Agreement and General Release
Dated as of October 26, 2017 

Jeff Weiser
[***********]
[***********]

Dear Jeff,

When signed below in the places indicated, the following shall constitute an agreement (the “Agreement”) between you (“you” or “Employee”) and Shutterstock, Inc. (“Shutterstock” or “Company”).

		
	1.
	Your employment as an “at-will employee” of Shutterstock will terminate at the close of business on November 9, 2017 (“Effective Termination Date”).  

		
	a.
	You will be paid your current salary through the close of business on the Effective Termination Date;   

		
	b.
	You will be paid for unused paid time off days accrued through the Effective Termination Date in accordance with Company policy;

		
	c.
	Upon termination, your rights in respect of any stock options and restricted stock units (“RSUs”) granted to you shall be controlled by the Restricted Stock Unit Award Agreement and Shutterstock’s 2012 Omnibus Equity Incentive Plan unless otherwise specified below.  

		
	2.
	The Company wishes to settle any claims that you may or could assert in connection with your employment with, or termination from Shutterstock.  Accordingly, notwithstanding the termination of your employment with Shutterstock, subject to the timely execution and delivery (and not revoking) hereof and in consideration of the agreements contained herein:  

You will be entitled to the amounts and benefits set forth in the applicable provisions of Section 6 of your Employment Agreement with the Company, dated April 15, 2016 in the form and at the time set forth therein.  

		
	3.
	If this Agreement does not become effective and irrevocable within thirty (30) of the Effective Termination Date, you will not be entitled to any of the severance benefits set forth under this Section 2.

		
	4.
	This Agreement is intended to satisfy the requirements of the Older Workers’ Benefit Protection Act (the “OWBPA”), 29 U.S.C. sec. 626(f).

Initials: /s/ JW
Date: 11/15/17

		
	a.
	You acknowledge and agree that (i) you have read and understand the terms of this Agreement; (ii) you are advised to consult with an attorney before executing this Agreement, and you have been represented by legal counsel in connection with the signing of this Agreement or you have waived your right to such representation; (iii) you understand that the Company hereby gives you a period of twenty-one (21) days to review and consider this Agreement before signing it.  You further understand that you may use as much of this twenty-one (21) day period as you wish prior to signing.  However, if you fail to sign this Agreement before the twenty-one (21) day period expires, this Agreement will terminate automatically and you will have no rights hereunder or under any equity agreement with Shutterstock.  Changes to this Agreement, material or otherwise, will not extend the aforementioned twenty-one (21) day period.  You also agree and acknowledge that the consideration provided to you under this Agreement is in addition to anything of value to which you are already entitled.

		
	b.
	You may revoke this Agreement for a period of seven (7) days following the day you sign same (the “Revocation Period”). Any revocation must be submitted, in writing, to Shutterstock, Inc.  350 Fifth Avenue, 21st Floor, New York, New York 10118 Attention:  General Counsel, and must state, “I hereby revoke my acceptance of my Mutual Separation Agreement and General Release Agreement”. This Agreement shall not become effective or enforceable until the expiration of the Revocation Period (the “Effective Date”).  If the last day of the Revocation Period is a Saturday, Sunday or legal holiday recognized by the State of New York, then the Revocation Period shall not expire until the next following day which is not a Saturday, Sunday or legal holiday.  If you revoke this Agreement, it shall not be effective or enforceable, and you will not receive the benefits described in Paragraph 2.

		
	c.
	Preserved Rights of Employee.  This Agreement does not waive or release any rights or claims that you may have under the Age Discrimination in Employment Act of 1967 (the “ADEA”) that arise after the execution of this Agreement.  In addition, this Agreement does not prohibit you from challenging the validity of this Agreement’s waiver and release of claims under the ADEA or the OWBPA or commencing an action or preceding to enforce this Agreement.

		
	5.
	Except as expressly set forth in this Agreement, you shall not be entitled to any other compensation, including but not limited to salary, front pay, back pay, vacation pay, severance, commissions or bonuses from Shutterstock with respect to your employment with or termination from Shutterstock.   

		
	6.
	Under separate cover, you will receive notice of your rights, if any, to continue your medical benefits pursuant to COBRA.    

Initials: /s/ JW
Date: 11/15/17

		
	7.
	

		
	a.
	For and in consideration of the payments and benefits enumerated in Paragraph 2, and for other valuable consideration to be provided to you pursuant to this Agreement, the receipt and sufficiency of which you hereby acknowledge, provided that the “Releasees” (as said term is hereinafter defined), do not breach the material terms of this Mutual Separation Agreement and General Release, you, for yourself, your heirs, executors, administrators, trustees, legal representatives, successors and assigns (collectively referred to as “Releasors”), hereby forever release and discharge Shutterstock and any of its employees, officers, shareholders, investors, subsidiaries, joint ventures, affiliates, divisions, employee benefit and/or pension plans or funds, successors and assigns and any of their past, present or future directors, officers, attorneys, agents, trustees, administrators, employees, or assigns (whether acting as agents or in their individual capacities) (collectively referred to as “Releasees”), from any and all claims, demands, causes of action, contracts, suits, proceedings, debts, damages and liabilities, in law or equity, known or unknown, whether asserted or not, arising out of or relating to your employment by or performance of services for Shutterstock or the termination of such employment or services, including without limitation any claims relating to a wrongful, premature or discriminatory termination of your employment and/or any and all claims under any and all federal, state or local laws including, but not limited to the fair employment practice laws of all jurisdictions, states, municipalities and localities, including, but not limited to Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §2000 et seq., the Civil Rights Act of 1991, the Older Workers Benefit Protection Act, the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §621 et seq., the Americans With Disabilities Act of 1990, 42 U.S.C. §1211 et seq., the Consolidated Omnibus Budget Reconciliation Act of 1985, the Immigration Reform and Control Act of 1986, the Civil Rights Act of 1866, 42 U.S.C. §1982, the Employee Retirement Income Security Act of 1974; the Family and Medical Leave Act of 1993, the Genetic Information Non-Discrimination Act of 2008; the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §2101 et seq., the New York Executive Law, Article 15, §290 et seq., the New York State Labor Law, the New York City Human Rights law; all as amended; and any claims relating to rights under federal, state or local laws prohibiting discrimination on the basis of race, color, creed, ancestry, national origin, age, sex, or other basis prohibited by law, and any other applicable federal, state or local laws or regulations.  You expressly waive any and all entitlement you have now, to any relief, such as back pay (to the exclusion of any references in this Agreement), front pay, reinstatement, compensatory damages, punitive damages, as well as all claims, demands, causes of action, and liabilities of any kind whatsoever (upon any legal or equitable theory, whether contractual, common-law, statutory, federal, state, local or otherwise including but not limited to tortious conduct), whether known or unknown, by reason of any act, omission, transaction or occurrence which Releasors ever had, now have or hereafter can, shall or may have arising out of your employment with Shutterstock against the Releasees up to and including the Effective Date of this Agreement arising out of your employment with the Company.  

Initials: /s/ JW
Date: 11/15/17

Notwithstanding the foregoing, you will not release or discharge the Releasees from any of Shutterstock’s obligations to you under or pursuant to (1) Section 1 and/or 2 of this Agreement, (2) any tax and/or non-tax qualified pension plan of Shutterstock, (3) unpaid compensation,  (4) any indemnification or equity-related rights or (5) any other written agreement that you entered into with Shutterstock on or after June 13, 2016.

		
	b.
	You understand and agree that this is a full and general release covering all unknown, undisclosed and unanticipated losses, wrongs, injuries, debts, claims or damages to you which may have arisen, or may arise from any act or omission prior to the date of the complete execution of this Agreement, including, without limitation, any claim arising out of or related, directly or indirectly, to your employment, compensation or termination of employment, as well as those losses, wrongs, injuries, debts, claims or damages now known or disclosed which may arise as a result of any act or omission as described above.  

