Vistaprint 2015 Annual Report Download - page 27

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products and services in violation of applicable anti-spam or other laws, then our reputation could be harmed and
we could potentially be liable for their actions.
We are subject to safety, health, and environmental laws and regulations, which could result in
liabilities, cost increases or restrictions on our operations.
We are subject to a variety of safety, health and environmental, or SHE, laws and regulations in each of the
jurisdictions in which we operate. These laws and regulations govern, among other things, air emissions,
wastewater discharges, the storage, handling and disposal of hazardous and other regulated substances and
wastes, soil and groundwater contamination and employee health and safety. We use regulated substances such
as inks and solvents, and generate air emissions and other discharges at our manufacturing facilities, and some of
our facilities are required to hold environmental permits. If we fail to comply with existing SHE requirements, or new,
more stringent SHE requirements applicable to us are imposed, we may be subject to monetary fines, civil or
criminal sanctions, third-party claims, or the limitation or suspension of our operations. In addition, if we are found to
be responsible for hazardous substances at any location (including, for example, offsite waste disposal facilities or
facilities at which we formerly operated), we may be responsible for the cost of cleaning up contamination,
regardless of fault, as well as to claims for harm to health or property or for natural resource damages arising out of
contamination or exposure to hazardous substances.
Our customers create products that incorporate images, illustrations and fonts that we license from third
parties, and any loss of the right to use these licensed materials may substantially harm our business and
results of operations.
Many of the images, illustrations, and fonts incorporated in the design products and services we offer are
the copyrighted property of other parties that we use under license agreements. If one or more of our licenses
covering a significant amount of content were terminated, the amount and variety of content available on our
websites would be significantly reduced, and we may not be able to find, license, and introduce substitute content in
a timely manner, on acceptable terms, or at all.
The loss of key personnel or an inability to attract and retain additional personnel could affect our ability to
successfully grow our business.
We are highly dependent upon the continued service and performance of our senior management team and
key technical, marketing, and production personnel, any of whom may cease their employment with us at any time
with minimal advance notice. We face intense competition for qualified individuals from many other companies in
diverse industries. The loss of one or more of our key employees may significantly delay or prevent the
achievement of our business objectives, and our failure to attract and retain suitably qualified individuals or to
adequately plan for succession could have an adverse effect on our ability to implement our business plan.
Our credit facility and the indenture that governs our senior notes restrict our current and future
operations, particularly our ability to respond to changes or to take certain actions.
Our senior secured credit facility, which we refer to as our credit facility, and the indenture that governs our
7.0% senior unsecured notes due 2022, which we refer to as our senior notes, contain a number of restrictive
covenants that impose significant operating and financial restrictions on us and may limit our ability to engage in
acts that may be in our best interest, including restrictions on our ability to:
• incur additional indebtedness, guarantee indebtedness, and incur liens;
• pay dividends or make other distributions or repurchase or redeem capital stock;
• prepay, redeem, or repurchase certain subordinated debt;
• issue certain preferred stock or similar redeemable equity securities;
• make loans and investments;
• sell assets;
Form 10-K