Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - GSI COMMERCE INC | c18799e8vk.htm |
| EX-3.2 - EXHIBIT 3.2 - GSI COMMERCE INC | c18799exv3w2.htm |
| EX-3.1 - EXHIBIT 3.1 - GSI COMMERCE INC | c18799exv3w1.htm |
| EX-10.3 - EXHIBIT 10.3 - GSI COMMERCE INC | c18799exv10w3.htm |
| EX-10.1 - EXHIBIT 10.1 - GSI COMMERCE INC | c18799exv10w1.htm |
EXHIBIT 10.2
GSI Commerce, Inc.
2010 Equity Incentive Plan
Performance Award Agreement
2010 Equity Incentive Plan
Performance Award Agreement
PARTICIPANT:
|
Christopher Saridakis | |
GRANT DATE:
|
June 16, 2011 | |
MAXIMUM PERFORMANCE AWARD:
|
$30 million | |
PERFORMANCE PERIODS:
|
Four consecutive annual Performance Periods, beginning with the 2012 calendar year and ending with the 2015 calendar year |
THIS AGREEMENT, effective as of the Grant Date set forth above, is between GSI Commerce, Inc., a
Delaware corporation (the “Company”, “we”, “our” or “us”), and the Participant named above (“you”
or “yours”), pursuant to the provisions of the Company’s 2010 Equity Incentive Plan (the “Plan”)
with respect to the award (the “Award”) specified above. Capitalized terms used and not defined in
this Performance Award Agreement (this “Agreement”) shall have the meanings given to them in the
Plan.
By accepting this Agreement, you irrevocably agree, on your own behalf and on behalf of your heirs
and any other person claiming rights under this Agreement, to all of the terms and conditions of
the Award as set forth in or pursuant to this Agreement and the Plan (as such may be amended from
time to time).
You and the Company agree that the Award is being granted in full satisfaction of the Company’s
obligations to you pursuant to Section 3.5 of the Employment Agreement between you and the Company,
dated March 23, 2010 (the “Employment Agreement”); provided that the performance period and
performance conditions are modified herein to reflect the acquisition of the Company by eBay Inc.,
a Delaware corporation (“eBay”), pursuant to the merger of Gibralter Acquisition Corp, a Delaware
corporation and a wholly owned subsidiary of eBay (“Merger Sub”), with and into the Company (the
“Merger”), pursuant to the terms of the Agreement and Plan of Merger among eBay, Merger Sub and the
Company, dated as of March 27, 2011 (the “Merger Agreement”).
You and the Company agree as follows:
1.
|
Application of Plan; Administration | This Agreement and your rights under this Agreement are subject to all the terms and conditions of the Plan, as it may be amended from time to time, as well as to such rules and regulations as the Compensation Committee of the Board of Directors of the Company (the “Board”) may adopt. It is expressly understood that the Compensation Committee of the Board is authorized to administer, construe and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon you to the extent permitted by the Plan. |
2.
|
Performance Goal and Award Amount | The Award shall be earned over four separate annual Performance Periods (each a “Performance Period”), beginning with the 2012 calendar year and ending with the 2015 calendar year. The amount of the Award (the “Award Amount”) payable to you hereunder with respect to each Performance Period shall be equal to $7,500,000 multiplied by the total number of EBITDA Thresholds, defined below, that are attained by the Business Unit, defined below, during such Performance Period. An EBITDA Threshold is attained if the EBITDA of the Business Unit during a Performance Period equals or exceeds any of the following amounts (the “EBITDA Thresholds”): | ||
| $300,000,000; | ||||
| $375,000,000; | ||||
| $425,000,000; and | ||||
| $475,000,000. | ||||
| For purposes of this Agreement: | ||||
| “Business Unit” shall mean the business of the Company and its majority-owned subsidiaries or, following the consummation of the Merger, the business unit of eBay that includes the business conducted by the Company and its majority-owned subsidiaries as of the Grant Date, excluding the businesses conducted by Fanatics, LLC, TeamStore, Inc., RueLaLa, Inc., and ShopRunner, Inc. or any of their subsidiaries. | ||||
| “EBITDA” shall mean, following the consummation of the Merger, eBay’s non-GAAP Business Unit Operating Income, adjusted (i) to exclude expenses for interest, taxes, depreciation, amortization and the deferred acquisition payments recorded as compensation expense related to the acquisition of Fetchback, Inc., and (ii) to include reasonable estimates of (A) annual expenses for stock-based compensation granted to you, (B) annual expenses for long-term incentive compensation granted to you and other employees of the Business Unit, to the extent not otherwise included, and (C) patent litigation expenses allocable to the Performance Period (which shall be estimated by the Chief Financial Officer, in consultation with the General Counsel, of the Company or, following the consummation of the Merger, of eBay, in a manner consistent with the Company’s past practice). If the Merger Agreement shall terminate prior to the consummation of the Merger, “EBITDA” shall mean earnings before interest, taxes, depreciation and amortization, as determined by the Company in its reasonable discretion and in accordance with past practice. | ||||
