Document:

sflyexh-10_01.htm

EXHIBIT 10.01

 

April 17, 2009

Neil M. Day, Jr.

253 View Street

Mountain View, CA 94041

Sent via e-mail

This letter supersedes the letter dated April 8, 2009.

Dear Neil:

We are excited at the prospect of adding you to the Shutterfly family, and look forward to welcoming you into our growing organization.  Accordingly, I am pleased to offer you a regular full-time position with Shutterfly as Senior Vice President, Chief Technology Officer, commencing no later than May 15, 2009, reporting to Jeffery
Housenbold, President & CEO.

For your information, I have enclosed several documents that will provide an introduction to life at Shutterfly.  Other Shutterfly policies and procedures are on Shutterfly's intranet and will be reviewed with you at orientation.

Compensation

Your base salary will be $290,000.00 annually, minus applicable deductions and prorated for any partial periods of employment.  You will be paid semi-monthly in accordance with the company’s normal payroll procedure.

Hire on Bonus

You will receive a hire on bonus of $75,000.00 minus applicable deductions, which will be paid upon completion of your first ninety days of employment.  If your employment is terminated prior to completion of your first year of employment, you will be responsible for reimbursing the Company a prorated portion of the bonus.

2009 Bonus

You will also be eligible to participate in our corporate bonus program. Bonuses under the corporate bonus program are discretionary. Your discretionary bonus target will be 30% of your quarterly salary.  This discretionary bonus is determined at the end of each fiscal quarter and is based on company performance and your achievement
of individual objectives. This will be paid within a reasonable timeframe after the public release of quarter earnings. To be eligible to receive any payment, you must be employed by Shutterfly on the first day of the quarter and at the time any bonuses are paid.  Whether a bonus will be awarded in a particular bonus period, and in what amount, is within the sole discretion of Shutterfly.  Both your base salary and the components of your bonus are subject to periodic review.  

Equity

Subject to the approval of Shutterfly’s Board of Directors in accordance with the Company’s equity grant procedures, you will be granted a one-time award in the form of 200,000 Restricted Stock Units (RSUs) in accordance with Shutterfly’s 2006 Equity Incentive Plan.  The RSUs will vest in 33.33% increments annually
on each of the first, second and third anniversaries of the original grant date.  You will receive more details regarding this RSU award from Stock Administration. Your RSUs will be subject to all the terms, conditions and restrictions of Shutterfly’s 2006 Equity Incentive Plan and the execution of a restricted stock unit agreement pursuant to such plan.

Benefits

As an employee of Shutterfly, you will also be eligible to receive certain employee benefits, including medical, dental and vision coverage.  The medical, dental and vision coverage will begin on your date of hire as an employee.  Additionally, you will be eligible to participate in the Fidelity 401k plan.  Shutterfly
reserves the right to revise or discontinue any or all of its benefit plans, at any time, in Shutterfly’s sole discretion.

 

Enclosed is some information on Shutterfly’s benefit plans.  Further information about these benefits can be obtained from the Shutterfly Benefits Department.

Holidays

In 2009, Shutterfly will observe twelve paid holidays.  The holiday schedule may change at management’s discretion.

Paid Time Off

In order to allow you the greatest possible flexibility with your time, you will accrue fifteen (15) days of paid time off per year for your first three (3) years of employment, subject to Shutterfly’s paid time off policy.  After three (3) years of employment, you will begin to accrue twenty (20) days of paid time off per
year.  You will begin to accrue paid time off on your start date.

