Vistaprint 2007 Annual Report Download - page 138

Restricted Share Units for Employees
The framework for providing restricted share units to employees follows a similar methodology to share
option grants to executives and is based upon market practices for our industry, size and geographic locations.
Time-vested restricted share units are intended to align the employees’ interests with those of our shareholders
and serve as a retention tool. The restricted unit awards vest ratably over a four year period.
Timing of Grants
Share option awards to our named executive officers are granted annually in conjunction with the review of
their individual performance and the independent consultant’s compensation study. The intent is to conduct this
review at the regularly scheduled meeting of the Compensation Committee, held in conjunction with the
quarterly Board of Directors meeting in April or May of each year. Fiscal 2007 grants were made at the May
2007 Compensation Committee meeting and future annual grants are expected to be made in April or May of the
given fiscal year. Restricted share unit grants to non-executive employees typically are made during the company
performance review cycle which concludes in April each year.
Employee Benefit Programs
The Compensation Committee has specifically chosen to provide named executive officers with the same
health and welfare benefits provided to other US-based employees. The Compensation Committee believes that
all US-based employees should have access to similar levels of health and welfare benefits. Participation in the
plans offered requires employee contributions at an industry standard or better rate. As such, executives have the
opportunity to participate in our medical, dental, vision, and disability plans. Additionally, they are also offered
the same flexible spending accounts, group life and accidental death and dismemberment insurance as those
offered to all employees. They may also participate in the 401(k) plan which provides a company match of up to
50% on the first 6% of the participant’s annual salary that is contributed, with company matching contributions
vesting ratably over a four year period.
Miscellaneous Benefits
In July 2006, we agreed to reimburse Mr. Grewal for certain actual and reasonable out-of-pocket costs
related to his relocation to Massachusetts, including travel, temporary housing, movement of household goods,
and incidentals relating to his move.
Perquisites
Executives generally are not entitled to benefits that are not otherwise available to all employees. In fiscal
2007 the only perquisite offered to our named executive officers was reimbursement for health club membership
fees for the CEO. This perquisite historically has been granted to the CEO for many years and the cost of this
benefit constitutes an extremely small percentage of the CEO’s total compensation.
Executive Retention and Other Agreements
We have entered into executive retention agreements with each of:
• Robert S. Keane, President and Chief Executive Officer;
• Anne S. Drapeau, Executive Vice President and Chief People Officer;
• Harpreet Grewal, Executive Vice President and Chief Financial Officer;
• Janet Holian, Executive Vice President and Chief Marketing Officer; and
• Wendy Cebula, Executive Vice President and Chief Operating Officer.
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