Shutterfly 2007 Annual Report Download - page 99

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EXHIBIT 10.16
CONFIDENTIAL SEPARATION AGREEMENT
AND GENERAL RELEASE OF CLAIMS
THIS CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS (“Agreement”) is entered into by and
between Jeannine Smith (“Employee”) and Shutterfly, Inc. (the “Company”).
This Agreement will become effective on the eighth day after it is
signed by Employee (the “Effective Date”),
provided that Employee has not revoked this Agreement (by written notice to Patricia Schoof, Vice
President, Human Resources at the Company) prior to that date.
RECITALS
A. Employee is employed by the Company as its Senior Vice President, Operations. The Company and Employee have agreed to terminate
the employment relationship.
B. It is the Company’s desire to provide Employee with certain benefits that she would not otherwise be entitled to receive upon her
termination of employment and to resolve any claims that she has or may have against the Company.
Accordingly, in consideration of the terms, conditions and covenants contained herein, the parties agree as follows:
1. Termination of Employment; Transition Period . Company hereby terminates Employee’s employment relationship with the Company
effective as of the earlier of (a) June 8, 2007, or (b) the date she is employed by another employer or is engaged to provide consulting services
(the “Termination Date”) subject to the provisions of this paragraph. During the period following the date of this Agreement and up to the
Termination Date (the “Transition Period”), Employee will provide transition services to the Company as requested by the Company. Such
services will generally be provided on-site at the Company and on a regular, full-time basis pursuant to a transition plan established by the
Company. However, Employee may provide such services from home with the prior approval of the Company. In the event Employee becomes
employed (in any capacity and on any basis) during the Transition Period, she must notify the Company and the Termination Date will be as of
the date of such notice.
2. Vacation. As of the Termination Date, Employee will be paid all wages and accrued, unused paid time off that Employee earned during her
employment with the Company through the Termination Date. Employee shall provide necessary PTO forms for any planned vacation during
the Transition Period.
3. Release .
In consideration of remaining an employee of the Company during the Transition Period, Employee and her successors and assigns fully
release the Company and its related entities, past and present affiliates, stockholders, investors, directors, officers, employees, agents, attorneys,
insurers, legal successors and assigns (the “Released Parties”) of and from any and all claims,
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