Vistaprint 2011 Annual Report Download - page 124

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Proxy Statement
achievement of EPS goals for each fiscal year. As set forth in the 2010-2013 award agreements with our
executive officers, our EPS goals were as follows:
• Our low EPS goal for fiscal 2011 was $1.46, which would have resulted in a payout of 50% of the
named executive officers’ targets for that year;
• Our medium EPS goal for fiscal 2011 was $1.72, which would have resulted in a payout of 100% of
the named executive officers’ targets for that year; and
• Our upper EPS goal for fiscal 2011 was $1.99, which would have resulted in a payout of 160% of the
named executive officers’ targets for that year.
Because our actual EPS for fiscal 2011, calculated in accordance with U.S. generally accepted accounting
principles, was $1.827, which was between the medium and upper ranges of our EPS goals, we paid 123.8%
of target levels to our executive officers based on the formula set forth in their agreements.
2011-2014 Awards Granted in Fiscal Year 2011. Under the long-term cash incentive awards that the
Compensation Committee granted in fiscal 2011, each named executive officer is eligible to receive 25% of
his or her total award for each of our fiscal years ending June 30, 2011, 2012, 2013 and 2014 based on our
achievement of EPS goals for each fiscal year. As set forth in the 2011-2014 award agreements with our
executive officers, our EPS goals were as follows:
• Our low EPS goal for fiscal 2011 was $1.67, which would have resulted in a payout of 50% of the
named executive officers’ targets for that year;
• Our medium EPS goal for fiscal 2011 was $1.80, which would have resulted in a payout of 100% of
the named executive officers’ targets for that year; and
• Our upper EPS goal was $1.93, which would have resulted in a payout of 130% of the named executive
officers’ targets for that year.
Our actual EPS for fiscal 2011, calculated in accordance with U.S. generally accepted accounting
principles, was $1.827, and the 2011-2014 award agreements required the Compensation Committee to adjust
the EPS performance for purposes of the agreements to exclude expenses relating to a legal settlement. The
adjusted EPS was $1.877, which was between the medium and upper ranges of our EPS goals, and we
therefore paid 117.8% of target levels to our executive officers based on the formula set forth in their
agreements.
The table below shows the amounts paid to our named executive officers for fiscal 2011 under each of
their four-year awards; some of the totals may not add exactly due to rounding:
Name
Target Fiscal
2011 Incentive
($)
Actual Fiscal
2011 Incentive
Paid
(123.8% of
Target)
($)
Target Fiscal
2011 Incentive
($)
Actual Fiscal
2011 Incentive
Paid
(117.8% of
Target)
($)
Total Payment
Under Both
Four-Year
Awards
($)
2010-2013 Awards 2011-2014 Awards
Robert S. Keane ..... $234,375 $290,156 $140,625 $165,656 $455,813
Katryn Blake ....... $ 75,000 $ 92,850 $ 80,000 $ 94,240 $187,090
Wendy M. Cebula .... $140,000 $173,320 $100,000 $117,800 $291,120
Nicholas Ruotolo .... $ 62,500 $ 77,375 $ 80,000 $ 94,240 $171,615
Ernst J. Teunissen(1) . . — — $ 30,000 $ 35,340 $ 35,340
Michael Giannetto . . . $110,000 $136,180 $ 88,750 $104,548 $240,728
(1) Mr. Teunissen did not receive a 2010-2013 long-term cash incentive award.
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