Document:

Exhibit

EXECUTION VERSION

Separation Agreement and General Release
Dated as of March 23, 2020

Louis Weiss
XXXXXXXXXXXXX
XXXXXXXXXXXXX

Dear Lou,

When signed below in the places indicated, the following shall constitute an agreement (the “Agreement”) between you (“you” or “Executive”) and Shutterstock, Inc. (“Shutterstock” or the “Company”). Please initial and date each page of this Agreement where indicated in the footer.

WHEREAS, the Executive is a party to an Amended and Restated Employment Agreement with the Company dated November 5, 2019 (the “Employment Agreement”);
 
WHEREAS, pursuant to the Employment Agreement, the Executive has been employed as the Chief Marketing Officer;
 
WHEREAS, the Parties wish to document the Executive’s separation from the Company and establish the terms of the Executive’s severance arrangement;
 
NOW, THEREFORE, in consideration of the promises and conditions set forth herein, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows

		
	1.
	Your employment will terminate no later than the close of business on June 19, 2020 (the “Separation Date”). You will be paid at your current salary rate of $450,000 per annum and accrued benefits through the close of business on the Separation Date. As of the Separation Date, all salary payments from the Company will cease and any benefits the Executive had as of the Separation Date under Company-provided benefit plans, programs, or practices will terminate, except as required by federal or state law or as otherwise provided in this Agreement, incorporating by reference as necessary any related agreements (including without limitation the stock option plan, 401K and medical benefits as provided under Company plans).  Between the date of this Agreement and the Separation Date, Executive will provide transition services as reasonably requested by his supervisor, and Executive may elect to work remotely unless his supervisor requests, in his reasonable discretion, that Executive work on-site at Shutterstock’s New York City headquarters.

		
	2.
	Severance.  Notwithstanding anything to the contrary in the Agreement, and subject to (x) Executive’s timely execution and delivery and non-revocation of this Agreement, (y) Executive’s timely execution and delivery of the Confirmation and Release (“Confirmation”) attached hereto as Exhibit A, as described in Section 3 of this Agreement, and (z) continued compliance with his promises and covenants hereunder, the Company shall provide Executive with the following payments and benefits (collectively, the “Separation Benefits”):

		
	a.
	Severance Pay: Commencing on sixtieth day after the Separation Date, the Company shall pay an amount equal to the Executive’s base salary, at the rate of $450,000 per annum, less all required tax withholdings and other applicable deductions, in substantially equal installments for the period between the Separation Date and March 20, 2021, which installments shall be paid in accordance with the Company’s regular 

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

payroll procedures; provided, however, that any such installments otherwise payable during the 60 day period immediately following the Separation Date shall be paid to you in the first payroll cycle after the sixtieth day following the Separation Date. 
 
		
	b.
	Pro-Rated Bonus: The Company will pay to the Executive a pro-rated annual bonus for 2020 equal to (x) the annual bonus that Executive would have received based on actual performance for 2020 if Executive had remained in the employ of the Company for the entire fiscal year, if any, multiplied by (y) a fraction, the numerator of which is the number of days Executive was in the employ of the Company during 2020 and the denominator of which is 365, less all applicable taxes and withholdings and other applicable deductions, to be paid at the same time annual bonuses are paid by the Company to other executives of the Company for fiscal year 2020, but in no event later than March 15, 2021.

		
	c.
	COBRA: If, after the Separation Date, you elect continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for you and your eligible dependents, within the time period prescribed pursuant to COBRA, the Company will reimburse you for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Employee’s termination or resignation) until the earlier of (A) March 20, 2021, or (B) the date upon which you and your eligible dependents become covered under similar plans. COBRA reimbursements will be made by the Company to you consistent with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences to Employee or the Company under either Code Section 105(h) or the Patient Protection and Affordable Care Act of 2010.

		
	d.
	Equity: Executive shall cease to be a Service Provider for purposes of the applicable Equity Plan and award agreements as of April 3, 2020 and shall not be eligible to receive any further equity or equity-based awards.

		
	e.
	Transition Payment: In lieu of the acceleration of vesting of Executive’s April 1, 2021 and April 2, 2021 restricted stock unit awards, Executive will be paid a lump sum cash payment of $140,000 upon the 60th day following the Separation Date.  

		
	f.
	For the sake of clarity, the Separation Benefits identified in Sections 2.a-e herein shall be due to the Executive pursuant to the terms hereunder upon Executive’s timely execution and delivery and non-revocation of this Agreement, (y) Executive’s timely execution and delivery of the Confirmation, and (z) continued compliance with his promises and covenants hereunder, and shall be provided regardless of the reason for the termination of his employment; provided, however, that Executive shall not be entitled to the Separation Benefits specified in Section 2.e if Executive's employment is terminated with Cause prior to June 19, 2020, as Cause is defined in the Employment Agreement.

