FORM OF RESTRICTED SHARE AGREEMENT



 Exhibit 10.20 
  
 VISTAPRINT LIMITED 
  
 Restricted Share Agreement 
 Granted Under
The 2005 Equity Incentive Plan 
  
 Pursuant to the authority
delegated by the Board of Directors of VistaPrint Limited, a Bermuda corporation (the “Company”), to VistaPrint USA, Incorporated, a Delaware corporation (“VistaPrint USA”) pursuant to Section 3 of the 2005 Equity Incentive Plan,
the Company and [    ] (the “Participant”) enter into this Agreement, made this          day of
                    , 200[  ]. 
  
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
  
 1. Purchase of Shares. 
  
 The Company shall issue and sell to the Participant, and the Participant
shall purchase from the Company, subject to the terms and conditions set forth in this Agreement and in the Company’s 2005 Equity Incentive Plan (the “Plan”),
             Common Shares (the “Shares”) of the Company, $0.001 par value per share, at a purchase price of $[  ] per share. The aggregate purchase price for the
Shares shall be paid by the Participant by check payable to the order of the Company or such other method as may be acceptable to the Company. Upon receipt by the Company of payment for the Shares, the Company shall issue to the Participant one or
more certificates in the name of the Participant for that number of Shares purchased by the Participant. The Participant agrees that the Shares shall be subject to the purchase option set forth in Section 2 of this Agreement and the restrictions on
transfer set forth in Section 4 of this Agreement. 
  
 2.
Purchase Option. 
  
 (a) In the event that
the Participant ceases to be employed by the Company for any reason or no reason, with or without cause, prior to                     ,
20[    ], the Company shall have the right and option (the “Purchase Option”) to purchase from the Participant, for a sum of $[  ] per share (the “Option Price”), some or all of the Unvested Shares
(as defined below). 
  
 “Unvested Shares” means the
total number of Shares multiplied by the Applicable Percentage at the time the Purchase Option becomes exercisable by the Company. The “Applicable Percentage” shall be (i) 100% during the 12-month period ending
                    , 200  , (ii) [75%] less [6.25%] for each three months of employment completed by the Participant with
the Company from and after                     , 200  , and (iii) zero on or after
                    , 200    . 
  
 (b) If the Participant is employed by a parent or subsidiary of the Company, any references in this
Agreement to employment by or with the Company or termination of employment by or with the Company shall instead be deemed to refer to such parent or subsidiary. 
  
 3. Exercise of Purchase Option and Closing. 
  
 (a) The Company may exercise the Purchase Option by delivering or mailing to the Participant (or his
estate), within 90 days after the termination of the employment of the Participant with the Company, a written notice of exercise of the Purchase Option. Such notice shall specify the number of Shares to be purchased. If and to the extent the
Purchase Option is not so exercised by the giving of such a notice within such 90-day period, the Purchase Option shall automatically expire and terminate effective upon the expiration of such 90-day period. 









 (b) Within 10 days after delivery to the Participant of the Company’s notice of the
exercise of the Purchase Option pursuant to subsection (a) above, the Participant (or his estate) shall, pursuant to the provisions of the Joint Escrow Instructions referred to in Section 6 below, tender to the Company at its principal offices the
certificate or certificates representing the Shares which the Company has elected to purchase in accordance with the terms of this Agreement, duly endorsed in blank or with duly endorsed stock powers attached thereto, all in form suitable for the
transfer of such Shares to the Company. Promptly following its receipt of such certificate or certificates, the Company shall pay to the Participant the aggregate Option Price for such Shares (provided that any delay in making such payment shall not
invalidate the Company’s exercise of the Purchase Option with respect to such Shares). 
  
 (c) After the time at which any Shares are required to be delivered to the Company for transfer to the Company pursuant to subsection (b)
above, the Company shall not pay any dividend to the Participant on account of such Shares or permit the Participant to exercise any of the privileges or rights of a stockholder with respect to such Shares, but shall, in so far as permitted by law,
treat the Company as the owner of such Shares. 
  
