Document:

Form of Amended and Restated Executive Retention Agreement

 Exhibit 10.8 
 [Form of] 
 Amended and Restated Executive Retention
Agreement (Non-CEO) 
 THIS AMENDED AND RESTATED EXECUTIVE RETENTION AGREEMENT by and among Vistaprint N.V. (the
“Company”) and [                    ] (the “Executive”) was originally made as of [DATE OF PRIOR AGREEMENT] (the “Effective
Date”), and is hereby further amended and restated as of [DATE OF AMENDED AND RESTATED AGREEMENT]. Except where the context otherwise requires, the term “Company” shall include each of Vistaprint N.V. and any of its present or future
parent or subsidiary corporations. 
 WHEREAS, the Company desires to retain the services of the Executive and, in order to do
so, are entering into this Agreement in order to provide compensation to the Executive in the event the Executive’s employment with the Company is terminated under certain circumstances; 
 WHEREAS, the Company also recognizes that the possibility of a change in control of the Company exists and that such possibility, and the
uncertainty and questions which it may raise among key personnel, may deter key potential personnel from joining the Company and may result in the departure or distraction of key personnel to the detriment of the Company and its shareholders, and

 WHEREAS, the Supervisory Board of the Company (the “Supervisory Board”) has determined that appropriate steps
should be taken to retain the Executive and to reinforce and encourage the continued employment and dedication of the Company’s key personnel without distraction from the possibility of a change in control of the Company and related events and
circumstances. 
 NOW, THEREFORE, as an inducement for and in consideration of the Executive remaining in the Company’s
employ, the Company agrees that the Executive shall receive the benefits set forth herein in the event of a Change in Control and the severance and other benefits set forth in this Agreement in the event the Executive’s employment with the
Company is terminated under the circumstances described below. 
 1. Key Definitions. 
 See Annex A for a list of certain defined terms used herein. 
 2. Term of Agreement. This Agreement, and all rights and obligations of the parties hereunder, shall take effect upon the Effective
Date and shall terminate upon the fulfillment by the Company of its obligations under this Agreement following a termination of the Executive’s employment (the “Term”). 
 3. Employment Status; Termination of Employment. 
 3.1 Not an Employment Contract. The Executive acknowledges that this Agreement does not constitute a contract of employment or impose on the Company any obligation to retain the Executive as an
employee and that this Agreement does not prevent the Executive from terminating employment at any time. 
 3.2 Termination
of Employment. 
 (a) Any termination of the Executive’s employment by the Company or by the Executive (other than due
to the death of the Executive) shall be communicated by a written notice to the other party hereto (the “Notice of Termination”), given in accordance with Section 7. Any Notice of Termination shall: 
 (i) indicate the specific termination provision (if any) of this Agreement relied upon by the party giving such notice, 
 (ii) to the extent applicable, set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated, and 
 (iii) specify the Date of Termination (as defined below).

  

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 (b) The effective date of an employment termination (the “Date of Termination”)
shall be the close of business on the date specified in the Notice of Termination (which date may not be less than 15 days or more than 120 days after the date of delivery of such Notice of Termination), in the case of a termination other than one
due to the Executive’s death, or the date of the Executive’s death, as the case may be; provided, however that if the Executive is resigning the Executive’s employment for other than Good Reason, the Company may elect to accept such
resignation prior to the date specified in the Executive’s notice and the Date of Termination shall be the date the Company notifies the Executive of such acceptance. In the event the Company fails to satisfy the requirements of
Section 3.2(a) regarding a Notice of Termination, the purported termination of the Executive’s employment pursuant to such Notice of Termination shall not be effective for purposes of this Agreement. 
 (c) The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting any such fact or circumstance in enforcing the Executive’s
or the Company’s rights hereunder. 
 (d) Any Notice of Termination for Cause given by the Company must be given within 30
days of the occurrence of the event(s) or circumstance(s), which constitute(s) Cause. Prior to any Notice of Termination for Cause being given (and prior to any termination for Cause being effective), the Executive shall be entitled to a hearing
before the Supervisory Board at which the Executive may, at the Executive’s election, be represented by counsel and at which the Executive shall have a reasonable opportunity to be heard. Such hearing shall be held on not less than 30 days
prior written notice to the Executive stating the Supervisory Board’s intention to terminate the Executive for Cause and stating in detail the particular event(s) or circumstance(s) which the Supervisory Board believes constitutes Cause for
termination. Any such Notice of Termination for Cause must be approved by an affirmative vote of two-thirds of the members of the Supervisory Board. 
 (e) Any Notice of Termination for Good Reason given by the Executive must be given within 90 days of the occurrence of the event(s) or circumstance(s), which constitute(s) Good Reason. 
 4. Benefits to Executive. 
 4.1 Acceleration of Awards. If the Change in Control Date occurs prior to the Date of Termination, then, effective upon the Change in Control Date, 
 (a) each outstanding option to purchase shares of the Company held by the Executive (to the extent not then currently exercisable) shall
become immediately exercisable in full and shares of the Company received upon exercise of any options will no longer be subject to any applicable right of repurchase or first refusal by the Company, 
 (b) each outstanding restricted stock award held by the Executive shall be deemed to be fully vested and such vested shares will no longer
be subject to any applicable right of repurchase or first refusal by the Company, 
 (c) each outstanding restricted share unit
award held by the Executive shall be deemed to be fully vested and such vested shares shall be distributed to the Executive as soon as practicable thereafter, 
 (d) notwithstanding any provision in any applicable option agreement to the contrary, each such option shall continue to be exercisable by the Executive for a period of 12 months following the Date of
Termination if the Executive is terminated without Cause or resigns for Good Reason following the Change in Control Date, but in no event may the option be exercised after the original expiration date of the option, 
 (e) the performance criteria set forth in any Multi-Year Award Agreement shall be deemed satisfied at the mid-range target level for the
Performance Period in which the Change in Control occurs and for each subsequent Performance Period that is part of the award under such Multi-Year Award Agreement, and the Executive shall be entitled to receive the full mid-range target bonus for
each such Performance Period on the Change in Control Payment Date, and 
  

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 (f) the performance criteria set forth in any Annual Award Agreement shall be deemed
satisfied at 100% of the target levels, and the Executive shall be entitled to receive, on the Change in Control Payment Date, the product of (i) 100% of the target bonus for the Performance Period in which the Change in Control occurs and
(ii) the Pro-Rating Fraction. 
 4.2 Compensation. If the Executive’s employment with the Company terminates
during the Term, the Executive shall be entitled to the following benefits: 
 (a) Termination Without Cause or Resignation
for Good Reason Prior to the Change in Control Date. If the Executive’s employment with the Company is terminated by the Company (other than for Cause, Disability or Death) or the Executive resigns for Good Reason prior to the Change in
Control Date, then the Executive shall be entitled to the following benefits: 
 (i) the Company shall pay to the Executive the
following amounts: 
 (1) in a lump sum in cash in the next regularly scheduled pay cycle following the Date of Termination,
the sum of: 
 (A) the Executive’s unpaid base salary through the Date of Termination, 
 (B) if quarterly bonuses are then being paid, the product of (i) the greater of any quarterly bonus paid or payable
(including any bonus or portion thereof which has been earned but deferred or which the Executive forewent) for the most recently completed fiscal quarter or any quarterly bonus payable for the then current fiscal quarter and (ii) a fraction,
the numerator of which is the number of days in the current fiscal quarter through the Date of Termination, and the denominator of which is 90, and 
 (C) the amount of any compensation previously deferred by the Executive (together with any accrued interest or earnings thereon) and any accrued vacation pay, 
 in each case to the extent not previously paid (the sum of the amounts described in clauses (A), (B) and (C) shall be hereinafter referred to as
the “Accrued Obligations”); 
 (2) in a lump sum in cash in the next regularly scheduled pay cycle following the Date
of Termination, an amount equal to the sum of : 
 (A) 100% of the greater of (i) the Executive’s
target annual bonus (including the sum of any target annual bonus under any Annual Award Agreement or other agreement or arrangement and any target quarterly bonuses, if applicable) for the then current fiscal year multiplied by the average actual
annual bonus payout percentage for the three fiscal year period ending prior to the Date of Termination; provided however that, if the Executive has been employed by the Company for more than two but less than three full fiscal years prior to the
Date of Termination, the average actual annual bonus payout percentage for the two fiscal year period ending prior to the Date of Termination will be used for calculating the product in this clause (i) instead of the average actual annual bonus
payout percentage for the three fiscal year period; and provided further that if the Executive has been employed by the Company for less than two full fiscal years prior to the Date of Termination, the product in this clause (i) shall be deemed
to equal zero; and (ii) the Executive’s target annual bonus (including the sum of any target annual bonus under any Annual Award Agreement or other agreement or arrangement and any quarterly bonuses, if applicable) for the then current
fiscal year; and 
 (B) the Executive’s then current annual base salary, 
 (the sum of the amounts described in clauses (A) and (B) shall be hereinafter referred to as the “Severance Payment”); 
  

