Document:

rbo_ex101.htm

EXHIBIT 10.1
  
 SHARE PURCHASE AGREEMENT
  
 THIS SHARE PURCHASE AGREEMENT (the "Agreement") is dated as of October 30, 2017 among MOUNTAIN LAUREL HOLDINGS INC , a Delaware Corporation, maintaining an address at 80 Mountain Laurel Road, Fairfield CT 06824 (“MHL”) (the "Seller"), and Flemming J.H. Hansen, maintaining an address at Lot 26, Flock 1, Carlo St., Banrangay Cutcut, Anglese Ciyy, Pampanga, Philippines, 2009 (the "Purchaser"). Furthermore, MHL is authorized to represent 37,500 shares held by related parties (“Affiliated Shares”). 
  
 WHEREAS, Mountain Laurel Holdings is the holder of 3,500,000 shares of common stock, par value $0.001 of Results-Based Outsourcing Inc, a Delaware corporation (the “Company”), and the Affiliated Shares represent 37,500 shares of common stock, par value $0.0001, and collectively the Seller and Affiliated Shares represent 3,537,500 shares of common stock of the Company (the “Shares”) (See Exhibit A for details); 
  
 WHEREAS, the Purchaser desires to purchase the Shares from the Seller, and the Seller desires to sell the Shares to the Purchaser on the terms set forth in this Agreement; and 
  
 WHEREAS, the Parties will use an Escrow Agent to close the transaction; the Escrow Agent is McMurdo Law Group LLC; and 
  
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Seller and the Purchaser agree as follows:
  
 ARTICLE I
 PURCHASE AND SALE
  
 1. Purchase Price; Closing
  
 (a) The Purchase Price. Subject to the terms and conditions set forth in this Agreement, the Seller shall sell to the Purchaser and the Purchaser shall purchase from the Seller the Shares for an aggregate purchase price of $167,500 (one hundred and sixty-seven thousand five hundred dollars) (“Purchase Price”). 
  
 (b) The Closing. Upon execution of this Agreement, the parties to this Agreement shall deliver or shall cause to be delivered to the Escrow Agent the following: 
  
 (i) the Seller shall deliver the Shares in the form of the Certificate to the Purchaser, together with appropriate and effective stock power and any necessary corporate resolution;
  
 (ii) the Purchaser will deliver to the Seller the Purchase Price in United States dollars in immediately available funds by wire transfer;
  
 Upon receipt of the executed Agreement, the Shares and the Purchase Price, the Escrow Agent shall distribute the Shares to the Buyer and the Purchase Price to the Sellers in proportion to their ownership of the Shares.
  
  	 
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 (c) Director and Officers; Resignations. Contemporaneous with the Closing, the Purchaser shall nominate a minimum of one (1) directors to serve on the Board of the Company. Seller shall appoint the Purchaser nominees to the Board of the Company. The sole officer and director shall then resign his positions as officers and Directors of the Company. A form of resignation is attached hereto as Exhibit C.
  
 ARTICLE II
 REPRESENTATIONS AND WARRANTIES
  
 2.1 Representations and Warranties of the Seller. The Shares represent approximately eighty-five percent of the issued and outstanding shares of common stock of the Company. Mrs Mary Ellen Schloth has also served as the most recent executive officer and Director of the Company. For these reasons, Seller makes the following representations and warranties about Seller and also about the Company:
  
 (a) The Seller has full power and authority to enter into this Agreement and to consummate the Agreement. This Agreement has been authorized and approved by the duly appointed officer of MHL. This Agreement has been duly and validly executed and delivered by the Seller and constitutes the legal, valid and binding obligation of the Seller, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws from time to time in effect that affect creditors’ rights generally, and by legal and equitable limitations on the availability of specific remedies.
  
 (b) The execution, delivery and performance by the Seller of this Agreement and consummation by the Seller of the Agreement do not and will not: (i) violate the organizational documents of the Seller, (ii) violate any decree or judgment of any court or other governmental authority applicable to or binding on the Seller; (iii) violate any provision of any federal or state statute, rule or regulation which is applicable to the Seller; or (iv) violate any contract to which the Seller or any of its assets or properties are bound, or conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of , any agreement, indenture or instrument to which Seller is a party. No consent or approval of, or filing with, any governmental authority or other person not a party hereto is required for the execution, delivery and performance by the Seller of this Agreement or the consummation of the Agreement.
  