		
	8.
	You agree that your employment with the Company will end on the Effective Termination Date.  You further acknowledge that no representations have been made to you by the Company (other than in this Agreement) about the benefits that the Company might or might not offer in the future.   In the event that you apply for employment with Shutterstock, and/or any of its affiliates and/or subsidiaries, at any time in the future, and your application is rejected, you hereby agree that you shall make no claim of any nature whatsoever against Shutterstock or any of its affiliates arising out of such rejection, including without limitation, a claim of retaliatory rejection.  

 
		
	9.
	You agree that by the Effective Termination Date, or as soon thereafter as possible, you will return to the Company all Company credit cards, files, memoranda, documents, records and copies of the foregoing, keys, all storage media containing Company information and any other property of the Company or its affiliates in your possession.  You represent and warrant that as of the Effective Termination Date, or as soon thereafter as possible, you will have, to the best of your knowledge, deleted all files, memoranda, documents and/or records containing Company information from any computer or storage device which you have utilized which is not located on Company premises.  The Company acknowledges and agrees that you may retain any documents in your possession concerning employee benefits and/or compensation.  You further agree not to disclose, nor use for your benefit or the benefit of any other person or entity, any information received in connection with the Company or its affiliates which is confidential or proprietary and (i) which has not been disclosed publicly by the Company, (ii) which is otherwise not a matter of public knowledge or (iii) which is a matter of public knowledge but you know or have reason to know that such information became a matter of public knowledge through an unauthorized disclosure. You further understand and acknowledge that (x) you continue to be bound by the Shutterstock Inc. Employee Non-Disclosure, Non-Compete and Non-Solicitation Agreement executed by you on May 10, 2017 (the “Employee Agreement”) and (y) Exhibit A attached hereto sets forth a list of entities that are “competitors” of the Company for purposes of your obligations under the section of the Employee Agreement entitled “Post-Employment 

Initials: /s/ JW
Date: 11/15/17

Noncompetition Agreement.”  For purposes of clarity, Exhibit A attached hereto is intended to be illustrative and not exhaustive, and the Company retains the right to determine, in its sole discretion, whether any new employer of yours is deemed a “competitor” for purposes of the Employee Agreement. 

		
	10.
	In addition to the non-solicitation obligations set forth in Section 10 of the Employee Agreement, For a period of one (1) year following the Effective Termination Date hereof, you shall not, without the prior written consent of the Company’s Director, People/Human Resources Department: (a) directly or indirectly solicit or employ (or encourage any company or business organization in which you are an officer, manager, employee, partner, director, consultant or member, to solicit or employ) or (b) refer to any employee search firms, any person who was employed by the Company on the Effective Termination Date.

		
	11.
	

		
	a.
	Unless otherwise agreed to in a separate writing signed by you and Company, you promise not to discuss or disclose the terms of your separation from the Company or the amount or nature of the benefits paid to you under this Agreement to any person other than your family members and your attorney and/or financial advisor, should one be consulted, provided that those to whom you may make such disclosure agree to keep said information confidential and not disclose it to others.   Notwithstanding the foregoing, in the event the Company publicly discloses the terms of your separation in any filing with the Securities and Exchange Commission, then you shall be authorized to discuss such terms exactly as they have been disclosed by the Company without breaching this Section 11(a).  For a period of seven (7) years, you shall not disparage or make any statement which might adversely affect the reputation of any Releasee.  For the purpose of this Paragraph, the term “disparage” shall include, without limitation, any statement impugning the reputation or integrity of a Releasee, accusing the aforesaid individual or entity of acting in violation of any law or governmental regulation or of condoning any such action, or otherwise acting in an unprofessional, dishonest, disreputable, improper, incompetent or negligent manner.  In addition, the term “disparage” shall include any comments or communications you make to any person regarding personal, intimate, or confidential matters relating any Releasee, and/or any comment or communication, which might have the effect of embarrassing a Releasee in any manner.   Nothing herein shall prevent you from including your employment with Shutterstock on your resume.  

		
	b.
	The Human Resources/People Department will reply to all requests for a reference directed to it regarding your employment.  The response to such request shall be limited to a statement of the dates of your employment and your position with the Company, or words to that effect and if requested by you, verification of your salary. 

