Vistaprint 2010 Annual Report Download - page 130

Proxy Statement
executive officers. The following table sets forth the target and actual bonus levels for our named executive
officers that the Compensation Committee determined for fiscal 2010:
Name
Target Annual
Incentive
($)
Actual Annual
Incentive Paid
($)
Robert S. Keane......................................... A330,610 A448,638
Wendy M. Cebula ....................................... $250,000 $339,250
Michael Giannetto ....................................... $215,000 $291,755
Janet F. Holian.......................................... $250,000 $339,250
Fiscal 2011 annual cash incentives
In September 2010, the Compensation Committee, with the approval of our Supervisory Board, granted
an annual cash incentive award to each of our named executive officers for fiscal 2011. The following table
sets forth the fiscal 2011 target incentive level that the Compensation Committee established for each
executive officer. The actual amount that we pay to each officer will be determined by Vistaprint’s level of
achievement of the constant currency revenue and EPS goals for fiscal 2011 determined by the Compensation
Committee and could be as high as 250% of the amount listed below or as low as zero.
Name
Target Annual
Incentive
($)
Robert S. Keane .................................................... A396,732
Wendy M. Cebula ................................................... $265,000
Michael Giannetto ................................................... $240,000
Janet F. Holian ..................................................... $265,000
Long-Term Incentive Program
Overview and Background
Our long-term incentive program, or LTIP, is the primary vehicle for focusing our executives and
employees on long-term performance and aligning their interests with long-term value creation for the
company and our shareholders. The Compensation Committee, with recommendations from DolmatConnell,
determines the mix among our three long-term incentive vehicles — which are share options, restricted share
units and long-term cash incentives — for our executives and employees.
Share Options and Restricted Share Units for Executives
Equity compensation is a significant portion of each named executive officer’s total compensation
package. The Compensation Committee works with DolmatConnell to analyze the market practices of our
primary peer group to determine competitive equity awards and to calculate the grant value that would result
in target total direct cash and equity compensation in the 70-80th percentile range of our primary peer group.
In addition, the Compensation Committee takes into account the internal equity of compensation among our
officers, the officers’ past performance, the importance of retaining their services and the potential for their
performance to help us attain long-term goals. The Committee does not assign specific weights to particular
factors but considers them together in determining equity compensation.
In general, we grant equity compensation to our named executive officers in the form of share options
and restricted share units that vest ratably over a four year period. The Compensation Committee believes that
granting equity awards is an effective way to motivate our executives to manage the company in a manner that
is consistent with the long-term interests of both the company and our shareholders, with equity awards
generating returns for our executives and employees as our share price increases. Because our share options
and restricted share units vest over four years, these incentive vehicles also provide us with an important
retention tool, as the equity grants vest only if the officer continues to be employed by us on each vest date.
The exercise price of all share options we grant is 100% of the fair market value on the date of grant.
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