| Whether an EBITDA Threshold is attained during a Performance Period shall be determined as of the last day of such Performance Period and shall be based on the EBITDA for such Performance Period as certified by the Compensation Committee of the Board. More than one EBITDA Threshold may be attained in any one Performance Period; provided that the attainment of an EBITDA Threshold in any Performance Period shall not be considered to have been attained again in any subsequent Performance Period for purposes of determining the Award Amount in such subsequent Performance Period. If an EBITDA Threshold is attained, then the corresponding portion of the Award Amount is considered earned, regardless of the Business Unit’s performance in a subsequent Performance Period, subject to the vesting conditions described in Section 3 of this Agreement. The maximum Award Amount under this Agreement with respect to all Performance Periods shall be $30,000,000 (i.e., $7,500,000 multiplied by each of the four EBITDA Thresholds attained). |
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| The Compensation Committee of the Board may take reasonable action to adjust either the EBITDA Thresholds or the manner in which EBITDA is determined with respect to any current or future Performance Period to reflect one or more of the following: (i) items related to a change in accounting principles; (ii) items relating to financing activities; (iii) expenses for restructuring or productivity initiatives; (iv) other non-operating items; (v) items related to acquisitions; (vi) items attributable to the business operations of any entity acquired by the Company; (vii) items related to the disposal of a business or segment of a business; (viii) items related to discontinued operations that do not qualify as a segment of a business under GAAP; (ix) items attributable to any stock dividend, stock split, combination or exchange of shares; (x) any other items of significant income or expense which are determined to be appropriate adjustments; (xi) items relating to unusual or extraordinary corporate transactions, events or developments, (xii) items related to amortization of acquired intangible assets; (xiii) items that are outside the scope of the Company’s core, on-going Business Unit activities; (xiv) items relating to any other unusual or nonrecurring events or changes in applicable laws, accounting principles or business conditions; or (xv) items relating to any change in the payment or allocation of general and administrative expenses among the business units of the Company and its Affiliates. If such adjustment occurs later than 90 days after the commencement of a Performance Period, such adjustment shall apply to such Performance Period only to the extent that the adjustment is necessary to reflect objectively determinable changes in the EBITDA of the Business Unit, as reflected in the financial statements of the Company, and shall be made in compliance with Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). | ||||
3.
|
Award Vesting | No Award Amount will be payable to you hereunder unless the Award is vested. The Award will vest in the following circumstances: | ||
(a) Employment Continues Through First
Business Day After January 1, 2016. The Award will
vest if you are continuously employed by the Company
through the first business day after January 1, 2016.
All references in this Agreement to employment by the
Company shall include employment by any parent or
subsidiary of the Company. |
||||
(b) Termination of Employment Due to
Death. The Award will vest if your employment
terminates due to your death on or before the first
business day after January 1, 2016. Upon such a
termination of your employment, the Award Amount will
be based on the EBITDA Thresholds attained through
the last day of the Performance Period ending on or
prior to your termination of employment. |
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(c) Termination of Employment by the
Company without Cause. The Award will vest if your
employment is terminated by the Company without Cause
on or before the first business day after January 1,
2016. “Cause” will exist if the Board (or an
appropriate committee thereof) in good faith
determines that (i) you are grossly negligent or
engaged in willful misconduct in the performance of
your duties, (ii) you are convicted of, or enter a
plea of guilty or nolo contendere to, a crime
constituting a felony or any criminal offense
involving fraud, dishonesty or moral turpitude under
the laws of the United States or any state thereof
other than an automobile offense, or (iii) you
breach, in a material respect, any written material
agreement between you and the Company or violate, in
a material respect, the Company’s Code of Business
Conduct or any of the Company’s material policy
statements. Notwithstanding the foregoing, Cause
shall only exist after (a) the Company delivers
written notice to you of its intention to terminate
for Cause within thirty (30) days after the Company
has actual knowledge of the facts and circumstances
upon which it seeks to rely as a basis for its right
to terminate for Cause, (b) such notice sets forth in
reasonable detail such facts and circumstances and
(c) in the case of clauses (i) or (iii), you have
failed to correct the acts, omissions or events set
forth in the Company’s notice, if such acts,
omissions or events are reasonably capable of being
corrected, within thirty (30) days following delivery
of the Company’s written notice of its intention to
terminate for Cause. Upon a termination of your
employment by the Company without Cause, the Award
Amount will be based on the EBITDA Thresholds
attained through the last day of the Performance
Period ending on or prior to your termination of
employment. |
||||
| In the event that your employment with the Company terminates on or before the first business day after January 1, 2016 for any reason other than your death or a termination by the Company without Cause, the Award will not vest and no Award Amount will be payable to you hereunder. | ||||
4.
