Business News

Shutterfly Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Friday 18. January 2013 - Shutterfly, Inc. (NASDAQ:SFLY), the market leader in digital personalized products and services announced today that on January 15, 2013 the Compensation Committee of its Board of Directors granted inducement awards to 12 new employees.

The inducement grants consist of restricted stock unit awards representing the right to receive up to 141,824 shares of Shutterfly’s common stock. The awards will vest over three years, with 33 percent of the underlying shares vesting on each of the first, second, and third anniversaries of the vesting commencement date. The right to receive up to 27,822 of the shares is subject to the additional condition that certain performance-based milestones be met on or before the vesting commencement date. Vesting of all of the awards is subject to each employee’s continuous service through each vesting date.
The restricted stock unit awards were all granted as inducements material to the new employees entering into employment with Shutterfly in accordance with NASDAQ Listing Rule 5635(c)(4).