		
	3.
	As an express condition to the receipt of the Separation Benefits, Executive must execute and deliver to the Company, either on or within twenty-one (21) days following the Separation Date, the Confirmation, and must not revoke the Confirmation within the time period specified therein. Executive expressly acknowledges and agrees that, if Executive fails to so timely execute and deliver the Confirmation, or timely revokes the Confirmation in accordance with its terms, 

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

Executive shall forfeit all rights to the Separation Benefits.  The Company agrees promptly to countersign the Confirmation.

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

		
	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 at least twenty-one (21) days to review and consider this Agreement before signing it. You further understand that you may use as much of this review and consideration period as you wish prior to signing. The Executive understands that he may revoke this Agreement for a period of seven (7) days after he signs each respective agreement, and that neither agreement shall be effective or enforceable until the expiration of each respective seven (7) day revocation 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 Separation Agreement and General Release”. 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 such legal holiday, 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 receive no further benefits under this Agreement.

		
	c.
	Preserved Rights of Executive. 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 your 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 arbitration to enforce this Agreement, in accordance with Paragraph 15 below.

		
	5.
	No Other Compensation. Except as expressly set forth in this Agreement, Executive shall not be entitled to any other compensation or benefits, including but not limited to salary, front pay, back pay, vacation pay, severance, commissions or bonuses from Releasees, as defined below, with respect to your employment with or termination from Shutterstock.  

		
	6.
	Release.

		
	a.
	For and in consideration of the payments and benefits enumerated in Paragraph 2, and for other valuable consideration to be provided to Executive pursuant to this Agreement, the receipt and sufficiency of which you hereby acknowledge, 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, 

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

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. §12101 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. §1981, 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, the New York City Earned Sick Time Act; 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 or separation from employment with Shutterstock against the Releasees up to and including the date of your execution of this Agreement.  Notwithstanding the foregoing, you will not release or discharge the Releasees from any of Shutterstock’s obligations to you under or pursuant to (1) this Agreement (or any benefit plans referenced therein), (2) any tax qualified pension plan of Shutterstock pertaining to vested and accrued benefits, or (3) any obligations of indemnification in your capacity as an employee, officer or director of the Company, whether under insurance policies, contract, Company by-laws or certification of incorporation or under applicable law.

		
	b.
	Executive understands and agrees 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 your 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.  

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

		
	c.
	The Company hereby fully, forever, irrevocably and unconditionally releases, remises and discharges the Executive from any and all claims arising out of acts undertaken by the Executive in good faith and in a manner the Executive reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that this release does not include any claims arising out of or related to any fraudulent, criminal, or willful misconduct by the Executive.

[Paragraph 7 intentionally omitted.]

		
	7.
	Executive acknowledges 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. 

 
		
	8.
	Continuing and Post-Employment Obligations.

		
	a.
	Return of Property. Executive agrees that by the termination of employment, or as soon thereafter as possible, you will return to the Company all Releasees’ credit cards, files, memoranda, documents, records and copies of the foregoing, keys, all storage media containing Releasees’ information and any other property of the Releasees in your possession. You represent and warrant that as of the termination of your employment, or as soon thereafter as possible, you will have deleted all files, memoranda, documents and/or records containing Releasees’ 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 and personal contacts. 

		
	b.
	Non-Disclosure and Non-Competition. 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 Releasees which is confidential or proprietary and (i) which has not been disclosed publicly by the Releasees, (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 you continue to be bound by the Shutterstock, Inc. Employee Non-Disclosure, Non-Compete and Non-Solicitation Agreement executed and acknowledged by you on May 8, 2019 (the “Employee Obligations Agreement”).

