Shutterfly 2011 Annual Report Download - page 92

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Participant acknowledges receipt of a copy of the Plan and the Option Agreement, and represents that he or she is familiar with the
terms and provisions thereof, and hereby accepts the Option subject to all of the terms and provisions hereof and
thereof. Participant understands that Participant’
s employment or consulting relationship, or service as a director, with the Company is for an
unspecified duration, can be terminated at any time with or without cause (i.e., is “at-will”),
and that nothing in this Notice, the Stock Option
Award Agreement or the Plan changes the at-
will nature of that relationship. Participant acknowledges that the vesting of shares pursuant to this
Notice is earned only by Participant
’s continuing service as an employee, director or consultant of the Company.
PARTICIPANT:
SHUTTERFLY, INC.
Signature:
By:
Print Name:
Its:
Date:
Date: