Amendment to Employment Agreement, dated November 5, 2019, by and between Stan Pavlovsky and Shutterstock, Inc
EX-10.1 2 spavlovskyamendment101.htm EXHIBIT 10.1 Exhibit
Empire State Building
350 Fifth Avenue, 21st Floor
New York, NY 10118
Re: AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment (the “Amendment”) to the Employment Agreement dated February 28, 2019 between you and Shutterstock, Inc. (the “Employment Agreement”) is entered into effective as of November 5, 2019 by and between you (referred to hereinafter as the “Executive” or “you”) and Shutterstock, Inc., a Delaware corporation (the “Company”).
Capitalized terms utilized but not otherwise defined herein shall have the meanings set forth in the Employment Agreement.
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 Employment Agreement shall be amended as hereafter provided:
Section 1(b) is amended and restated to read as follows:
Position and Responsibilities. During the Employment Period, the Company agrees to employ Executive in the position of President and Chief Operating Officer. Executive will report to the Chief Executive Officer, or to such other person as the Company subsequently may determine (your “Supervisor”), and Executive will be working out of the Company’s office in New York City, New York. Executive will perform the duties and responsibilities and authority customarily performed and held by an employee in Executive’s position or as otherwise may be assigned or delegated to Executive by Executive’s Supervisor.
Section 7(a)(iv) is amended and restated to read as follows:
Equity. If the Executive’s termination date is at least twelve (12) months following the Effective Start Date, all of Executive’s unvested and outstanding equity awards that would have become vested had Executive remained in the employ of the Company for the twelve (12)-month period following Executive’s termination of employment shall immediately vest and become exercisable as of the date of Executive’s termination.
Section 9(e)(i) is amended and restated to read as follows:
A material reduction in Executive’s duties, authorities or responsibilities, relative to Executive’s duties, authorities or responsibilities in effect immediately prior to such reduction; provided, however, that not being named the President and/or Chief Operating Officer of the acquiring corporation following a Change in Control of the Company will not constitute Good Reason;
Except as amended hereby, the Employment Agreement shall remain in full force and effect, and the valid and binding obligation of the parties thereto.
IN WITNESS WHEREOF, the parties hereto, have caused this Amendment to Executive Employment Agreement to be duly executed and delivered as of the date written above.
By: /s/ Lisa Nadler
Name: Lisa Nadler
Title: Chief Human Resources Officer
/s/ Stan Pavlovsky