Relocation

Shutterfly will provide reimbursement for actual relocation expenses, up to $25,000 with receipts, if completed within 12 months of hire.  Such relocation expenses may include the following: the cost of packing and unpacking, moving, insuring household goods and personal effects of your household goods in Chicago to your location
in the Bay Area of California and transportation costs for you and your family for the move and lease breakage fees. In the event the landlord of your current Chicago residence is unable to lease your apartment and you are ultimately responsible for the rent through the term of the lease (expiring December 31, 2009), we agree to review the $25,000 relocation benefit and increase if appropriate.  As discussed, the intent of this relocation benefit is to minimize your out-of-pocket relocation expenses.
Some of these reimbursed relocation expenses may be considered income and therefore taxable under federal and/or state laws.  You are encouraged to seek advice from a personal tax advisor to determine the impact of relocation income and new location taxes.

Severance Benefits

Consistent with all members of the Shutterfly executive staff you are eligible to receive 6 months lump sum salary, 6 months company paid COBRA benefits, and a 12 months extended stock option exercise period in the event of your “Not For Cause” termination.

Change of Control Benefits

In the event of a Change of Control and your employment is terminated within 12 months of a transaction either “Not For Cause” or “For Good Reason” you are eligible to receive 6 months lump sum salary, 12 months accelerated vesting of equity and a 12 months stock option extended exercise period.  These
benefits are consistent with those of all Shutterfly executive staff members.

Introductory Period

Your first ninety (90) days of work is known as an “Introductory Period”. This “getting acquainted” period gives the Company the opportunity to determine your ability to perform your job. It also provides you with the opportunity to determine if you are satisfied with the job and the Company.  Either
you or the Company can terminate the employment relationship at any time during or after the Introductory Period, with or without Cause or advance notice.

Employment Eligibility Verification

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States.  Such documentation must be provided to us within three (3) business days of your date of hire with the Company, or our employment relationship
with you may be terminated.

 

Employment at Will

If you choose to accept this offer, your employment with the Company will be voluntarily entered into and will be for no specified period. As a result, you will be free to resign at any time, for any reason, as you deem appropriate. The Company will have a similar right and may terminate its employment relationship with you at any time,
with or without Cause or advance notice.

Acceptance of Offer

To indicate your acceptance of the terms of this offer, please sign and date in the space provided below and return an executed copy to: Shutterfly, Inc.  2800 Bridge Parkway, Redwood City, CA 94065, Attention: Human Resources or via Fax to (650) 610–5280 no later than Monday, April 20, 2009 after which this offer will
expire.  A duplicate original is enclosed for your records. In addition to this letter, your offer of employment is conditioned upon: (1) completion and signing of the Shutterfly employment application; (2) successful completion of a background and reference check and (3) your signing of the Shutterfly Employee Invention Assignment and Confidentiality Agreement (and any other similar agreements relating to proprietary rights between you and the Company); and (4) your signing of the Shutterfly
Arbitration Agreement.

This letter agreement, the Shutterfly Employee Invention Assignment and Confidentiality Agreement, the 2006 Equity Plan, your RSU Award Agreement constitute the entire agreement between you and the Company regarding the terms and conditions of your employment with the Company and together supersede any prior representations or agreements,
whether written or oral. This letter, along with any agreements herein, may not be modified or amended except by a written agreement signed by the Chief Executive Officer of the Company.  If by Monday, April 20, 2009 we have not received a copy of this letter executed by you, then we will assume you have decided not to join the Company.

We’re sure you will find our corporate culture, including an environment that rewards talent, results and teamwork a gratifying place to work.  We look forward to your positive response and sharing our future success with you as part of the Shutterfly team.

If you have any questions regarding this offer, please feel free to contact me.

Sincerely,

 

/s/Peter Navin

 

Peter Navin

VP, Human Resources

Shutterfly, Inc.

Enclosures:

Employee Invention Assignment and Confidentiality Agreement

Arbitration Agreement

Benefits Overview

Accepted by candidate:                               Date:

/s/Neil Day                                  4/18/2009

Anticipated Start Date:   5/18/2009

cc:  Tania Bassoni, for distribution to Personnel Fileex10-1.htm

Exhibit 10.1

FOURTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

 

    THIS FOURTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “Fourth Amendment”) is made and entered into as of August 3, 2009, by and between THE LACLEDE GROUP, INC.,
a Missouri corporation (“Borrower”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (“Lender”), and has reference to the following facts and circumstances (the “Recitals”):

 

    A.          Borrower and Lender executed the Amended and Restated Revolving Credit Agreement dated as of August 4, 2005 (the “2005 Agreement”).

