Document:

EX-10.(l)

 Exhibit 10(l) 

 

			
	PACCAR Inc	  	 LONG TERM INCENTIVE PLAN

2014 NONSTATUTORY STOCK OPTION AGREEMENT

 THIS NONSTATUTORY STOCK OPTION AGREEMENT (“Agreement”), entered into as of
<<<Date>>> between PACCAR Inc, a Delaware corporation (the “Company”), and <<<Employee Name>>> (the “Optionee”). 

RECITALS 
  

	A.	The Company’s Board of Directors has established the PACCAR Inc Long Term Incentive Plan (then “Plan”) in order to provide selected employees of
the Company and its subsidiaries with an opportunity to acquire shares of common stock, par value $1 per share, of the Company (the “Stock”). 

 

	B.	The committee of the Board of Directors charged with administering the Plan (the “Committee”) has determined that it would be in the best interests of
the Company and its stockholders to grant the nonstatutory stock option described in this Agreement to Optionee as an inducement to enter into or remain in the service of the Company and as an incentive for extraordinary efforts during such service.

 AGREEMENTS 
  

	1.	GRANT OF OPTION. 

  

	 	(a)	Option. The Company hereby grants to Optionee the option (the “Option”) to purchase <<<Number>>> shares of Stock
for the sum of $<<<Price>>> per share (the “Exercise Price”), which is agreed to be the closing price for a share of Stock on <<<Date>>>, the day of
grant. The Option is not intended to be an Incentive Stock Option described in Section 422(b) of the Internal Revenue Code of 1986, as amended. 

  

	 	(b)	Plan. The Option is granted pursuant to the Plan, a copy of which the Optionee acknowledges having received, read and understood. The provisions of
the Plan are incorporated into this Agreement by this reference. 

  

	2.	NO TRANSFER OR ASSIGNMENT OF OPTION. 

 Except as otherwise provided in this Agreement, the Option and the rights and privileges conferred hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of
law or otherwise) and shall not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the Option, or of any right or privilege conferred hereby, contrary
to the provisions hereof, or upon any attempted sale under any execution, attachment or similar process upon the rights and privileges conferred hereby, the Option and the rights and privileges conferred by this Agreement shall immediately become
null and void. 
  

	3.	RIGHT TO EXERCISE. 

  

	 	(a)	Normal Exercise. The Option shall become exercisable on January 1, <<<Year>>>. 

	 	(b)	Prorated Exercisability on Retirement. A prorated portion of the Option will become exercisable upon the date of Optionee’s retirement if all of the
following circumstances exist: 

  

	 	(1)	Optionee’s employment is terminated by reason of retirement on or after the date Optionee becomes age 62 and before the date Optionee becomes age 65; and

  

	 	(2)	Optionee has at least fifteen (15) years of Company service on the date of retirement; 

The portion of the Option exercisable upon retirement shall be determined by multiplying the number of option shares granted by a
fraction, the numerator of which is the number of full months Optionee worked during the LTIP performance period for which the Option was granted and the denominator of which is 36, such product to be rounded down to the nearest whole share. The
portion of the Option which does not become exercisable under this Section 3(b) will be forfeited as of the date of Optionee’s termination of employment. 
  

	 	(c)	Employment Termination. If the Option is not exercisable on the date of Optionee’s termination of employment it shall be forfeited unless termination is by
reason of retirement at or after age 65 or the Option is prorated as described in 3(b). If local law requires notice of termination, the Option terminates on receipt of notice of termination of employment and does not include any further notice
period. 

  

	4.	EXERCISE PROCEDURES. 

  

	 	(a)	Notice of Exercise. The Optionee or the Optionee’s representative may exercise the Option by giving notice acceptable to the Company. The notice shall
specify the election to exercise the Option and the number of shares of Stock for which it is being exercised. The notice shall be authenticated by the person or persons exercising the Option. In the event that the Option is being exercised by the
representative of the Optionee, the notice shall be accompanied by proof satisfactory to the Company of the representative’s right to exercise the Option. The Optionee or the Optionee’s representative shall deliver to the Company, at the
time of giving the notice, payment in a form described in Section 5 for the Exercise Price for each share of Stock to be purchased on the exercise of the Option. 

 

	 	(b)	Issuance of Shares. After receiving a proper notice of exercise, the Company shall issue the shares of Stock for which the Option has been exercised, in the name
of the person exercising the Option (or in the names of such person and his or her spouse as community property or as joint tenants with right of survivorship). The Company may issue the option Stock in either book entry or certificated form and
deliver it to or upon the order of the person exercising the Option. 

  

	5.	PAYMENT FOR STOCK. 

 The
Exercise Price for each share of Stock to be purchased on the exercise of the Option shall be paid in lawful money of the United States of America or in one or more of the forms described in Article 6 of the Plan. 

  
  

Non-Statutory Stock Option Agreement—Page 2 

	6.	EXERCISE PERIOD. 

 Except
as otherwise stated herein, the Option may be exercised until the earliest to occur of the following dates to the extent so specified: 
  

	 	(a)	Immediate Termination for Cause. If the Optionee’s employment is terminated by the Company for Cause, to the extent not yet exercised the Option shall be
immediately terminated and forfeited. 

 “Cause” means: 

 

	 	(1)	an act of embezzlement, fraud or theft; 

  

	 	(2)	the deliberate disregard of the policies or rules of the Company or a subsidiary; 

 

	 	(3)	any unauthorized disclosure of any of the secrets or confidential information of the Company or a subsidiary; 

 

	 	(4)	any conduct which constitutes unfair competition with the Company or a subsidiary; or 

 

	 	(5)	inducing any customers of the Company or a subsidiary to breach any contracts with the Company or a subsidiary. 

 

	 	(b)	Resignation; Termination Without Cause. If the Optionee’s employment is terminated by the Optionee’s resignation, other than retirement, or by
termination by the Company without Cause, the Option to the extent not yet exercised may be exercised for a period of one (1) month after the date of such termination, but only to the extent that the Option is otherwise exercisable under
the terms of the Plan on the date of such termination, unless the Committee in its sole discretion determines that a shorter time frame is appropriate. The Option will be immediately forfeited if it is not exercisable as of the employment
termination date. 

  

	 	(c)	Loss of Eligibility. If the Optionee becomes ineligible for the grant of stock options under the Plan due to demotion, the Option to the extent not yet exercised
may be exercised for a period of three (3) months after the date of loss of eligibility, but only to the extent that the Option is otherwise exercisable under the terms of the Plan on the date of loss of eligibility. The Option will be
immediately forfeited if it is not exercisable as of the date of loss of eligibility. 

  

	 	(d)	Death or Disability. If the Optionee’s employment is terminated by reason of death or disability, the Option to the extent not yet exercised may be
exercised for a period of twelve (12) months after the date of such termination, but only to the extent that the Option is otherwise exercisable under the terms of the Plan on the date of such termination. The Option will be
immediately forfeited if it is not exercisable as of the employment termination date. 

  
  

Non-Statutory Stock Option Agreement—Page 3 

	 	(e)	Retirement. 

  

	 	(1)	If the Optionee’s employment is terminated on or after age 55 and before age 62 by reason of retirement and Optionee has at least fifteen (15) years of
Company service, the Option to the extent not yet exercised may be exercised for a period of twelve (12) months after the date of such termination, but only to the extent that the Option is otherwise exercisable under the Plan on
the date of such termination. The Option will be immediately forfeited if it is not exercisable as of the employment termination date. 

  

	 	(2)	If the Optionee’s employment is terminated on or after age 62 but before age 65 by reason of retirement and Optionee has at least fifteen (15) years of
Company service, the Option to the extent not yet exercised (including any exercisable prorated amount under Section 3(b)) may be exercised until the expiration date in Section 6(f) but only to the extent that the Option is
otherwise exercisable under the Plan on the date of such termination. 

  

	 	(3)	If the Optionee’s employment is terminated at or after age 65 by reason of retirement, the Option may be exercised until the expiration date in
Section 6(f). 

  

	 	(f)	Expiration Date. The Option expiration date of <<<Date>>>. 

 

	7.	REGISTRATION. 

  

	 	(a)	No Registration Rights. The Company may, but shall not be obligated to, register or qualify the sale of Stock under the Securities Act of 1933, as amended (the
“Securities Act”) or any other applicable law. The Company shall not be obligated to take any affirmative action in order to cause the sale of Stock under this Agreement to comply with any law. 

 

	 	(b)	Compliance with Law. No shares of Stock shall be issued upon the exercise of the Option unless and until the Company has determined that:

  

	 	(1)	it and the Optionee have taken any actions required to register the Stock under the Securities Act or to perfect an exemption from the registration requirements
thereof; 

  

	 	(2)	any applicable listing requirement of any stock exchange on which the Stock is listed has been satisfied; and 

 

	 	(3)	any other applicable provision of state or federal law has been satisfied. 

 

	8.	RESTRICTIONS ON TRANSFER OF SHARES. 

  

	 	(a)	 Restrictions. Regardless of whether the offering and sale of Stock under the Plan has been registered under the Securities Act or
has been registered or qualified under the securities laws of any state, the Company may impose restrictions upon the sale, pledge or other transfer of the Stock (including the placement of appropriate legends on stock certificates) if, in the
judgment of the Company and its counsel, such restrictions are 

  
  

Non-Statutory Stock Option Agreement—Page 4 

	 	
necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law or with restrictions imposed by the Company’s underwriters.

  

	 	(b)	Investment Intent at Exercise. In the event that the sale of Stock under the Plan is not registered under the Securities Act but an exemption is
available which requires an investment or other representation, the Optionee shall represent and agree at the time of exercise that the Stock acquired upon exercising the Option is being acquired for investment, and not with a view to the sale or
distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel. 

  

	 	(c)	Legend. In the event that certificates evidencing shares of Stock are acquired under this Agreement in an unregistered transaction, they shall bear
the following restrictive legend (and such other restrictive legends as are required or deemed advisable under the provisions of any applicable law): 

 THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER
SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
  

	 	(d)	Removal of Legends. If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing shares of Stock
acquired under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of shares of Stock but lacking such legend.

  

	 	(e)	Administration. Any determination by the Company and its counsel in connection with any of the matters set forth in this Section 8 shall be
conclusive and binding on the Optionee and all other persons. 

  

	9.	ADJUSTMENTS. 

  

	 	(a)	General. In the event of a subdivision of the outstanding shares of Stock, a declaration of a dividend payable in shares of Stock, a declaration of
a dividend payable in a form other than shares of Stock in an amount that has a material effect on the price of shares of Stock, a combination or consolidation of the outstanding shares of Stock (by reclassification or otherwise) into a lesser
number of shares of Stock, a recapitalization, a spinoff or a similar occurrence, the Committee shall make appropriate adjustments in one or both of  

 

	 	(1)	the number of shares of Stock covered by the Option or 

  

	 	(2)	the Exercise Price. 