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 (3) with respect to any Multi-Year Award Agreement and Annual Award Agreement: 

(A) If subsequent to such termination or resignation a Change in Control does not occur prior to the end of the
applicable Performance Period, the Company shall pay the Executive, in a lump sum in cash on the Award Payment Date, any Pro-Rated Multi-Year Award and any Pro-Rated Annual Award, as applicable. Notwithstanding the foregoing, in no event will any
Pro-Rated Multi-Year Award or any Pro-Rated Annual Award, as applicable, be higher than the bonus the Executive would have achieved for the applicable Performance Period under the applicable Multi-Year Award Agreement or Annual Award Agreement, as
the case may be, had the Executive remained employed with the Company through the end of the applicable Performance Period. 
 (B) If subsequent to such termination or resignation a Change in Control does occur prior to the end of the applicable Performance Period, the Company shall pay the Executive, in a lump sum in cash
on the Change in Control Payment Date, any Pro-Rated Multi-Year Award and any Pro-Rated Annual Award, as applicable. 
 (C) Upon the occurrence of either of the events described in Section 4.2(a)(i)(3)(A) or Section 4.2(a)(i)(3)(B), as applicable, each Multi-Year Award Agreement shall be terminated with respect to any remaining Performance Periods
under such Agreement that would occur after the Performance Period in which the Date of Termination occurs and the Executive shall have no further rights with respect to the terminated portion of such Multi-Year Award Agreement. 
 (ii) for 12 months after the Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program,
practice or policy, the Company shall continue to provide benefits to the Executive and the Executive’s family at least equal to those which would have been provided to them if the Executive’s employment had not been terminated, in
accordance with the applicable Benefit Plans in effect on the Effective Date or, if more favorable to the Executive and the Executive’s family, in effect generally at any time thereafter with respect to other peer executives of the Company and
its affiliated companies; provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive a particular type of benefits (e.g., health insurance benefits) from such employer on terms at least as
favorable to the Executive and the Executive’s family as those being provided by the Company, then the Company shall no longer be required to provide those particular benefits to the Executive and the Executive’s family (such benefits
shall be hereinafter referred to as the “Primary Benefits”); 
 (iii) to the extent not previously paid or provided,
the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive following the Executive’s termination of employment under any plan, program,
policy, practice, contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”); and 
 (iv) for purposes of determining eligibility (but not the time of commencement of benefits) of the Executive for retiree benefits to which
the Executive is entitled, the Executive shall be considered to have remained employed by the Company until 12 months after the Date of Termination. 
 (b) Termination Without Cause or Resignation for Good Reason within one year after the Change in Control Date. If the Executive’s employment with the Company is terminated by the Company
(other than for Cause, Disability or Death) or the Executive resigns for Good Reason at any time on or before the one year anniversary of the Change in Control Date, then the Executive shall be entitled to the following benefits: 
 (i) the Company shall pay to the Executive the following amounts: 
 (1) in a lump sum in cash in the next regularly scheduled pay cycle following the Date of Termination, the Accrued Obligations; 

(2) in a lump sum in cash in the next regularly scheduled pay cycle following the Date of Termination, an amount equal to the Severance
Payment; 
 (ii) for 12 months after the Date of Termination, or such longer period as may be provided by the terms of the
appropriate plan, program, practice or policy, the Company shall continue to provide to the Executive and the Executive’s family the Primary Benefits; 
  

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 (iii) to the extent not previously paid or provided, the Company shall timely pay or
provide to the Executive the Other Benefits; and 
 (iv) for purposes of determining eligibility (but not the time of
commencement of benefits) of the Executive for retiree benefits to which the Executive is entitled, the Executive shall be considered to have remained employed by the Company until 12 months after the Date of Termination. 
 (c) Section 409A of the Code. Neither the Company nor the Executive may elect to defer delivery of any of the payments to be
made under Section 4.2(a) or 4.2(b). If any of the benefits payable under Section 4.2(a) or 4.2(b) (each a “Termination Benefit”) is considered “nonqualified deferred compensation” within the meaning of
Section 409A of the Code (“Section 409A”), and the Executive is considered a “specified employee” within the meaning of Section 409A, then notwithstanding the provisions of Sections 4.2(a) and (b), no such Termination
Benefit shall be paid to the Executive during the six-month period following the Executive’s termination of employment, provided, however that that such Termination Benefits may be paid immediately following the death of the Executive and such
Termination Benefits shall be paid in a lump sum immediately upon the expiration of such 6-month period; and, provided, further, if not prohibited by Section 409A, such Termination Benefits shall, upon the Date of Termination, be paid into an
escrow account with a third party acceptable to the Executive, such escrow account to be subject to the claims of creditors of the Company and such Termination Benefits to be paid to the Executive immediately upon the expiration of such six-month
period. 
 (d) Termination for Cause; Resignation without Good Reason; Termination for Death or Disability. If the
Company terminates the Executive’s employment with the Company for Cause at any time, the Executive voluntarily resigns at any time for other than Good Reason, or if the Executive’s employment with the Company is terminated by reason of
the Executive’s death or Disability, then the Company shall (i) pay the Executive (or the Executive’s estate, if applicable), in a lump sum in cash within 30 days after the Date of Termination, the sum of (A) the Executive’s
unpaid base salary through the Date of Termination, and (B) the amount of any compensation previously deferred by the Executive to the extent not previously paid and (ii) timely pay or provide to the Executive the Other Benefits.

 (e) Currency and Foreign Exchange Rate. For purposes of calculating the benefits payable to the Executive pursuant to
this Section 4, such benefits shall in each case be payable in the currency in which the Executive would have received such compensation in the ordinary course of business as of the Date of Termination or Change in Control Date, as applicable
(the “Present Currency”). In the event that the Executive received any compensation in prior fiscal years in any currency other than the Present Currency (the “Prior Currency”), then for purposes of calculating the
Executive’s Severance Payment, Pro-Rated Annual Award, and Pro-Rated Multi-Year Award, as applicable, any amounts paid to the Executive in the Prior Currency shall be converted to the Present Currency at the prevailing exchange rate that was in
effect on the date such compensation was paid. 
 (f) Exclusions from Base Salary and Bonus. For purposes of this
Section 4, base salary and bonus exclude, without limitation, the following items: permanent or temporary housing allowances, transportation and moving expenses, tuition, air travel for non-business reasons, tax equalization payments, and any
extraordinary payments that the Executive may be entitled to pursuant to non-U.S. law. 
 4.3 Taxes. 
 (a) In the event that Vistaprint N.V. (or any successor thereto) undergoes a “Change in Ownership or Control” (as defined in
Annex A), the Company shall, within 15 days after each date on which the Executive becomes entitled to receive (whether or not then due) a Contingent Compensation Payment (as defined in Annex A) relating to such Change in Ownership or
Control, determine and notify the Executive (with reasonable detail regarding the basis for its determinations) (i) which of the payments or benefits due to the Executive (under this Agreement or otherwise) following such Change in Ownership or
Control constitute Contingent Compensation Payments, (ii) the amount, if any, of the excise tax (the “Excise Tax”) payable pursuant to Section 4999 of the Code, by the Executive with respect to such Contingent Compensation
Payment and (iii) the amount of the Gross-Up Payment (as defined in Annex A) due to the Executive with respect to such Contingent Compensation Payment. Within 30 days after delivery of such notice to the Executive, the Executive shall
deliver a response to the Company (the “Executive Response”) stating either that the Executive (A) agrees with the Company’s determination pursuant to the preceding sentence or (B) disagrees with such determination, in which
case the Executive shall indicate which

  

