Document:

Amendment to Stock and Warrant Purchase Agreement

 Exhibit 10.28 
  
 AMENDMENT TO 
 STOCK AND WARRANT PURCHASE AGREEMENT 
  
 This
AMENDMENT (this “Amendment”) to the Stock and Warrant Purchase Agreement, dated as of April 27, 2000 (the “Purchase Agreement”), by and among Global Sports, Inc. (n/k/a GSI Commerce, Inc.), a Delaware corporation (the
“Company”), and TMCT Ventures, L.P. (n/k/a Rustic Canyon Ventures, LP, a Delaware limited partnership (“RCV”), is made as of this 26th day of June, 2004. Capitalized terms used but not defined in this Amendment shall have the
meanings given to such terms in the Purchase Agreement. 
  
 RECITALS 
  
 WHEREAS, the Company and RCV
entered into the Purchase Agreement in connection with an investment by RCV in the Company and in order to provide RCV with certain rights as a stockholder of the Company; 
  
 WHEREAS, RCV has agreed to give up certain of the rights provided to it by the Purchase Agreement in exchange for a
warrant to purchase 12,500 shares of the Company’s Common Stock; and 
  
 WHEREAS, the Company believes that it is in its best interests of the Company and its stockholders that the Company be able to consummate the transactions contemplated by this Amendment. 
  
 NOW, THEREFORE, in consideration of the foregoing and intending to be
legally bound hereby, the parties hereto agree that the Purchase Agreement shall be amended as follows: 
  
 1. Sections 5.2 and 5.4 of the Purchase Agreement are hereby deleted in their entirety. With respect to the Warrant and any shares of the Company’s
Common Stock issued on exercise of the Warrant, RCV hereby makes and confirms the representations set forth in Sections 4.3 through 4.6 of the Purchase Agreement. 
  
 2. Subject to the terms and conditions hereof, the Company shall issue to RCV a five-year warrant to purchase 12,500 shares
of the Company’s Common Stock at an exercise price equal to the closing price of a share of the Company’s Common Stock on the date immediately preceding the date of this Amendment (the “Warrant”). 
  
 3. The Purchase Agreement, as amended hereby, shall be and remain in full
force and effect in accordance with its terms. 
  
 4. This
Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the conflict of laws provisions thereof. 
  
 5. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one
instrument. 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date set forth in
the first paragraph hereof. 
  

							
	GSI COMMERCE, INC. (f/k/a GLOBAL SPORTS, INC.)
		
	By:	 	 /s/ Michael G. Rubin

	 	 	Name:	 	Michael G. Rubin
	 	 	Title:	 	Co-President and Chief Executive Officer
	
	 RUSTIC CANYON VENTURES, LP (f/k/a TMCT
 VENTURES, L.P.)

		
	By:	 	Rustic Canyon Partners, LLC
	 	 	Its General Partner
			
	 	 	By:	 	 /s/ Mark Menell

	 	 	 	 	Name:	 	Mark Menell
	 	 	 	 	Title:	 	MemberDirector Compensation

 Exhibit 10.44 
  
 SUMMARY SHEET FOR DIRECTOR AND EXECUTIVE COMPENSATION 
  
 I. Director Compensation 
  
 As compensation for their service as directors of GSI, each non-employee
director receives an option to purchase 25,000 shares of GSI common stock upon his or her initial election as a director and an option to purchase 10,000 shares of GSI common stock on each subsequent annual election as a director. The non-employee
directors do not receive any cash compensation for their services on behalf of GSI but are reimbursed for reasonable travel and lodging expenses incurred in attending meetings of the board of directors and any committee. 
  
 The options are awarded pursuant to the GSI’s 1996 Equity Incentive
Plan. The exercise price is the fair market value of the common stock on the date of the grant. All options granted are immediately exercisable. Unless terminated earlier by the terms of the option, the options expire ten years after the date of
grant. 
  
 II. Executive Compensation 
  
 The following table sets forth current base salaries of GSI’s CEO and
each of the executive officers who were named in the Summary Compensation Table in GSI’s Annual Report on Form 10-K for the year ended January 1, 2005 and who are expected to be named in the Summary Compensation Table in GSI’s Annual
Report on Form 10-K for the year ended December 31, 2005 (the “Named Executive Officers”). 
  