Initials: /s/ JW
Date: 11/15/17

		
	12.
	You represent, warrant and agree that you have not filed any lawsuits or arbitrations against Releasees, or filed or caused to be filed any claims, charges or complaints against the Releasee, in any administrative, judicial, arbitral or other forum, including any charges or complaints against the Releasees with any international, federal, state or local agency charged with the enforcement of any law or any self-regulatory organization. Except as set forth on Exhibit B attached hereto, you are not aware of any factual or legal basis for any legitimate claim that the Company is in violation of any whistleblower, corporate compliance, or other regulatory obligation of the Company under international, federal, state or local law, rule or the Company policy.  

		
	13.
	Upon service on you, or anyone acting on your behalf, of any subpoena, order, directive or other legal process requiring you to provide any information pertaining to the Company or its affiliates, or to engage in conduct encompassed within paragraphs 9 or 11(a) of this Agreement, you or your attorney shall promptly notify the Company of such service and of the content of any testimony or information to be provided pursuant to such subpoena, order, directive or other legal process and as soon as reasonably practicable, unless prohibited by applicable law,  send to the undersigned representative of the Company via overnight delivery (at the Company’ s expense) a copy of the documents that have been served upon you. Provided, however, that if you are requested to respond to an inquiry or provide testimony by or before any federal, state or local administrative or regulatory agency or authority about this Agreement or its underlying facts and circumstances, you (or your attorney) should fulfill your obligation to the Company, as set forth in this paragraph, only after you have responded to the inquiry or provided the testimony sought and only as required by applicable law.

		
	14.
	Nothing in this Agreement, including, but not limited to, paragraphs 7(a), 9, 11 (a), 12, 13, 16 or 23, shall prohibit or restrict you (or your attorney) from filing a charge, testifying, assisting, or participating in any manner in an investigation, hearing or proceeding; responding to any inquiry; or otherwise communicating with, any administrative or regulatory agency or authority, including, but not limited to, the Equal Employment Opportunity Commission (EEOC) and the National Labor Relations Board (NLRB). To the extent any lawsuits, arbitrations, claims, charges or complaints are filed against the Company in any administrative, judicial, arbitral or other forum, including any charges or complaints against the Company with any international, federal, state or local agency by a third party or otherwise, you expressly waive any claim to any form of monetary or other damages, or any other form of recovery or relief in connection with any such proceeding.  In the event of any litigation or arbitration asserting that you broke any of your promises set forth in Paragraphs 9, 10 or 11(a) of this Agreement, the prevailing party shall be entitled to recover all of its reasonable costs and attorneys’ fees.  Notwithstanding the foregoing, if you break any of your promises set forth in Paragraphs 9, 10 or 11(a) of this Agreement, you shall also repay to the Company the entire monetary consideration you received pursuant to Paragraph 2 above.

Initials: /s/ JW
Date: 11/15/17

		
	15.
	The parties agree that this Agreement shall not constitute or operate as an acknowledgment or admission of any kind by Shutterstock that it has violated any federal, state, local or municipal statute, regulation or common law, or breached any other legal obligation or duty it has or ever had to you.  In addition, you acknowledge that you have disclosed to the Company any information you have concerning any conduct involving the Company, or any of its employees that you have any reason to believe may be unlawful.   

		
	16.
	You agree to cooperate fully in any investigation the Company undertakes into matters occurring during your employment with the Company.  Additionally, you agree that when requested by the Company or third parties with the Company’s consent (“Designated Third Parties”), you will promptly and fully respond to all inquiries from the Company, Designated Third Parties and its/their representatives concerning matters relating to the Company including but not limited to any claims or lawsuits by or against the Company or any third parties.  Furthermore, you agree to testify in matters related to the Company when requested by the Company or Designated Third Parties and, for all matters which are not adverse to the Employee, the Company shall reimburse your reasonable expenses incident to such cooperation and provide counsel at Company’s sole expense on your behalf.  In the event that you would prefer to have your own counsel, you may do so at your own cost and expense.  In the event the Company requires your cooperation, the Company agrees to pay you for all time you devote to such cooperation at a rate not less than the pro-rated hourly rate of your annual compensation at the Effective Termination Date, plus reasonable travel and expenses.  

