Shutterfly 2007 Annual Report Download - page 105

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EXHIBIT 10.17
CONFIDENTIAL SEPARATION AGREEMENT
AND GENERAL RELEASE OF CLAIMS
THIS CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS (“Agreement”) is entered into by and
between Andrew Young (“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 Chief Marketing Officer pursuant to the terms of an employment agreement dated July 12,
2001. 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 he would not otherwise be entitled to receive upon his
termination of employment and to resolve any claims that he 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) May 10, 2007, or (b) the date you are employed by another employer or are 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, he must notify the Company and the Termination Date will be as of
the date of such notice
2. Payment; Benefits . The Company shall provide Employee with the following benefits after this Agreement becomes effective:
(a) A severance payment in the amount of $110,000 which is equal to six (6) months’ pay at Employee’s final base pay rate, and less
applicable withholding taxes and regular deductions, payable in a lump sum shortly following the Termination Date; and
1