|
Settlement of Vested Performance Award | The Award will be settled after the completion of the applicable Performance Periods and the satisfaction of the applicable vesting conditions set forth in Section 3 by the payment of the Award Amount to you or, in the event of your death, to your designated beneficiary. If you are continuously employed through the first business day after January 1, 2016, such payment will be made in two equal installments. The first installment shall be paid prior to March 15, 2016, and the second installment payment shall be paid on the first anniversary of the first installment, but in all events prior to March 15, 2017. If your employment is terminated on or prior to the first business day after January 1, 2016 due to your death or a termination by the Company without Cause, such payment shall be made in one installment prior to March 15th of the year following your termination of employment or death. | ||
| The Award may be settled by the delivery of (i) cash, (ii) shares of Common Stock (“Shares”) or (iii) any combination thereof as determined in the sole discretion of the Compensation Committee of the Board. To the extent all or a portion of the Award is settled in Shares, the number of Shares delivered to you shall be equal to the cash equivalent value of the portion of the Award that is payable in Shares, divided by the average closing price of a Share as reported on the NASDAQ Global Select Market for the period of 30 consecutive trading days ending on (and including) the last trading day prior to the date the Award becomes vested, and rounding down to the nearest whole number of Shares. |
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| Notwithstanding any other provision of this Agreement or the Plan to the contrary, the parties acknowledge (x) that time is of the essence with respect to the issuance or delivery of any cash or Shares pursuant to this Agreement and (y) that the Company will not be obligated to issue or deliver any cash or Shares pursuant to this Agreement (i) until all conditions to this Agreement have been satisfied or removed, (ii) if the outstanding Common Stock is at the time listed on any stock exchange or included for quotation on an inter-dealer system, until the Shares have been listed or included or authorized to be listed or included on such exchange or system upon official notice of issuance, (iii) until the issuance or delivery of the Shares would not cause the Company to issue or sell more shares of Common Stock than the Company is then legally entitled to issue or sell, and (iv) until all other legal matters in connection with the issuance and delivery of such Shares have been approved by internal legal counsel to the Company. | ||||
| You hereby authorize any brokerage service provider acceptable to the Company to open a securities account for you to be used for the settlement of the Award settled in Shares. The date on which Shares are issued may include a delay in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative matters. | ||||
5.
|
Rights as Stockholder |
Except as otherwise provided in this Agreement, you will not be entitled to any privileges of ownership of the Shares underlying the Award, if any, including voting, receipt of dividends or any other rights as a stockholder of the Company, unless and until Shares are actually delivered to you under this Agreement. | ||
6.
|
Transferability | Except as provided in Section 9(k) hereof, your right to receive payment under this Agreement is not transferable, whether voluntarily or involuntarily, by operation of law or otherwise, other than by will or the laws of descent and distribution. Any voluntary or involuntary assignment, pledge, transfer, or other disposition of, or any attachment, execution, garnishment, or lien issued against or placed upon your right to receive payments under this Agreement, in violation of the terms of this Agreement shall be void. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, will thereafter be entitled to receive any distribution of cash or Shares pursuant to this Agreement. | ||
7.
|
Taxes | (a) General. You are ultimately liable
and responsible for all taxes owed by you in
connection with the Award. The Company makes no
representation or undertaking regarding the treatment
of any tax withholding in connection with the grant,
issuance, vesting or settlement of the Award, and the
subsequent sale of any of the Shares underlying the
Award. The Company does not commit and is under no
obligation to structure this Agreement to reduce or
eliminate your tax liability. |
5
(b) Withholding. On or before the date
upon which the Award is settled and any other date
upon which tax withholding obligations of the Company
may arise, or at any time thereafter as requested by
the Company, you hereby authorize withholding from,
at the Company’s election, Shares, payroll and any
other amounts payable to you and you otherwise agree
to make adequate provision for, as determined by the
Company, any sums required to satisfy the Federal,
state, local and foreign tax withholding obligations
of the Company or an Affiliate, if any, which arise
in connection with any of the above events or
otherwise. Unless the tax withholding obligations of
the Company or any Affiliate are satisfied, the
Company will have no obligation to make any payments
under this Agreement. |
||||
8.
|
Clawback | In the event that the Board (or an appropriate committee thereof) determines in good faith that the earlier determination of the EBITDA of the Business Unit was based on materially incorrect data, and that in fact such EBITDA had not been achieved or had been achieved to a lesser extent than originally determined and any amount paid (or portion thereof) under this Agreement would not have been paid, given the correct data, then in each such instance, you shall, at the request of the Board (or appropriate committee thereof), return or forfeit, as applicable, all or a portion (but no more than one-hundred percent (100%) of such payment to you based on such incorrect data. The amount to be recovered from you shall be the amount determined by the Board or appropriate committee thereof, by which the payment to you exceeded the amount that would have been paid to you based on the correct data. However, if you have disposed of Shares issued to you in connection with this Agreement, the cash equivalent value of such Shares on the date the Company calculated the number shares owed shall be paid by you to the Company upon notice from the Company as provided by the Board (or appropriate committee thereof). The right of the Company and/or Board with respect to this right of return and/or recapture from the Participant set out above in this paragraph shall be limited to twelve (12) months from the payment of the Award Amount. | ||
| In the event that the Board (or appropriate committee thereof) determines that you have, prior to payment of the Award Amount, committed an act or omission that would have constituted Cause, the Board (or appropriate committee thereof), whether or not you were terminated because of such act or omission, may require you to return or forfeit, as applicable, any amount paid to you under this Agreement. If you have disposed of Shares issued to you in connection with this Agreement, the cash equivalent value of such Shares on the date the Company calculated the number shares owed shall be paid by you to the Company upon notice from the Company as provided by the Board (or appropriate committee thereof). The right of the Company and/or Board with respect to this right of return and/or recapture from the Participant set out above in this paragraph shall be limited to twelve (12) months from the payment of the Award Amount. |
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9.
|
Miscellaneous | (a) YOU ACKNOWLEDGE AND AGREE THAT THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER
AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT
CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED
ENGAGEMENT AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT OF
THE COMPANY FOR THE VESTING PERIOD, FOR THE
PERFORMANCE PERIOD, FOR ANY PERIOD, OR AT ALL, AND
SHALL NOT INTERFERE WITH YOUR RIGHT OR THE COMPANY’S
RIGHT TO TERMINATE YOUR RELATIONSHIP (I) AS AN
EMPLOYEE AT ANY TIME, FOR ANY REASON OR NO REASON,
WITH OR WITHOUT CAUSE; (II) AS A CONSULTANT PURSUANT
TO THE TERMS OF THIS AGREEMENT WITH THE COMPANY OR AN
AFFILIATE; OR (III) AS A DIRECTOR PURSUANT TO THE
BYLAWS OF THE COMPANY AND ANY APPLICABLE PROVISIONS
OF THE CORPORATE LAW OF THE STATE OR OTHER
JURISDICTION IN WHICH THE COMPANY IS DOMICILED, AS
THE CASE MAY BE. |
||
(b) The Award is unfunded and as a
holder of the Award you will be considered an
unsecured creditor of the Company with respect to the
Company’s obligation, if any, to pay cash or issue
Shares pursuant to this Agreement. Upon issuance of
Shares, if applicable, you will obtain full voting
and other rights as a stockholder of the Company.