 (c) The Seller (i) is a sophisticated person with respect to the sale of the Shares; and (ii) has independently and without reliance upon the Purchaser, and based on such information as the Seller has deemed appropriate, made its own analysis and decision to enter into this Agreement, except that the Seller has relied upon the Purchaser’s express representations, warranties and covenants in this Agreement. The Seller acknowledges that the Purchaser has not given the Seller any investment advice, credit information or opinion on whether the sale of the Shares is prudent.
  
 (d) There are no outstanding rights, options, subscriptions or other agreements or commitments obligating the Seller with respect to the Shares. Seller represents that Seller owns the Shares free and clear and that there is no lien, pledge, security interest, restriction or other encumbrance on the Share and that there is no written or oral agreement to sell the Share to any other party. 
  
 (e) The Seller has taken no action that would give rise to any claim by any person for brokerage commissions, finder’s fees or similar payments relating to this Agreement or the transactions contemplated hereby.
  
  	 
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 (f) No proceedings relating to the Shares are pending or, to the knowledge of the Seller, threatened before any court, arbitrator or administrative or governmental body that would adversely affect the Seller’s right to transfer the Shares to the Purchaser.
  
 (g) Employment Matters. Seller represents that the Company (i) has no employees; (ii) has not entered into any employment contracts with any person; and (iii) has not created or issued any employee benefits including but not limited to stock options or bonuses.
  
 (h) Litigation. Seller represents that there is no criminal, civil, or administrative action, suit, demand, claim, hearing, proceeding, or investigation pending or threatened against the Company or Sellers in their capacity serving the Company; and (ii) that the Company is not currently subject to any judgment, order, writ, injunction, decree or award issued by a Court or governmental entity. 
  
 (i) Contracts. Seller represents that neither the Company nor the Purchaser shall have any further obligation under the following contracts. Other then the $25,000 promissory note (the “Note”) that was signed on March 2, 2017 by the Company, the Company had no other obligations outstanding. The Note, principal and interest will survive the closing of this Agreement. As of the date of this Agreement, the Company has open invoices from Rosenberg Rich Baker Berman LLP, Danial Luciano Esq and Issuer Direct Corporation. Such balances shall be paid at closing directly from the escrow account. 
  
 (j) Transition. Seller represents that since October 30, 2017, the Company has not entered into any material contracts (including employments contracts) and has not engaged in any corporate action or exercise, including but not limited to declaring dividends or distributions or issuing additional stock or stock derivatives.
  
 (k) No Outstanding Warrants. Seller represents that upon execution of this Agreement, the Company shall have no issued and outstanding warrants to purchase stock of the Company. Seller represents that it will not call, or otherwise force an exercise of, outstanding warrants, or issue shares of the Company to fulfill this covenant.
  
 (l) Officer’s Certificate. An officer of the Company shall execute an Officer’s Certificate certifying the accuracy and completeness of the representations herein as well as the accuracy and completeness of the Company’s response to the due diligence requests of Purchaser prior to execution. The form of Certificate is attached, and incorporated herein, as Exhibit B.
  
 (m) Capitalization. The authorized capital stock of the Company consists of 75,000,000 shares of common stock, par value $0.001 per share, and 15,000,000 shares of preferred stock, par value $0.001 per share. As of the date of this Agreement, the Company has 4,107,000 shares of common stock issued and outstanding and no shares of its preferred stock. 
  
 (n) The Company has complied with all applicable federal and state securities laws and regulations, including being current in all of its reporting obligations under federal securities laws and regulations; and all prior issuances of securities have been either registered under the Securities Act, or exempt from registration; 
  
 (o) No order suspending the effectiveness of any registration statement of the Company under the Securities Act or the Exchange Act has been issued by the U.S. Securities and Exchange Commission (the “SEC”) and, no proceedings for that purpose have been initiated or threatened by the SEC;
  
  	 
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 (p) The Company is not and has not, and the past and present officers, directors and affiliates of the Company are not and have not, been the subject of, nor does any officer or director of the Company have any reason to believe that the Company or any of its officers, directors or affiliates will be the subject of, any civil or criminal proceeding or investigation by any federal or state agency alleging a violation of securities laws;
  
 (q) As of the date of this Agreement, the Company does not have any liabilities, contingent or otherwise, including but not limited to notes payable and accounts payable.
  
