Document:

exv10w7

Exhibit 10.7

EMPLOYMENT AGREEMENT

     This Employment Agreement is entered into this July 1, 2011 by Vistaprint USA, Incorporated
(the “Company”) and Ernst Teunissen (the “Employee”).

     The parties agree as follows:

     1. Term of Employment. The Company agrees to employ the Employee, and the Employee
hereby accepts employment with the Company, upon the terms set forth in this Agreement, for the
period commencing on the date of this Agreement and ending upon the termination of the Employee’s
employment as set forth in Section 4 below (the “Employment Period”).

     2. Duties and Capacity. During the Employment Period, the Employee shall perform the
duties described on Schedule A attached to this Agreement. The Employee is subject to the
supervision of, and has such authority as is delegated to the Employee by, the Company’s Board of
Directors or such officer of the Company as may be designated by the Board. The Employee hereby
accepts such employment and agrees to undertake the duties and responsibilities described on
Schedule A. The Employee agrees to abide by the rules, regulations, instructions,
personnel practices and policies of the Company and any changes therein that the Company may adopt
from time to time.

     3. Compensation and Benefits.

          3.1 Salary. The Company shall pay the Employee, in accordance with the Company’s
regular payroll practices, an annualized base salary in the amount set forth on Schedule A.

          3.2 Bonuses. 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.

          3.3 Reimbursement of Expenses. The Company shall reimburse the Employee for all
reasonable travel, entertainment and other expenses incurred or paid by the Employee in connection
with, or related to, the performance of his duties, responsibilities or services under this
Agreement, upon presentation by the Employee of documentation, expense statements, vouchers and/or
such other supporting information as the Company may request.

          3.4 Withholding. All salary, bonus and other compensation payable to the Employee is
subject to applicable withholding taxes.

     4. Employment Termination. This Agreement and the employment of the Employee
terminate upon the occurrence of any of the following:

          4.1 Upon the death or disability of the Employee. As used in this Agreement, the term
“disability” has the definition set forth in the Company’s then-applicable long-term disability
plan.

          4.2 At the election of the Employee or the Company, upon not less than 30 calendar days’ prior
written notice of termination to the other party.

     5. Other Agreements. The Employee shall comply with the terms and obligations set
forth in all other agreements between the Employee and the Company, the Company’s parent
corporation and other subsidiaries of the Company’s parent (collectively, the “Vistaprint Group”),
including but not

 

 

limited to non-competition, non-solicitation, non-disclosure, proprietary rights
and developments, and executive retention agreements.

     6. Notices. Any notice delivered under this Agreement is deemed duly delivered three
business days after it is sent by registered or certified mail, return receipt requested, postage
prepaid, or one business day after it is sent for next business day delivery via a reputable
nationwide overnight courier service.

     7. Pronouns. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular forms of
nouns and pronouns shall include the plural, and vice versa.

     8. Amendment. This Agreement may be amended or modified only by a written instrument
executed by both the Company and the Employee.

     9. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Massachusetts (without reference to the conflict of laws
provisions thereof). The parties agree to commence any action, suit or other legal proceeding
arising under or relating to any provision of this Agreement only in a court of the Commonwealth of
Massachusetts (or, if appropriate, a federal court located within the Commonwealth of
Massachusetts), and the Company and the Employee each consent to the jurisdiction of such a court.
The Company and the Employee each hereby irrevocably waive any
right to a trial by jury in any action, suit or other legal proceeding arising under or
relating to any provision of this Agreement.

     10. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of both parties and their respective successors and assigns, including any corporation with
which or into which the Company may be merged or which may succeed to its assets or business,
except that the obligations of the Employee are personal and shall not be assigned by him.

     11. Acknowledgment. The Employee represents that he has had an opportunity to fully
discuss and review the terms of this Agreement with an attorney. The Employee further states and
represents that he has carefully read this Agreement, understands the contents herein, freely and
voluntarily assents to all of the terms and conditions hereof, and signs his name of his own free
act.

     12. Miscellaneous.

          12.1 No delay or omission by the Company in exercising any right under this Agreement shall
operate as a waiver of that or any other right. A waiver or consent given by the Company on any
one occasion shall be effective only in that instance and shall not be construed as a bar to or
waiver of any right on any other occasion.

          12.2 The captions of the sections of this Agreement are for convenience of reference only and
in no way define, limit or affect the scope or substance of any section of this Agreement.

          12.3 In case any provision of this Agreement is invalid, illegal or otherwise unenforceable,
the validity, legality and enforceability of the remaining provisions shall in no way be affected
or impaired thereby.

- 2 -

 

     The parties hereto have executed this Agreement as of the date set forth above.

	 	 	 	 	 
	 	VISTAPRINT USA, INCORPORATED

 	 
	 	By:  	/s/ Lawrence A. Gold
 	 
	 	 	Title: Senior Vice President and General Counsel 	 
	 	 	 	 
	 	EMPLOYEE

 	 
	 	/s/ Ernst J. Teunissen
 	 
	 	Ernst Teunissen 	 
	 	 	 
	 

- 3 -

 

SCHEDULE A

Duties of the Employee

As Chief Financial Officer:

	•	 	Provide vision and leadership for all financial functions of the Vistaprint Group
	 
	•	 	Oversee the global finance department of the Vistaprint Group, including the global
accounting, treasury, financial systems, internal audit, external reporting, tax, investor
relations and financial planning functions
	 
	•	 	Recruit, retain and develop highly qualified leaders and teams in all areas of the finance
function
	 
	•	 	Oversee activities of the Vistaprint Group relating to U.S. Sarbanes-Oxley, U.S. Securities
and Exchange Commission and other regulatory compliance
	 
	•	 	Participate as a member of the global executive team of the Vistaprint Group in a strategic
capacity

Compensation Payable by the Company for fiscal year 2012

Annual base salary of $132,696*.

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 $305,550* 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 $375,000
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 $225,000

     Restricted share units with value at grant of $900,000

 

			
	*	 	Approximate, based on 30-day trailing average currency exchange rate in effect at May 5, 2011exv10w8

Exhibit 10.8

Avenant au Contrat de travail en date du 7 décembre 2009

Addendum to the Employment Agreement dated December 7th 2009

ENTRE LES SOUSSIGNES :

Vistaprint SARL,

Société à responsabilité limitée, au capital
social de 1.000 euros,

dont le siège social est situé 34, boulevard
Haussmann — 75009 Paris, immatriculée au RCS
de Paris sous le numéro 452 977 382.

Représentée par Monsieur Robert Keane, Gérant.

Ci-après désignée « la Société »,

D’UNE PART,

ET

Monsieur Ernst. J. Teunissen,

Demeurant 10, rue Decamps,

75016 Paris,

Ci-après dénommé « Monsieur Teunissen»,

D’AUTRE PART.

PREAMBULE

Monsieur Teunissen est employé de la Société
depuis le 5 Octobre 2009.

Un contrat de travail en date du 7 décembre
2009 a été conclu entre les parties afin de
définir les conditions et modalités d’emploi
de Monsieur Teunissen.

Compte tenu du nouveau rôle de Monsieur
Teunissen au sein de la Société, les parties
ont décidé de modifier le contrat de travail
en date du 7 décembre 2009 selon les termes
ci-dessous.

IL A ETE CONVENU ET ARRETE CE QUI SUIT :

ARTICLE 1 — FONCTION

A compter du 1er juillet 2011,
Monsieur Teunissen occupe au sein de la
Société les seules fonctions de Executive
vice-président, avec le statut Cadre,
position 3.3, coefficient 270, selon la
Convention collective applicable.

Dans le cadre des fonctions qui lui sont
confiées, Monsieur Teunissen est notamment
chargé de mener la fonction stratégie de
l’entreprise, incluant la participation au
processus stratégique annuel avec l’équipe
“Global

BETWEEN THE UNDERSIGNED:

Vistaprint SARL,

A limited liability company, with a
share capital of 1,000 euros,

whose registered office is located at
34, boulevard Haussmann — 75009 Paris,
registered with the Commercial Registry
of Paris under number 452 977 382.

Represented for the purposes hereof by
Mr. Robert Keane, Managing Director.

Hereafter referred to as “the Company”,

OF THE FIRST PART,

AND

Mr. Ernst. J. Teunissen,

Residing at 10, rue Decamps,

75016 Paris,

Hereafter referred to as “Mr. Teunissen”,

OF THE SECOND PART.

