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

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

Business Wire

REDWOOD CITY, Calif. -- January 15, 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).

About Shutterfly, Inc.

Shutterfly, Inc. is the leading manufacturer and digital retailer of
high-quality personalized products and services offered through a family of
lifestyle brands. Founded in 1999, the Shutterfly, Inc. family of brands
includes: Shutterfly, where your photos come to life in photo books, cards and
gifts; Tiny Prints, premium cards and stationery for all life’s occasions;
Wedding Paper Divas, wedding invitations and stationery for every step of the
planning process; and Treat, personalized greeting cards that really stand
out. For more information about Shutterfly, Inc. (NASDAQ:SFLY), visit


Shutterfly, Inc.
Michael Look, 650-610-5910 (Investors)
Gretchen Sloan, 650-610-5276 (Media)
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