 (r) The Company has timely filed all state, federal or local income and/or franchise tax returns required to be filed by it from inception to the date hereof. Each of such income tax returns reflects the taxes due for the period covered thereby, except for amounts which, in the aggregate, are immaterial. In addition, all such tax returns are correct and complete in all material respects. All taxes of the Company which are (A) shown as due on such tax returns, (B) otherwise due and payable or (C) claimed or asserted by any taxing authority to be due, have been paid, except for those taxes being contested in good faith and for which adequate reserves have been established in the financial statements included in the Company’s financial statements filed with the SEC and in accordance with GAAP. There are no liens for any taxes upon the assets of the Company, other than statutory liens for taxes not yet due and payable. The Seller does not know of any proposed or threatened tax claims or assessments against the Company. 
  
 (s) The books and records, financial and otherwise, of the Company are in all material aspects complete and correct and have been maintained in accordance with good business and accounting practices.
  
 (t) All of the Company’s assets and liabilities are reflected on its financial statements as filed with the SEC, and, except as set forth in the financial statements of the Company or the notes thereto, the Company has no liabilities, direct or indirect, matured or un-matured, contingent or otherwise.
  
 (u) Information. The information concerning the Company set forth in this Agreement and its reports filed with the SEC is complete and accurate in all material respects and does not contain any untrue statements of a material fact or omit to state a material fact required to make the statements made, in light of the circumstances under which they were made, not misleading. 
  
 (v) Assistance with Post-Closing SEC Reports and Inquiries. Upon the reasonable request of the Company after the date of this Agreement, the Seller shall provide to the Company such information available to Seller, including information, filings, reports, financial statements or other circumstances of the Company occurring, reported or filed prior to the date of this Agreement, as may be necessary or required by the Company for the preparation of the reports that the Company is required to file after the date hereof with the SEC to remain in compliance and current with its reporting requirements under the Exchange Act, or filings required to address and resolve matters as may relate to the period prior to date hereof and any SEC comments relating thereto or any SEC inquiry thereof.
  
 (w) Indemnification. The representations in this Article II shall survive the Closing. From and after the Closing, Seller shall indemnify and hold harmless Purchaser , and affiliate, and any assignee and their respective officers and directors from and against any and all demands, claims, actions or causes of actions, assessments, losses, damages, liabilities, costs and expenses, including interest and reasonable attorneys’ fees and expenses, resulting from, or arising out of, of incurred in connection with (i) any failure of any representations or warranty made by Seller to be true and correct or (ii) any non-fulfillment, violation, or breach of any representation, warranty or covenant made by Seller in this Article II. 
  
  	 
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 2.2 Representations and Warranties of the Purchaser. Each Purchaser, for itself only, hereby represents, warrants and agrees as of the date hereof:
  
 (a) Such Purchaser has full power and authority to enter into this Agreement and to consummate the Agreement. This Agreement has been duly and validly executed and delivered by such Purchaser and constitutes the legal, valid and binding obligation of such Purchaser, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or similar laws in effect that affect the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies.
  
 (b) The execution, delivery and performance by such Purchaser of this Agreement and consummation by such Purchaser of the Agreement do not and will not: (i) violate any decree or judgment of any court or other governmental authority applicable to or binding on such Purchaser; (ii) violate any provision of any federal or state statute, rule or regulation which is, to such Purchaser’s knowledge, applicable to the Purchaser; or (iii) violate any contract to which such Purchaser is a party or by which such Purchaser or any of its respective assets or properties are bound. No consent or approval of, or filing with, any governmental authority or other person not a party hereto is required for the execution, delivery and performance by such Purchaser of this Agreement or the consummation of the Agreement.
  
 ARTICLE III
 MISCELLANEOUS
  
 3.1 Entire Agreement. The Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
  
 3.2 Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by the Seller and the Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter. 
  
 3.3 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Seller may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser. 
  