  
  

Non-Statutory Stock Option Agreement—Page 5 

	 	(b)	Reorganizations. In the event that the Company is a party to a merger or other reorganization, the Option shall be subject to the agreement of
merger or reorganization. Such agreement may provide, without limitation, for  

  

	 	(1)	the assumption of the Option by the surviving corporation or its parent, 

  

	 	(2)	its continuation by the Company, if the Company is a surviving corporation, 

 

	 	(3)	the acceleration of its exercisability or 

  

	 	(4)	payment of a cash settlement equal to the difference between the amount to be paid for one Common Share under such agreement and the Exercise Price.

  

	 	(c)	Reservation of Rights. Except as provided in this Section 9, the Optionee shall have no rights by reason of  

 

	 	(1)	any subdivision or consolidation of shares of stock of any class, 

  

	 	(2)	the payment of any dividend or 

  

	 	(3)	any other increase or decrease in the number of shares of stock of any class. 

 Any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to,
the number or Exercise Price of the shares of Stock subject to the Option. The grant of the Option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or
business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets. 
  

	10.	MISCELLANEOUS PROVISIONS. 

  

	 	(a)	Withholding Taxes. In the event that the Company determines that it is required to withhold foreign, federal, state or local tax as a result of the
exercise of the Option, the Optionee, as a condition to the exercise of the Option, shall make arrangements satisfactory to the Company to enable it to satisfy all withholding requirements. Share withholding shall be available to the extent provided
in Section 14.2 of the Plan. 

  

	 	(b)	Rights as a Stockholder. Neither the Optionee nor the Optionee’s representative shall have any rights as a stockholder with respect to any
shares of Stock subject to the Option until such shares of Stock have been issued in the name of the Optionee or the Optionee’s representative. 

 

	 	(c)	No Employment Rights. Nothing in this Agreement shall be construed as giving the Optionee the right to be retained as an employee. The Company
reserves the right to terminate the Optionee’s service at any time, with or without cause (subject to any employment agreement between the Optionee and the Company).  

 

	 	(d)	 Notice. Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon delivery
or upon deposit with the United States Postal  

  
  

Non-Statutory Stock Option Agreement—Page 6 

	 	
Service, by registered or certified mail with postage and fees prepaid and addressed to the party entitled to such notice at the address shown below such party’s signature on this Agreement,
or at such other address as such party may designate to the other party to this Agreement. 

  

	 	(e)	Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties hereto with regard to the subject matter
hereof. 

  

	 	(f)	Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Washington, as such laws are applied
to contracts entered into and performed in such State. 

  

	 	(g)	Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation. By entering into this Agreement and accepting the grant of an
option evidenced hereby, Optionee acknowledges that:  

  

	 	(1)	the Plan is discretionary in nature and may be suspended or terminated by the Company at any time; 

 

	 	(2)	the grant of the Option is a one-time benefit which does not create any contractual or other right to receive future grants of options, or benefits in lieu of options;

  

	 	(3)	all determinations with respect to any such future grants, including, but not limited to, the times when options shall be granted, the number of shares subject to each
option, the option price, and the time or times when each option shall be exercisable, will be at the sole discretion of the Company; 

  

	 	(4)	the Optionee’s participation in the Plan is voluntary; 

  

	 	(5)	the value of the Option is an extraordinary item of compensation which is outside the scope of the Optionee’s employment contract, if any;

  

	 	(6)	the Option is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses,
long-service awards, pension or retirement benefits or similar payments; 

  

	 	(7)	the future value of the underlying shares of Stock is unknown and cannot be predicted with certainty; and 

 

	 	(8)	if the underlying shares of Stock do not increase in value, the Option will have no value. 

 

	 	(h)	Employee Data Privacy. By entering into this Agreement, the Optionee:  

 

	 	(1)	authorizes the Company and/or Optionee’s employing entity, and any agent of the Company administering the Plan or providing Plan recordkeeping services, to
disclose to the Company or any of its affiliates such information and data as the Company shall request in order to facilitate the grant of options and the administration of the Plan; 

  
  

Non-Statutory Stock Option Agreement—Page 7 

	 	(2)	waives any data privacy rights he or she may have with respect to such information; and 

 

	 	(3)	authorizes the Company and any such agent to store and transmit such information in electronic form. 

I agree to the terms and conditions of this stock option agreement and acknowledge having received the following plan documents: 

 

	 	•	 	 PACCAR Long Term Incentive Plan Document (date) 

  

	 	•	 	 Administrative Guidelines (date) 

  

	 	•	 	 Plan Information Statement (date) 

  

									
	Optionee’s Signature:	 		  	PACCAR Inc
				
	  
	 		  	By:	  	  

	(Signature)	 		  		  	Corporate Human Resources
					
	Date:	 	  
	 		  		  	
					
	Address:	 	  
	 		  		  	
	  
	 		  		  	
	  
	 		  		  	

  
  

Non-Statutory Stock Option Agreement—Page 8EX-10.1

 Exhibit 10.1 
 AMENDED AND RESTATED EXECUTIVE SEVERANCE 
 AND CHANGE OF CONTROL LETTER

 AGREEMENT (“Agreement”) 
 by and between 
 ChannelAdvisor Corporation (“ChannelAdvisor” or
a “party”) 
 and 
 David Spitz (“You(r)” or a “party”) 
 May 23,
2013 
 Dear David: 
 This
Agreement is to set forth the severance terms if Your employment with ChannelAdvisor is terminated under different scenarios. You are not eligible to receive the benefits hereunder until you have been in continuous employment with ChannelAdvisor for
one year. This Agreement amends and restates in its entirety the Executive Severance and Change of Control Letter Agreement between You and ChannelAdvisor dated July 21, 2009 and is effective as of the date above. 

