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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): February&nbsp;4, 2019 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>SHUTTERFLY, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center"><B>Delaware</B></TD>
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<TD VALIGN="bottom" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-33031</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><FONT STYLE="white-space:nowrap">94-3330068</FONT></B></TD></TR>


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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"><B>(IRS Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2800 Bridge Parkway </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Redwood City, California 94065 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(650) <FONT STYLE="white-space:nowrap">610-5200</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report.) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<U>see</U> General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933
(&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth under Item 5.02(e) of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> is incorporated herein
by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(b) </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information
set forth under Item 5.02(e) of this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> is incorporated herein by reference. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(e)
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;5, 2019, Shutterfly, Inc. (the &#147;Company&#148;) announced that Christopher North will be stepping down from his
role as the Company&#146;s President and Chief Executive Officer and as a member of the Board of Directors of the Company (the &#147;Board&#148;) in the coming months in order to return to the United Kingdom with his family. Mr.&nbsp;North will
continue as the Company&#146;s President and Chief Executive Officer until a successor is appointed and will remain with the Company until August&nbsp;31, 2019, in order to ensure a smooth transition. The Company has initiated a search to identify a
new Chief Executive Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;4, 2019, the Company entered into a Transition Agreement (the &#147;Transition
Agreement&#148;) for transition services through August&nbsp;31, 2019 (the &#147;Transition Period&#148;) with Mr.&nbsp;North, pursuant to which Mr.&nbsp;North will receive his base salary as currently in effect and continue to vest in his
outstanding stock options and time-based restricted stock unit awards (&#147;RSUs&#148;) while he provides services during the Transition Period. Mr.&nbsp;North will not be eligible to participate in the Company&#146;s 2019 corporate bonus program
and Mr.&nbsp;North&#146;s performance-based RSUs were cancelled pursuant to the Transition Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon Mr.&nbsp;North&#146;s
termination at the end of the Transition Period, or if prior to the end of the Transition Period, Mr.&nbsp;North&#146;s employment with the Company is terminated by the Company other than for Cause (as defined in the Transition Agreement) or
Mr.&nbsp;North resigns his employment at the written request of the Company if such request is not for Cause (either termination, a &#147;Qualifying Termination&#148;), Mr.&nbsp;North shall be entitled to receive: (i)&nbsp;a lump sum payment equal
to $750,000, less the gross amount of salary paid to Mr.&nbsp;North for his service from January&nbsp;1, 2019 through his Termination Date (as defined in the Transition Agreement); (ii) a lump sum bonus of $562,500; and (iii)&nbsp;a lump sum payment
equal to 18 months of COBRA premiums for Mr.&nbsp;North and his dependents. In addition, if Mr.&nbsp;North has a Qualifying Termination prior to the end of the Transition Period, Mr.&nbsp;North&#146;s stock options and time-based RSUs will vest as
to such number of shares that would have vested had he remained employed through the end of the Transition Period. As provided in his March&nbsp;15, 2016 Offer Letter with the Company (which was filed with the Securities and Exchange Commission as
Exhibit 99.1 to the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on March&nbsp;17, 2016), Mr.&nbsp;North will generally have 12 months following the Termination Date to exercise any vested stock options.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a Change in Control (as defined in the Transition Agreement) occurs during the Transition Period, and Mr.&nbsp;North&#146;s employment
terminates at the end of the Transition Period or an earlier Qualifying Termination, the vesting of Mr.&nbsp;North&#146;s then-outstanding stock options and time-based RSUs will accelerate in full, to the extent provided in the terms of his options
and RSUs. If a Change in Control occurs within 90 days following Mr.&nbsp;North&#146;s completion of the Transition Period or an earlier Qualifying Termination, Mr.&nbsp;North&#146;s then-outstanding stock options and the RSUs granted in 2016 will
accelerate in full, to the extent provided in the terms of his options and RSUs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;North is required to sign a release of claims
to receive the payments and acceleration benefits described above. Mr.&nbsp;North has agreed to resign from the Board upon his termination of employment.&nbsp;&nbsp;&nbsp;&nbsp; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Transition Agreement is qualified in its entirety by
reference to the full text of the Transition Agreement, which is filed as Exhibit 99.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is incorporated by reference herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the press release announcing Mr.&nbsp;North&#146;s transition and departure is filed as Exhibit 99.2 to this Current Report on Form <FONT
STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits </B></P></TD></TR></TABLE>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>(d)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibits.</P></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit&nbsp;No.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top"><A HREF="d642911dex991.htm">Transition Services Agreement dated February&nbsp;4, 2019 by and between Shutterfly, Inc. and Christopher North. </A></TD></TR>
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<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d642911dex992.htm">Press Release issued by Shutterfly, Inc. dated February&nbsp;5, 2019. </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>SHUTTERFLY, INC.</B></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jason Sebring</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jason Sebring</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vice President and General
Counsel</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: February&nbsp;5, 2019 </P>
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Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 4, 2019
SHUTTERFLY, INC.