 3.4 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.
  
  	 
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 3.5 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in New York County, New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery). Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions of the documents contemplated herein, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.
  
 3.6 Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing. 
  
 3.7 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by electronic or facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such electronic facsimile signature page were an original thereof.
  
 3.8 Severability. In case any one or more of the provisions of this Agreement shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affecting or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision which shall be a reasonable substitute therefore, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
  
 [Rest of Page Intentionally Left Blank – Signatures to Follow]
  
  	 
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
  
  	 MOUNTAIN LAUREL HOLDINGS INC 
	  
	 Purchaser: FLEMMING J.H HANSEN
	  

	  
	  
	  
	  

	  
/s/ Mary Ellen Schloth
	  
	  
/s/ Flemming J.H. Hansen
	  

	 By: (Print Name): Mary Ellen Schloth
  
Position: Sole Director and CEO
	  
	 By: (Print Name): Flemming J.H. Hansen
  
Position: Individually
	  

  
  
  	 7EX-10.1

 EXHIBIT 10.1 

SPS COMMERCE, INC. 

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL AGREEMENT 

This Executive Severance and Change in Control Agreement (the “Agreement”), dated effective as of November 14, 2017 (the “Effective
Date”), is entered into by and between Archie C. Black (“Employee”), and SPS Commerce, Inc., a Delaware corporation, with offices at Accenture Tower, 333 South Seventh Street, Suite 1000, Minneapolis, Minnesota 55402
(“Employer”). 
 WHEREAS, Employer is engaged in the business of developing, marketing and distributing computer software
products and services; and 
 WHEREAS, Employee is currently employed by Employer as Employer’s Chief Executive Officer; and

 WHEREAS, Employee and Employer are parties to an Amended and Restated Employment, Noncompetition, and Nondisclosure Agreement,
dated October 31, 2008 (the “Prior Agreement”); and 
 WHEREAS, As of the Effective Date, and as an express condition
of Employer entering into this Agreement and providing the consideration identified in this Agreement, Employee and Employer are entering into a Confidentiality, Intellectual Property Assignment and Restrictive Covenant Agreement (the
“Confidentiality Agreement”); 
 WHEREAS, Under the terms and conditions of the Confidentiality Agreement, Employee is
agreeing to certain obligations with respect to non-disclosure of Employer’s trade secrets and confidential information, disclosure and assignment of intellectual property and non-competition and non-solicitation restrictions that apply during
Employee’s employment with Employer and for a period thereafter; and 
 WHEREAS, Employee is willing to continue to be employed
by Employer, and Employer is willing to continue to employ Employee, on the terms, covenants, and conditions included in this Agreement and the Confidentiality Agreement and as hereinafter set forth. 

For the reasons set forth above, and in consideration of the mutual promises and agreements hereinafter set forth, Employer and Employee agree
as follows: 
 1. TERM. Employer and Employee agree that the term of this Agreement is the period commencing on the Effective
Date and continuing until Employee’s employment with Employer is terminated (the “Term”). Employee understands that Employer is an at-will employment employer, and that this means the employment relationship may be terminated by
either party at any time and for any reason and that this Agreement is not a contract for employment for any specific length of time. 

2. VESTING OF OPTIONS AND OTHER EQUITY UPON A CHANGE IN CONTROL. If a Change in Control (as defined in the SPS Commerce, Inc.
2001 Stock Option Plan, as amended (the “Stock Option Plan”)) occurs during the Term and Employee is employed by Employer as of the date of the Change in Control, then one hundred percent (100%) of all of Employee’s unvested
stock options, restricted stock units, performance-based stock units (assuming applicable performance goals were satisfied at target during the applicable performance period rather than maximum performance) or other equity awards as of the Change in
Control will become fully vested as of the Change in Control. 
 3. TERMINATION; EFFECT OF TERMINATION. 

a. Involuntary Termination Without Cause or Resignation For Good Reason. If Employer terminates Employee’s employment without
Cause, or if Employee resigns for Good Reason, and in either case whether the Termination Date occurs before or after a Change in Control, then, subject to the conditions identified below and the provisions of Section 10 below, Employer shall:

 (i) pay Employee severance equal to twelve (12) months of Employee’s base salary as of
immediately prior to the Termination Date, less normal payroll withholdings, provided that such severance shall not exceed two times the lesser of (A) the Code § 401(a)(17) compensation limit for the year in which the Termination Date
occurs, or (B) Employee’s annualized compensation based upon the annual rate of pay for services to Employer for the calendar year prior to the calendar year in which the Termination Date occurs (adjusted for any increase during that year
that was expected to continue indefinitely if the Employee had not separated from service), with such severance payable to Employee over the twelve (12) month period commencing from and after the Termination Date, in accordance with
Employer’s normal payroll schedule; provided, however, that any installments that otherwise would be payable on Employer’s regular payroll dates between the Termination Date and the expiration of the rescission period applicable to Release
will be delayed until Employer’s first regular payroll date that is after the expiration of the rescission period applicable to Release and included with the installment payable on such payroll date, and provided further that if the severance
otherwise payable to Employee is reduced to zero (0) by application of the maximum limitation identified above, then Employer shall in the alternative pay Employee severance equal to twelve (12) months of Employee’s base salary as of
immediately prior to the Termination Date, less normal payroll withholdings, payable to Employee over the twelve (12) month period commencing from and after the Termination Date, in accordance with Employer’s normal payroll schedule,
except that any amounts that remain payable as of the Short-Term Deferral Deadline shall be paid in a lump sum no later than the Short-Term Deferral Deadline; and 

(ii) if Employee is eligible for and takes all steps necessary to continue Employee’s group health insurance coverage with Employer
following the Termination Date (including completing and returning the forms necessary to elect COBRA coverage), pay for the portion of the premium costs for such coverage that Employer would pay if Employee remained employed by Employer, at the
same level of coverage that was in effect as of the Termination Date, through the earliest of: (A) the twelve (12) month anniversary of the Termination Date, (B) the date Employee becomes eligible for group health insurance coverage
from any other employer, or (C) the date Employee is no longer eligible to continue Employee’s group health insurance coverage with Employer under applicable law. 

Payment of any severance pay or benefits under this Section 3.a. will be conditioned on Employee’s execution (and non-rescission) of a Release and
continued compliance with Employee’s obligations under this Agreement and the Confidentiality Agreement. Any severance payments under this Section 3.a. shall be subject to normal payroll withholdings. Employer and Employee intend the
severance payments and benefits under this Section 3.a. to be a “short-term deferral” under Treas. Reg. § 1.409A-1(b)(4) and/or a “separation pay plan due to involuntary separation from service” under Treas. Reg. §
1.409A-1(b)(9)(iii). 
 b. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

(i) “Cause” shall have the meaning ascribed to such term as set forth in the Stock Option Plan. 

(ii) “Code” means the Internal Revenue Code of 1986, as amended, and the regulations and guidance thereunder. 

(iii) “Employer” shall include any current or future successor, parent, subsidiary, affiliate or other joint venture partner to
which any right or obligation has been assigned or delegated by SPS Commerce, Inc. or by operation of law. 
 (iv) “Good
Reason” shall mean the occurrence of any of the following events, in each case without Employee’s consent: (A) a material reduction in Employee’s base salary or annual bonus opportunity, (B) a material reduction in
Employee’s employment responsibilities, or (C) a relocation of Employee’s primary work location by more than thirty (30) miles, provided that with regard to events described in (A) and (B), Employee first gives notice of the
event giving rise to Good Reason to the Employer within ninety (90) days of the first occurrence of the event, and provided further that upon giving notice Employee provides Employer thirty (30) days in which to remedy the event and not be
required to pay the severance pay or benefits set forth in Section 3.a. Notwithstanding anything to the contrary in this Section 3.b.(iv), Employee shall not be deemed to have 

 
resigned for Good Reason, and Employee shall not be entitled to payments upon Employee’s resignation under this Agreement, unless Employee’s Termination Date following Employee’s
resignation for Good Reason occurs within twelve (12) months following the first occurrence of the event giving rise to Good Reason. 