		
	c.
	Non-Solicitation. In addition to the non-solicitation obligations set forth in Paragraph 10 of the Employee Obligations Agreement, for a period of one (1) year following the Separation Date hereof, you shall not, without the prior written consent of the Company’s Chief Human Resources Officer: (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 Separation Date. This Non-Solicitation provision does not, however, restrict any company or business organization in which you are an officer, manager, employee, partner, director, consultant or member from employing or engaging as an independent contractor, any such person whose employment or engagement you have not directly or indirectly solicited or encouraged, including but not limited to general job postings that 

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

are not directed to any person who was employed by the Company on the Separation Date.

		
	d.
	Non-Disparagement. 

		
	i.
	You will not disparage Releasees, or issue any communication, written or otherwise, that reflects adversely on or encourages any adverse action against Releasees, except: (a) if testifying truthfully under oath pursuant to any lawful court order or subpoena, (b) otherwise responding to or providing disclosures required by law, or (c) while engaging in the activities referenced in Paragraph 10 of this Agreement. This includes any statement to or response to an inquiry by any member of the press or media, whether written, verbal, electronic, or otherwise. Nothing herein shall prevent you from including your employment with Shutterstock on your resume.  

		
	ii.
	The Company shall direct its Executive Leadership Team (specifically: Jon Oringer, Stan Pavlovsky, Heidi Garfield and Jarrod Yahes) not to disparage or induce or encourage others to disparage you at any time and that such conduct is prohibited.

		
	iii.
	You shall direct any potential employer seeking a reference or employment verification to Shutterstock’s Human Resources Department, in response to which the Company shall state (a) dates of your employment, (b) last position held, and (c) that it is the Company’s policy to only provide these details. 

		
	e.
	Future Employment. Unless otherwise determined by the Company, you shall not apply for or seek employment with the Company, and you waive and release any right to be considered for such employment.

		
	f.
	Cooperation. You agree to cooperate reasonably in any investigation Releasees undertake into matters occurring during your employment with the Company. Additionally, you agree that when requested by Releasees or third parties with Releasees’ consent (“Designated Third Parties”), you will promptly and reasonably respond to all inquiries from Releasees, Designated Third Parties and its/their representatives concerning matters relating to Releasees including but not limited to any claims or lawsuits by or against Releasees or any third parties.  Furthermore, you agree to testify in matters related to Releasees when reasonably requested by Releasees or Designated Third Parties and, for all matters which are not adverse to you, the Company shall reimburse your reasonable preapproved out-of-pocket expenses incident to such cooperation and provide counsel at the 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.

		
	9.
	Nothing in this Agreement shall prohibit or restrict you (or your attorney) without prior notice to Releasees from filing a charge, testifying, assisting, or participating in any manner in an investigation, or proceeding; responding to any inquiry; or making protected disclosures to, or otherwise communicating with, any administrative or regulatory agency or authority, including, but not limited to, the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Commodity Futures Trading Commission (CFTC), the Consumer Financial Protection Bureau (CFPB), the US Department of Justice (DOJ), the US Congress, any agency Inspector General, the Equal Employment Opportunity Commission 

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

(EEOC) and the National Labor Relations Board (NLRB). Pursuant to the Defend Trade Secrets Act of 2016, an individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. Further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer's trade secrets to the attorney and use the trade secret information in the court proceeding if the individual: (a) files any document containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.

		
	10.
	Confidentiality. To the extent permitted by law, the parties agree not to disclose any claims that have been or could have been raised against Releasees or Executive, or the facts and circumstances underlying this Agreement, except they may make such disclosures: (a) to their immediate family, tax advisors, or taxing authorities, so long as such person or entity agrees to be bound by the confidential nature of this Agreement; (b) to their legal counsel; (c) pursuant to the order of a court; (d) while engaging in the activities referenced in Paragraph 10 of this Agreement; (e) as required by applicable law; and/or (f) for purposes of securing enforcement of the terms and conditions of this Agreement, should that ever be necessary. 

		
	11.
	Section 409A. The Company may deduct or withhold from any compensation or benefits any applicable federal, state or local tax or employment withholdings or deductions resulting from any payments or benefits provided under this Agreement. In addition, it is the Company’s intention that all payments or benefits provided under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), including without limitation the six month delay for payments of deferred compensation to “key employees” upon separation from service pursuant to Section 409A(a)(2)(B)(i) of the Code (if applicable), and this Agreement shall be interpreted, administered and operated accordingly. If under this Agreement an amount is to be paid in installments, each installment shall be treated as a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii). Notwithstanding anything to the contrary herein, the Company does not guarantee the tax treatment of any payments or benefits under this Agreement, including without limitation under the Code, federal, state, local or foreign tax laws and regulations. In no event may you, directly or indirectly, designate the calendar year of any payment under this Agreement. In the event the period of notice and payment referenced in Section 2 of this Agreement ends in the taxable year following your termination of employment, any severance payment or deferred compensation payment shall be paid or commence in such subsequent taxable year if required under Section 409A of the Code.