 

    B.          The 2005 Agreement was previously amended as provided in the First Amendment to Amended and Restated Revolving Credit Agreement dated as of March 31, 2008, the Second Amendment to Amended and Restated Revolving Credit Agreement dated as of August 4, 2008, and
the Third Amendment to Amended and Restated Revolving Credit Agreement dated as of November 21, 2008 (the 2005 Agreement as amended thereby, hereafter referred to as the “Agreement”; all capitalized terms used and not otherwise defined in this Fourth Amendment shall have the respective meanings ascribed to them in the Agreement).

 

    C.          Borrower and Lender desire to further amend the Agreement, in the manner hereinafter set forth.

   

    NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender hereby agree as follows:

 

    1.          Recitals.  The Recitals are true and correct, and, together
with the defined terms set forth therein, are incorporated herein by this reference.

 

    2.          Amendment to Agreement.  The definitions of “Applicable
Commitment Fee Rate”, “Applicable LIBOR Margin”, and “Revolving Credit Period” in Section 1.01 of the Agreement are deleted and replaced with the following:

 

       “Applicable Commitment Fee Rate shall mean an annual rate equal to 35/100 Percent (0.35%).”

 

       “Applicable LIBOR Margin shall mean an annual rate equal to Two and 25/100 Percent (2.25%).”

 

       “Revolving Credit Period shall mean the period commencing on the date of this Agreement and ending October 3, 2009; provided, however, that the Revolving Credit Period
shall end on the date the Lender’s Revolving Credit Commitment is terminated pursuant to Section 6 or otherwise.”

 

    3.          Costs and Expenses.  Borrower hereby agrees to reimburse
Lender upon demand for all out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by Lender in the preparation, negotiation and execution of this Fourth Amendment and any and all other agreements, documents, instruments and/or certificates relating to this Fourth Amendment, as well as a loan amendment fee in the amount of $20,000 (the “Fourth Amendment Fee”).  All
of the obligations of Borrower under this paragraph shall survive the payment of Borrower’s Obligations and the termination of the Agreement as amended hereby.

 

    4.          References to Agreement.  All references in the Agreement
to “this Agreement” and any other references of similar import shall on and after August 3, 2009 henceforth mean the Agreement as amended by this Fourth Amendment.

 

 

 

 

 

 

 

    5.          Full Force and Effect.  Except to the extent specifically
amended by this Fourth Amendment, all of the terms, provisions, conditions, covenants, representations and warranties contained in the Agreement and the Note shall be and remain in full force and effect and the same are hereby ratified and confirmed.

 

    6.          Benefit.  This Fourth Amendment shall be binding upon
and inure to the benefit of Borrower and Lender and their respective successors and assigns, except that Borrower may not assign, transfer or delegate any of its rights or obligations under the Agreement as amended by this Fourth Amendment.

 

    7.          Representations and Warranties.  Borrower hereby represents
and warrants to Lender that:

 

	
   
	
 (a)         the execution, delivery and performance by Borrower of this Fourth Amendment are within the corporate powers of Borrower, have been duly authorized by all necessary corporate action and require no action by or in respect of, consent of or filing or recording with, any governmental
or regulatory body, instrumentality, authority, agency or official or any other Person;

 

	
   
	
 (b)         the execution, delivery and performance by Borrower of this Fourth Amendment do not conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under or result in any violation of, the terms of the Articles of Incorporation or Bylaws of Borrower,
any applicable law, rule, regulation, order, writ, judgment or decree of any court or governmental or regulatory body, instrumentality authority, agency or official or any agreement, document or instrument to which Borrower is a party or by which Borrower or any of its property is bound or to which Borrower or any of its property is subject;

