Vistaprint 2011 Annual Report Download - page 122

Proxy Statement
Fiscal Year 2011 annual cash incentives
For fiscal 2011, we achieved constant currency revenue of $769.3 million and adjusted EPS of $1.877, as
compared to our constant currency revenue goal of $805.0 million and our EPS goal of $1.77 to $1.83
(calculated using $1.80 as the target). Accordingly, our executive officers were entitled to receive annual cash
incentive payouts of 98.8% of their target levels. However, because of their promotions to executive officer
positions during fiscal 2011, the payouts that Ms. Blake and Mr. Ruotolo received were slightly less than
98.8%, and Mr. Teunissen’s payout was slightly more. Following their promotions, each of these executives
received pro-rata increases in their target annual incentive payments for the remainder of the year, which
increases are included in the amounts in the “Target Annual Incentive” column in the table below. Because
Ms. Blake and Messrs. Ruotolo and Teunissen were not executive officers at the beginning of the fiscal year,
we paid their 2011 annual cash incentives in four quarterly installments, which is our standard annual incentive
payment methodology for non-executive officer employees and includes the application of a company-wide
payout percentage adjustment in the fourth quarter to reflect actual company performance for the fiscal year.
As a result of the application of this standard payment methodology to their pro-rated quarterly incentive
installments, the total annual incentives paid to Ms. Blake and Mr. Ruotolo for fiscal 2011, as reflected in the
“Actual Annual Incentive Paid” column below, equaled 98.3% of their targets, and the total annual incentive
paid to Mr. Teunissen equaled 101.0% of his target, rather than the company-wide level of 98.8%. These
differences were consistent with the percentage differences attributable to other quarterly incentive payment
recipients who joined Vistaprint or received a pro-rated incentive pay increase during the fiscal year.
The following table sets forth the target and actual cash incentives for our named executive officers for
fiscal 2011:
Name
Target Annual
Incentive
($)
Actual Annual
Incentive Paid
($)
Robert S. Keane......................................... A396,732 A391,971
Katryn Blake ........................................... $203,699 $ 200,287
Wendy M. Cebula ....................................... $357,137 $ 352,851
Nicholas Ruotolo ........................................ $203,699 $ 200,287
Ernst J. Teunissen ....................................... A120,096 A121,318
Michael Giannetto ....................................... $240,000 $ 237,120
Long-Term Incentive Program
Overview and Background
Our long-term incentive program is designed to focus our executives and employees on long-term
performance and value creation for the company and our shareholders. The Compensation Committee, with
recommendations from Towers Watson, 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
The Compensation Committee works with Towers Watson 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 cash and equity compensation for our named executive officers in the 75th to 80th percentile range of our
primary peer group. In addition, the Compensation Committee takes into account the internal equity of
compensation among our executive officers, the officers’ past performance, the importance of retaining their
services, any promotions to new roles 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.
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