		
	12.
	No Admission. The parties agree that this Agreement shall not constitute or operate as an acknowledgment or admission of any kind by Releasees that they have violated any federal, state, local or municipal statute, regulation or common law, or breached any other legal obligation or duty Releasees have or ever had to you. 

		
	13.
	Amendment; Successors. This Agreement shall be binding upon the Parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Parties hereto. This Agreement are binding upon and shall inure to the benefit of the Parties and their respective agents, assigns, heirs, executors, successors and administrators, including any corporation with which or into which the Company may be merged or which may succeed to its asserts or business. For the avoidance of doubt, the Executive’s death or disability shall not affect his continued eligibility (or that of his estate, as 

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

applicable) to receive the Severance Benefits, subject to the terms and conditions of this Agreement.

		
	14.
	Waiver of Rights. No delay or omission by a party in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by a party on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other occasion.  

		
	15.
	Acknowledgement. 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 all differences and disputes between you and Releasees. 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.    

		
	16.
	Tax Acknowledgement. In connection with the payments and consideration provided to the Executive pursuant to this Agreement, the Company shall withhold and remit to the tax authorities the amounts required under applicable law, and the Executive shall be responsible for all applicable taxes with respect to such payments and consideration under applicable law.  The Executive acknowledges that he is not relying upon the advice or representation of the Company with respect to the tax treatment of any of the payments or benefits set forth in Paragraph 2 of this Agreement

		
	17.
	Entire Agreement. Except for the Employee Obligations Agreement, 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. To the extent there is any conflict or inconsistency between any term of this Agreement and the Employee Obligations Agreement, the term which provides the greater benefit or protection to Releasees shall control.

		
	18.
	Jurisdiction and Arbitration. 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. In the event that either party believes that the other party has breached this Agreement, Executive and the Company hereby agree that such dispute shall be submitted to JAMS for confidential and binding arbitration before a single arbitrator at JAMS’ offices in New York City, in accordance with JAMS’ Employment Arbitration Rules & Procedures. No claims may be arbitrated on a class or collective basis. Both Executive and the Company expressly waive any right to submit, initiate, or participate in a representative capacity, or as a plaintiff, claimant or member in a class action, collective action or other representative or joint action, regardless of whether the action is filed in arbitration or in court. Notwithstanding the foregoing, either you or the Company may seek injunctive relief in a lawsuit filed in a court of competent jurisdiction in order to prevent irreparable harm or preserve the status quo. Any award pursuant to said arbitration shall be accompanied by a written opinion of the arbitrator setting forth the reason for the award, including findings of fact and conclusions of law. The award rendered by the arbitrator shall be conclusive and binding upon the parties hereto, and judgment upon the award may be entered, and enforcement may be sought in, any court of competent jurisdiction. YOU UNDERSTAND THAT, ABSENT THIS AGREEMENT, YOU AND THE COMPANY WOULD HAVE THE 

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

RIGHT TO SUE EACH OTHER IN COURT, AND THE RIGHT TO A JURY TRIAL, BUT, BY THIS AGREEMENT, BOTH PARTIES GIVE UP THAT RIGHT.

		
	19.
	Counterparts. 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. 

		
	20.
	Recital Paragraphs. The recital paragraphs at the beginning of this Agreement are incorporated by reference as if fully set forth herein.

		
	21.
	YOU ACKNOWLEDGE THAT YOU HAVE CAREFULLY READ THIS AGREEMENT, 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.  

Executive provides this Agreement as of the current date and acknowledges that execution of this Agreement is in further consideration of Paragraph 2.a, to which Executive agrees you would not be entitled if you did not sign this Agreement. 

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

Executive must sign and return this Agreement to Shutterstock Inc., General Counsel or a similarly designated representative, 350 Fifth Avenue, 21st Floor, New York, NY 10118 no later than the close of business on the twenty-first (21st) day following receipt of this Agreement, or as extended, or irrevocably lose the right to receive the consideration detailed herein. Executive intends that this Agreement will become a binding agreement between Executive and the Company if you do not revoke your acceptance in seven (7) days.

