Document:

Amendment to Employment Agreement between Mark Ethier and HSN, Inc.

 Exhibit 10.18 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 This AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is
entered into by and between Mark Ethier (“Employee”) and HSN, Inc., a Delaware corporation (the “Company”), and is effective as of December 31, 2008 (the “Effective Date”). 
 WHEREAS, Employee and the Company previously entered into an Employment Agreement dated as of December 1, 2004 and a First Amendment to Employment
Agreement on July 9, 2007 between Employee and HSN General Partner LLC (collectively the “Employment Agreement”); and 
 WHEREAS, Employee and the Company now wish to amend that Employment Agreement with this Amendment. 
 NOW, THEREFORE, in
consideration of the mutual agreements hereinafter set forth, Employee and the Company have agreed and do hereby agree as follows: 
 1.
Capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Employment Agreement. 
 2. The
following section shall be added as Section 7A of the Employment Agreement: 
 7A. SECTION 409A OF THE INTERNAL REVENUE CODE.
This Agreement is not intended to constitute a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the rules and regulations issued
thereunder (“Section 409A”), except as provided in Section 1(g) of the Standard Terms and Conditions. It is intended that the amounts payable under this Agreement and the Company’s and Executive’s exercise of authority or
discretion hereunder shall comply with and avoid the imputation of any tax, penalty or interest under Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent. In no event shall the Company be
required to pay Employee any “gross up” or other payment with respect to any taxes or penalties imposed under Section 409A with respect to any benefit paid to Employee hereunder. 
 3. Sections 1(d) (e) and (f) of the Standard Terms and Conditions attached to the Employment Agreement and incorporated therein shall be
amended and restated to read as follows: 
  

	 	(d)	 TERMINATION BY THE COMPANY OTHER THAN FOR DEATH, DISABILITY OR CAUSE. If Employee’s employment is terminated by the Company for any reason other than
Employee’s death or Disability or for Cause, then 

	 	 
(i) the Company shall pay Employee the Base Salary through the end of the Term over the course of the then remaining Term; and (ii) the Company
shall pay Employee any Accrued Obligations (as defined in paragraph 1(f) below) in accordance with the terms of the plans, programs or arrangements under which such obligations arose. The payment to Employee of the severance benefits described in
this Section 1(d) shall be subject to Employee’s execution and non-revocation of a general release of the Company and its affiliates in a form substantially similar to that used for similarly situated executives of the Company and its
affiliates. Such release shall be furnished to Employee as soon as practical following the termination of employment , and shall be executed and promptly returned to the Company (and in no event later than 21 days following Executive’s
termination of employment, or such longer period as may be required by applicable law). All amounts of severance that would otherwise have been paid to Employee prior to the date upon which the revocation period provided for in such release shall be
paid to Employee in a lump sum, without interest, as soon as practical after such revocation period expires, but not later than March 15 of the year following the year in which employment is terminated. 

  

	 	(e)	MITIGATION; OFFSET. In the event of termination of Employee’s employment prior to the end of the Term, Employee shall use reasonable best efforts to seek other
employment and to take other reasonable actions to mitigate the amounts payable under Section 1 hereof. If Employee obtains other employment during the Term, all future amounts payable by the Company to Employee during the remainder of the Term
shall be offset by the amount earned by Employee from another employer. For purposes of this Section 1(e), Employee shall have an obligation to inform the Company regarding Employee’s employment status following termination and during the
period encompassing the Term. 

  

	 	(f)	ACCRUED OBLIGATIONS. As used in this Agreement, “Accrued Obligations” shall mean the sum of any compensation previously earned but deferred by Employee (together
with any interest or earnings thereon) under any plan, program or arrangements of the Company that has not been paid. 

 4. The
following subsection (g) shall be added to Section 1. of the Standard Terms and Conditions: 
  

	 	(g)	SECTION 409A. In order to satisfy the requirements of Section 409A, the following provisions shall apply: 

  

	 	(i)	Each payment to Employee of a portion of the Employee’s Base Salary following his or termination of employment (a “Severance Payment”) pursuant to paragraph 1(d)
shall be treated as a separate payment for purposes of Section 409A. 

  

	 	(ii)	 The Severance Payments that are considered payments of deferred compensation subject to 409A (“Section 409A Payments”) shall consist only of those
Severance Payments that are either (A) both (x) paid after March 15 of the 

  

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year following the year in which Employee’s employment is terminated and (y) exceed, on a cumulative basis and including only amounts paid after
such March 15, two times the lesser of the limitation in effect under Section 410(a)(17) of the Code for the year that includes the termination of employment (the “Termination Year”) or the Base Salary in effect at the end of the
last year prior to the Termination Year, or, (B) are paid after the end of the second year following the termination year. For purposes of the limitation in subparagraph (A)(y), only Severance Payments paid after the total of all Severance
Payments exceed such limitation on a cumulative basis shall be considered Section 409A Payments (including the portion of the Severance Payment that causes the total amount of Severance Payments to exceed such limitation).