 (d) The Option Price may be payable, at the option of the Company, in cancellation of all or a portion of any outstanding indebtedness of the Participant to the Company or in cash (by check) or both. 
  
 (e) The Company shall not purchase any fraction of a Share
upon exercise of the Purchase Option, and any fraction of a Share resulting from a computation made pursuant to Section 2 of this Agreement shall be rounded to the nearest whole Share (with any one-half Share being rounded upward). 
  
 (f) The Company may assign its Purchase Option to one or
more persons or entities. 
  
 4. Restrictions on Transfer.
The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively “transfer”) any Shares, or any interest therein, that are subject to the Purchase Option, except
that the Participant may transfer such Shares (i) to or for the benefit of any spouse, children, parents, uncles, aunts, siblings, grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved
Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives, provided that such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set
forth in this Section 4 and the Purchase Option) and such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of
this Agreement or (ii) as part of the sale of all or substantially all of the shares of capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan, the securities or other
property received by the Participant in connection with such transaction shall remain subject to this Agreement. 
  
 5. Escrow. 
  
 The Participant shall, upon the execution of this Agreement, execute Joint Escrow Instructions in the form attached to this Agreement as Exhibit A.
The Joint Escrow Instructions shall be delivered to the Secretary of the Company, as escrow agent thereunder. The Participant shall deliver to such escrow agent a stock assignment duly endorsed in blank, in the form attached to this Agreement as
Exhibit B, and hereby instructs the Company to deliver to such escrow agent, on behalf of the Participant, the certificate(s) evidencing the Shares issued hereunder. Such materials shall be held by such escrow agent pursuant to the terms of
such Joint Escrow Instructions. 
  

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 6. Restrictive Legends. 
  
 All certificates representing Shares shall have affixed thereto legends in substantially the following form, in addition to
any other legends that may be required under federal or state securities laws: 
  
 “The shares of stock represented by this certificate are subject to restrictions on transfer and an option to purchase set forth in a certain Restricted Share Agreement between the corporation and the registered
owner of these shares (or his predecessor in interest), and such Agreement is available for inspection without charge at the office of the Secretary of the corporation.” 
  
 7. Provisions of the Plan. 
  

(a) This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement.

  
 (b) Upon the occurrence of a Reorganization
Event or Change in Control Event (each as defined in the Plan), the repurchase and other rights relating to the Shares hereunder shall be subject to, and shall be treated in accordance with the provisions of Section 8(c)(3) of the Plan. 

 
 8. Withholding Taxes; Section 83(b) Election [Applicable to
Participant’s Subject to United States Taxation]. 
  
 (a) The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be
withheld with respect to the purchase of the Shares by the Participant or the lapse of the Purchase Option. 
  
 (b) The Participant has reviewed with the Participant’s own tax advisors the federal, state, local and foreign tax consequences of
this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that the
Participant (and not the Company or any subsidiary of the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. The Participant
understands that it may be beneficial in many circumstances to elect to be taxed at the time the Shares are purchased rather than when and as the Company’s Purchase Option expires by filing an election under Section 83(b) of the Internal
Revenue Code of 1986 with the I.R.S. within 30 days from the date of purchase. 
  
 THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S OR ANY SUBSIDIARY OF THE
COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE PARTICIPANT’S BEHALF. 
  
 9. Miscellaneous. 
  
 (a) No Rights to Employment. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof is
earned only by continuing service as an employee at 

  

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the will of VistaPrint USA (not through the act of being hired or purchasing shares hereunder). The Participant further acknowledges and agrees that the
transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the vesting period, for any period, or at all. 
  
 (b) Severability. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 (c) Waiver. Any provision for the benefit of the
Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. 
  
 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their
respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 4 of this Agreement. 
  
 (e) Notice. All notices required or permitted hereunder shall be in writing and deemed effectively
given upon personal delivery or two days after deposit with a reputable international overnight courier, addressed to the other party hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or
addresses as either party shall designate to the other in accordance with this Section 11(e). 
  