 

	1.	Definitions 

“For Cause” termination shall mean the termination of Your employment for (i) Your conviction of, or plea of
nolo contendere to, a felony involving fraud, moral turpitude or dishonesty; (ii) Your willful participation in a fraud or act of dishonesty against ChannelAdvisor, or Your breach of Your fiduciary duty to ChannelAdvisor, which results
in material harm or damage to ChannelAdvisor; (iii) willful violation of a reasonable ChannelAdvisor written policy that causes material harm or damage to ChannelAdvisor that is not cured within thirty days after written notice thereof or
(iv) Your intentional damage to ChannelAdvisor’s real and intellectual property which results in harm to ChannelAdvisor. 
 “Good Reason” resignation by You for good reason is limited to the following: (i) the forced relocation of You to a location that is outside of a 30 mile radius of
Morrisville, NC; or (ii) any reduction in Total Compensation which is not a part of a general reduction or other concessionary arrangement affecting all employees or affecting all senior executive officers on a pro rata, equitable basis. In
each such event listed in (i) through (ii) above, You shall give ChannelAdvisor notice thereof within ninety (90) days of the initial existence of the event, after which date ChannelAdvisor shall have no less than thirty
(30) days to cure the event which would otherwise constitute Good Reason and You must terminate Your employment with the Company for such Good Reason no later than one (1) year after the initial existence of either of the events described
above. 
 “Change of Control” shall mean a merger or consolidation of ChannelAdvisor, a sale of more than
50% of the outstanding stock of ChannelAdvisor, or the sale or other disposition of all or substantially all of ChannelAdvisor’s assets to a third party. 
 “Resignation” shall mean your self-determined discontinuation of employment from ChannelAdvisor with the exception of ‘Good Reason’ as defined above. 

“Termination Date” shall mean the date your employment at ChannelAdvisor ends. 

  
 1. 

	2.	Severance Details 

 A) If
ChannelAdvisor terminates your employment For Cause or you submit your Resignation, You shall not be entitled to any of the severance benefits in 2(B) or 2(C) below. On the next regularly scheduled payroll date after the Termination Date,
ChannelAdvisor shall pay you (i) all accrued and unpaid salary up to the Termination Date; (ii) all accrued and unpaid time off; and (iii) all of your outstanding expenses provided that you submit invoices regarding the same
(collectively, the “Employment Termination Payments”). 
 B) If ChannelAdvisor terminates your employment, except For
Cause, or you terminate your employment for Good Reason, and provided that such termination of employment constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h)) (a “Separation
From Service”), You will receive the Employment Termination Payments, and, subject to (1) Your satisfaction of the one year continuous employment eligibility requirement, and (2) Your execution and nonrevocation within the
permitted revocation period of a waiver and release/terms of severance in material and substantial conformity with the form attached hereto as Attachment 1 (“Severance Agreement”) within sixty (60) days following the
date of your termination of employment with ChannelAdvisor, ChannelAdvisor hereby agrees to: 
  

	 	1)	 Pay to You a payment equal to: (a) three (3) months of your base compensation (“Base Compensation”) plus one month of
your Base Compensation per Year of Service (defined below) up to a total maximum of twelve (12) months of Base Compensation and (b) one calendar quarter of Your then current variable/bonus compensation calculated at 100% achievement plus a
prorated share (for the period from the beginning of the respective calendar quarter to Your Termination Date) of Your then current quarterly variable compensation calculated at 100% achievement. You are given credit for a “Year of
Service” for every calendar year You complete from the date of Your hire until Your Termination Date, rounded up to the nearest whole year if You are 6 months and a day or more into Your current Year of Service. Payment of the amount in
this Section 2(B)(1) shall be made in a one-time lump sum payment on the sixtieth (60th) day following your Termination Date subject to ChannelAdvisor receiving, and You not revoking within the permitted revocation period, your executed
Severance Agreement before such sixtieth (60th) day;
and 

  

	 	2)	Pay You a monthly payment (made no later than the last calendar day prior to the month in which the premiums are to be paid by You) for a period of 12 months to cover
COBRA payments for medical and dental insurance “grossed up” to account for state and federal taxes at a tax rate assuming highest applicable tax rates without any allowances. If You receive employment elsewhere that includes one or both
of these benefits then upon the first date You are eligible to receive such benefits, you shall promptly notify ChannelAdvisor in writing. Upon receipt of your notice, ChannelAdvisor shall cease payment for any benefits that are being provided by
your new employer. If You delay in notifying ChannelAdvisor of such change in benefits status, You shall be responsible to return all overpayments received (net of taxes); and, 

  
 2. 

	 	3)	One quarter of a year (3 months) acceleration of vesting of all stock options granted to You as of the Termination Date. ChannelAdvisor shall pass any required
corporate actions needed as of Your Termination Date to perfect the stock option matters set forth in this Section 2(B)(3); and 

  

	 	4)	Extend the exercise period for all stock options until two (2) years from your Termination Date, but in no event will the exercise period extend beyond the
original term of the option. ChannelAdvisor shall pass any required corporate actions needed as of Your Termination Date to extend the exercise period as described above in this Section 2(B)(4). 