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payment and/or benefits should be characterized as a Contingent Compensation Payment, the amount of the Excise Tax with respect to such Contingent Compensation Payment and the amount of the
Gross-Up Payment due to the Executive with respect to such Contingent Compensation Payment. The amount and characterization of any item in the Executive Response shall be final; provided, however, that in the event that the Executive fails to
deliver an Executive Response on or before the required date, the Company’s initial determination shall be final. Within 60 days after the due date of each Contingent Compensation Payment to the Executive, the Company shall pay to the
Executive, in cash, the Gross-Up Payment with respect to such Contingent Compensation Payment, in the amount determined pursuant to this Section 4.3(a). 
 (b) The provisions of this Section 4.3 are intended to apply to any and all payments or benefits available to the Executive under this Agreement or any other agreement or plan of the Company under
which the Executive receives Contingent Compensation Payments. 
 (c) Notwithstanding anything to the contrary set forth above
in this Section 4.3 or elsewhere in this Agreement, in the event no Excise Tax would be payable by the Executive pursuant to Section 4999 of the Code following a Change in Ownership or Control of Vistaprint N.V. if the Contingent
Compensation Payment the Executive is otherwise entitled to receive in connection with such Change in Ownership or Control is reduced by up to $50,000 (such amount up to $50,000 being referred to herein as the “Excise Tax Avoidance
Amount”), the Executive hereby agrees that the Contingent Compensation Payment will be reduced by such Excise Tax Avoidance Amount such that no Excise Tax will be payable by the Executive and the Company in turn will not be required to pay the
Gross-up Payment to the Executive. Any reduction in the Contingent Compensation Payment required to be made pursuant to this subparagraph shall be made first with respect to the portion of the Contingent Compensation Payment payable in cash before
being made with respect to any portion of the Contingent Compensation Payment to be provided in the form of benefits, and in either case shall be made in the inverse order of the scheduled dates or times for the payment or provision of such
Contingent Compensation Payments. A determination as to whether any reduction in the Executive’s Contingent Compensation Payment is required pursuant to the provisions of this subparagraph (c), and if so, the amount of the reduction so
required, shall be included as part of the communications and procedures described in subparagraph (a) above. 
 4.4
Mitigation. Except as provided in Section 4.3(c) above, the Executive shall not be required to mitigate the amount of any payment or benefits provided for in this Section 4 by seeking other employment or otherwise. Further, except
as provided in Sections 4.2(a)(ii) and (b)(ii) and in Section 8.9, the amount of any payment or benefits provided for in this Section 4 shall not be reduced by any compensation earned by the Executive as a result of employment by another
employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company or otherwise. 
 5. Disputes. 
 5.1 Settlement of Disputes; Arbitration. All claims by the Executive for benefits under
this Agreement shall be directed to and determined by the Supervisory Board and shall be in writing in accordance with Section 7.1. Any denial by the Supervisory Board of a claim for benefits under this Agreement shall be delivered to the
Executive in writing in accordance with Section 7.1 and shall set forth the specific reasons for the denial and the specific provisions of this Agreement relied upon. The Supervisory Board shall afford a reasonable opportunity to the Executive
for a review of the decision denying a claim. Any further dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the American
Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
 5.2 Expenses. The Company agrees to pay as incurred, to the full extent permitted by law, all legal, accounting and other fees and expenses which the Executive may reasonably incur as a result of any claim or contest (regardless of
the outcome thereof) by the Company, the Executive or others regarding the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the
Executive regarding the amount of any payment or benefits pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. 
 5.3 Compensation During a Dispute. If the right of the Executive to receive benefits under Section 4 (or the amount or nature of
the benefits to which the Executive is entitled to receive) are the subject of a

  

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dispute between the Company and the Executive, the Company shall continue (a) to pay to the Executive’s base salary as of the Effective Date (or as the same was or may be increased
thereafter from time to time) and (b) to provide benefits to the Executive and the Executive’s family at least equal to those which would have been provided to them, if the Executive’s employment had not been terminated, in accordance
with the applicable Benefit Plans in effect on the Effective Date (or as subsequently adopted or modified with the Executive’s written consent), until such dispute is resolved either by mutual written agreement of the parties or by an
arbitrator’s award pursuant to Section 5.1. Following the resolution of such dispute, the sum of the payments (net of tax and other withholdings) made to the Executive under clause (a) of this Section 5.3 shall be deducted from
any cash payment which the Executive is entitled to receive pursuant to Section 4; and if such sum exceeds the amount of the cash payment which the Executive is entitled to receive pursuant to Section 4, the excess of such net sum over the
amount of such payment shall be repaid (without interest) by the Executive to the Company within 60 days of the resolution of such dispute. 
 6. Successors. 
 6.1 Successor to the Company. Vistaprint N.V. shall
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Vistaprint N.V. to expressly assume and agree to perform this Agreement to the same extent
that Vistaprint N.V. would be required to perform it if no such succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall (a) be a material breach of
this Agreement and shall constitute Good Reason if the Executive elects to terminate employment, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination
and (b) shall cause such succession to be deemed a Change in Control for purposes of Section 4 hereof regardless of the definition of Change in Control set forth in Annex A. As used in this Agreement, “Company” shall mean
the Company as defined above and any successor to its business or assets as aforesaid which assumes and agrees to perform this Agreement, by operation of law or otherwise, except where the context otherwise requires. 
 6.2 Successor to Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amount would still be payable to the Executive or the Executive’s family hereunder if the Executive had
continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the executors, personal representatives or administrators of the Executive’s estate. 
 7. Notice. 
 7.1 All notices, instructions and other communications given hereunder or in connection herewith shall be in writing. Any such notice, instruction or communication shall be sent either (i) by registered or certified mail, return
receipt requested, postage prepaid, or (ii) prepaid via a reputable nationwide overnight courier service, in each case addressed to: 
 the Company, at: 
 Vistaprint N.V. 
 Hudsonweg 8 
 5928
LW Venlo 
 The Netherlands 
 with a copy to: 
 Thomas S. Ward, Esq. 
 Wilmer Cutler Pickering Hale and Dorr LLP 
 60 State Street 
 Boston, MA 02109 
 USA 
  

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 and to the Executive at the Executive’s address indicated on the signature page of this Agreement (or
to such other address as either the Company or the Executive may have furnished to the other in writing in accordance herewith). 
 7.2 Any such notice, instruction or communication shall be deemed to have been delivered five business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one business day after it is sent
via a reputable nationwide overnight courier service. Either party may give any notice, instruction or other communication hereunder using any other means, but no such notice, instruction or other communication shall be deemed to have been duly
delivered unless and until it actually is received by the party for whom it is intended. 
 8. Miscellaneous. 

8.1 Consideration. The Executive acknowledges having received adequate consideration from the Company for entering into this
Agreement. 
 8.2 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, which shall remain in full force and effect. 
 8.3
Injunctive Relief. The Company and the Executive agree that any breach of this Agreement by the Company is likely to cause the Executive substantial and irrevocable damage and therefore, in the event of any such breach, in addition to such
other remedies which may be available, the Executive shall have the right to specific performance and injunctive relief. 
 8.4
Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the internal laws of the Commonwealth of Massachusetts, without regard to conflicts of law principles. 
 8.5 Guarantee. The Company hereby unconditionally guarantees all of the payment obligations of the Company to the Executive which may
arise in connection with the terms and conditions of this Agreement. 
 8.6 Waivers. No waiver by the Executive at any
time of any breach of, or compliance with, any provision of this Agreement to be performed by the Company shall be deemed a waiver of that or any other provision at any subsequent time. 
 8.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but both of which
together shall constitute one and the same instrument. 
 8.8 Tax Withholding. Any payments provided for hereunder shall
be paid net of any applicable tax withholding required under federal, state or local law. 
 8.9 Entire Agreement. This
Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, employee or representative of any party hereto in respect of the subject matter contained herein; and any prior agreement of the parties hereto in respect of the subject matter contained herein is hereby terminated and
cancelled, including specifically and without limitation the Retention Agreement dated as of [DATE OF PRIOR AGREEMENT], as amended, by and among the Executive, Vistaprint Limited and VistaPrint USA, Incorporated. Except for the provisions of
Section 4.1 hereof, nothing in this Agreement shall modify, amend or alter, in any manner, any stock option, stock restriction or other equity incentive arrangement or any non-disclosure, non-competition, non-solicitation, assignment of
invention, or any similar agreement, to which the Executive is a party. Executive shall not be entitled to any severance or similar benefits in excess of the benefits the Executive is owed under this Agreement. To the extent that, at the time
of the Executive’s termination of employment, any laws or regulations provide for the payment of a severance or similar benefit that is in addition to, or in excess of, the amounts Executive is owed with respect to any similar element of
compensation under this Agreement, the Executive hereby waives any rights or benefits to which the Executive may be entitled pursuant to any such laws or regulations; provided that, to the extent the foregoing waiver is ineffective or unenforceable,
the benefits to which the Executive