  

	 	(iii)	No Section 409A Payment shall be accelerated, or otherwise paid to Employee at any time other than as provided above, and no amount shall be paid to Employee in lieu of any
Section 409A Payment, whether pursuant to an amendment to this Agreement, any separation agreement, or otherwise, except as permitted by Section 409A. No Section 409A Payment shall be paid until Employee has a separation from service
as defined in Section 409A or, if the Employee is a “specified employee” as defined in Section 409A, six (6) months after Employee’s separation from service. 

 5. Section 3 of the Standard Terms and Conditions attached to the Employment Agreement shall be amended and restated to read as follows: 

3. TERMINATION OF PRIOR AGREEMENTS. This Agreement constitutes the entire agreement between the parties and terminates and supersedes any and
all prior agreements and understandings (whether written or oral) between the parties with respect to the subject matter of this Agreement, including but not limited to, the Employment Agreement between Employee and HSN General Partner LLC with an
effective date of December 1, 2004 and a First Amendment to Employment Agreement on July 9, 2007. Employee acknowledges and agrees that neither the Company nor anyone acting on its behalf has made, and is not making, and in executing this
Agreement, the Employee has not relied upon, any representations, promises or inducements except to the extent the same is expressly set forth in this Agreement. Employee hereby represents and warrants that by entering into this Agreement, Employee
will not rescind or otherwise breach an employment agreement with Employee’s current employer prior to the natural expiration date of such agreement 
 6. The Employment Agreement is reaffirmed and ratified in all respects, except as expressly provided herein. In the event of any conflict between the terms or provisions of this Amendment and the Employment Agreement,
then this Amendment shall prevail in all respects. Otherwise, the provisions of the Employment Agreement shall remain in full force and effect. 
  

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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and delivered by its duly
authorized officer, and Employee has executed and delivered this Agreement on January     , 2009. 
  

			
	HSN, INC
		
	By:	 	 /s/ Lisa Letizio

	Lisa Letizio
	EVP Human Resources
	
	 /s/ Mark Ethier

	Mark Ethier

  

 4Form of Stock Appreciation Rights Agreement.

 Exhibit 10.19 
 FORM OF STOCK APPRECIATION RIGHT AGREEMENT 
 THIS STOCK APPRECIATION RIGHT AGREEMENT (this
“Agreement”), dated as of «date» is between HSN, Inc., a Delaware corporation (the “Corporation”), and «grantee» (the “Grantee”). 
  

	1.	Award and Vesting of SARs 

 (a) Subject to
the terms, definitions, and provisions of this Agreement and the Company’s Amended and Restated 2008 Stock and Annual Incentive Plan (the “Plan”), the Corporation hereby grants to the Grantee as of the Award Date a stock appreciation
right with respect to the total number of shares of common stock, par value $0.01 per share (“Common Stock”), and at the exercise price per share set forth in the Summary of Award (the “SARs”). Reference is also made to the
“Summary of Award” that was delivered simultaneously with this Agreement and can be found on the Smith Barney Benefit Access System at www.benefitaccess.com. Your Summary of Award, which sets forth the Award Date, the number of SARs
granted to you by the Corporation and the exercise price for such SARs (among other information), is hereby incorporated by reference to, and shall be read as part and parcel of, this Agreement. Any defined terms not defined in this Agreement or the
Summary of Award shall have the meaning ascribed to it in the Plan. 
 (b) Subject to the terms and conditions of this Agreement and the
provisions of the Plan, the SARs shall vest and no longer be subject to any restriction in accordance with the Vesting Period described in the Summary of Award. 
 (c) Notwithstanding the provisions of Section 1(b) and except as provided in Section 5 of this Agreement, in the event of termination of the Grantee’s service with the Corporation during the Vesting
Period for any reason, all remaining unvested SARs shall be forfeited by the Grantee and canceled in their entirety effective immediately upon such termination. 
 (d) Unless earlier terminated pursuant to the terms of this Agreement or the Plan, the SARs will expire on the tenth anniversary of the Award Date. 
 (e) Nothing in this Agreement shall confer upon the Grantee any right to continue in the employ or service of the Corporation or any of its affiliates or
interfere in any way with the right of the Corporation or any such Affiliates to terminate the Grantee’s service at any time, with or without cause. 
  

