Vistaprint 2007 Annual Report Download - page 145
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determined in accordance with SFAS 123R, for the results of operations of VistaPrint Limited on a consolidated
basis. No quarterly executive officer bonuses would be paid for either Revenue or earnings per share
achievements if, for that quarter, either Revenue or earnings per share was less than 90% of budget goals. The
bonus payments under Non-Equity Incentive Plan Compensation in the Summary Compensation Table above
represent above target payouts on an aggregated annual basis for fiscal 2007.
As discussed in CD&A and tables above, each of our Named Executive Officers were issued their annual
equity incentive grants under the 2005 Equity Incentive Plan and the 2005 Amended and Restated Equity
Incentive Plan. Each of the Named Executive Officers, with the exception of Paul Flanagan and Harpreet Grewal,
was issued share options with an exercise price equal to the closing price of our common shares on the date of the
grant in August 2006 as part of the fiscal 2006 retention grant program. In May 2007, each of the Named
Executive Officers, with the exception of Paul Flanagan, was issued share options with an exercise price equal to
the closing price of our common shares on the date of the grant in May 2007 as part of the fiscal 2007 retention
grant program. Both grants vest over a four-year vesting period. The number of share options issued as part of the
annual retention program was based upon the comprehensive competitive analysis conducted by our
compensation consultant Pearl Meyer and targets values that are commensurate with our primary peer group as
determined by Pearl Meyer. Given our compensation philosophy, more emphasis is placed upon equity
compensation than cash compensation to better align the interests of our executives with the interests of the
Company and our shareholders.
Proxy Statement
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