Shutterstock,Inc. (NYSE:SSTK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On August3, 2017, Shutterstock, Inc. (the “Company”) entered into a Transition Agreement and General Release (the “Agreement”) with David Giambruno, the Company’s Chief Information Officer. to the terms and conditions of the Agreement, Mr. Giambruno’s employment with the Company will terminate on August 14, 2017 (the “Resignation Date”).
Subsequent to the Resignation Date and to the terms of the Agreement, Mr. Giambruno will provide consulting services to the Company through November 14, 2017 on an as-needed basis in order to facilitate an orderly transition of his duties and responsibilities (the “Transition Period”). During the Transition Period, to the terms of the Agreement, Mr. Giambruno will continue to receive his base salary as well as continued medical coverage at active employee rates. Upon completion of the Transition Period, and subject to his satisfactory completion of certain transition duties and entry into a general release of claims, Mr. Giambruno will be entitled to the following payments:
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a lump sum transition payment of $184,000; and |
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reimbursement for premiums paid for coverage to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA), for Mr. Giambruno and his eligible dependents until the earlier of May 31, 2018 or the date upon which Mr. Giambruno becomes eligible for coverage under a health plan from an employer. |
The foregoing description of the Agreement is qualified in its entirety by the text of the Agreement, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
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Item 5.02 |
Financial Statements and Exhibits. |
(d)Exhibits.
10.1Transition Agreement and General Release, dated August3, 2017 between Shutterstock,Inc. and David Giambruno
Shutterstock, Inc. ExhibitEX-10.1 2 ex_101xdg-502a.htm EXHIBIT 10.1 Exhibit EXHIBIT 10.1EXECUTION VERSIONTransition Agreement and General ReleaseDated as of July 14,…To view the full exhibit click here
About Shutterstock,Inc. (NYSE:SSTK)
Shutterstock, Inc. (Shutterstock) is a global provider of creative content and commercial music. The Company’s creative content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content. Its commercial music consists of music tracks and sound, and is used to complement digital imagery. It also offers digital asset management services through WebDAM, its cloud-based digital asset management platform. This service provides tools for customers to manage creative content and brand management assets. Its global marketplace brings together users and contributors of creative content from around the world by providing a searchable collection of content. Its content offerings include Shutterstock, Bigstock, Offset, Shutterstock Music and Shutterstock Editorial.