  

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is owed under this Agreement shall be reduced to an amount such that the sum of such reduced amount and the amount the Executive actually receives pursuant to any such laws or regulations is
equal to the amount that would have been payable under this Agreement but for the operation of this proviso. 
 8.10
Amendments. This Agreement may be amended or modified only by a written instrument executed by the Company and the Executive. Notwithstanding anything herein to the contrary, to the extent future guidance is issued regarding Section 409A
that the Company or the Executive reasonably believe will result in adverse tax consequences to the Executive as a result of this Agreement, then the Company and the Executive will renegotiate the terms of this Agreement in good faith in order to
minimize or eliminate such tax treatment. 
 8.11 Executive’s Acknowledgements. The Executive acknowledges that the
Executive (a) has read this Agreement; (b) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Executive’s own choice or has voluntarily declined to seek such counsel;
(c) understands the terms and consequences of this Agreement; and (d) understands that the Company’s outside and in-house counsel are acting as counsel to the Company in connection with the transactions contemplated by this Agreement,
and are not acting as counsel for the Executive. 
 8.12 Award Transfers. All references in this Agreement to options,
restricted share units, restricted stock awards, other equity awards or any other awards of the Company (collectively, “Awards”), and all provisions related to such Awards and the benefits obtained by the Executive with respect to the
treatment of such Awards, shall be deemed to apply equally to: (i) Awards held directly by the Executive and (ii) Awards transferred by the Executive to permitted transferees under the terms of such Awards, including, without limitation,
Awards transferred by the Executive to any immediate family member, family trust, family partnership or family limited liability company established solely for the benefit of the Executive and/or an immediate family member of the Executive; such
that, without limiting the generality of the foregoing, all rights and benefits of and to the Executive arising from or relating to the treatment of such Awards under the terms of this Agreement shall be deemed to apply equally to any such Awards
transferred to and held by such permitted transferees, including, without limitation, all rights and benefits relating to the acceleration of vesting of Awards, the extension of the period for exercising Awards, and the payment to the Executive of a
Gross-Up Payment to compensate the Executive for Excise Taxes owed by the Executive due to the Executive’s receipt of Contingent Compensation Payments resulting from a Change in Ownership or Control. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first set forth above. 
  

			
	VISTAPRINT N.V.	 	
	
	  

	By:	 	
	Title:	 	
		
	EXECUTIVE	 	
	
	  

	[Name]	 	
		
	Address:	 	
		
	  
	 	
	  
	 	

  

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 Annex A 
 As used herein, the following terms shall have the following respective meanings: 
 1. “Annual Award Agreement” means any Annual Award Agreement under the Vistaprint N.V. Performance Incentive Plan For
Covered Employees. 
 2. “Award Payment Date” means the date which shall occur as soon as practicable following
the end of the applicable Performance Period, but no later than the end of the next succeeding fiscal quarter following the end of the applicable Performance Period. 
 3. “Cause” means: 
 (a) the Executive’s willful and
continued failure to substantially perform the Executive’s reasonable assigned duties (other than any such failure resulting from incapacity due to physical or mental illness or any failure after the Executive gives Notice of Termination for
Good Reason), which failure is not cured within 30 days after a written demand for substantial performance is received by the Executive from the Supervisory Board which specifically identifies the manner in which the Supervisory Board believes the
Executive has not substantially performed the Executive’s duties; or 
 (b) the Executive’s willful engagement in
illegal conduct or gross misconduct that is materially and demonstrably injurious to the Company. 
 For purposes of this definition, no act or
failure to act by the Executive shall be considered “willful” unless it is done, or omitted to be done, in bad faith and without reasonable belief that the Executive’s action or omission was in the best interests of the Company.

 4. “Change in Control” means an event or occurrence set forth in any one or more of subsections
(a) through (d) below: 
 (a) the acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of Vistaprint N.V. (or any successor thereto) if, after such
acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (x) the then-outstanding ordinary shares of Vistaprint N.V. (or any successor thereto) (the “Outstanding
Vistaprint N.V. Ordinary Shares”) or (y) the combined voting power of the then-outstanding securities of Vistaprint N.V. (or any successor thereto) entitled to vote generally in the election of directors (the “Outstanding Vistaprint
N.V. Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from Vistaprint N.V. (or any successor thereto)
(excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for ordinary shares or voting securities of Vistaprint N.V. (or any successor thereto), unless the Person
exercising, converting or exchanging such security acquired such security directly from Vistaprint N.V. (or any successor thereto) or an underwriter or agent of Vistaprint N.V. (or any successor thereto)), (ii) any acquisition by Vistaprint
N.V. (or any successor thereto), (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Vistaprint N.V. (or any successor thereto) or any corporation controlled by Vistaprint N.V. (or any successor
thereto), or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i) and (ii) of subsection (c) of this definition; or 
 (b) such time as the Continuing Directors (as defined below) do not constitute a majority of the Supervisory Board, where the term
“Continuing Director” means at any date a member of the Supervisory Board (i) who was a member of the Supervisory Board on the date of the execution of this Agreement or (ii) who was nominated or elected subsequent to such date
by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Supervisory Board was recommended or endorsed by at least a majority of the directors who were Continuing
Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (ii) any individual whose

  

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initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of
proxies or consents, by or on behalf of a person other than the Supervisory Board; or 
 (c) the consummation of a merger,
consolidation, reorganization, recapitalization or statutory share exchange involving Vistaprint N.V. (or any successor thereto) or a sale or other disposition of all or substantially all of the assets of Vistaprint N.V. (or any successor thereto)
in one or a series of transactions (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied: (i) all or substantially all of the individuals and entities
who were the beneficial owners of the Outstanding Vistaprint N.V. Ordinary Shares and Outstanding Vistaprint N.V. Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the
then-outstanding ordinary shares and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which
shall include, without limitation, a corporation which as a result of such transaction owns Vistaprint N.V. (or any successor thereto) or substantially all of the assets of Vistaprint N.V. (or any successor thereto) either directly or through one or
more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding
Vistaprint N.V. Ordinary Shares and Outstanding Vistaprint N.V. Voting Securities, respectively; and (ii) no Person (excluding the Acquiring Corporation or any employee benefit plan (or related trust) maintained or sponsored by Vistaprint N.V.
(or any successor thereto) or by the Acquiring Corporation) beneficially owns, directly or indirectly, 30% or more of the then outstanding ordinary shares of the Acquiring Corporation, or of the combined voting power of the then-outstanding
securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or 
 (d) approval by the Supervisory Board of a complete liquidation or dissolution of Vistaprint N.V. (or any successor thereto). 

5. “Change in Control Date” means the first date during the Term (as defined in Section 2) on which a Change in
Control occurs. Anything in this Agreement to the contrary notwithstanding, if the Executive’s employment with the Company is terminated (other than a termination by the Company for Cause or a resignation by the Executive without Good Reason)
less than 180 days prior to the date on which the Change in Control occurs, then for all purposes of this Agreement the “Change in Control Date” shall mean the date immediately prior to the Date of Termination. 
 6. “Change in Control Payment Date” means the date which shall occur as soon as practicable following the Change in
Control, but no later than two and one half months following the Change in Control. 
 7. “Code” means the
Internal Revenue Code of 1986, as amended. 
 8. “Compensation Committee” means the Compensation Committee of
the Supervisory Board. 
 9. “Disability” means the Executive’s absence from the full-time performance of
the Executive’s duties with the Company for 180 consecutive calendar days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and
acceptable to the Executive or the Executive’s legal representative. 
 10. “Multi-Year Award Agreement”
means any Four-Year Award Agreement or other multi-year award agreement under the Vistaprint N.V. Performance Incentive Plan For Covered Employees. 
 11. “Good Reason” means the occurrence, without the Executive’s written consent, of any of the events or circumstances set forth in clauses (a) through (d) below.
Notwithstanding the occurrence of any such event or circumstance, such occurrence shall not be deemed to constitute Good Reason if, within 30 days of the Notice of Termination (as defined in Section 3.2(a)) given by the Executive in respect
thereof, such event or circumstance has been fully corrected and the Executive has been reasonably compensated for any losses or damages resulting therefrom. If the Company does not fully correct such event or circumstance during this 30-day period,
the Notice of Termination for Good Reason given by the Executive shall become effective. 
  

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 (a) a material diminution in the Executive’s authority, duties or responsibilities in
effect as of the Effective Date; 
 (b) a material reduction in the Executive’s base salary as in effect on the Effective
Date or as the same was or may be increased thereafter from time to time except to the extent that such reduction affects all executive officers of the Company and its subsidiaries to a comparable extent; 
 (c) a material change by the Company in the geographic location at which the Executive performs the principal duties for the Company; or

 (d) any action or inaction by the Company that constitutes a material breach of this Agreement. 
 For purposes of this Agreement, any reasonable, good faith determination of “Good Reason” made by the Executive shall be conclusive, binding and
final. The Executive’s right to resign for Good Reason shall not be affected by the Executive’s incapacity due to physical or mental illness. 
 12. “Performance Period” means the time period for which the Executive’s performance is measured for purposes of receiving a bonus under the Vistaprint N.V. Performance Incentive
Plan For Covered Employees. 
 13. “Pro-Rated Annual Award” means, with respect to any Annual Award Agreement,
the product of (i) the average actual payout percentage under the Annual Award Agreement for the two most recently completed fiscal years, multiplied by 100% of the Executive’s base amount for the then-current Performance Period and
(ii) the Pro-Rating Fraction; provided, however, that if the Executive did not have an Annual Award Agreement in each of the two most recently completed fiscal years, the Pro-Rated Annual Award shall be equal to the product of (i) 100% of
the base amount for the Performance Period in which the Date of Termination occurs and (ii) the Pro-Rating Fraction. 
 14.
“Pro-Rated Multi-Year Award” means, with respect to each of the Executive’s Multi-Year Award Agreements, the product of (i) the average actual payout percentage under the Multi-Year Award Agreement for the two most
recently completed fiscal years, multiplied by the Executive’s mid-range target bonus for the Multi-Year Award Agreement that is in effect for the then-current Performance Period and (ii) the Pro-Rating Fraction; provided, however, that if
the Executive did not have a target bonus under the Multi-Year Award Agreement in each of the two most recently completed fiscal years, the Pro-Rated Multi-Year Award for such Multi-Year Award Agreement shall be equal to the product of (i) the
mid-range target bonus for the Performance Period in which the Date of Termination occurs and (ii) the Pro-Rating Fraction. 
 15. “Pro-Rating Fraction” means a fraction, the numerator of which is the number of days in the current fiscal year through the earlier of the Date of Termination and Change in Control Date, as applicable, and the
denominator of which is 365. 
 16. For purposes of Section 4.3 of the Agreement, the following terms shall have the
following respective meanings: 
 (i) “Change in Ownership or Control” shall mean a change in the ownership or
effective control of the Company or in the ownership of a substantial portion of the assets of the Company determined in accordance with Section 280G(b)(2) of the Code. 
 (ii) “Contingent Compensation Payment” shall mean any payment (or benefit) in the nature of compensation that is made or made
available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership
or Control of the Company. 
  

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 (iii) “Gross-Up Payment” shall mean an amount equal to the sum of (i) the
amount of the Excise Tax payable with respect to a Contingent Compensation Payment and (ii) the amount necessary to pay all additional taxes imposed on (or economically borne by) the Executive (including the Excise Taxes, state and federal
income taxes and all applicable employment taxes) attributable to the receipt of such Gross-Up Payment. For purposes of the preceding sentence, all taxes attributable to the receipt of the Gross-Up Payment shall be computed assuming the application
of the maximum tax rates provided by law. 
  

 13Letter Agreement, dated October 2,2009

 Exhibit 10.1 
 October 2, 2009 
 Alfred F. Kelly, Jr. 
 22 Park Drive South 
 Rye, New York 10580

 Dear Al: 
 This letter agreement
(“Agreement”) will confirm our understanding relating to the mutually agreed cessation of your employment with American Express Company (“the Company”). The terms of this Agreement are subject to the final approval of the
Compensation and Benefits Committee (“CBC”) of the Board of Directors of the Company. In consideration for your agreement to comply with the terms of this Agreement, the following separation arrangements will be provided by the Company.

  

	1.	Departure From Employment. Your full time active employment with the Company will continue through April 9, 2010 (the “Notice Period”) subject to
all policies and practices of the Company. The Company will not terminate your employment during the Notice period unless you engage in Misconduct as defined in paragraph 6(g) herein. During the Notice period you will retain your current job title
of President, perform such job duties as are assigned to you from time to time and continue to have use of the support staff assigned to you prior to the date hereof, including at least two Secretaries, an Assistant and Office Director. Effective
April 10, 2010, you will cease active employment with the Company (the “Separation Date”) under the arrangements outlined herein. As of that date, you will relinquish all titles and authorities, and return to the Company all Company
property, customer lists, information, forms, formulae, plans, documents and other written and computer material and copies of the same, belonging to the Company, its parent, subsidiaries, or affiliates, or any of their customers, within your
possession and you will not at any time thereafter copy or reproduce the same or any other such property of the Company, its parent, subsidiaries or affiliates. You further understand that all designs, improvements, writings and discoveries made by
you during your employment and pertaining to the business conducted by the Company, its parent, subsidiaries or affiliates shall be the exclusive property of the Company. You shall be permitted to retain your personal notes, calendars and other
personal effects provided that you comply with the covenants in paragraphs 6 and 7 hereof notwithstanding your retention of these items. 

  

	2.	Payments and Benefits. Subject to the provisions of this Agreement and in consideration of your agreement to comply with the terms of this Agreement, you will
receive the payments and benefits set forth below in paragraphs 2(a) through 2(h). 

  

	 	(a)	You will receive separation payments pursuant to the American Express Senior Executive Severance Plan (the “Severance Plan”) totaling $9,700,000 in cash. This
amount represents 104 weeks of severance benefit payments under the Severance Plan. It will be paid to you during the 104 week period beginning with the Separation 

	 	    	Date and ending April 6, 2012 or such earlier date as provided for in this Agreement (the “Separation Period”). The severance payments will be paid as
follows: 

  

	 	i.	For the 26 week period from April 10, 2010 through October 8, 2010 you will be paid in biweekly installments of $37,692.31 (of which $6,607.46 is attributable
to salary and $31,084.85 to bonus) for a total of $490,000; 

  

	 	ii.	You will be paid a lump sum payment of $1,935,000 the week of October 11, 2010; and 

  

	 	iii.	Thereafter you will be paid the remaining $7,275,000 in 39 biweekly installments of $186,538.46 (of which $32,692.31 is attributable to salary and $153,846.15 to
bonus). 

  

	 	    	Except as otherwise provided below, all payments made hereunder are inclusive of any and all severance or other termination payments or benefits under any plan, program
or policy of the Company, its parent, subsidiaries and affiliates. No changes made to the Severance Plan after the date you sign this Agreement will be applicable to you. 

  

	 	(b)	During the Separation Period, you will also be eligible to receive those welfare plan and qualified retirement plan benefits customarily provided during the Separation
Period and made available from time to time by the Company to similarly situated employees, subject to the terms of applicable benefits plans and programs. Such benefits currently include, but are not limited to, medical insurance, dental insurance,
life insurance, accidental death insurance and the vision plan. However, vacation days, sick days and other salary continuation benefits for short term illness, and long term disability benefits, will not be available during the Separation Period.
There is no payout for any sick days you may have accumulated and which have not been used by the end of your Notice period. In addition, the biweekly severance payments you receive under this Agreement are not considered eligible compensation for
the American Express Retirement Savings Plan (“RSP”), Retirement Plan and Supplemental Retirement Plan (“SRP”). After the Separation Period ends, you will be eligible for continued group coverage under the Consolidated Omnibus
Budget Reconciliation Act of 1986 (“COBRA”), as amended. Nothing in this Agreement shall be construed as a limitation on the Company’s right to amend, modify or terminate those welfare plan and qualified retirement plan benefits
provided pursuant to this paragraph 2(b) at any time and from time to time or to change its interpretation of those plans. However, notwithstanding the foregoing, the Company’s amendment, modification or termination of any welfare plan or
qualified retirement plan provided pursuant to this paragraph 2(b) shall not single you out for any adverse differential treatment from other similarly situated employees at Band level 99 or above. 

