On August 1, 2015, Timothy E. Bixby notified Shutterstock, Inc. of his intention to resign as Chief Financial Officer and Treasurer of the company so that he can pursue other opportunities. The effective date of his resignation has not yet been determined but is not expected to be later than September 30, 2015. Mr. Bixby has agreed to make himself available to the company after the effective date of his resignation in order to assist the company and his successor with this transition.

On August 3, 2015, Steven Berns notified the company of his intention to resign as a member of the Board of Directors of the company and all committees of the Board on which he served, effective immediately, so that he can commence employment with the company as its Chief Financial Officer and Treasurer. On August 5, 2015, the Company entered into an employment agreement to hire and retain Steven Berns as Chief Financial Officer and Treasurer of the company. Pursuant to the terms of the Agreement, Mr. Berns' employment with the company will begin no later than September 30, 2015, and he will be employed on an at-will basis.

Mr. Berns, 50, has served as the Executive Vice President and Chief Financial Officer of Tribune Media. From February 2010 to June 2013, Mr. Berns served as the Executive Vice President and Chief Financial Officer of Revlon, Inc., and he served as its Treasurer from May 2009 to February 2010.