C) If there is a Change of Control event and if, within the period during the six (6) months before or the one year after the closing
of such Change of Control, ChannelAdvisor (or the acquiring entity) (i) terminates Your employment, except For Cause, or (ii) You terminate Your employment for Good Reason, in each case provided that such termination of employment
constitutes a Separation From Service, You will receive the Employment Termination Payments, and, subject to the one year continuous employment eligibility requirement, and Your execution and nonrevocation within the permitted revocation period of a
waiver and release/terms of severance in material and substantial conformity with the form attached hereto as Attachment 1 (“Severance Agreement”) within sixty (60) days following the date of your termination of
employment with ChannelAdvisor, ChannelAdvisor agrees to provide You (1) the benefits in 2(B)1, 2 & 4 above, and (2) full acceleration of vesting of all stock options granted to You as of the Termination Date, so that all such
options shall be fully vested and exercisable as of the Termination Date. ChannelAdvisor shall pass any required corporate actions needed as of Your Termination Date to insure the acceleration of your stock options as described above in this
Section 2(C)(1). 
 For purposes of this agreement, the phrase “one year continuous employment eligibility
requirement” means that Your continuous service with ChannelAdvisor, whether as an employee, director or consultant, is not interrupted or terminated from your first date of employment with ChannelAdvisor through the one year anniversary of
such date; provided, however, that a change in the capacity in which You render service to ChannelAdvisor as an employee, director or consultant (provided that there is no interruption or termination of Your service with ChannelAdvisor) will not be
treated as a termination of your continuous service; provided further that to the extent permitted by law, the Board or the chief executive officer of ChannelAdvisor, in that party’s sole discretion, may determine whether your continuous
service will be considered interrupted in the case of (1) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave; or (2) transfers between the Company, an
affiliate of ChannelAdvisor, or their successors. In addition, in no event will You be entitled to the payments and benefits under both Sections 2(B) and 2(C), and upon the occurrence of a Change of Control, Section 2(C) supersedes and replaces
Section 2(B) in its entirety and Section 2(B) will no longer be in effect. 
  

	3.	Change of Control with No Termination. 

 One year after a Change of Control event and there is no termination of Your employment for any reason, then you shall receive 100% acceleration of Your stock options granted to you. For the avoidance of
doubt, this shall be additive to the benefits resulting from the termination events contemplated in Sections 2(A-C); however, since in Section 2(C)(1) full acceleration occurs, no further acceleration may be added by this Section 3;

  
 3. 

	4.	Compliance with Section 409A of the Code. 

 It is intended that all of the payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”) provided under Treasury Regulation Sections 1.409A-1(b)(4) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions. If not so
exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A of the Code, and incorporates by reference all required definitions and payment terms. For purposes of Section 409A of the
Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Your right to receive any installment payments under this Agreement (whether severance payments, expense reimbursements or otherwise) will be
treated as a right to receive a series of separate payments and, accordingly, each installment payment under this Agreement will at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this
Agreement, if You are deemed by ChannelAdvisor at the time of your Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, and if any of the payments, including the severance benefits
provided under this Agreement, upon Separation From Service set forth herein and/or under any other agreement with ChannelAdvisor are deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such
payments is required to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code and the related adverse taxation under Section 409A of the Code, such payments will not be provided to You prior to the earliest of
(i) the expiration of the six (6)-month period measured from the date of Your Separation From Service with ChannelAdvisor, (ii) the date of Your death or (iii) such earlier date as permitted under Section 409A of the Code without
the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph will be paid in a lump sum to You, and any
remaining payments due will be paid as otherwise provided in this Agreement or in the applicable agreement. No interest will be due on any amounts so deferred. 
  

	5.	General. 

 This Agreement
constitutes the entire agreement between the parties with respect to termination of your employment with ChannelAdvisor as set forth herein except for that certain ChannelAdvisor Standard Terms of Employment between You and ChannelAdvisor dated
April 1, 2006, and any amendments thereto, and ChannelAdvisor Corporation Special Terms and Conditions of Employment between You and ChannelAdvisor, dated April 1, 2006, as may be amended from time to time. If there is a conflict between
the terms of this and any other agreement between You and ChannelAdvisor, this Agreement shall control. Any amendments to this Agreement and any material changes to Attachment 1 hereto, must be in writing and executed by both parties. This
Agreement may be entered into by each party in separate counterparts and shall constitute one fully executed Agreement upon execution by both You and ChannelAdvisor. This Agreement shall be construed in accordance with the laws of the State of North
Carolina, without regard to conflict of laws principles. If the parties enter into legal proceedings in dispute of any of the terms of this Agreement, the losing party shall pay all reasonable legal fees of the prevailing party. This Agreement is
binding upon ChannelAdvisor’s successors (whether by merger, sale of stock, or sale of all or substantially all its assets). 

  
 4. 

 
	
	Sincerely,
	
	CHANNELADVISOR CORPORATION
	
	 /s/ M. Scot Wingo

	M. Scot Wingo
	Chief Executive Officer

 Accepted and agreed to by: 
  

	
	 /s/ David Spitz

	David Spitz

  
 5. 

 Attachment 1 to the Executive Severance Letter Agreement 

SEVERANCE AGREEMENT 
 This Agreement, containing a release and waiver among other terms, is made as of the         day of
            , by and between              (“Employee”) and ChannelAdvisor Corporation for the benefit of its
employees, officers and directors, successors and assigns (herein, collectively and individually, “ChannelAdvisor”). 
 1. Separation. Employee’s last day of work with ChannelAdvisor and Employee’s employment termination date will be
                     (the “Separation Date”). 
 2. Payment to Employee. 
 (a) Salary and Expenses. Employee agrees
that, upon payment by ChannelAdvisor of: 
  

	 	1)	Employee salary through                      to be paid on
                    , 

  

	 	2)	any applicable          quarter 20     commissions (or variable compensation) to be paid on
                    , 

  

	 	3)	INSERT ANY OTHER COMP DUE UP TO SEPARATION DATE 

 then Employee has received from ChannelAdvisor all salary [and commissions (or variable compensation)] due to Employee, and that no further amount shall be due related to salary compensation.
Employee further agrees that Employee will be paid, by                     , for all accrued and unused vacation time due to Employee in accordance
with ChannelAdvisor policies and for all expenses. Employee will receive these payments regardless of whether or not Employee signs this Agreement. 
 (b) Expense Reimbursement. If Employee has been issued any ChannelAdvisor credit or calling cards, ChannelAdvisor will cancel these card(s) effective as of the Separation Date. Employee
agrees that, on the Separation Date, Employee will submit Employee’s final documented expense reimbursement statement reflecting all business expenses Employee incurred through the Separation Date, if any, for which Employee seeks
reimbursement. ChannelAdvisor will reimburse Employee for reasonable business expenses pursuant to its regular business practice. 
 (c) Severance Payment. In accordance with the terms of that certain Amended and Restated Executive Severance and Change of Control Letter Agreement between Employee and ChannelAdvisor dated
                     (the “Severance Letter”) 

  
 1. 

