Document:

ex10_01.htm

Exhibit 10.01

 

Amendment Number 3 to Employment Agreement

 

This Amendment Number 3 (the “Amendment”) to the Letter Agreement dated January 5, 2005 (the “Agreement”) by and between you, Jeffrey T. Housenbold, and Shutterfly, Inc. (the “Company”), as amended effective December 8, 2008 and March 12, 2009, is effective as of February 17, 2012 (the “Effective Date”).

 

Recitals

 

Whereas, you and the Company have previously entered into an Agreement dated as of January 5, 2005, whereby the Company confirmed your employment upon certain terms and conditions;

 

Whereas, you and the Company previously entered into an amendment to the Agreement effective as of December 8, 2008 (“Amendment Number 1”) and an amendment to the Agreement effective as of March 12, 2009 (“Amendment Number 2”); and

 

 Whereas, you and the Company agree it is advisable to amend the Agreement further;

 

Now, Therefore, for good and valuable consideration, the receipt, sufficiency and adequacy of which is hereby acknowledged, you and the Company hereby agree to the following changes to the Agreement:

Any capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Agreement, Amendment Number 1 or Amendment Number 2.

(1)           Subsection (ii) of Section 5(a) of the Agreement, as it has been deleted and replaced by subparagraph (2) of Amendment Number 1, is hereby deleted and replaced with the following:

“. . . (ii) a requirement by the Company that you relocate your principal office to a facility more than thirty-five (35) miles from the Company’s current Redwood City, California headquarters; . . .”

(2)           Section 6(c) of the Agreement, as it has been deleted and replaced by subparagraph (4) of Amendment Number 1is hereby deleted and replaced with the following:

 

In the event of your Involuntary Termination or Termination without Cause within twelve (12) months following the closing of a Change in Control, in lieu of any payment under Section 6(b) above, you will be entitled to (i) a lump sum payment equivalent to your then-current base salary for a period of fifteen (15) months and the maximum Target Bonus for the year in which the termination occurred plus an additional one fourth (1/4) of the maximum Target Bonus for the year in which the termination occurred; and (ii) accelerated vesting of all of your unvested options and restricted stock units, including earned and unearned unvested performance-based restricted stock units.

  

  

  

 

Except as specifically set forth above, all terms and conditions of the Agreement, as amended by Amendment Number 1 and Amendment Number 2 shall remain in full force and effect.  This Amendment shall be deemed to form an integral part of the Agreement, as amended by Amendment Number 1 and Amendment Number 2.  In the event of any inconsistency or conflict between the provisions of the Agreement, as amended by Amendment Number 1 and Amendment Number 2 and this Amendment, the provisions of this Amendment will prevail and govern.

 

This Amendment may be executed in counterparts and, upon delivery of counterparts which together show the execution by both parties hereto, shall constitute one agreement which shall inure to the benefit of and be binding upon the parties hereto.

 

In Witness Whereof, the parties hereto have caused this Amendment to be entered into as of the Effective Date.

 

	SHUTTERFLY, INC.	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/ Peter Navin	 	
/s/Jeffrey T. Housenbold

	 

	Name:	Peter Navin	 	 Jeffrey T. Housenbold	 
	Title:	Senior Vice President,	 	 	 
	 	
Human Resourcesex10_02.htm

Exhibit 10.02

Amendment Number 2 to Offer Letter

This Amendment Number 2 to the Offer Letter dated March 21, 2005 (the “Offer Letter”), as amended effective December 26, 2008, by and between you, Dan McCormick, and Shutterfly, Inc. (the “Company”) is effective as of February 16, 2012.

 

Recitals

 

Whereas, you and the Company have previously entered into an Offer Letter dated March 21, 2005, whereby the Company confirmed your employment upon certain terms and conditions;

 

Whereas, you and the Company have also entered into an amendment to the Offer Letter effective as of December 26, 2008 (“Amendment Number 1”); and

 

  Whereas, you and the Company agree it is advisable to amend the Offer Letter further;

 

Now, therefore, for good and valuable consideration, the receipt, sufficiency and adequacy of which is hereby acknowledged, you and the Company hereby agree to the following changes to the Offer Letter:

 

(1)           Paragraph 2 (“Change in Control Benefits”) of Amendment Number 1, is hereby deleted and replaced with the following:

 

Change in Control Benefits

In the event of your termination without Cause or for Good Reason, within twelve (12) months following a Corporate Transaction (as defined in the Plan), you will receive (A) items (1) and (2) of the Severance (on the terms and conditions provided above) and (B) if the Company’s equity awards are assumed in the Corporate Transaction, accelerated vesting of the number of your then-unvested Company stock option shares and restricted stock units, including earned and unearned unvested performance-based restricted stock units, that would have vested during the twelve (12) months following the date of such termination (collectively, the “Change in Control Benefits”).  The Change in Control Benefits would be provided in lieu of any other severance-related benefits for which you may be eligible.  Your receipt of the Change in Control Benefits is conditioned on you having first executed, and not revoked, a general release of claims in favor of the Company (in a form prescribed by the Company) and the return of all Company property.