Sincerely,
Shutterstock, Inc.

By: /s/ Stan Pavlovsky                    April 10, 2020
Stan Pavlovsky    Date    
    
Read, Agreed to and Accepted:

/s/ Louis Weiss                            April 10, 2020
Louis Weiss                    Date

Initials: LW
Date: April 10, 2020

EXECUTION VERSION

EXHIBIT A

 CONFIRMATION AND RELEASE

Reference is made to that certain Separation Agreement and General Release (the “Agreement”) by and among Shutterstock, Inc. (the “Company”) and Louis Weiss, dated as of [date]. Capitalized terms used but not defined in this Confirmation and Release (the “Confirmation”) shall have the meanings given to them in the Agreement.

By my signature below, I, Louis Weiss (“Executive”), and the Company, hereby acknowledge, agree to, and confirm each of the following: 

		
	1.
	My employment with the Company ended on _______ [     ], 2020 (the “Separation Date”). 

		
	2.
	As an express condition to my receipt of the Separation Benefits set forth in the Agreement, I must timely execute and deliver to the Company, and not revoke, a copy of this Confirmation.

		
	3.
	By executing this Confirmation, 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 through the date of this Confirmation, 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. §12101 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. §1981, 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, the New York City Earned Sick Time Act; 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 or separation from 

EXECUTION VERSION

employment with Shutterstock against the Releasees up to and including the date of your execution of this Confirmation.  
		
	4.
	Notwithstanding the foregoing, you will not release or discharge the Releasees from any of Shutterstock’s obligations to you under or pursuant to (1) the Agreement (or any benefit plans referenced therein), (2) any tax qualified pension plan of Shutterstock pertaining to vested and accrued benefits, or (3) any obligations of indemnification in your capacity as an employee, officer or director of the Company, whether under insurance policies, contract, Company by-laws or certification of incorporation or under applicable law.

		
	5.
	The Company hereby fully, forever, irrevocably and unconditionally releases, remises and discharges the Executive from any and all claims arising out of acts undertaken by the Executive in good faith and in a manner the Executive reasonably believed to be in or not opposed to the best interests of the Company through the date of this Confirmation; provided, however, that this release does not include any claims arising out of or related to any fraudulent, criminal, or willful misconduct by the Executive.

		
	6.
	I further acknowledge and confirm that, from the Separation Date in the Agreement until the date I execute this Confirmation, I have continued to be in compliance with my covenants under Section 9  of the Agreement, and that my continued compliance with all terms of the Agreement is an express condition to my receipt of the Separation Benefits. I expressly and specifically acknowledge that I have fully complied with Section 9.a of the Agreement, which requires me to promptly return to the Company as of the Separation Date all documents and other property in my possession belonging to the Company.

		
	7.
	I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT, UNDERSTAND IT, AND AM VOLUNTARILY ENTERING INTO IT OF MY OWN FREE WILL, WITHOUT DURESS OR COERCION, AFTER DUE CONSIDERATION OF ITS TERMS AND CONDITIONS.  I 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 ME.  I FURTHER ACKNOWLEDGE THAT I HAVE BEEN GIVEN AN OPPORTUNITY TO CONSULT WITH COUNSEL OF MY CHOICE BEFORE SIGNING THIS AGREEMENT.  I UNDERSTAND THAT WHETHER OR NOT I DO SO IS MY DECISION.

		
	8.
	No Admission. The parties agree that this Agreement shall not constitute or operate as an acknowledgment or admission of any kind by Releasees that they have violated any federal, state, local or municipal statute, regulation or common law, or breached any other legal obligation or duty Releasees have or ever had to you. 

		
	9.
	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.  

		
	10.
	Except as otherwise set forth in the Agreement or this Confirmation, this is the entire Agreement between you and the Company. This Confirmation 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. 

EXECUTION VERSION

This Confirmation may not be changed or modified, except by an agreement in writing signed by each of the parties hereto.
***********************
This Confirmation and Release has been executed by the undersigned on the date set forth below. 

___________________________        ____________________
Louis Weiss                Date

Shutterstock, Inc.

