Shutterfly 2008 Annual Report Download - page 74

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This letter agreement, the Shutterfly Employee Invention Assignment and Confidentiality Agreement, the Plan and the stock option agreement for the Option constitute the entire
agreement between you and the Company regarding the terms and conditions of your employment with the Company and together supersede any prior representations or agreements,
whether written or oral. This letter, along with any agreements herein, may not be modified or amended except by a written agreement signed by the Chief Executive Officer of the
Company. If we do not hear from you by May 17, 2007 we will assume you have decided not to join Shutterfly.
We look forward to your positive response and welcoming you to the Shutterfly team.
Sincerely,
/s/ Jeff Housenbold
Jeff Housenbold
CEO & President
Enclosures
Acknowledged and Agreed:
I agree to and accept employment with Shutterfly on the terms and conditions set forth in this agreement. I understand and agree that my employment with the Company is at-will.
Signature: /s/Kathryn E. Olson Date: May 18, 2007
Kathryn E. Olson
Start Date: May 31, 2007