	2.	Exercise. 

 (a) The vested portion of the
SARs shall be exercisable by delivery to the Corporation of a written notice stating the number of whole shares of Common Stock in respect of which this SAR is being exercised. The SARs may not be exercised at any one time as to fewer than 100
shares (or such number of shares as to which the SARs are then exercisable if less than 100). Fractional share interests shall be disregarded except they may be accumulated. 

 (b) Upon exercise of this SAR pursuant to this Section 2, Grantee will receive a payment equal to
the difference between the aggregate Fair Market Value of the shares of Common Stock with respect to which this SAR is exercised and determined as of the exercise date and the aggregate Exercise Price. Payment shall be made, in the sole discretion
of the Company, in either cash or shares of Common Stock (either in book-entry form or otherwise), and shall be net of any amounts required to satisfy the Company’s withholding obligations. Any fractional share due to Grantee upon exercise
shall be rounded up to the next full share of Common Stock. 
  

	3.	Non-Transferability of the SARs 

 During the
Vesting Period and until such time as the SARs are ultimately settled as provided in Section 2 above, the SARs shall not be transferable by the Grantee by means of sale, assignment, exchange, encumbrance, pledge, hedge or otherwise. 

 

	4.	Rights as a Stockholder 

 Except as otherwise
specifically provided in this Agreement until the SARs are exercised and only to the extent the Grantee receipts and owns shares of Common Stock, the Grantee shall not be entitled to any rights of a stockholder with respect to the SARs.
Notwithstanding the foregoing, if the Corporation declares and pays dividends on the Common Stock during the Vesting Period, the Grantee will be credited with additional amounts for each SAR equal to the dividend that would have been paid with
respect to such SAR if it had been an actual share of Common Stock, which amount shall remain subject to restrictions (and as determined by the Committee may be reinvested in SARs or may be held in kind as restricted property) and shall vest
concurrently with the vesting of the SARs upon which such dividend equivalent amounts were paid. Notwithstanding the foregoing, dividends and distributions other than regular quarterly cash dividends, if any, may result in an adjustment pursuant to
Section 5. 
  

	5.	Adjustment in the Event of Change in Stock; Change in Control 

 (a) In the event of any change in corporate capitalization (including, but not limited to, a change in the number of shares of Common Stock outstanding), such as a stock split or a corporate transaction, such as any
merger, consolidation, separation, including a spin-off, or other distribution of stock or property of the Corporation (including any extraordinary cash or stock dividend), any reorganization (whether or not such reorganization comes within the
definition of such term in Section 368 of the Code) or any partial or complete liquidation of the Corporation, the number of SARs and the shares underlying such SARs shall be equitably adjusted by the Committee (including, in its discretion,
providing for other property to be held as restricted property) as it may deem appropriate in its sole discretion. The determination of the Committee regarding any such adjustment will be final and conclusive. 
 (b) With respect to the awards evidenced by this Agreement, subject to paragraph (e) of Section 10 of the Plan, notwithstanding any provision
of the Plan to the contrary, upon Grantee’s Termination of Employment, during the one-year period following a Change in Control, by the Company for other than Cause or Disability or by the Grantee for Good Reason: 
 (i) any SARs outstanding as of such date of Termination of Employment which were outstanding as of the date of such Change in Control
shall be fully exercisable and vested and shall remain exercisable until the later of (i) the last date on which such SAR would be exercisable in the absence of this Section 5(b) and (ii) the earlier of (A) the first anniversary
of such Change in Control and (B) the expiration of the term of the SARs. 
  

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 (ii) the restrictions and deferral limitations applicable to any SARs shall lapse, and
such SAR outstanding as of such date of Termination of Employment which were outstanding as of the date of such Change in Control shall become free of all restrictions and become fully vested and transferable. 
  

	6.	Payment of Transfer Taxes, Fees and Other Expenses 

 The Corporation agrees to pay any and all original issue taxes and stock transfer taxes that may be imposed on the issuance of shares received by an Grantee in connection with the SARs, together with any and all other fees and expenses
necessarily incurred by the Corporation in connection therewith. 
  

	7.	Other Restrictions 

 (a) The SARs shall be
subject to the requirement that, if at any time the Committee shall determine that (i) the listing, registration or qualification of the shares of Common Stock subject or related thereto upon any securities exchange or under any state or
federal law, or (ii) the consent or approval of any government regulatory body, then in any such event, the award of SARs shall not be effective unless such listing, registration, qualification, consent or approval shall have been effected or
obtained free of any conditions not acceptable to the Committee. 
 (b) The Grantee acknowledges that the Grantee is subject to the
Corporation’s policies regarding compliance with securities laws, including but not limited to its Securities Trading Policy (as in effect from time to time and any successor policies), and, pursuant to these policies, if the Grantee is on the
Corporation’s insider list, the Grantee shall be required to obtain pre-clearance from the Corporation’s General Counsel prior to purchasing or selling any of the Corporation’s securities, including any shares issued upon vesting of
the SARs, and may be prohibited from selling such shares other than during an open trading window. The Grantee further acknowledges that, in its discretion, the Corporation may prohibit the Grantee from selling such shares even during an open
trading window if the Corporation has concerns over the potential for insider trading. 
  