By: ________________________    ____________________
[Signatory]    DateEdgarFiling

Exhibit 10.1

 

NO TE Date 4/9/2020 Note Amount $ 2,727,970.00 Borrower The  Joint Corporation Lender JPMorgan Chase Bank, N.A. 1. PROMISE  TO PAY. Borrower  promises  to  pay  to  the order of  Lender  the  Note  Amount,  plus  interest  on  the unpaid   principal  balance at the  Note  Rate,  and  all  other amounts required  by  this Note. 2. DEFINITIONS. “CARES  Act” means the Coronavirus  Aid, Relief,  and  Economic Security Act. “Deferral  Period” means  the  six  month period  beginning  on the  date  of  this  Note.   "Loan"  means  the loan evidenced  by  this Note. “Maturity  Date”  means  twenty - four  (24)  months from the date of  this Note. “Note Rate”  means an  interest rate of  0.98%  Per  Annum  and  interest shall accrue  on the  unpaid principal   balance computed  on the  basis  of the  actual number of days elapsed  in a  year  of  360 days. “Per  Annum”  means for a  year deemed to be comprised  of  360 days. "SBA"  means  the  Small  Business Administration,  an  Agency  of the United States of America. 3. CONDITIONS PRECEDENT  TO  FUNDING  OF LOAN. Before  the  funding  of the  Loan,  the  following conditions  must  be satisfied: A. Lender has  approved  the  request for  the Loan. B. Lender has received approval from SBA to fund the Loan. 4. PAYMENT TERMS. Borrower will  pay  this  Note  as follows: DocuSign Envelope ID: 496E3678 - 2AD3 - 4B91 - 942D - 24C91E840A19

    	 

    	 

    

DocuSign Envelope ID: 496E3678 - 2AD3 - 4B91 - 942D - 24C91E840A19 A. No Payments  During  Deferral  Period.  There shall be  no  payments due  by  Borrower during  the  Deferral   Period. B. Principal  and  Interest Payments. Commencing one month  after the  expiration  of  the Deferral Period,  and   continuing on the  same day  of each month thereafter  until  the  Maturity Date, Borrower shall pay to   Lender  monthly payments  of  principal  and  interest, each  in  such  equal  amount required to fully amortize   the  principal amount outstanding  on the  Note  on the last  day  of the  Deferral  Period  by  the Maturity Date. C. Maturity  Date. On  the Maturity  Date, Borrower  shall  pay  to Lender any  and all  unpaid principal plus   accrued and  unpaid interest plus interest  accrued  during  the  Deferral  Period.  This Note  will  mature  on   the  Maturity Date. D. If any  payment  is  due  on a date  for  which there is  no  numerical  equivalent  in a  particular  calendar month   then it  shall  be  due  on  the last  day of  such  month. If  any payment  is  due  on a  day  that is  not  a  Business   Day, the  payment  will  be made  on the  next Business Day.  The  term  "Business  Day"  means a  day  other   than a  Saturday, Sunday  or any other  day  on which  national banking  associations are  authorized to be   closed. E. Payments shall be allocated  among  principal  and  interest at  the  discretion  of  Lender  unless otherwise   agreed or required  by  applicable  law.  Notwithstanding,  in the  event  the  Loan,  or any  portion  thereof, is   forgiven pursuant to the Paycheck Protection Program under  the  federal CARES Act,  the  amount so   forgiven shall be applied to principal. F. Borrower may  prepay  this Note at  any time without payment  of  any premium. 5. CERTIFICATIONS. Borrower  certifies as follows: A. Current economic uncertainty  makes this Loan  necessary to support the ongoing  operations of Borrower. B. Loan  funds  will  be used to retain workers  and maintain  payroll  or  make  mortgage payments,  lease   payments, and  utility payments. C. During  the  period beginning  on  February 15, 2020  and  ending  on  December 31, 2020,  Borrower  has not   and will  not receive another  loan  under  this program. D. Borrower was in  operation  on  February 15, 2020  and  (i) had employees  for  whom  it paid  salaries  and   payroll  taxes,  or  (ii) paid  independent  contractors  as  reported  on a 1099 - Misc. 6. AGREEMENTS. Borrower  understands  and agrees, and waives and  releases  Lender, as follows: A. The  Loan would  be made under  the  SBA’s Paycheck  Protection  Program. Accordingly,  it  must  be   submitted to  and  approved by  the  SBA. There  is  limited funding  available  under the Paycheck Protection   Program  and  so  all  applications submitted  will  not be  approved  by the SBA. B. Lender is  participating  in the  Payroll Protection Program to help businesses impacted by  the  economic   impact  from COVID - 19. However,  Lender  anticipates high  volume and there  may be processing delays  and   system failures along with  other  issues  that  interfere  with  submission  of  your application to SBA. Lender