 
ChannelAdvisor will pay Employee (a) $         which shall be paid in a one-time lump sum payment on the sixtieth (60th) day following the Separation Date, subject to
ChannelAdvisor’s receipt of an executed copy of this Agreement within the time periods set forth in Paragraph 11; and (b) $        , which equals a one quarter of variable compensation plus a pro
rata portion of Employee’s current variable/bonus compensation as further specified in the Severance Letter which amount shall be paid in a one-time lump sum payment on the sixtieth (60th) day following the Separation Date; and (c) a monthly payment (made no later than the last calendar day
prior to the month in which the premiums are to be paid by Employee) in an amount equal to $        , for a period of 12 months to cover COBRA payments for medical and dental insurance “grossed up”
to account for state and federal taxes at a tax rate assuming highest applicable tax rates without any allowances. If Employee receives employment elsewhere that includes one or both of these benefits then upon the first date Employee becomes
eligible to receive such benefits, Employee shall promptly notify ChannelAdvisor in writing. Upon receipt of Employee’s notice, Company shall cease payment for any benefits that are being provided by Employee’s new employer. If Employee
delays in notifying ChannelAdvisor of such change in benefits status, Employee shall be responsible to return all overpayments received (net of taxes). 
 (d) Additionally, Employee will also be provided with outplacement services through Right Management for [6] [12] months following the Separation Date, as further detailed by Human Resources up to
an aggregate maximum of $5,000. 
 (e) Withholding. Employee agrees that all payments made pursuant to this Paragraph are
compensation income and are to be made by ChannelAdvisor net of applicable withholding and other employment related taxes, it being understood that withholding on payments under Paragraph 2(c) shall be made at the lower of Employee’s normal
withholding rate or the statutory rate for lump-sum payments. 
 (f) No Other Payments Related to Employment. Employee
agrees that upon payment of the amounts specified in Paragraphs 2(a), (b) and (c) no further amounts (including base salary, bonus, incentive or variable compensation, equity, severance or benefits) are due to Employee by ChannelAdvisor
for any cause or reason with respect to, related to or arising from Employee’s employment with ChannelAdvisor after the Separation Date except as otherwise set forth in this Agreement. 

(g) Stock Options. Exhibit B sets forth the number of options for shares of ChannelAdvisor stock held by Employee (the
“Options”) and vested as of the Separation Date. Reference is made to the Severance Letter and additional stock acceleration provisions and extended exercise provisions. Employee hereby acknowledges that Exhibit B includes a
complete list of all stock options held by Employee as of the Separation Date. Upon expiration, Employee shall have no further rights under the Options except as may be set forth in the stock plan, option documents and the Severance Letter. Any
notice to exercise the Options should be provided to ChannelAdvisor within a reasonable period of time prior to the expiration of the Options so as to permit filing of all necessary paperwork prior to the expiration date. 

  
 2. 

 3. Worker’s Compensation, 401(k) Plan and other Benefits. Employee understands
that this Agreement does not affect any rights Employee may have with respect to any applicable Worker’s Compensation claims, but represents that as of the execution of this Agreement Employee has no injuries or physical or mental limitations,
restrictions or impairments that preclude Employee from working in any way and has not suffered any on-the-job injury for which Employee has not already filed a claim. Employee understands that Employee’s right to participate in all
ChannelAdvisor employee benefit plans terminates on                     , except for medical and dental coverage, which terminates on
                    . Any benefits accrued and vested as of that date and which, by their express terms, survive any termination of employment, shall
survive in accordance with their respective terms unless such terms are inconsistent with the terms of this Agreement. With respect to the ChannelAdvisor 401(k) Plan (the “401(k) Plan”), 401k Plan deductions will be taken from any
severance payment, unless the Employee indicates they do not want any 401k Plan deductions withheld, subject to the terms of the 401(k) Plan. Following termination, the plan administrator, will provide Employee with a rollover form. Subject to the
terms of the 401(k) Plan, if Employee has less than five thousand dollars ($5,000) in Employee’s account as of the date of termination, Employee will have sixty (60) days to provide the plan administrator with directions for the rollover
of such amounts into a qualified retirement account. If Employee does not provide the plan administrator with the required rollover instructions within the sixty (60) day period, ChannelAdvisor may direct the plan administrator to pay Employee
all amounts held for Employee’s account, subject to the terms of the 401(k) Plan. Employee will be responsible for all penalties and taxes for such withdrawal. If the Employee has five thousand dollars ($5,000) or more in Employee’s
account as of the date of termination, ChannelAdvisor will continue to maintain Employee’s funds in the 401(k) Plan until such time, if ever, as Employee directs the plan administrator to transfer Employee’s funds or ChannelAdvisor
terminates the entire plan and distributes all assets to the respective beneficiaries, subject to the terms of the 401(k) Plan.  
 4. Ongoing Obligations. Employee acknowledges that all obligations under the applicable ChannelAdvisor Corporation Special Terms and Conditions of Employment by and between ChannelAdvisor and
Employee, dated on or about                     , as amended, shall continue and shall remain in full force and effect following Employee’s
termination in accordance with the terms and conditions of such agreement. In particular, Employee understands that all obligations concerning non-disclosure and non-use of confidential information, ownership of confidential information and work
product, assistance after employment and non-competition shall continue in accordance with such terms and conditions of employment. If Employee no longer has a copy of such agreements, upon request by Employee, copies can be provided by
ChannelAdvisor. 
 5. Pre-Employment Excluded Work Product. If Employee listed certain excluded pre-employment
work product or creation (collectively, “Excluded Work Product”) from ChannelAdvisor Ownership in Employee’s Terms of Employment (see paragraph 4 above for reference), Employee represents and warrants that no Excluded Work
Product was ever included in any product, process, methodology, service, or machine that Employee worked on or worked in conjunction with while employed with ChannelAdvisor. Without limiting the preceding, if in

