Vistaprint 2007 Annual Report Download - page 88

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VISTAPRINT LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Years Ended June 30, 2007, 2006 and 2005
(in thousands, except share and per share data)
While the Company may grant options to employees, officers, non-employee directors,
consultants and advisors which become exercisable at different times or within different periods, the
Company has generally granted options to employees, officers, consultants and advisors that are
exercisable on a cumulative basis, with 25% exercisable on the first anniversary of the date of grant,
and 6.25% quarterly thereafter. In addition, the Company has generally granted awards to
non-employee directors that are exercisable on a cumulative basis, with 8.33% exercisable each
quarter. The requisite service period is normally four years for employees and officers and three years
for non-employee directors. The contractual life of the options is ten years.
The Directors’ Plan provides for non-employee directors of the Company to receive option grants
upon initial appointment as a director and annually thereafter in connection with the Company’s annual
general meeting of shareholders if they are continuing to serve as a director at such time. Under the
Directors’ Plan, the Company initially reserved 250,000 shares for such awards, subject to an annual
increase through 2015 in shares available by an amount equal to the number of shares granted during
the Company’s prior calendar year under the Directors’ Plan. In May 2007, the Company amended the
Directors’ Plan to fix the aggregate number of shares issuable upon the exercise of options issued
under the Directors’ Plan to an aggregate of 250,000 shares and to eliminate the annual increase in
available shares. As of June 30, 2007, there were 26,643 options outstanding under the Directors’
Plan.
A summary of the Company’s share option activity and related information for the year ended
June 30, 2007 is as follows:
2007
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic
Value
Outstanding at the beginning of the period ........... 5,796,120 $10.25
Granted .......................................... 1,326,306 27.42
Exercised ......................................... (1,971,567) 6.95
Forfeited/cancelled ................................ (725,932) 13.97
Outstanding at the end of the period................. 4,424,927 $16.25 8.25 $97,360
Vested or expected to vest at the end of the period . . . 4,254,991 $16.10 8.23 94,249
Exercisable at the end of the period ................. 1,158,118 $10.42 7.59 $32,225
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