    	 

    	 

    

DocuSign Envelope ID: 496E3678 - 2AD3 - 4B91 - 942D - 24C91E840A19 does  not represent  or  guarantee  that it will  submit  the  application before SBA funding  is  no  longer   available or  at  all.  You  agree that Lender  is  not responsible  or  liable to  you  (i)  if  the  application is  not   submitted to  the  SBA until  after  SBA stops approving  applications,  for any reason  or  (ii)  if the  application  is   not  processed. You forever release  and  waive  any  claims against Lender concerning failure  to  obtain  the   Loan.  This release  and  waiver applies to but  is not limited  to  any  claims concerning  Lender’s  (i) pace,   manner or  systems for processing or prioritizing  applications, or  (ii) representations by  Lender  regarding   the  application process, the Paycheck Protection Program,  or  availability of funding.  This agreed to  release  and  waiver supersedes  any  prior communications, understandings, agreements  or   communications  on the  issues set forth herein. C. Forgiveness  of  the  Loan is only  available for principal  that is  used  for the  limited purposes that qualify for   forgiveness under SBA requirements,  and  that to  obtain forgiveness,  Borrower must request  it and  must   provide  documentation  in  accordance with  the  SBA requirements,  and certify  that  the  amounts Borrower   is requesting to  be  forgiven qualify under those requirements. Borrower also understand  that  Borrower   shall  remain  responsible under  the  Loan  for any  amounts  not  forgiven,  and that  interest payable under   the Loan will  not be forgiven but  that  the SBA may pay  the Loan interest on  forgiven amounts. D. Forgiveness  is not  automatic  and Borrower  must request  it. Borrower  is  not relying  on  Lender for  its   understanding  of  the requirements for forgiveness such  as eligible  expenditures, necessary   records/documentation,  or  possible reductions due  to  changes  in  number  of  employees or compensation. Rather Borrower  will  consult  the  SBA’s program materials. E. The application for  this  Loan  is  subject to review  and  that Borrower may not receive  the Loan.  The  Loan   also  remains subject to availability  of  funds under  the  SBA’s Payment  Protection  Program,  and to the  SBA   issuing an  SBA  loan number. 7. DEFAULT. Borrower is in  default under  this  Note  if Borrower: A. Fails to make a payment when due under the Note or otherwise fails  to comply with any   provision  of  this Note. B. Does not disclose, or anyone acting on its behalf does not disclose,  any material fact to Lender or   SBA. C. Makes,  or  anyone  acting  on  its behalf  makes,  a  materially false  or  misleading representation,   attestation  or  certification  to Lender  or SBA  in  connection  with  Borrower’s request for  this  Loan   under the CARES Act, or makes a false certification under paragraph 5 of this Note. D. Fails to comply with all of the provisions of this Note. E. Becomes the subject of a proceeding under any bankruptcy or insolvency law, has a receiver or   liquidator appointed for any part  of  its  business  or  property,  or makes an  assignment for  the   benefit  of creditors. F. Reorganizes,  merges,  consolidates,  or  otherwise changes  ownership  or  business structure   without  Lender's prior written consent. G. Becomes the subject of a civil or criminal action that Lender believes may materially affect   Borrower's  ability  to pay  this Note. 8. LENDER'S  RIGHTS  IF THERE  IS A DEFAULT. Without  notice  or  demand  and without  giving up  any of its rights, Lender may:

    	 

    	 

    