				
	 Name

	  	Base Salary

	 Michael G. Rubin
	  	$	400,000
	 Robert W. Liewald
	  	 	262,500
	 Arthur H. Miller
	  	 	325,000
	 Damon Mintzer
	  	 	350,000
	 Joseph N. Seibert
	  	 	    *
	 Robert J. Blyskal
	  	 	350,000
	 Stephen J. Gold
	  	 	350,000

	*	Mr. Seibert is no longer employed by GSI. 

  
 Bonuses 
  
  

 2005 Leadership Bonus Plan. On January 24, 2005, GSI’s compensation committee approved the
2005 leadership bonus plan, which is not set forth in a written agreement, for certain management-level employees, including the Named Executive Officers. Under the 2005 leadership bonus plan, if GSI achieves certain EBITDA targets approved by the
compensation committee, GSI will establish a fixed bonus pool to be paid out to eligible participants. Each eligible participant’s bonus will be funded from this fixed pool and will be based upon a percentage of that participant’s base
salary. 
  
 The 2005 leadership bonus plan sets the annual
incentive bonus targets for each level of eligible employee. The target bonus for senior management, including the Named Executive Officers, is equal to up to 50% of each individual’s base salary. If GSI achieves certain EBITDA targets, each
eligible participant will receive 75% of that individual’s target bonus amount, with the remaining 25% subject to upward or downward adjustment based upon individual performance. Under the 2005 leadership bonus plan, one-third of the aggregate
amount of bonus to be paid to each participant will be paid in cash and two-thirds will be paid in restricted stock or deferred stock. Each restricted stock award or deferred stock award paid under the 2005 leadership plan will be 50% vested when
issued, with the remaining 50% vesting on the first anniversary of the issue date. 
  
 Plans and Other Arrangements 
  
 The Named
Executive Officers are also eligible to: 
  

	 	•	 	Participate in GSI’s 1996 Equity Incentive Plan; and 

  

	 	•	 	Participate in GSI’s broad-based benefit programs generally available to its salaried employees, including health, disability and life insurance programs, and qualified 401(k)
plan.Offer Letter

 Exhibit 10.49 
  
 April 21, 2004 
  
 VIA FEDERAL EXPRESS 
  
 Mr. Robert J. Blyskal 
 75 Hedden Road 
 Andover, NJ 07821 
  
 Dear Bob: 
  
 We are pleased to offer you employment in the position of Co-President and
Chief Operating Officer at GSI Commerce Solutions, Inc. (the “Company”). The terms of such employment, which are subject to approval by the Board of Directors of GSI Commerce, Inc. (“GSI”), will be as follows: 
  
 1. Base Salary. Your annual base salary will be $350,000, less payroll
deductions and all required withholdings. Your base salary will be payable in accordance with the Company’s normal payroll practices. Your base salary will be reviewed annually. 
  
 2. Bonuses. You will also be eligible to earn an annual bonus of up to 50% of your base salary as determined by the
Chief Executive Officer of the Company, subject to approval of the Board of Directors of GSI. 
  
 3. Stock Option. Upon commencement of your employment with the Company, you will be granted a stock option under GSI’s 1996 Equity Incentive Plan (the “Equity Plan”) to purchase 200,000 shares of
GSI’s Common Stock at a purchase price equal to the fair market value of a share of such Common Stock on the later of the date you commence employment or the date GSI’s Board approves the option. This option will be a non-incentive stock
option, will have a term of 10 years and will vest as to 50,000 shares on December 31, 2004 and as to an additional 50,000 shares on each of the second, third and fourth annual anniversary dates of the grant, such that the option will be fully
vested on the fourth annual anniversary date of the grant. If you terminate your employment for any reason or the Company terminates your employment for any reason other than “cause” (as defined in the Equity Plan), you will have a period
of 90 days after such termination within which to exercise such option for the number of shares that had vested under such option as of the termination date of employment. If you are terminated by the Company for “cause” (as defined in the
Equity Plan), the option will terminate immediately on your termination. If you are terminated by the Company without “cause” (as defined in the Equity Plan) within 12 months after a change of control of GSI (as defined in the Equity
Plan), the number of shares that are scheduled to vest under this option over the 12 months following such termination will automatically vest on such termination date. The other terms and conditions of this option will be governed by the provisions
of the Equity Plan. 