		
	17.
	By executing this Agreement, you affirm that you are competent and understand and accept the nature, terms and scope of this Agreement as fully resolving totally all differences and disputes between you and Shutterstock, except for the rights that are preserved herein.  Moreover, you acknowledge that by signing your name below you have read, understand and accept each of the terms of this Agreement, that you have had sufficient opportunity to review it, to consult with an attorney or other advisor (at your own expense), and have done so to the extent that you deem appropriate.    

		
	18.
	 Except for the Employee Agreement and any indemnification or equity-related agreement you entered into with the Company, and any other written agreement you entered into with the Company on or after June 13, 2016, which shall remain in full force and effect, this is the entire Agreement between you and the Company.  This Agreement may not be modified or canceled in any manner except by a writing signed by both you and an authorized Company official.  You acknowledge that the Company has made no promises or representations to you other than those in this Agreement. It is not necessary that the Company sign this Agreement for it to become binding upon you. 

		
	19.
	This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without regard to conflicts of laws.  The parties agree to the exclusive jurisdiction and venue of the Supreme Court of the State of New York for New York County and/

Initials: /s/ JW
Date: 11/15/17

or the United States District Court for the Southern District of New York for the resolution of all disputes arising under this Agreement.  Finally, to the extent permissible under applicable law, you hereby agree to waive your right to a jury trial in connection with any claim you may have against the Company.

		
	20.
	 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  The signatures of any party to a counterpart shall be deemed to be a signature to, and may be appended to, any other counterpart.  Executed originals transmitted electronically as PDF files (or their equivalent) shall have the same force and effect as signed originals. 

		
	21.
	YOU ACKNOWLEDGE THAT YOU HAVE CAREFULY READ THIS AGREEMENT AND RELEASE, UNDERSTAND IT, AND ARE VOLUNTARILY ENTERING INTO IT OF YOUR OWN FREE WILL, WITHOUT DURESS OR COERCION, AFTER DUE CONSIDERATION OF ITS TERMS AND CONDITIONS.  YOU FURTHER ACKNOWLEDGE THAT EXCEPT AS STATED IN THIS AGREEMENT, NEITHER THE COMPANY NOR ANY REPRESENTATIVE OF THE COMPANY HAS MADE ANY REPRESENTATIONS OR PROMISES TO YOU.  YOU FURTHER ACKNOWLEDGE THAT YOU HAVE BEEN GIVEN AN OPPORTUNITY TO CONSULT WITH COUNSEL OF YOUR CHOICE BEFORE SIGNING THIS AGREEMENT.  YOU UNDERSTAND THAT WHETHER OR NOT YOU DO SO IS YOUR DECISION.

		
	22.
	Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect.  

If the terms of this Agreement are acceptable to you, please sign both original copies and return them to Shutterstock Inc., Director, Human Resources, 350 Fifth Avenue, 21st Floor, New York, NY 10118 for countersignature.  Once we have countersigned the Agreement we will send you a fully executed copy.

You must sign and return this Agreement to Shutterstock Inc., Director, Human Resources/People Department, 350 Fifth Avenue, 21st Floor, New York, NY 10118 no later than the close of business on the twenty-first (21st) day following your receipt of this Mutual Separation Agreement and General Release or irrevocably lose the right to receive the consideration detailed herein. You received the Agreement on October 26, 2017. Once we have countersigned the Agreement we will send you a fully executed copy.

Initials: /s/ JW
Date: 11/15/17

Sincerely,

Shutterstock, Inc.

By: /s/ Steven Berns                    11/17/17        
      Steven Berns                     Date    
    
Read, Agreed to and Accepted:

    /s/ Jeff Weiser                    11/15/17        
    Jeff Weiser                        Date

Initials: /s/ JW
Date: 11/15/17

EXHIBIT A
Illustrative List of Company Competitors

(see attached)

Initials: /s/ JW
Date: 11/15/17

 

Initials: /s/ JW
Date: 11/15/17

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