A. Require  immediate payment  of  all  amounts owing  under  this Note. B. Collect  all  amounts owing  from Borrower. C. File suit  and  obtain judgment. 9. LENDER'S  GENERAL POWERS. Without  notice  or  Borrower's consent, Lender may incur expenses to collect amounts due under  this  Note and   enforce  the  terms  of this  Note. Among  other  things, the expenses may include reasonable attorney's fees and   costs.  If  Lender  incurs  such expenses,  it  may demand immediate repayment  from  Borrower or add the  expenses   to the  principal balance; 10. GOVERNING  LAW AND VENUE;  WHEN FEDERAL  LAW APPLIES. When  SBA  is the  holder,  this  Note shall be interpreted  and  enforced under federal  law,  including SBA   regulations.  Lender or  SBA  may  use state  or local  procedures for filing papers,  recording  documents, giving   notice,  foreclosing  liens, and other  purposes.  By  using such procedures, SBA does  not  waive  any federal   immunity  from  state  or  local  control,  penalty, tax,  or liability. As  to  this  Note, Borrower  may not  claim  or  assert   against SBA any local  or  state  law  to deny  any  obligation, defeat any claim  of  SBA,  or  preempt federal law. If the  SBA  is not the  holder,  this  Note shall  be  governed by  and  construed  in  accordance  with the  laws  of the   State  of  Ohio  where the  main office  of  Lender  is  located. MATTERS REGARDING  INTEREST  TO BE CHARGED  BY   LENDER  AND THE  EXPORTATION  OF  INTEREST SHALL  BE  GOVERNED  BY  FEDERAL  LAW  (INCLUDING  WITHOUT   LIMITATION  12 U.S.C. SECTIONS  85  AND  1831u)  AND THE LAW OF THE STATE  OF OHIO.  Borrower  agrees that any legal action or  proceeding  with  respect  to any of  its obligations under  this  Note  may  be brought by Lender  in   any  state  or  federal court located  in the  State  of  Ohio,  as  Lender  in its sole  discretion  may  elect. Borrower   submits  to and  accepts  in  respect  of its  property, generally  and  unconditionally, the non - exclusive jurisdiction of those  courts.  Borrower  waives any claim  that  the  State  of Ohio is  not  a  convenient forum  or the  proper venue   for  any  such suit,  action or  proceeding. The extension  of  credit  that is  the subject  of this  Note  is  being made by   Lender in Ohio. 11. SUCCESSORS  AND ASSIGNS. Under this  Note, Borrower includes  its  successors,  and Lender  includes  its  successors  and assigns. 12. GENERAL PROVISIONS. A. Borrower must sign all documents necessary at any time to comply with the Loan. B. Borrower’s execution of this Note has been duly authorized by all necessary actions of its  governing body.   The person signing this Note is  duly authorized to do so on behalf of Borrower. C. This Note shall not be governed by any existing or future credit agreement or loan agreement with Lender.   The  liabilities  guaranteed pursuant  to any  existing  or  future guaranty  in  favor  of  Lender  shall  not  include   this  Note.  The  liabilities  secured  by any  existing  or  future  security instrument  in  favor  Lender  shall not   include this Note. D. Lender may exercise any of its rights separately or together, as many times and in any order it chooses.   Lender may delay or forgo enforcing any of its rights without giving up any of them. E. Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this   Note. F. If any part of this Note is unenforceable, all other parts remain in effect. DocuSign Envelope ID: 496E3678 - 2AD3 - 4B91 - 942D - 24C91E840A19

    	 

    	 

    

By: Printed Name: Title: Date Signed: DocuSign Envelope ID: 496E3678 - 2AD3 - 4B91 - 942D - 24C91E840A19 G. To the extent allowed by law, Borrower waives all demands and notices in connection with this Note,   including presentment,  demand,  protest,  and  notice  of dishonor. H. Borrower's liability under this Note will continue with respect to  any amounts SBA may pay Bank based on   an SBA  guarantee  of  this  Note.  Any  agreement with  Bank  under which  SBA  may  guarantee this  Note does   not  create  any  third party rights  or  benefits for Borrower and, if  SBA  pays  Bank under such  an  agreement,   SBA or Bank may then seek recovery from Borrower of amounts paid by SBA. I. Lender reserves  the right to modify the Note Amount based on documentation received from Borrower. 13. ELECTRONIC SIGNATURES. Borrower’s electronic signature shall have  the  same force  and  effect  as an  original signature  and  shall be   deemed (i)  to  be "written"  or "in writing" or an  “electronic record”, (ii) to have been signed  and (iii) to   constitute  a record  established  and  maintained  in the ordinary  course  of  business  and an original written record when  printed from  electronic  files. Such paper  copies or  "printouts,"  if  introduced  as evidence in any judicial, arbitral, mediation or administrative proceeding, will be admissible as between the parties to the same extent and under the same conditions as other original business records created and maintained in documentary form . 14. BORROWER’S NAME AND  SIGNATURE  Borrower: The  Joint Corporation Jake Singleton  CFO 4/9/2020

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