(Exact
name of registrant as specified in its charter)
Delaware
001-33031
94-3330068
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2800 Bridge Parkway
Redwood City, California 94065
(Address of principal executive offices, including zip code)
(650)
610-5200
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Not Applicable
(Former
name or former address, if changed since last report.)
Check the appropriate box below
if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
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under the Exchange Act (17
CFR
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☐
Pre-commencement
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☐
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933
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Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
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Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
(a)
The information set forth under Item 5.02(e) of this Current Report on Form
8-K
is incorporated herein
by reference.
(b)
The information
set forth under Item 5.02(e) of this Current Report on Form
8-K
is incorporated herein by reference.
(e)
On February 5, 2019, Shutterfly, Inc. (the "Company") announced that Christopher North will be stepping down from his
role as the Company's President and Chief Executive Officer and as a member of the Board of Directors of the Company (the "Board") in the coming months in order to return to the United Kingdom with his family. Mr. North will
continue as the Company's President and Chief Executive Officer until a successor is appointed and will remain with the Company until August 31, 2019, in order to ensure a smooth transition. The Company has initiated a search to identify a
new Chief Executive Officer.
On February 4, 2019, the Company entered into a Transition Agreement (the "Transition
Agreement") for transition services through August 31, 2019 (the "Transition Period") with Mr. North, pursuant to which Mr. North will receive his base salary as currently in effect and continue to vest in his
outstanding stock options and time-based restricted stock unit awards ("RSUs") while he provides services during the Transition Period. Mr. North will not be eligible to participate in the Company's 2019 corporate bonus program
and Mr. North's performance-based RSUs were cancelled pursuant to the Transition Agreement.
Upon Mr. North's
termination at the end of the Transition Period, or if prior to the end of the Transition Period, Mr. North's employment with the Company is terminated by the Company other than for Cause (as defined in the Transition Agreement) or
Mr. North resigns his employment at the written request of the Company if such request is not for Cause (either termination, a "Qualifying Termination"), Mr. North shall be entitled to receive: (i) a lump sum payment equal
to $750,000, less the gross amount of salary paid to Mr. North for his service from January 1, 2019 through his Termination Date (as defined in the Transition Agreement); (ii) a lump sum bonus of $562,500; and (iii) a lump sum payment
equal to 18 months of COBRA premiums for Mr. North and his dependents. In addition, if Mr. North has a Qualifying Termination prior to the end of the Transition Period, Mr. North's stock options and time-based RSUs will vest as
to such number of shares that would have vested had he remained employed through the end of the Transition Period. As provided in his March 15, 2016 Offer Letter with the Company (which was filed with the Securities and Exchange Commission as
Exhibit 99.1 to the Company's Current Report on Form
8-K
filed on March 17, 2016), Mr. North will generally have 12 months following the Termination Date to exercise any vested stock options.
If a Change in Control (as defined in the Transition Agreement) occurs during the Transition Period, and Mr. North's employment
terminates at the end of the Transition Period or an earlier Qualifying Termination, the vesting of Mr. North's then-outstanding stock options and time-based RSUs will accelerate in full, to the extent provided in the terms of his options
and RSUs. If a Change in Control occurs within 90 days following Mr. North's completion of the Transition Period or an earlier Qualifying Termination, Mr. North's then-outstanding stock options and the RSUs granted in 2016 will
accelerate in full, to the extent provided in the terms of his options and RSUs.
Mr. North is required to sign a release of claims
to receive the payments and acceleration benefits described above. Mr. North has agreed to resign from the Board upon his termination of employment.
The foregoing description of the Transition Agreement is qualified in its entirety by
reference to the full text of the Transition Agreement, which is filed as Exhibit 99.1 to this Current Report on Form
8-K
and is incorporated by reference herein.
A copy of the press release announcing Mr. North's transition and departure is filed as Exhibit 99.2 to this Current Report on Form
8-K.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits.
Exhibit No.
Description
99.1
Transition Services Agreement dated February 4, 2019 by and between Shutterfly, Inc. and Christopher North.
99.2
Press Release issued by Shutterfly, Inc. dated February 5, 2019.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
SHUTTERFLY, INC.
By:
/s/ Jason Sebring
Jason Sebring
Vice President and General
Counsel
Date: February 5, 2019