(v) “Release” means a standard release of claims in the form provided by Employer at the time of a termination for which
Employee is eligible to receive severance pay or benefits under Section 3.a. 
 (vi) “Service” means what the term is
defined to mean in the Company’s 2010 Equity Incentive Plan, as amended. 
 (vii) “Service Recipient” shall have the meaning
set forth in Treas. Reg. § 1.409A-1(g). 
 (viii) “Share” means what the term is defined to mean in the Company’s 2010
Equity Incentive Plan, as amended. 
 (ix) “Short-Term Deferral Deadline” shall mean the date that is the 15th day of the third
month following the end of the later of the calendar year, or the Service Recipient’s taxable year, in which the Termination Date occurs. 

(x) “Termination Date” shall mean the date on which a “separation from service” has occurred for purposes of
Section 409A of the Code and the regulations and guidance thereunder. 
 4. RETIREMENT. If (i) the sum of
Employee’s age plus years of service as an employee of Employer is 74 or greater, (ii) Employee provides no less than six (6) months’ written notice of his retirement from employment with Employer to the Chair of Employer’s
Board of Directors, and (iii) Employee’s Termination Date occurs on the retirement date identified by Employee (and such Termination Date is no less than six (6) months after the date on which Employee provided written notice of his
retirement to the Chair of Employer’s Board of Directors) (a “Retirement”), then, subject to the conditions identified in Section 4.c and the provisions of Section 10 below: 

a. Outstanding Service-Based Equity Awards. With respect to any equity award that has been granted to Employee under the
Company’s 2010 Equity Incentive Plan, as amended (or any successor plan) (the “Equity Incentive Plan”) and is outstanding and not fully vested on such Termination Date (each an “Equity Award”), and whose vesting is based
solely on the satisfaction by Employee of a Service-based vesting condition, then one hundred percent (100%) of all of Employee’s unvested service-based Equity Awards as of the Termination Date will become fully vested as of the
Termination Date. 
 b. Outstanding Performance-Based Equity Awards. With respect to any Equity Award that has been granted to
Employee under the Equity Incentive Plan and is outstanding on such Termination Date and whose vesting or settlement is subject to the satisfaction of performance goals over a performance period, Employee will be entitled to have vest on each
originally scheduled vesting date for such award the number of Shares, Share units or Share equivalents subject to the Equity Award that would otherwise have been determined to have been earned by Employee had Employee remained continuously employed
by the Company through each such originally scheduled vesting date based on the degree to which the applicable performance goals were satisfied during the applicable performance period through each such originally scheduled vesting date. 

c. Pro-Rated Annual Bonus. Employer shall pay Employee a pro-rated portion, based on the Termination Date, of Employee’s target
annual cash incentive bonus for Employer’s fiscal year during with the Termination Date occurs, based on the portion of such fiscal year Employee was employed by the Company prior to the Termination Date, less normal payroll withholdings,
payable to Employee in a lump sum no later than sixty (60) calendar days after the Termination Date. 
 d. Conditions to
Accelerated or Continued Vesting. The payment of the pro-rated bonus and the accelerated or continued vesting of Equity Awards under this Section 4 following a Retirement will be conditioned on (i) Employee’s execution (and
non-rescission) of a Release, (ii) Employee being available to consult 

 
with the Company on a non-exclusive basis and to assist with reasonable transition services from time to time from the Termination Date through the six (6) month anniversary of the
Termination Date, and (iii) Employee’s continued compliance with Employee’s obligations under this Agreement and the Confidentiality Agreement. Notwithstanding anything to the contrary in this Agreement or any agreement evidencing an
Equity Award, if Employee breaches any provision of this Agreement or the Confidentiality Agreement, then (i) Employee shall immediately forfeit all outstanding Equity Awards and any right to receive Shares thereunder, and (ii) with
respect to Shares that have been issued pursuant to an Equity Award within two (2) years prior to such breach, Employee shall either (A) return such Shares to the Company or (B) pay to the Company in cash an amount equal to the fair
market value of the Shares as of the date their receipt became taxable to Employee. 
 5. TERMINATION OF THE PRIOR AGREEMENT.
This Agreement supersedes and replaces the Prior Agreement in its entirety. 
 6. MODIFICATION OF AGREEMENT. No waiver or
modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by both parties. 