  

	 	(c)	For calendar year 2010, you will receive the flexible perquisites allowance, transportation allowance and home security system maintenance in accordance with Company
policy and on the same terms and timing as other executives. You will not be eligible for the perquisite allowance, transportation allowance or home security system maintenance after calendar year 2010. 

  

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	 	(d)	Payment for accrued but unused paid time off days (PTO), if any, for your 3 completed months in 2010 will be made to you in a lump sum, less appropriate deductions, on
or before October 15, 2010. 

  

	 	(e)	The Company will pay for up to $100,000 in outplacement services for such consultants as you may choose if commenced no later than December 31, 2010 and completed
by December 31, 2012. This benefit will not be paid to you as a cash payment in the event that outplacement services are not utilized. 

  

	 	(f)	Subject to the terms of the applicable plans and programs, payout of deferred amounts credited as of the Separation Date under the Company’s salary, bonus, and
Portfolio Grant deferral programs will be made in accordance with applicable laws and as specified in the applicable plan or program. However, no further amounts will be deducted from your compensation after the Separation Date. The payment of
deferred amounts that were earned and vested as of December 31, 2004 are expected to be made in March 2013, while the payment of deferred amounts that were not so earned and vested are expected to be made in March 2011.

  

	 	(g)	Subject to the terms of the SRP, payout of amounts credited as of the Separation Date under the SRP will be made in accordance with applicable laws and as specified in
the applicable plans. This payment is expected to be made in January 2011. 

  

	 	(h)	Subject to paragraph 5, during the Notice period and Separation Period the Company will continue to provide a $1.5 million policy on your life pursuant to its Key
Executive Life Insurance program. At the end of the Separation Period, you shall have the right to purchase this policy from the Company for the cash surrender value of the policy, plus any expenses actually incurred by the Company.

  

	3.	Incentive Awards and Bonuses. 

  

	 	(a)	Subject to the provisions of Paragraph 5, during both the remainder of your employment and Separation Period, existing awards (including, without limitation, your
Portfolio Grant Awards) made under the American Express Company 1998 Incentive Compensation Plan and the American Express Company 2007 Incentive Compensation Plan (“the LTIP Plans”) will continue to vest in accordance with their terms, and
stock options will continue to be exercisable to the extent they are then still exercisable, subject to the terms and overall administration of such plans. A summary of your existing awards as of the date hereof under the LTIP Plans and their
vesting dates and certain conditions is attached hereto as Exhibit A. The final value of all PG awards shall be determined by the CBC and paid in accordance with the normal PG timing and process, including any adjustments. Except as provided
in paragraphs 3(b), 3(c), 3(g) and 3(h), awards under the LTIP Plans which you currently hold and which have not 

  

 3 

	 	    	vested on or before the date (“LTIP Separation Vesting Deadline”) which is the earlier of (i) the date you begin a full-time position outside the Company
(as defined in Paragraph 5) or (ii) the end of the Separation Period, will in accordance with their terms be canceled and terminated and all eligibility for payments pursuant thereto will cease. Except as provided in paragraph 3(c) and 3(g),
stock options vested on or before the LTIP Separation Vesting Deadline, must be exercised before such Deadline or the end of the ten year term, whichever occurs first. 

  

	 	(b)	You will receive a Restricted Stock Unit (“RSU”) in January 2010 with a value of $2,000,000 at the time of grant and which vests four years after the date of
grant. Provided you remain employed by the Company through the end of the Notice period, or become disabled or incapacitated during the Notice period so that you are unable to perform your duties as an employee of the Company (“Disabled”)
this award will vest four years after the date of grant even if you begin a full-time position outside the Company (as defined in Paragraph 5) provided you are otherwise in compliance with the terms of this Agreement. Except for this RSU, you will
not be eligible for any future grants of awards under the LTIP Plans. In the event of your death prior to the grant of this award, the Company will pay your estate $2,000,000 in cash within ninety days after your death. 

  

	 	(c)	On January 29, 2009 you received a non-qualified stock option grant of 311,190 shares at an exercise price of $16.71. This award vests in four equal installments
on January 29, 2010, January 29, 2011, January 29, 2012 and January 29, 2013. Provided you remain employed by the Company through the end of the Notice period and are otherwise in compliance with the terms of this
Agreement, this award will vest on the four dates specified above even if you begin a full-time position outside the Company (as defined in Paragraph 5) and you will have the balance of the ten year option term to exercise such award.

  

	 	(d)	Provided you are still employed by the Company, die, or become Disabled by that date which is the earlier of the date when the Board approves the AIAs or April 9,
2010 and you are otherwise in compliance with the terms of this Agreement on the date payment is made, you will receive a cash bonus for performance year 2009 under the AIA in the amount of $4,000,000. You are not eligible for any other payments
under the AIA or any other bonus plan of the Company. 

  

	 	(e)	If, during the Notice period or Separation Period, you elect to exercise more than 25% of all your outstanding vested stock options in any 90 day period, you will need
my written approval (to occur within a reasonable period of time presumed to be within three (3) business days). The standard for determining whether to approve your request to exercise options will be whether you are complying and will comply
with the requirement of paragraphs 6(a) through 6(j) of this Agreement. You will have 30 trading days (exclusive of blackout periods due to “window” closings) from the date you receive written approval to exercise up to the full number of
options requested in the Form. After July 31, 2010, you will not be excluded from trading during blackout periods. 

  

 4 

	 	(f)	In the event you die or become Disabled (as defined in the LTIP Plans) during the Notice period or die during the Separation Period, your outstanding awards will be
treated as follows based on the current terms of the LTIP Plans: 

 RSA/RSU Provided any performance
criteria applicable to these awards have been met, these awards would become 100% vested at the time of death or Disability and payable to you or your estate, as applicable. 
 NQSO These awards become 100% vested at the time of death or Disability and you or your estate, as applicable, would have the right to
exercise them until the earlier of (i) five years after death or Disability, or (ii) the end of the ten year term for each award. 
 PG These awards will be paid to your estate on a pro-rated basis measured by the date of your death. 
  

	 	(g)	On July 31, 2007 you received a non-qualified stock option grant of 475,000 shares at an exercise price of $58.54. This award vests in three installments on
July 31, 2010 (118,750 shares), July 31, 2011 (118,750 shares) and July 31, 2012 (237,500). Provided you remain employed by the Company through the end of the Notice period and are otherwise in compliance with the terms of this
Agreement, this award will vest on the three dates specified above even if you begin a full-time position outside the Company (as defined in Paragraph 5) and you will have until October 31, 2012 to exercise such options.

  

	 	(h)	On July 31, 2007 you received a RSA award of 90,000 shares. Provided you remain employed by the Company through the end of the Notice period and are otherwise in
compliance with the terms of this Agreement, 18,000 shares that are scheduled to vest on July 31, 2012 will vest, subject to performance targets, even if you begin a full-time position outside the Company (as defined in Paragraph 5).

  

	 	(i)	Nothing in this letter agreement shall be construed as a limitation on the Company’s right to amend, modify or terminate its LTIP Plans at any time and from time
to time or to change its interpretation of such plans and related plans, programs and policies in accordance with applicable plan documents, agreements and regulations, as long as you are not singled out and your economic benefit as otherwise stated
in this Agreement is not materially diminished. In the event changes are made to the current plans, they would apply to you and could change the applicability of paragraphs (a) through (h) above. 

  

	4.	Adherence to Company Policies. You agree to comply with all policies of the Company in effect from time to time as applicable to senior executive officers of the
Company including, without limitation, the Code of Conduct of American Express Company and its subsidiaries, which remain in effect both during the Separation Period and thereafter as applicable. 

  

 5 

	5.	Obtaining Another Position. In the event you commence a new position inside the Company, its parent, subsidiaries or affiliates at any time during the Notice
period or the Separation Period, the arrangements hereunder will cease and no further payments and/or benefits will be provided hereunder. If you commence employment outside the Company or voluntarily resign during the Notice period, the
arrangements hereunder will cease and no further payments and/or benefits will be provided hereunder. If you commence a full-time position with any business entity outside the Company during the Separation Period, your eligibility for the remainder
of the $9,700,000 payment under paragraph 2(a) will continue, with payout continuing on a biweekly basis, but continued benefits eligibility under paragraphs 2(b), 2(e) and 3 will cease as of the date you commence such full-time position, except as
otherwise provided in this Agreement. A full-time position shall not include any position which requires, on average, less than thirty hours of work for each week of the employment or any services you provide through your own consultancy firm
(regardless of the amount of compensation or hours worked). You agree to promptly advise myself and Human Resources of any change in your employment status during the Separation Period. 