 (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
  
 (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties, and supersedes all prior
agreements and understandings, relating to the subject matter of this Agreement. 
  
 (h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Participant. 
  
 (i) Governing Law. This
Agreement shall be construed, interpreted and enforced in accordance with the internal laws of Bermuda without regard to any applicable conflicts of laws. 
  
 (j) Participant’s Acknowledgments. The Participant acknowledges that he or she: (i) has read this Agreement; (ii) has been
represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv)
is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Wilmer Cutler Pickering Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated by the
Agreement, and is not acting as counsel for the Participant. 
  
 [Signatures on Following Page] 
  

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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by VistaPrint USA and the
Participant has executed this Agreement as of the day and year first above written. 
  

	
	VISTAPRINT USA, INCORPORATED
	
	 
	 Name:

	 Title:

	
	PARTICIPANT
	
	 
	 Name:

	 Title:



  

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 Exhibit A 
  
 VistaPrint Limited 
  
 Joint Escrow Instructions 
  
                     , [    ] 
  
 [Secretary] 
 VistaPrint Limited 
 Canon’s Court 
 22 Victoria Street 
 Hamilton HM 12 
 Bermuda 
  
 Dear Sir/Madam: 
  
 As Escrow Agent for VistaPrint Limited, a Bermuda corporation, and its successors in interest under the Restricted Share
Agreement (the “Agreement”) of even date herewith, to which a copy of these Joint Escrow Instructions is attached (the “Company”), and the undersigned person (“Holder”), you are hereby authorized and directed to hold
the documents delivered to you pursuant to the terms of the Agreement in accordance with the following instructions: 
  
 1. Appointment. Holder irrevocably authorizes the Company to deposit with you any certificates evidencing Shares (as defined in the Agreement) to
be held by you hereunder and any additions and substitutions to said Shares. For purposes of these Joint Escrow Instructions, “Shares” shall be deemed to include any additional or substitute property. Holder does hereby irrevocably
constitute and appoint you as his attorney-in-fact and agent for the term of this escrow to execute with respect to such Shares all documents necessary or appropriate to make such Shares negotiable and to complete any transaction herein
contemplated. Subject to the provisions of this Section 1 and the terms of the Agreement, Holder shall exercise all rights and privileges of a stockholder of the Company while the Shares are held by you. 
  
 2. Closing of Purchase. 
  
 (a) Upon any purchase by the Company of the Shares pursuant
to the Agreement, the Company shall give to Holder and you a written notice specifying the purchase price for the Shares, as determined pursuant to the Agreement, and the time for a closing hereunder (the “Closing”) at the principal office
of the Company. Holder and the Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 
  
 (b) At the Closing, you are directed (i) to date the stock assignment form or forms necessary for the
transfer of the Shares, (ii) to fill in on such form or forms the number of Shares being transferred, and (iii) to deliver same, together with the certificate or certificates evidencing the Shares to be transferred, to the Company against the
simultaneous delivery to you of the purchase price for the Shares being purchased pursuant to the Agreement. 
  

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 3. Withdrawal. The Holder shall have the right to withdraw from this escrow any Shares as to which
the Purchase Option (as defined in the Agreement) has terminated or expired. 
  
 4. Duties of Escrow Agent. 
  
 (a) Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto. 
  

(b) You shall be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be
protected in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties. You shall not be personally liable for any act you may do or omit to do
hereunder as Escrow Agent or as attorney-in-fact of Holder while acting in good faith and in the exercise of your own good judgment, and any act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such
good faith. 
  
 (c) You are hereby expressly
authorized to disregard any and all warnings given by any of the parties hereto or by any other person or entity, excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and obey orders, judgments or
decrees of any court. If you are uncertain of any actions to be taken or instructions to be followed, you may refuse to act in the absence of an order, judgment or decrees of a court. In case you obey or comply with any such order, judgment or
decree of any court, you shall not be liable to any of the parties hereto or to any other person or entity, by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside,
vacated or found to have been entered without jurisdiction. 
  
 (d) You shall not be liable in any respect on account of the identity, authority or rights of the parties executing or delivering or purporting to execute or deliver the Agreement or any documents or papers deposited
or called for hereunder. 
  