PREAMBLE

Mr. Teunissen is employed by the Company
since October 5, 2009.

An employment contract has been signed
between the parties on December
7th 2009 to set out the terms
and conditions of Mr Teunissen’s employment.

Considering Mr Teunissen’s new role
within the Company, the partied have
decided to amend the employment contract
dated December 7th 2009, as
provided below.

IT HAS BEEN AGREED AS FOLLOWS:

ARTICLE 1 — FUNCTION

As from July 1, 2011, Mr. Teunissen
occupies the position of Executive Vice
President only with Executive status,
position 3.3, coefficient 270, according
to the applicable collective bargaining
agreement.

In the frame of the duties assigned to
him, Mr. Teunissen is in particular in
charge of leading the corporate strategy
function, including oversight of the
annual strategy process with the Global
Executive Team, Management

 

 

Executive”, le comité de direction
(“Management Board”) et le comité de
surveillance (“Supervisory Board”).

Les parties conviennent et acceptent le fait
que, en raison de la nature des fonctions, il
est impossible de fournir une description
exhaustive des tâches incombant à Monsieur
Teunissen et que, de même, ses fonctions
comprennent toutes les tâches qui sont
directement ou indirectement nécessaires à
l’exercice des fonctions.

Les parties conviennent et acceptent que,
compte tenu de la nature de sa fonction, il
pourra être confié à Monsieur Teunissen des
tâches qui ne figurent pas dans la
description de fonctions mais dont la nature
est similaire.

La modification d’un ou de plusieurs éléments
concernant les attributions de Monsieur
Teunissen ne saura en aucun cas être
considérée comme une modification d’un
élément essentiel du contrat de travail.

D’un point de vue opérationnel, Monsieur
Teunissen devra rendre compte de son activité
au “Chief Executive Officer” de Vistaprint.

Monsieur Teunissen devra exécuter ses tâches
au mieux de ses capacités et devra respecter
les politiques et procédures mises en place
par la Société, telles que régulièrement
actualisées.

Compte tenu des fonctions de Monsieur
Teunissen, il est expressément convenu que le
présent contrat de travail est conclu en
fonction des structures capitalistiques
actuelles de la Société et de la composition
actuelle de son management, notamment mais
sans limitation en la personne de Robert
Keane à titre de Chief Executive Officer.

ARTICLE 2 — REMUNERATION

2.1. A compter du 1er juillet
2011, Monsieur Teunissen recevra, en
rémunération de son activité, un salaire
annuel brut de Cent Trente Six Mille Huit
Cent Euros (136.800 €) qui lui sera payé en
douze (12) mensualités, par chèque bancaire
ou virement bancaire ou postal, à la fin de
chaque mois.

2.2. La rémunération de M. Teunissen fera
l’objet de déductions au titre de la part
salariale des cotisations de Sécurité
Sociale, de retraite complémentaire et de
prévoyance, d’assurance chômage, ainsi que de
la C.S.G. et de la C.R.D.S.

2.3. Il est expressément convenu que toute
autre prime ou gratification éventuellement
allouée par la Société, ne fera pas partie de
la rémunération et conservera son caractère
de libéralité toujours révocable.

Board and
Supervisory Board.

Both parties agree and accept the fact
that, owing to the nature of the duties,
it is impossible to provide an
exhaustive description of the tasks
incumbent on Mr Teunissen, and,
likewise, that his duties will include
all the tasks directly or indirectly
necessary to the exercise of his duties.

Both parties agree and accept the fact
that, owing to the nature of the
position, tasks that are not included in
the description of the duties but are
similar in nature may be entrusted to Mr
Teunissen.

The change in one or more elements
relating to Mr Teunissen’s attributions
will in no event be considered as a
change to an essential element of the
employment contract.

From an operational standpoint, Mr.
Teunissen shall report his activity to
Vistaprint’s Chief Executive Officer.

Mr. Teunissen shall perform his duties
to the best of his ability and shall
abide by all Company’s policies and
procedures, as amended on a regular
basis.