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	8.	Notices 

 All notices and other
communications under this Agreement shall be in writing and shall be given by hand delivery to the other party or by facsimile, overnight courier, or registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 If to the Grantee: at the address last provided by the Grantee to the Corporation’s Human Resources Department. 
  

					
	If to the Corporation:	 	HSN, Inc.	  	
		 	1 HSN Drive	  	
		 	 St. Petersburg, FL 33729
 Attention: General
Counsel
 Facsimile: (727) 872-1000
	  	

 or to such other address or facsimile number as any party shall have furnished to the other in writing in
accordance with this Section 8. Notice and communications shall be effective when actually received by the addressee. Notwithstanding the foregoing, the Grantee consents to electronic delivery of documents required to be delivered by the
Corporation under the securities laws. 
  

	9.	Effect of Agreement 

 Except as otherwise
provided hereunder, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of the Corporation. 
  

	10.	Laws Applicable to Construction; Consent to Jurisdiction 

 The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Delaware without reference to principles of conflict of laws, as applied to contracts executed in and
performed wholly within the State of Delaware. In addition to the terms and conditions set forth in this Agreement and the Summary of Award, the SARs are subject to the terms and conditions of the Plan, which are hereby incorporated by reference.

 Any and all disputes arising under or out of this Agreement, including without limitation any issues involving the enforcement or
interpretation of any of the provisions of this Agreement, shall be resolved by the commencement of an appropriate action in the state or federal courts located within the State of Delaware, which shall be the exclusive jurisdiction for the
resolution of any such disputes. The Grantee hereby agrees and consents to the personal jurisdiction of said courts over the Grantee for purposes of the resolution of any and all such disputes. 
  

	11.	Severability 

 The invalidity or
enforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
  

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	12.	Conflicts and Interpretation 

 In the event
of any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions
thereof pursuant to which the Committee has the power, among others, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan, and (iii) make all other determinations deemed necessary or
advisable for the administration of the Plan. 
 In the event of any (i) conflict between the Summary of Award (or any other information
posted on the Smith Barney Benefit Access System) and this Agreement, the Plan and/or the books and records of the Corporation, or (ii) ambiguity in the Summary of Award (or any other information posted on the Smith Barney Benefit Access
System), this Agreement, the Plan and/or the books and records of the Corporation, as applicable, shall control. 
  

	13.	Amendment 

 The Corporation may modify, amend
or waive the terms of the SAR award, prospectively or retroactively, but no such modification, amendment or waiver shall impair the rights of the Grantee without his or her consent, except as required by applicable law, NASDAQ or stock exchange
rules, tax rules or accounting rules. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such
party of a provision of this Agreement. 
  

	14.	Headings 

 The headings of paragraphs herein
are included solely for convenience of reference and shall not affect the meaning or interpretation of any of the provisions of this Agreement. 
  

	15.	Counterparts 

 This Agreement may be executed
in counterparts, which together shall constitute one and the same original. 
  

	16.	Data Protection 

 The Grantee authorizes the
release from time to time to the Corporation (and any of its subsidiaries or affiliated companies) and to the Agent (together, the “Relevant Companies”) of any and all personal or professional data that is necessary or desirable for the
administration of the Plan and/or this Agreement (the “Relevant Information”). Without limiting the above, Grantee permits his or her employing company to collect, process, register and transfer to the Relevant Companies all Relevant
Information (including any professional and personal data that may be useful or necessary for the purposes of the administration of the Plan and/or this Agreement and/or to implement or structure any further grants of equity awards (if
any)). Grantee hereby authorizes the Relevant Information to be transferred to any jurisdiction in which the Corporation, his or her employing company or the Agent considers appropriate. Grantee shall have access to, and the right to
change, the Relevant Information. Relevant Information will only be used in accordance with applicable law. 
  

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 IN WITNESS WHEREOF, as of the date first above written, the Corporation has caused this Agreement to be
executed on its behalf by a duly authorized officer. Electronic acceptance of this Agreement pursuant to the Corporation’s instructions to Grantee (including through an online acceptance process managed by the Agent) is acceptable. 

 

			
	HSN, INC.
		
	By:	 	  

		 	Lisa Letizio
		 	Executive Vice President –
		 	Human Resources

  

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