Nothing contained in this Agreement, and no action
taken pursuant to its provisions, will create or be
construed to create a trust of any kind or a
fiduciary relationship between you and the Company or
any other person. |
||||
(c) This Agreement will be subject to all
applicable laws, rules, and regulations, and to such
approvals by any governmental agencies or stock
exchanges as may be required. The Company may impose
such restrictions, conditions or limitations as it
determines appropriate as to the timing and manner of
any resales by you or other subsequent transfers by
you of any Shares issued as a result of or under this
Agreement, including without limitation (i)
restrictions under an insider trading policy, (ii)
restrictions that may be necessary in the absence of
an effective registration statement under the
Securities Act of 1933, as amended, covering the
Award and (iii) restrictions as to the use of a
specified brokerage firm or other agent for such
resales or other transfers. Any sale of Shares
issued pursuant to this Agreement must also comply
with other applicable laws and regulations governing
the sale of such Shares. |
||||
(d) The payments provided under this
Agreement are intended to be exempt from Section 409A
of the Code as short-term deferrals pursuant to
Treasury regulation §1.409A-1(b)(4), and for this
purpose each payment shall be considered a separate
payment. In the event the terms of this Agreement
would subject you to taxes or penalties under Section
409A of the Code (“409A Penalties”), the Company and
you shall cooperate diligently to amend the terms of
this Agreement to avoid such 409A Penalties, to the
extent possible; provided that in no event shall the
Company be responsible for any 409A Penalties that
arise in connection with any amounts payable under
this Agreement. To the extent any amount under this
Agreement is payable by reference to your termination
of employment, such term shall be deemed to refer to
your “separation from service,” within the meaning of
Section 409A of the Code. Notwithstanding any other
provision in this Agreement, if you are a “specified
employee,” as defined in Section 409A of the Code, as
of the date of your separation from service, then to
the extent the Company determines that,
notwithstanding the intent of the Company, an amount
payable to you (i) constitutes the payment of
nonqualified deferred compensation, within the
meaning of Section 409A of the Code, (ii) is payable
upon your separation from service and (iii) under the
terms of this Agreement would be payable prior to the
six-month anniversary of your separation from
service, such payment shall be delayed until the
earlier to occur of (a) the six-month anniversary of
the separation from service and (b) the date of your
death. |
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(e) The interpretation, performance and
enforcement of this Agreement will be governed by the
law of the state of Delaware without regard to such
state’s conflicts of laws rules. |
||||
(f) Any question concerning the
interpretation of this Agreement or the Plan, any
adjustments required to be made under the Plan and
any controversy that may arise under the Plan or this
Agreement shall be determined by the Compensation
Committee of the Board (including any person(s) to
whom the Board has delegated its authority) in its
sole and absolute discretion. Such decision by the
Compensation Committee shall be final and binding.
|
||||
(g) This Agreement and the Plan represent
the entire agreement between the parties with respect
to the Award, and supersede and preempt any prior
understandings, agreements or representations by or
between the parties, written or oral, which may have
related in any manner to the subject matter of the
Award, including without limitation Section 3.5 and
Exhibit B of the Employment Agreement. In the event
of a conflict between the terms and conditions of the
Plan and the terms and conditions of this Agreement,
the terms and conditions of the Plan shall prevail.
|
(h) If all or any part of this Agreement
or the Plan is declared by any court or governmental
authority to be unlawful or invalid, such
unlawfulness or invalidity will not invalidate any
portion of this Agreement or the Plan not declared to
be unlawful or invalid. Any Section of this
Agreement (or part of such a Section) so declared to
be unlawful or invalid will, if possible, be
construed in a manner which will give effect to the
terms of such Section or part of such Section to the
fullest extent possible while remaining lawful and
valid. |
||||
(i) Either party’s failure to enforce any
provision of this Agreement shall not in any way be
construed as a waiver of any such provision, nor
prevent that party from thereafter enforcing any
other provision of this Agreement. The rights
granted both parties hereunder are cumulative and
shall not constitute a waiver of either party’s right
to assert any other legal remedy available to it.
|
||||
(j) This Agreement may be amended only by
a writing executed by you and the Company which
specifically states that it is amending this
Agreement. Notwithstanding the foregoing and subject
to Section 13(e) of the Plan, this Agreement may be
amended solely by the Board (or an appropriate
committee thereof) by a writing which specifically
states that it is amending this Agreement, so long as
a copy of such amendment is delivered to you.