Considering the duties of Mr. Teunissen,
it is expressly agreed that this
employment contract is concluded
according to the current ownership
structure of the Company and the current
composition of its management, including
without limitation in the person of
Robert Keane as Chief Executive Officer.

ARTICLE 2 — REMUNERATION

2.1. As from July 1, 2011, Mr. Teunissen
shall be paid, in remuneration for his
activity, an annual gross fixed salary
of One Hundred Thirty-Six Thousand Eight
Hundred Euros (€136,800) gross, which
shall be paid to him in twelve (12)
monthly installments by bank check or
bank or postal transfer at the end of
each month.

2.2. Mr. Teunissen’s remuneration shall
be subject to deduction of Mr. Teunissen
share of social security, supplemental
retirement, invalidity and death, and
unemployment insurance contributions,
and C.S.G. and C.R.D.S.

2.3. It is expressly agreed that any
other premium or bonus that may be
granted by the Company shall not be part
of the remuneration and shall always
remain a revocable grant.

2

 

ARTICLE 3 — LOI APPLICABLE — TRIBUNAUX
COMPETENTS

Le présent avenant est soumis à la loi
française, tant pour son exécution que pour
sa résiliation, et tout litige s’y rapportant
sera de la compétence exclusive des tribunaux
français.

ARTICLE 4 — LANGUE

La version définitive du présent avenant qui
lie les parties est la version française, la
version anglaise de ce contrat n’étant
fournie qu’à titre d’information. En cas de
contradiction entre les versions française et
anglaise, la version française prévaudra.

ARTICLE 5 — ACCORDS ANTERIEURS

Cet avenant se substitue à tout accord
préexistant, qu’il soit oral ou écrit, conclu
entre Monsieur Teunissen et la Société sur
des sujets identiques.

Cependant, les dispositions du contrat de
travail en date du 7 décembre 2009 non
modifiées par le présent avenant demeurent
entièrement applicables entre les parties, y
compris les droits acquis de Monsieur
Teunissen en matière d’années d’ancienneté,
de congés payés, de rémunération et tout
autre droits acquis conformément au contrat
de travail en date du 7 décembre 2009.

En double exemplaire1,

Fait à Paris, France

Le 14 octrobre, 2011

Lu et approuvé, bon pour accord

	 	 	 	 
	 	 
	/s/ Robert S. Keane
 	 
	Pour la Société / For the Company, 	 
	Robert Keane, Gérant 	 

	 	 	 	 
	Lu et approuvé, bon pour accord

 	 
	/s/ Ernst J. Teunissen
 	 
	Ernst J. Teunissen 	 
	 	 
	 

ARTICLE 3 — GOVERNING LAW — COMPETENT COURTS

This addendum is governed by French law,
both with respect to its performance and
its termination. Any dispute relating
hereto shall be subject to the exclusive
jurisdiction of the French courts.

ARTICLE 4 — LANGUAGE

The definitive version of this addendum
that binds the parties is the French
language version, the English version
being provided for information purposes
only. In the event of a contradiction
between the two versions, the French
version shall prevail.

ARTICLE 5 — PREVIOUS AGREEMENTS

This addendum supersedes any preexisting
agreement, whether oral or written,
entered into between Mr Teunissen and
the Company on the same topics.

However, the provisions of the
employment contract dated December 7,
2009 which are unchanged by this
addendum shall remain in force between
the parties, including rights acquired
by Mr. Teunissen on years of service,
paid leave, pay and other rights
acquired under the employment contract
dated December 7, 2009.

Signed in duplicate2

In Paris, France,

On 14 octobre 2011.

Lu et approuvé, bon pour accord

	 	 	 	 
	 	 
	  /s/      Robert S. Keane
 	 
	Pour la Société / For the Company, 	 
	Robert Keane, Gérant 	 

	 	 	 	 
	Lu et approuvé, bon pour accord

 	 
	/s/ Ernst J. Teunissen
 	 
	Ernst J. Teunissen 	 
	 	 

 

			
	1	 	Chaque page doit être paraphée et les
signatures ci-dessus doivent être précédées de la mention manuscrite suivante :
« Lu et approuvé, bon pour accord ».
	 
	2	 	Each page must be initialized and on the last
page the above signatures must be preceded by the following handwritten words:
“read and approved, valid for an employment contract”.

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