 Mr. Robert J. Blyskal 
 April
21, 2004 
 Page 2 
  
 4. Severance. Each of the Company and you may terminate your employment with the Company at any time and for any reason. If the Company terminates
your employment without cause (as defined in this paragraph 4), you will be entitled to severance in an amount up to six (6) months of your base salary for the year in which such termination occurred. Any severance to which you may become entitled
under this paragraph 4, less payroll deductions and all required withholdings, will be payable in accordance with the Company’s normal payroll practices over the period of such severance or, if shorter, over the period ending on the date you
accept employment with another employer. For the purposes of this paragraph 4, “cause” will exist if (i) you fail to perform the duties reasonably required of you and such failure continues for a period of thirty days after notice to you,
(ii) you are grossly negligent or engage in willful misconduct in the performance of your duties, (iii) you breach or violate, in a material respect, any agreement between the Company and you or any of the Company’s policy statements, including
those relating to business conduct, conflicts of interest, insider trading or confidentiality, (iv) you are convicted of a crime constituting a felony under the laws of the United States or any state thereof, (v) you engage in behavior that is
materially injurious or inimical to the interests of the Company, or (vi) you commit a material act of dishonesty or breach of trust. 
  
 5. Temporary Housing Allowance. Upon your lease or purchase of an apartment or house in the King of Prussia, Pennsylvania area, the Company will
pay to you a temporary housing allowance of $2,500.00 per month, less payroll deductions and all required withholdings, for up to 12 months, toward the rent, purchase price or other costs of such apartment or house. 
  
 6. Paid Time Off. Subject to the Company’s employment policies
applicable to comparable level employees, you will accrue twenty-five (25) days of paid time off (which includes vacation days, personal days and sick days) during each year of your employment in addition to such paid holidays as are generally
permitted to employees of the Company. 
  
 7. Employee
Agreement. As an employee of the Company you will be expected to abide by the Company’s rules and regulations, acknowledge in writing that you have read the Company’s Employee Handbook, and sign and comply with the Company’s form
of Employee Agreement, which includes a prohibition on the unauthorized use or disclosure of the Company’s and certain third parties’ confidential or proprietary information, a prohibition against engaging in competitive activities or
soliciting employees of the Company during, and for one year after the end of, your employment with the Company, and provisions acknowledging the Company’s ownership in, and assigning to the Company all rights to, any inventions developed by
you during your employment with the Company. 
  
 8. Employee
Benefit Plans. You will be entitled to participate in all executive level employee benefit plans or programs of the Company now existing or established hereafter and offered generally to the Company’s executives, subject to the terms and
provisions of such plans. 

 Mr. Robert J. Blyskal 
 April
21, 2004 
 Page 3 
  
 9. Employee Restrictions. You represent to the Company that there are no restrictions, agreements or understandings whatsoever to which you are a
party or by which you are bound which would prevent or make unlawful your execution of this letter or your employment hereunder and that your execution of this letter and your employment hereunder do not constitute a breach of any agreement or
understanding to which you are a party or to which you are bound. 
  
 10. Entire Agreement. The employment terms in this letter supersede any other agreements or promises made to you by anyone on behalf of the Company, whether oral or written. 
  
 Please indicate your acceptance of this offer by signing and dating this
letter where indicated below, and returning a copy to me. If you accept this offer, we expect that you will begin your employment with the Company on or about May 24, 2004. 
  
 Sincerely, 
  
 /s/ Michael G. Rubin 
  
 Michael G. Rubin 
 President and Chief Executive Officer 
  
 AGREED TO AND ACCEPTED:

  

							
	 /s/ Robert J. Blyskal

 Robert J. Blyskal
	 	 	 	 	 	 
	  

	 	 	 	 	 	 
	Date

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