 (e) You shall be
entitled to employ such legal counsel and other experts as you may deem necessary properly to advise you in connection with your obligations hereunder and may rely upon the advice of such counsel. 
  
 (f) Your rights and responsibilities as Escrow Agent
hereunder shall terminate if (i) you cease to be Secretary of the Company or (ii) you resign by written notice to each party. In the event of a termination under clause (i), your successor as Secretary shall become Escrow Agent hereunder; in the
event of a termination under clause (ii), the Company shall appoint a successor Escrow Agent hereunder. 
  
 (g) If you reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect
hereto, the necessary parties hereto shall join in furnishing such instruments. 
  
 (h) It is understood and agreed that if you believe a dispute has arisen with respect to the delivery and/or ownership or right of
possession of the securities held by you hereunder, you are authorized and directed to retain in your possession without liability to anyone all or any part of said securities until such dispute shall have been settled either by mutual written
agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or defend
any such proceedings. 
  

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 (i) These Joint Escrow Instructions set forth your sole duties with respect to any and
all matters pertinent hereto and no implied duties or obligations shall be read into these Joint Escrow Instructions against you. 
  
 (j) The Company shall indemnify you and hold you harmless against any and all damages, losses, liabilities, costs, and expenses, including
attorneys’ fees and disbursements, (including without limitation the fees of counsel retained pursuant to Section 4(e) above), for anything done or omitted to be done by you as Escrow Agent in connection with this Agreement or the performance
of your duties hereunder, except such as shall result from your gross negligence or willful misconduct. 
  
 5. Notice. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or two
days after deposit with a reputable international overnight courier, addressed to each of the other parties thereunto entitled at the following addresses, or at such other addresses as a party may designate by ten days’ advance written notice
to each of the other parties hereto. 
  

			
	COMPANY:	  	Notices to the Company shall be sent to the address set forth in the salutation hereto, Attn: [Secretary]
		
	HOLDER:	  	Notices to Holder shall be sent to the address set forth below Holder’s signature below.
		
	ESCROW AGENT:	  	Notices to the Escrow Agent shall be sent to the address set forth in the salutation hereto.

  
 6.
Miscellaneous. 
  
 (a) By signing these
Joint Escrow Instructions, you become a party hereto only for the purpose of said Joint Escrow Instructions, and you do not become a party to the Agreement. 
  
 (b) This instrument shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. 
  
 Very truly yours, 
  
 IN WITNESS WHEREOF, the Company and the Participant has caused these Joint
Escrow Instructions to be executed as of the day and year first above written. 
  

	
	VISTAPRINT LIMITED
	
	 
	 Name:

	 Title:



  

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	 	 	PARTICIPANT
		
	 	 	 
	 	 	 Name:

	 	 	 Title:

		
	 Address: 
	 	 
	 	 	 
	
	 Date Signed: _________________



  

	
	 ESCROW AGENT:

	
	  

  

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 Exhibit B 
  
 (SHARE ASSIGNMENT SEPARATE FROM CERTIFICATE) 
  
 FOR VALUE RECEIVED, I hereby sell, assign and transfer unto
                                
(            ) Common Shares, $0.001 par value per share, of VistaPrint Limited (the “Corporation”) standing in my name on the books of the Corporation represented by
Certificate(s) Number              herewith, and do hereby irrevocably constitute and appoint
                                 attorney to transfer the said stock on the books
of the Corporation with full power of substitution in the premises. 
  

					
	 	 	 	 	 Dated: __________________

			
	 IN PRESENCE OF
	 	 	 	  
			
	  	 	 	 	  
			
	  	 	 	 	  

  
 NOTICE: The
signature(s) to this assignment must correspond with (a) the name as written upon the face of the certificate or (b) the duly authorized representative of trusts or other entities, in every particular, without alteration, enlargement, or any change
whatever and must be guaranteed by a commercial bank, trust company or member firm of the Boston, New York or Midwest Stock Exchange. 
  

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