  
 3. 

 
the course of Employee’s employment with ChannelAdvisor, Employee incorporated, whether intentional or incidental, Excluded Work Product into a ChannelAdvisor product, process, methodology,
service, or machine, ChannelAdvisor is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, fully-paid, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify,
make (and own) derivative works of, publicly perform, use, sell, import, and exercise any and all present and future rights in such Excluded Work Product 
 6. Return of Property. By the Separation Date, Employee shall return to ChannelAdvisor all property of ChannelAdvisor, whether tangible or intangible, in Employee’s possession or control,
including without limitation, the laptop computer Employee has been using (without deletion of any information stored thereon), company credit cards and calling cards, ChannelAdvisor office keys, and any documents, disks, books, rolodexes (in paper
or electronic form), or other information, and all copies thereof. Please coordinate return of ChannelAdvisor property with Kelly Mallam. Employee represents that as of the Separation Date Employee does not have any other ChannelAdvisor equipment,
materials, resources or confidential information in Employee’s possession or under Employee’s control. Receipt of the severance payment described in Paragraph 2(e) of this Agreement is expressly conditioned upon return of all
ChannelAdvisor property, unless otherwise agreed in writing with ChannelAdvisor. 
 7. Confidentiality. The
provisions of this Agreement will be held in strictest confidence by Employee and will not be publicized or disclosed in any manner whatsoever; provided, however, that: (a) Employee may disclose this Agreement to Employee’s
immediate family; (b) Employee may disclose this Agreement in confidence to Employee’s attorney, accountant, auditor, tax preparer, and financial advisor; and (c) Employee may disclose this Agreement insofar as such disclosure may be
required by law. 
 8. Nondisparagement. Employee agrees not to disparage ChannelAdvisor and ChannelAdvisor’s
attorneys, directors, managers, partners, employees, agents and affiliates, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that Employee may respond accurately and fully to any
question, inquiry or request for information when required by legal process. ChannelAdvisor and its directors, officers and employees agree not to disparage Employee in any manner likely to be harmful to the goodwill and good reputation of Employee,
provided that the ChannelAdvisor may respond accurately and fully to any question, inquiry, or request for information when required by legal process. 
 9. Inquiries. In consideration of the severance payment set forth in Paragraph 2(c) Employee agrees to answer in good faith, from time to time, inquiries from ChannelAdvisor related to work
undertaken by Employee during Employee’s employment with ChannelAdvisor. 

  
 4. 

 10. Waiver and Release. 

(a) In consideration of the payments made pursuant to Paragraph 2(c) the sufficiency of which is hereby acknowledged, Employee
hereby voluntarily, willingly, absolutely, unconditionally and irrevocably, releases and discharges ChannelAdvisor (and its officers, directors, employees, agents and representatives) of and from any and all debts, demands, actions, causes of
action, suits, promises, representations, contracts, obligations, claims, counterclaims, defenses, rights of setoff, demands or liability whatsoever of every name and nature, both at Law and in Equity [[Applicable only if over
40 including, by way of example and not limitation, rights and claims arising under the Age Discrimination in Employment Act (the “ADEA”) of 1967, as amended, the Older Worker Benefit Protection Act], Title VII of the Civil
Rights Act of 1964, as amended, Sections 1981 - 1983 of Title 42 of the United States Codes, the Equal Pay Act of 1963, as amended, the Americans with Disabilities Act, and any other state and federal employment discrimination laws, breach of
contract (including without limitation breach of contract to provide Employee with additional stock in ChannelAdvisor), unpaid expenses or benefits, wrongful discharge, interference with contract, breach of any ChannelAdvisor policy, practice or
procedure, negligence, Employee Income Retirement Security Act of 1974, as amended, loss of consortium, loss of fringe benefits, fraud, misrepresentation, defamation and/or all other claims of tortious conduct) which Employee or Employee’s
successors in interest or assigns now have, ever have had, or can, shall or may have, whether known or unknown, suspected or unsuspected, against ChannelAdvisor arising from or in any manner related to Employee’s employment, or the termination
thereof, for whatever cause, by ChannelAdvisor or arising from or relating to any other event occurring prior to the date hereof; provided however that this waiver and release does not cover any claim Employee may have for breach of the terms of
this Agreement by ChannelAdvisor and does not effect Employee’s right and ability to enforce the terms hereof. Employee represents that Employee has no lawsuits, claims or actions pending in Employee’s name, or on behalf of any other
person or entity, against ChannelAdvisor or any other person or entity subject to the release granted in this paragraph. Notwithstanding the foregoing, Employee is not releasing ChannelAdvisor from any obligation undertaken in any preexisting
obligation to indemnify Employee pursuant to the articles and bylaws of ChannelAdvisor or applicable law. Also excluded from this Agreement are any claims which cannot be waived by law. Employee is waiving, however, Employee’s right to any
monetary recovery should any governmental agency or entity, such as the EEOC or the DOL, pursue any claims on Employee’s behalf. 
 (b) In consideration of the execution of this Agreement by Employee, ChannelAdvisor hereby voluntarily, willingly, absolutely, unconditionally and irrevocably, releases and discharges Employee of
and from any and all debts, demands, actions, causes of action, suits, promises, representations, contracts, obligations, claims, counterclaims, defenses, rights of setoff; demands or liability whatsoever of every name and nature, both at Law and in
Equity which ChannelAdvisor or its successors in interest or assigns now have, ever have had, or can, shall or may have, whether known or unknown, suspected or unsuspected, against Employee arising from or in any manner related to Employee’s
employment, or the termination thereof, for whatever cause, or arising from or relating to any other event occurring prior to the date hereof. ChannelAdvisor represents that ChannelAdvisor has no lawsuits, claims or actions pending in

  
 5. 

 
ChannelAdvisor’s name, or on behalf of any person or entity, against the Employee or any other person or entity subject to the release granted in this paragraph. ChannelAdvisor warrants
and covenants it shall maintain for at least six (6) years following Employee’s Termination Date, liability insurance coverage (Director’s and Officer’s liability insurance coverage or tail coverage), sufficient to cover (but no
less than $3 million dollars) Employee’s actions as a director and/or officer of ChannelAdvisor with respect to matters arising prior to or as of Employee’s Termination Date. 

11. ADEA Waiver. Applicable only if over 40 Employee acknowledges that Employee is knowingly and voluntarily
waiving and releasing any rights Employee may have under the ADEA, as amended. Employee also acknowledges that (i) the consideration given to Employee in exchange for the waiver and release in this Agreement is in addition to anything of value
to which Employee was already entitled, and (ii) that Employee has been paid for all time worked, have received all the leave, leaves of absence and leave benefits and protections for which Employee is eligible. Employee further acknowledges
that Employee has been advised by this writing that: (a) Employee’s waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement; (b) Employee has been advised hereby that Employee
has the right to consult with an attorney prior to executing this Agreement; (c) Employee has forty-five (45) days to consider this Agreement (although Employee may choose to voluntarily execute this Agreement earlier and, if Employee
does, Employee will sign the Consideration Period waiver below); (d) Employee has seven (7) days following Employee’s execution of this Agreement to revoke the Agreement in writing and actually delivered to Kelly Mallam at
ChannelAdvisor; and (e) this Agreement shall not be effective until the date upon which the revocation period has expired unexercised, which shall be the eighth day after this Agreement is executed by Employee (the “Effective Date”).

 12. No Admission. This Agreement does not constitute an admission by ChannelAdvisor of any wrongful action or
violation of any federal, state, or local statute, or common law rights, including those relating to the provisions of any law or statute concerning employment actions, or of any other possible or claimed violation of law or rights.

 13. Reliance. Employee acknowledges and represents that in executing this Agreement Employee is not relying, and
has not relied, upon any representation or statement not expressly set forth herein made by ChannelAdvisor, its agents, employees, representatives, or agents with regard to the subject matter of this Agreement 

14. Waiver. No waiver of any right or remedy with respect to any occurrence or event shall be valid unless it is in writing and
executed by the waiving party, and further no such valid waiver shall be deemed a waiver of such right or remedy with respect to such occurrence or event in the future, and shall not excuse a subsequent breach of the same team. 

15. Successors and Assigns. This Agreement is binding upon the parties hereto, and their respective heirs, successors and
assigns. 

  
 6. 

 16. Legal Review. Both parties have had an opportunity for legal review of all terms
of this Agreement. The parties agree that in interpreting any issues which may arise, any rules of construction related to who prepared the Agreement shall be inapplicable, each party having contributed or having had the opportunity to contribute to
clarify any issue. 
 17. Entire Agreement. Employee acknowledges that this Release and Waiver, together with any
agreements specifically referenced herein, contains the entire agreement of the parties with respect to the subject matter hereof. Any agreement between the parties purporting to amend a term or condition of this Agreement shall, to be effective, be
in writing and shall specifically identify the Paragraph number of the term or condition to be changed, as well as indicated the parties’ specific intent to amend that term or condition. 

Please return this signed agreement by
                    , otherwise, this Agreement shall expire and Employee will forfeit any an all right to the considerations described above.

 IN WITNESS WHEREOF, the parties have freely and knowingly executed this Agreement. 

 

											
	EMPLOYEE	 		 	    CHANNELADVISOR
CORPORATION

											
					
	Name:	 	  
	 		 	By:	 	  

	Date:	 	  
	 		 		 	Its:	 	  

					
	Forwarding Address:	 		 		 		 	
					
	  
	 		 		 		 	
					
	  
	 		 		 		 	

 Applicable only if over 40 
 CONSIDERATION PERIOD 
 I,
                    , understand that I have the right to take at least 45 days to consider whether to sign this Agreement, which I received on
            , 201[    ]. If I elect to sign this Agreement before 45 days have passed, I understand I am to sign and date below this paragraph to confirm that I
knowingly and voluntarily agree to waive the 45-day consideration period. 

  
 7. 

 AGREED: 

 

					
	  
	  		 	  

	Employee Signature	  		 	Date

  
 8. 

 Exhibit B 
 Employee Vested Options 
 Please reference the next page for a summary of
vested stock options

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