SEC Contract Filing

Filing Date: 2016-05-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>qexhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s789ED17581EDD0959065779BB55BD986"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 10.1</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">AMENDED AND RESTATED EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;text-align:left;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;</font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">AMENDED AND RESTATED EMPLOYMENT AGREEMENT dated as of May 2, 2016 (this &#8220;Agreement&#8221;), between Shutterstock, Inc. a Delaware corporation (the &#8220;Company&#8221;), with its principal place of business at 350 Fifth Avenue, 21</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">st</sup></font><font style="font-family:inherit;font-size:10pt;">&#32;Floor, New York, New York, 10118 and Catherine Ulrich (the &#8220;Executive&#8221;), residing at 303 East 77</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:10pt;">&#32;Street, Apt. 10B, New York, New York 10075.</font></div><div style="line-height:138%;text-align:left;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RECITALS</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Company and the Executive previously entered into an Employment Agreement dated October 22, 2014 (the &#8220;Original Agreement&#8221;);</font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Company desires to continue to employ the Executive, and the Executive wishes to continue to be employed by the Company as Chief Product Officer of the Company on the amended and restated terms and conditions set forth in this Agreement, which shall replace and supersede the Original Agreement; and</font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, in consideration for the Executive&#8217;s continued employment with the Company, the Executive desires to agree to the noncompetition, nonsolicitation, cooperation, confidentiality, and other provisions set forth herein; and</font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Board of Directors of the Company recognizes that it is possible that the Company could terminate Executive&#8217;s employment with the Company and from time to time the Company may consider the possibility of an acquisition by another company or other change in control transaction.&#160; The Board also recognizes that such considerations can be a distraction to Executive and can cause Executive to consider alternative employment opportunities.&#160; The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence of such a termination of employment or the occurrence of a &#8220;Change in Control&#8221; (as defined herein) of the Company; and, </font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Board believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue her employment with the Company and to motivate Executive to maximize the value of the Company for the benefit of its stockholders; and, </font></div><div style="line-height:138%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:left;text-indent:48px