AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
Exhibit 10.6
AMENDMENT NO. 2 TO
EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT
This Amendment No. 2 to Employment Agreement is entered into this September 28, 2011 by
Vistaprint USA, Incorporated (the “Company”) and Xxxxxx X. Xxxxx (the “Employee”). The Company and
the Employee previously entered into an Employment Agreement dated September 1, 2009, as amended
(the “Agreement”), and now wish to amend the Agreement further to reflect the Employee’s
compensation for the Company’s 2012 fiscal year.
The parties agree as follows:
1. Compensation and Benefits.
1.1 Salary. The Company shall pay the Employee, in accordance with the
Company’s regular payroll practices, an annualized base salary of $128,768 (approximate, based on
the 30-day trailing average currency exchange rate in effect at May 5, 2011) for the one-year
period commencing on July 1, 2011.
1.2 FY 2012 Incentive Compensation. The Employee is entitled to receive the
bonuses, incentive awards and equity compensation awards for the Company’s fiscal year 2012
described on Schedule A.
1.3 Withholding. All salary, bonus and other compensation payable to the
Employee is subject to applicable withholding taxes.
2. No Other Modification. Except as specifically modified by this
Amendment, the Agreement remains unchanged and in full force and effect.
The parties have executed this Agreement as of the date set forth above.
VISTAPRINT USA, INCORPORATED |
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By: | /s/ Xxxxxxxx X. Gold | |||
Title: General Counsel and Senior Vice President | ||||
EMPLOYEE |
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/s/ Xxxxxx X. Xxxxx | ||||
Xxxxxx X. Xxxxx | ||||
SCHEDULE A
Compensation Payable by the Company for fiscal year 2012
Annual base salary of $128,768*.
Annual incentive, pursuant to the terms of the Employee’s award agreement under the Vistaprint
Performance Incentive Plan for Covered Employees, with a target amount of $877,365* subject to the
satisfaction of the performance criteria set forth in such award agreement.
Long-term cash incentive, pursuant to the terms of the Employee’s award agreement under the
Vistaprint Performance Incentive Plan for Covered Employees, with a target amount of $570,000
payable over four years subject to the satisfaction of the performance criteria set forth in such
award agreement.
Long-term equity incentive, pursuant to the terms of the Employee’s grant agreements under the
Vistaprint Amended and Restated 2005 Equity Incentive Plan:
Share options with Black Scholes value of $2,850,000
Restricted share units with value at grant of $2,280,000
* | Approximate, based on the 30-day trailing average currency exchange rate in effect at May 5, 2011 |