Vistaprint 2015 Annual Report Download - page 144

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32
The following table sets forth the target annual cash incentive awards for our named executive officers and the
actual payouts on those awards for fiscal 2015.
Name
Target Annual
Incentive
Actual Annual
Incentive Paid
Robert S. Keane ..........................................................
.
€
756,000
€
1,228,500
Katryn S. Blake ............................................................
.
$ 335,000 $ 544,375
Donald R. Nelson ........................................................
.
$ 220,000 $ 357,500
Ernst J. Teunissen .......................................................
.
€
265,000
€
430,625
Long-Term Incentive Program
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 our independent compensation consultant, determines the mix among our three long-term incentive vehicles -
which may include 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 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 greater returns for our executives and employees as our share
price increases. Our share options and restricted share units also provide us with an important retention tool, as the
equity grants vest over a multiple-year period only if the executive continues to be employed by us on each vest
date.
As part of the Compensation Committee’s redesign of our long-term executive compensation program in fiscal
2012, which involved the grant to our executive officers of multi-year, premium-priced share option awards, our
Supervisory Board adopted resolutions that, until fiscal 2016 at the earliest, we will not grant any additional long-
term incentive award in any form to Mr. Keane or any additional share options to our other current executive
officers. Accordingly, in fiscal 2015 we did not grant any new share options to any of our executive officers, and we
did not grant any restricted share units to Mr. Keane. Our executive officers other than Mr. Keane received
restricted share units that vest over four years. Each unit that vests is automatically converted into an ordinary
share of Cimpress on a one-to-one basis.
In general, we grant equity awards to our executive officers annually at the regularly scheduled meeting of the
Compensation Committee held in the fourth quarter of each fiscal year. Accordingly, grants made in fiscal 2015
were approved at the May 2015 Compensation Committee meeting. We typically grant equity awards to employees
who are not executive officers during our first fiscal quarter after the conclusion of our annual performance review
cycle.
Long-Term Cash Incentive Compensation
The Compensation Committee did not grant any new long-term cash incentive awards to our executive officers in
fiscal 2015, in keeping with the 2012 redesign of our long-term incentive program to emphasize premium-priced
share options.
For several fiscal years before 2013, the Compensation Committee had granted long-term cash incentive awards
to reflect our pay-for-performance culture and philosophy, enhance our ability to manage the number of shares
available under our equity compensation plans, and balance the focus on share price appreciation created through
equity awards with cash awards based on the achievement of financial metrics that drive long-term company and
shareholder value creation. The last of these long-term cash incentive awards held by our executive officers were
originally granted in fiscal year 2012 with a performance cycle of four fiscal years, payable 25% for each of our
fiscal years ending June 30, 2012, 2013, 2014, and 2015 based on Cimpress' achievement of adjusted EPS targets
developed by the Compensation Committee for each of the four fiscal years. Adjusted EPS for the 2012-2015 cash
incentive awards has the same definition as adjusted EPS for the annual cash incentive awards described above.
We measure performance on an annual basis and make payments for each fiscal year in the performance cycle