7. CHOICE OF LAW, JURISDICTION, AND VENUE. The validity, construction and performance of this Agreement shall be governed by,
and construed in accordance with, the laws of the State of Minnesota, without reference to any choice of laws provisions thereof. The parties further agree that any litigation or proceeding arising out of, or relating to, this Agreement (whether the
same sounds in tort or contract or both) shall be commenced and maintained in a federal or state court located in Hennepin County, Minnesota, and for such purpose the parties consent to any such court’s exercise of personal jurisdiction over
them. 
 8. ASSIGNMENTS. This Agreement is personal in nature and cannot be assigned by Employee. The terms, conditions,
covenants, and representations herein shall inure to and be binding upon the heirs and representatives of Employee and shall inure to the benefit of and shall be binding upon the successors and assigns of Employer. 

9. SEVERABILITY. Agreements and covenants contained herein are severable, and in the event any of them shall be held to be
invalid by any competent court, this Agreement shall be interpreted as if such invalid agreement or covenants were not contained herein. 

10. SECTION 409A. This Agreement is intended to satisfy, or be exempt from, the requirements of Section 409A(a)(2)(3) and
(4) of the Code, including current and future guidance and regulations interpreting such provisions, and should be interpreted accordingly. Notwithstanding anything to the contrary in this Agreement or any other agreement between the Company
and Employee, including without limitation any agreement evidencing an Equity Award, if Employee is considered a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i)) as of the date of the Termination Date, then
no payments of deferred compensation payable due to Employee’s separation from service, including without limitation any amount payable under this Agreement with respect to any Equity Award, shall be made under this Agreement before the first
business day that is six (6) months after the Termination Date (or upon Employee’s death, if earlier) (the “Specified Period”). Any deferred compensation payments that would otherwise be required to be made to Employee during the
Specified Period will be accumulated by the Company and paid to Employee on the first day after the end of the Specified Period. The foregoing restriction on the payment of amounts to Employee during the Specified Period will not apply to the
payment of employment taxes. In addition, notwithstanding anything to the contrary in this Agreement or any agreement evidencing an Equity Award, with respect to an Equity Award that constitutes a deferral of compensation subject to
Section 409A of the Code: (i) if any amount is payable under any Equity Award upon a termination of Service, a termination of Service will be deemed to have occurred only at such time as Employee has experienced a “separation from
service” as such term is defined for purposes of Section 409A of the Code; and (ii) no Change in Control shall be deemed to have occurred upon an event described in the definition of the term contained in the Stock Option Plan unless
the event would also constitute a change in ownership or effective control of, or a change in the ownership of a substantial portion of the assets of, the Company under Section 409A of the Code. 

11. TAXES. Employer may withhold from any amounts payable under this Agreement such federal, state and local income and
employment taxes as Employer shall determine are required to be withheld pursuant to any applicable law or regulation. Employee shall be solely responsible for the payment of all taxes due and owing 

 
with respect to any compensation provided to Employee hereunder. The Company does not guarantee any particular tax consequence or result with respect to any payment made by the Company under this
Agreement, including with respect to any Equity Award. 
 12. COMPLETE AGREEMENT. This Agreement, the Confidentiality
Agreement, and any stock option or other equity agreements between Employer and Employee contain the complete agreement concerning the terms and conditions of the employment arrangement between the parties. Except for the Confidentiality Agreement,
which shall remain in full force and effect in accordance with its terms, and any stock option or other equity agreements between Employer and Employee, which shall remain in full force and effect in accordance with their terms except to the extent
they are agreements evidencing Equity Awards and have been amended by this Agreement, this Agreement shall, as of the Effective Date, supersede all other agreements between the parties, including without limitation the Prior Agreement. The parties
stipulate that neither of them has made any representation with respect to the subject matter of this Agreement or any representations including the execution and delivery hereof except such representations as are specifically set forth herein and
the parties hereto acknowledge that they have relied on their own judgment in entering into this Agreement. 
  

									
		 		 	SPS COMMERCE, INC.
			
	EMPLOYEE	 		 	EMPLOYER
					
	By:	 	/s/ Archie Black	 		 	By:	 	/s/ Michael Smerklo
		 		 		 	Its:	 	Chairman
					
	Date:	 	November 14, 2017	 		 	Date:	 	November 15, 2017

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