 

“Termination” means (a) a termination of your employment by the Company or its successor without Cause or (b) your resignation within three (3) months following an event constituting Good Reason, provided that you have given written notice to the Company of such event within forty-five (45) days of its occurrence and the Company has failed to cure such event within thirty (30) days following receipt of such notice.  For purposes of this paragraph, “Good Reason” means (i) a material reduction or change in your duties and responsibilities as in effect immediately prior to the Corporate Transaction; (ii) the relocation of the Company’s corporate office at which you work by more than thirty-five (35) miles from its location immediately prior to such Corporate Transaction, which materially increases your commuting distance or (iii) a material reduction in your annual compensation, including base salary and bonus.

 

  

  

  

 

(2)           Miscellaneous.  This Amendment, together with the Offer Letter (as amended by Amendment Number 1), contains the entire agreement between you and the Company concerning your employment with the Company, and supersedes any previous agreements or understandings, whether written or oral.  The parties acknowledge and agree that this Amendment does not affect the at-will nature of your employment relationship with the Company.  This Amendment may be amended solely in a written document executed on behalf of both parties.

 

IN WITNESS WHEREOF, the parties hereby execute this Amendment to Offer Letter as of the date first above written.

 

	SHUTTERFLY, INC.	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/ Peter Navin	 	
/s/ Dan McCormick

	 

	Name:	Peter Navin	 	Dan McCormick	 
	Title:	Senior Vice President,	 	 	 
	 	
Human Resourcesex10_03.htm

Exhibit 10.03

 

Amendment Number 2 to Offer Letter

This Amendment Number 2 to the Offer Letter dated January 17, 2007 (the “Offer Letter”), as amended effective December 23, 2008, by and between you, Dwayne Black, and Shutterfly, Inc. (the “Company”) is effective as of February 16, 2012.

 

Recitals

 

Whereas, you and the Company have previously entered into an Offer Letter dated January 17, 2007, whereby the Company confirmed your employment upon certain terms and conditions;

 

Whereas, you and the Company have also entered into an amendment to the Offer Letter effective as of December 23, 2008 (“Amendment Number 1”); and

 

  Whereas, you and the Company agree it is advisable to amend the Offer Letter further;

 

Now, therefore, for good and valuable consideration, the receipt, sufficiency and adequacy of which is hereby acknowledged, you and the Company hereby agree to the following changes to the Offer Letter:

 

(1)           Paragraph 2 (“Change in Control Benefits”) of Amendment Number 1, is hereby deleted and replaced with the following:

 

Change in Control Benefits

In the event of your termination without Cause or for Good Reason, within twelve (12) months following a Corporate Transaction (as defined in the Plan), you will receive (A) items (1) and (2) of the Severance (on the terms and conditions provided above) and (B) if the Company’s equity awards are assumed in the Corporate Transaction, accelerated vesting of the number of your then-unvested Company stock option shares and restricted stock units, including earned and unearned unvested performance-based restricted stock units, that would have vested during the twelve (12) months following the date of such termination (collectively, the “Change in Control Benefits”).  The Change in Control Benefits would be provided in lieu of any other severance-related benefits for which you may be eligible.  Your receipt of the Change in Control Benefits is conditioned on you having first executed, and not revoked, a general release of claims in favor of the Company (in a form prescribed by the Company) and the return of all Company property.

 

“Termination” means (a) a termination of your employment by the Company or its successor without Cause or (b) your resignation within three (3) months following an event constituting Good Reason, provided that you have given written notice to the Company of such event within forty-five (45) days of its occurrence and the Company has failed to cure such event within thirty (30) days following receipt of such notice.  For purposes of this paragraph, “Good Reason” means (i) a material reduction or change in your duties and responsibilities as in effect immediately prior to the Corporate Transaction; (ii) the relocation of the Company’s corporate office at which you work by more than thirty-five (35) miles from its location immediately prior to such Corporate Transaction, which materially increases your commuting distance or (iii) a material reduction in your annual compensation, including base salary and bonus.

 

  

  

  

 

(2)           Miscellaneous.  This Amendment, together with the Offer Letter (as amended by Amendment Number 1), contains the entire agreement between you and the Company concerning your employment with the Company, and supersedes any previous agreements or understandings, whether written or oral.  The parties acknowledge and agree that this Amendment does not affect the at-will nature of your employment relationship with the Company.  This Amendment may be amended solely in a written document executed on behalf of both parties.

 

IN WITNESS WHEREOF, the parties hereby execute this Amendment to Offer Letter as of the date first above written.

 

	SHUTTERFLY, INC.	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/ Peter Navin	 	
/s/ Dwayne Black

	 

	Name:	Peter Navin	 	
Dwayne Black

	 
	Title:	Senior Vice President,	 	 	 
	 	
Human Resources

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