  

	6.	Restrictive Covenants. 

  

	 	(a)	In further consideration for the payments and benefits provided pursuant to this letter agreement, you agree that for the period commencing on the Separation Date and
ending April 6, 2012 (the “Restricted Period”), you shall not be employed by, provide advice or act as a consultant for any Competitor. The names of the Competitors are specified by the name by which they are commonly referred but
include the names of the formal legal entities and their parents, subsidiaries and related companies. For purposes of this paragraph, “Competitor” is defined as Visa (U.S., Europe and International), MasterCard Incorporated and MasterCard
Worldwide, Discover, JCB, JPMorgan Chase, Bank of America, Capital One, Wells Fargo, Citigroup, Barclays, HSBC, US Bancorp, [****] and PayPal. 

  

	 	(b)	You further agree that during the Restricted Period, you will not join in or participate in any action that would require any person to file a Schedule 13D (or any
successor schedule thereto) under the Securities Exchange Act of 1934, as amended, with respect to the Company, its subsidiaries or affiliates, and you will not be a proponent in any solicitation of proxies with respect to a meeting of shareholders
of the Company, its subsidiaries or affiliates. At present, Section 13D of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, generally require a person or group of persons who acquire 5% or more of a
company’s voting securities to file a Schedule 13D with the Securities Exchange Commission, unless certain conditions are met. 

  

	 	(c)	You further agree to reasonably cooperate with the Company, its subsidiaries or affiliates, their financial and legal advisors and/or government officials, in any
claims, investigations, administrative proceedings, lawsuits, and other legal, internal or business matters, as reasonably requested by the Company during the Restricted Period. To the extent you incur travel or other expenses with respect to such
activities, the Company agrees to reimburse you for such reasonable expenses documented and approved in accordance with Company policy. 

  

	Note:	Confidential treatment has been requested with respect to the information contained within the [****] marking. Such portion has been omitted from this filing and has
been filed separately with the Securities and Exchange Commission. 

  

 6 

	 	(d)	During the four year period commencing on the Separation Date and ending April 6, 2014 and during your employment with the Company, you shall not interview or
solicit for employment any then current employee of the Company, its subsidiaries or affiliates for the purpose of employing that person at an Entity at which you are or are intending to be (i) employed, (ii) a member of the Board of
Directors, or (iii) providing consulting services. In addition, during the Restricted Period you shall not advise or recommend to any other person that he or she employ, interview or solicit for employment, any person employed by the Company,
its subsidiaries or affiliates for the purpose of employing that person at an Entity at which you are or are intending to be (i) employed, (ii) a member of the Board of Directors, or (iii) providing consulting services. The
restriction in this paragraph shall specifically exclude an Office Director and a secretarial level employee provided that their activities under employment with you comply with the requirements of paragraphs 6(a) and 6(e) through 6(i) hereof as
applied to them. During the period commencing on the second anniversary of the Separation Date and ending April 6, 2014, the restrictions in this paragraph shall not apply to individuals employed by the Company below Band 50. Moreover, for
purposes of clarity, you shall not be deemed to be in violation of the restrictions in this paragraph if you did not interview or have contact with the Company employee at issue, were not involved in the decision to hire the employee, and you did
not advise or recommend to any other person that he or she employ the employee. You specifically acknowledge that the Company has provided you with additional consideration to secure your agreement not to engage in conduct that violates this
provision and that injunctive relief is an appropriate remedy, in addition to any other available legal remedies, if the Company can show that you have violated the terms of this provision. 

  

	 	(e)	During the Restricted Period and during your employment with the Company, you shall not directly or indirectly solicit or enter into any arrangement with any entity
which is, at the time of such solicitation, a significant customer of the Company, its subsidiaries or affiliates for the purpose of engaging in any business transactions of the nature performed or contemplated by the Company, its subsidiaries or
affiliates. This paragraph shall apply only to customers whom you personally serviced while employed by the Company or customers you acquired material information about while employed by the Company. 

  

	 	(f)	During the Restricted Period and during your employment with the Company, you or anyone acting at your direction will not denigrate the Company, its subsidiaries or
affiliates or their employees, officers, directors or agents to the media or financial analysts. You agree during the Restricted Period not to (i) provide information considered proprietary by the Company to the media or financial analysts or
(ii) discuss the Company, its subsidiaries or affiliates or their employees, officers, directors or agents with the media or financial analysts, without the explicit written permission of the Executive Vice President of Corporate Affairs and
Communications. This paragraph shall not be applicable to any truthful statement required to be made by you in any legal proceeding. 

  

 7 

 The Company agrees that its executive officers or anyone acting at the direction of its
executive officers will not denigrate you to the media or financial analysts. 
  

	 	(g)	Through the end of the Notice period, you will not engage in any conduct that results in termination of your employment for Misconduct. For purposes of this provision,
Misconduct is (i) material violation of the American Express Company Code of Conduct, (ii) criminal activity, (iii) gross insubordination, or (iv) gross negligence in the performance of your duties. 

  

	 	(h)	During the Restricted Period and during your employment with the Company, you shall not misappropriate or improperly disclose confidential information or trade secrets
of the Company, its subsidiaries or affiliates, including but not limited to information about marketing or business plans, possible acquisitions or divestitures, potential new products or markets and other data not available to the public.

  

	 	(i)	During the Restricted Period and during your employment with the Company, you shall not take any actions that the Company reasonably deems detrimental to its interests.
The Company will request in writing you cease and desist or rectify the conduct and provide you with ten (10) business days to comply with such request, prior to seeking any legal remedies under this paragraph and will only seek legal remedies
if you do not comply with such request. This paragraph shall not be applied to conduct that is otherwise permitted by paragraphs 6(a) through 6(h). For example, if you leave the Company’s employment to work for an entity that is not a
Competitor under paragraph 6(a), the Company will not claim that employment with that entity violates paragraph 6(i). 

  

	 	(j)	You agree that the Company will suffer irreparable damage in the event the provisions of paragraphs 6(a), 6(d), 6(e), 6(f) and 6(h) are breached and that the Company
shall be entitled as a matter of right to injunctive relief to prevent a breach by you. Resort to such equitable relief, however, shall not constitute a waiver of any other rights or remedies the Company may have. In addition to such equitable
relief, and not in limitation of any other rights or remedies the Company may have, if you breach the provisions of paragraphs 6(a), 6(d), 6(e), 6(f) and 6(h) prior to the end of the Restricted Period, the Company shall have the remedies set forth
in paragraph 10 hereof. 

  

	7.	Confidential Information. (a) You agree at all times, whether during the Restricted Period or thereafter, not to exploit, use, sell, publish, disclose,
communicate or divulge to any person any trade secrets or confidential information, knowledge or data regarding the Company, its parent, subsidiaries or affiliates or any of their respective directors, advisors, officers, employees or agents that
has not otherwise been communicated by the Company, its parent, subsidiaries or affiliates to the public. You agree that the Company will suffer irreparable damage in the event the provisions of this paragraph 7 are breached and that

  

 8 

 the Company shall be entitled as a matter of right to injunctive relief to prevent a breach
by you. Resort to such equitable relief, however, shall not constitute a waiver of any other rights or remedies the Company may have. In addition to such equitable relief, and not in limitation of any other rights or remedies the Company may have,
if you breach the provisions of this paragraph 7 prior to the end of the Restricted Period, the Company shall have the remedies set forth in paragraph 10 hereof. The provisions of this paragraph 7 shall not apply to any truthful statement required
to be made by you in any legal proceeding, or government or regulatory investigation. 
 (b) You understand that the Company may
be required by law to publicly disclose the terms of this Agreement in its SEC filings. Prior to such public disclosure, you may not to disclose the existence or contents of this Agreement unless and to the extent such disclosure is required by law
or by a governmental agency. This restriction will not apply to such disclosure by you to members of your immediate family or your tax, legal or financial advisors. However, you agree to use every effort to protect against any further disclosure by
such persons. 
  

