Shutterfly 2011 Annual Report Download - page 112

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10. No Rights as Employee, Director or Consultant .
Nothing in this Agreement shall affect in any manner whatsoever the right or
power of the Company, or a Parent or Subsidiary of the Company, to terminate Purchaser
’
s employment, for any reason, with or without cause.
By your signature and the signature of the Company’
s representative on the Notice of Grant, Participant and the Company agree that
this Stock Bonus Award is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and this
Agreement. Participant has reviewed the Plan, the Notice of Grant and this Agreement in their entirety, has had an opportunity to obtain the
advice of counsel prior to executing this Agreement, and fully understands all provisions of the Plan, the Notice of Grant and this
Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any
questions relating to the Plan, the Notice of Grant and this Agreement. Participant further agrees to notify the Company upon any change in
Participant’s residence address.