SEC Contract Filing

Filing Date: 2020-02-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.5(E)
<SEQUENCE>5
<FILENAME>exhibit105ejoringerame.htm
<DESCRIPTION>EXHIBIT 10.5(E)
<TEXT>
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<div><a name="s8F4749279B0578D65C353434FC1F99C0"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SHUTTERSTOCK, INC.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Empire State Building</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">350 Fifth Avenue, 21</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">st</sup></font><font style="font-family:inherit;font-size:12pt;">&#32;Floor</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">New York, NY 10118</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Jon Oringer</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">XXXXXXX</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">XXXXXXX</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Re: &#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">AMENDMENT TO SEVERANCE AND CHANGE IN CONTROL AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Jon:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Amendment (the &#8220;Amendment&#8221;) to the Severance and Change in Control Agreement, dated September 24, 2012 between you and Shutterstock, Inc., as successor to Shutterstock Images LLC, (the &#8220;Severance Agreement&#8221;) is entered into on February 11, 2020, by and between you (referred to hereinafter as the &#8220;Executive&#8221; or &#8220;you&#8221;) and Shutterstock, Inc., a Delaware corporation (the &#8220;Company&#8221;) and shall be effective as of April 1, 2020. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Capitalized terms utilized but not otherwise defined herein shall have the meanings set forth in the Severance Agreement. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In consideration of the mutual agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, you and the Company hereby agree that the Severance Agreement shall be amended as hereafter provided: </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 6(g)(i) is amended and restated to read as follows: </font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">A material reduction of Executive&#8217;s duties, authority or responsibilities, relative to Executive&#8217;s duties, authority or responsibilities in effect immediately prior to such reduction&#894; provided, however, that not being named the Executive Chairman of the acquiring corporation following a Change in Control of the Company will not constitute Good Reason&#894;</font></div><div style="line-height:120%;text-align:left