Without limiting the foregoing, the Board (or an
appropriate committee thereof) reserves the right to
change, by written notice to you, the provisions of
this Agreement in any way it may deem necessary or
advisable to carry out the purpose of the grant as a
result of any change in applicable laws or
regulations or any future law, regulation, ruling or
judicial decision, provided that any such change will
be applicable only to rights relating to that portion
of the Award which is then subject to restrictions as
provided herein. |
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(k) The rights and obligations of the
Company under this Agreement will be transferable by
the Company to any one or more persons or entities,
and all covenants and agreements hereunder will inure
to the benefit of, and be enforceable by the
Company’s successors and assigns. Without limiting
the foregoing, the Award and this Agreement shall be
assumed by eBay upon, and subject to, the
consummation of the Merger, following which all
references herein to the Board and the Compensation
Committee shall mean the Board of Directors and
Compensation Committee, respectively, of eBay, and
all references to Shares or Common Stock shall mean
shares of common stock of eBay; provided that EBITDA
shall continue to be determined solely with respect
to the Business Unit. You may not assign, transfer or
pledge the Award or any right or interest therein or
thereunder to anyone other than by will or the laws
of descent and distribution except with the prior
written consent of the Company. Upon ten (10) days
written notice to you with the opportunity to cure,
the Company may cancel your rights hereunder if you
attempt to assign or transfer them in a manner
inconsistent with this Agreement. |
||||
(l) All notices with respect to this
Agreement shall be in writing and shall be hand
delivered or sent by first class mail or reputable
overnight delivery service, expenses prepaid. Notice
may also be given by electronic mail or facsimile and
shall be effective on the date transmitted if
confirmed within 24 hours thereafter by a signed
original sent in a manner provided in the preceding
sentence. Notices to the Company or the Board (or an
appropriate committee thereof) shall be delivered or
sent (i) prior to the consummation of the Merger to
the Company’s headquarters, 935 First Avenue, King of
Prussia, PA 19406, to the attention of its Chief
Financial Officer and its General Counsel and (ii)
after the consummation of the Merger to eBay’s
headquarters, 2065 Hamilton Ave., San Jose, CA 95125,
to the attention of its General Counsel. Notices to
you shall be sufficient if delivered or sent to your
address as it appears in the regular records of the
Company or its transfer agent. |
||||
(m) The headings of the Sections in this
Agreement are inserted for convenience only and will
not be deemed to constitute a part of this Agreement
or to affect the meaning of this Agreement. |
||||
(n) You agree upon request to execute any
further documents or instruments necessary or
desirable in the reasonable determination of the
Company to effect the terms of this Agreement. |
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(o) You agree to reasonably assist and
cooperate with the Company and its affiliates and/or
their agents, officers, directors and employees in
connection with any disputes, litigation or
investigations of any nature brought by, against, or
otherwise involving the Company or its affiliates
during the period of your employment by the Company
and thereafter. The Company agrees it will reimburse
expenses incurred by you and pay compensation to you
for the two aforementioned periods in the manner as
follows: (x) the Company will reimburse you for
reasonable out of pocket expenses incurred in
connection therewith, in accordance with Company
policy during the period in which you are employed by
the Company and (y) the Company also agrees it will
reimburse you for reasonable out of pocket expenses
submitted to the Company and reasonable compensation,
as mutually agreed between you and the Company and
such agreement by the Company shall not be
unreasonably withheld, delayed or conditioned, in
connection with the required activities outlined
above in this section during the period after
termination of your employment with the Company.
Notwithstanding anything to the contrary contained
herein or in the Company policy, as applicable, (i)
any and all compensation payable to you in accordance
with this paragraph shall be paid by the Company to
you by no later than March 15 following the calendar
year in which you rendered services giving rise to
the compensation; and (ii) any and all expense
incurred by you that are eligible for reimbursement
in accordance with this paragraph shall be paid by
the Company to you by no later than March 15
following the calendar year in which you incurred the
expense, provided that you submit proof to the
Company of the expense incurred in accordance with
the submittal procedures contained in the Company’s
expense reimbursement policy. |
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The Company hereby grants this Award to you as of the Grant Date specified
above, and by your signature below you acknowledge your agreement to the terms of this Performance
Award Agreement.
GSI COMMERCE, INC. |
||||
/s/ Michael R. Conn
|
June 16, 2011
|
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Michael R. Conn
|
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Executive Vice President,
Finance and Chief Financial Officer |
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Acknowledged and Accepted by: |
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/s/ Christopher Saridakis
|
June 15, 2011
|
Signature Page to Saridakis Performance Award Agreement