 

	
   
	
 (c)         this Fourth Amendment has been duly executed and delivered by Borrower and constitutes the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency
or similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

	
   
	
 (d)         all of the representations and warranties made by Borrower in the Agreement and/or in any of the other Transaction Documents are true and correct in all material respects on and as of the date of this Fourth Amendment as if made on and as of the date of this Fourth Amendment; and

 

	
   
	
 (e)         as of the date of this Fourth Amendment, no Default or Event of Default under or within the meaning of the Agreement has occurred and is continuing.

 

    8.          Release.  Borrower hereby unconditionally releases,
acquits, waives, and forever discharges Lender and its successors, assigns, directors, officers, agents, employees, representatives and attorneys from any and all liabilities, claims, causes of action or defenses, if any, and for any action taken or for any failure to take any action, existing at any time prior to the execution of this Fourth Amendment.

 

    9.          Inconsistency.  In the event of any inconsistency
or conflict between this Fourth Amendment and the Agreement, the terms, provisions and conditions contained in this Fourth Amendment shall govern and control.

 

    10.        Missouri Law.  This Fourth Amendment shall be governed by and
construed in accordance with the substantive laws of the State of Missouri (without reference to conflict of law principles).

 

 

 

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    11.        Notice Required by Section 432.047 R.S. Mo.  ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES
TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT.  TO PROTECT YOU (BORROWER(S)) AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

 

    12.        Conditions Precedent.  Notwithstanding any provision contained
in this Fourth Amendment to the contrary, this Fourth Amendment shall not be effective unless and until Lender shall have received the following, all in form and substance acceptable to Lender:

 

    (a)         this Fourth Amendment, duly executed by Borrower;

 

    (b)         the Consent of Guarantor duly executed by Laclede Energy;

 

	
   
	
 (c)         the following organizational documents of Borrower:  (i) a copy of resolutions of the Board of Directors of Borrower, duly adopted, which authorize the execution, delivery and performance of this Amendment; (ii) an incumbency certificate, executed by the Secretary of Borrower,
which shall identify by name and title and bear the signatures of all of the officers of Borrower executing this Fourth Amendment; and (iii) a certificate of corporate good standing of Borrower issued by the Secretary of State of the State of Missouri, or other evidence of good standing satisfactory to Lender;

 

	
   
	
 (d)         the following organizational documents of Laclede Energy:  (i) a copy of resolutions of the Board of Directors of Laclede Energy, duly adopted, which authorize the execution, delivery and performance of the Consent of Guarantor; (ii) an incumbency certificate, executed by
the Secretary of Laclede Energy, which shall identify by name and title and bear the signatures of all of the officers of Borrower executing the Consent of Guarantor; and (iii) a certificate of corporate good standing of Laclede Energy issued by the Secretary of State of the State of Missouri, or other evidence of good standing satisfactory to Lender;

 

    (e)         the Fourth Amendment Fee; and

 

    (f)         such other documents and information as reasonably requested by Lender.

 

    IN WITNESS WHEREOF, Borrower and Lender have executed this Fourth Amendment as of the day and year first above written.

(SIGNATURES ON FOLLOWING PAGE)

  

- 3 -

 

  

SIGNATURE PAGE-

FOURTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

   
	
                       Borrower:

	  
	
                       THE
LACLEDE GROUP, INC.

	  	  
	
                       By:    
	
/s/ Lynn D. Rawlings
	  
	  	
Lynn D. Rawlings, Treasurer and Assistant Secretary

	  	  
	  	  
	  	  
	  	  
	
                       Lender:

	  	  
	
                       U.S.
BANK NATIONAL ASSOCIATION,

	  	  
	
                       By:
	
/s/ Karen Meyer
	  
	  	
Karen Meyer, Vice President

	  	  

  

- 4 -

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