	8.	Change in Control. The CBC has approved certain provisions in the event there is a “Change in Control” of American Express Company (as defined in the
documents approved by the CBC on February 28, 2000 and as amended from time to time) (hereinafter “CIC”). The Company has interpreted these provisions to have the following application to you during your Separation Period (and before
you begin full-time employment outside the Company). 

 (a) Your outstanding unvested stock option shares and
restricted stock awards under the LTIP Plans would vest immediately. In this event, you would be able to exercise your vested stock option shares until the earlier of (i) the end of your Separation Period, (ii) the date you begin a
full-time position outside the Company or (iii) the end of the ten year option term, subject to the terms of paragraph 3(c). 
 (b) If, in connection with a CIC you are deemed a “disqualified” individual under current U.S. tax laws, you may be subject to a 20% excise tax on certain compensation provided in connection with the CIC that exceeds specified
limits. If, under then current laws, you are subject to the excise tax, the Company would pay you an amount in cash, in an effort to make you whole for the excise tax on the same basis as other similarly situated employees who are subject to the
tax. 
 (c) The Company would fully fund into a trust benefits you earned under the Supplemental Retirement Plan. There would be
no impact on the timing of your payout under the Supplemental Retirement Plan or the amount of benefits you would be eligible to receive. 
 (d) The Company would credit your deferral account under the SRP with 2 years of interest and pay out the balance. 
  

 9 

 The remaining CIC provisions of the Company would not be applicable to you as these provisions would not
apply to an individual who is receiving separation payments under the American Express Senior Executive Severance Plan at the time a CIC occurs. Nothing in this letter agreement shall be construed as a limitation on the Company’s right to
amend, modify or terminate its CIC provisions and related plans, programs and policies at any time and from time to time or to change its interpretation of such CIC provisions and related plans, programs and policies in accordance with applicable
plan documents, agreements and regulations. However, in the event of such an amendment, modification, termination or change in interpretation, you shall not be singled out for any adverse differential treatment from other similarly situated
employees and band level 99 or above. 
  

	9.	Release and Covenant. (a) In consideration of the payments and benefits provided and to be provided by the Company in this letter agreement, you agree to
and hereby do release and discharge the Company and its parent, subsidiaries and affiliates, and their agents, employees, directors, officers and all their predecessors and successors (collectively “Releasees”), from any and all claims,
causes of action and demands of any kind, whether known or unknown, which you have, ever had, or ever in the future may have and which are based on acts or omissions occurring up to and including the date this letter agreement is fully executed.
Included within the release set forth in the preceding sentence, without limiting its scope, are claims arising under Title VII of the Civil Rights Act of 1964, as amended, and the Age Discrimination in Employment Act of 1967, as amended, as well as
any other federal, state or local civil rights or labor laws, and/or contract or tort laws, and which are related to your employment with the Company or the termination of that employment. This release does not waive claims that may arise after the
date this letter agreement is fully executed and which are based on acts or omissions occurring after the date this letter agreement is fully executed. You further covenant that you will not seek recovery in any judicial proceeding against any of
the Releasees for any claim covered by the above release. 

 (b) You hereby acknowledge that you have been given at
least 21 days to review this letter agreement from the date you first received it and you have been advised to review it with an attorney of your choice. You further understand that you have 7 days after the signing hereof to revoke it by so
notifying the Company in writing. You further acknowledge that you have carefully read this letter agreement, know and understand the contents thereof and its binding legal effect. You sign the same of your own free will and act, and it is your
intention that you be legally bound thereby. 
 (c) The Company acknowledges that as of this date you are an employee in good
standing and that it has no knowledge of, or reason to believe, that you have engaged in any misconduct or action which would give rise to or support a claim against you that would compromise, disqualify or prevent you from receiving the
consideration set forth in this Agreement. 
  

	10.	Non-compliance. Certain payments and benefits provided pursuant to this letter agreement are conditioned upon your compliance with the provisions of paragraphs
4, 5, 6 and 7 above. 

  

 10 

 Each of the aforementioned provisions is material terms of this Agreement. In the event of
any violation of any such provision of this Agreement by you or anyone acting at your direction, the Company shall be entitled to withhold and terminate all the aforementioned payments, bonuses, benefits, and outstanding awards under the LTIP Plans
provided or to be provided pursuant to paragraphs 2 and 3 and you agree to repay to the Company 95% of any such payments paid to you hereunder and/or the Company shall be entitled to recover 95% of any of the amounts paid to you hereunder without
waiving the right to pursue any other available legal or equitable remedies. The provisions of this paragraph 10 shall not be applicable to any truthful statement required to be made by you in any legal proceeding or government or regulatory
investigation. The Company shall provide you written notice of its intention to invoke the provisions of this paragraph 10 (the “Violation Notice”). You will have the opportunity to cure any violation of this paragraph 10 within 10
business days of the Violation Notice, to the extent such violation is curable. In the event you cure the violation specified in the Violation Notice, you shall promptly provide the Company an affidavit confirming your compliance within 10 business
days of the issuance of the Violation Notice. 
  

	11.	Tax Payments, Withholdings and Reporting. You recognize that the payments and benefits provided under this letter agreement may result in taxable income to you
which the Company will report to the appropriate taxing authorities. The Company shall have the right to deduct from any payment made to you under this letter agreement, any federal, state, local or foreign income, employment or other taxes it
determines are required by law to be withheld with respect to such payments or benefits provided hereunder or to require payment from you which you agree to pay upon demand, for the purpose of satisfying any such withholding requirement.

  

	12.	Death. In the event you die during the Separation Period, the balance of payments owed to you pursuant to paragraph 2(a) will be paid to your estate in a lump
sum. Other amounts owed to you under various benefit plans of the Company will be treated in accordance with the terms of those plans in effect on the day of your death. The current treatment of awards under the LTIP Plans is specified in paragraph
3(f). 

  

	13.	Severability. In the event any one or more of the provisions of this Agreement (or any part hereof) shall for any reason be held to be invalid, illegal or
unenforceable, the remaining provisions of this Agreement (or part hereof) shall be unimpaired, and the invalid, illegal or unenforceable provision (or part hereof) shall be replaced by a provision (or a part hereof), which, being valid, legal and
enforceable, comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provisions, including providing substitute or alternate consideration that preserves the overall economic value of the invalid, illegal or
unenforceable provision. However, in the event that any such provision of this Agreement (or part hereof) is adjudged by a court of competent jurisdiction to be invalid, illegal or unenforceable, but that the other provisions (or part hereof) are
adjudged to be valid, legal and enforceable if such invalid, illegal or unenforceable provision (or part hereof) were deleted or modified, then this Agreement shall apply with only such deletions or modifications, or both, as the case may be, as are
necessary to permit the remaining separate provisions (or part hereof) to be valid, legal and enforceable. 

  

 11 

	14.	Amendment. No amendments, modifications or waivers of this Agreement or any of its provisions shall be binding unless made in writing and signed by both you and
a senior authorized officer of the Company. 

  

	15.	Entire Agreement. This Agreement constitutes the entire agreement between the Company and yourself concerning the termination of your employment and supersedes
all previous agreements, promises, proposals, representations, understandings and negotiations whether written or oral, between the Company and yourself concerning the termination of your employment. 

  

	16.	Tax Code Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code and shall be operated in good-faith
compliance with Section 409A and the guidance issued thereunder notwithstanding any provision of the Agreement to the contrary. To the extent that either party hereto believes that any payment to be made hereunder is likely to result in the
imposition of a penalty tax under Section 409A of the Internal Revenue Code and the regulations issued thereunder, the parties agree to negotiate in good faith to restructure the timing and form (but not the amount) of any nonconforming
payments to the extent necessary to avoid any such penalty tax. In the event restructuring does not result in elimination or the abatement of additional income or penalty tax (including any interest) proposed or assessed, the company shall reimburse
you, on a grossed-up basis, for any additional payments due from you to any governmental taxing authority as a result of the application of Section 409A and the regulations issued thereunder. 

  

	17.	Compensation Band Changes. If the Company changes its current system of classifying employees in compensation bands, the references to compensation bands in this
Agreement will be construed to mean the compensation level(s) in the new or revised system that most closely approximates these bands under the current system. 

  

	18.	Indemnification. Your rights to indemnification under the By-Laws of the Company, as well as under other organizational documents, Company policy, or at law,
shall continue with regard to actions or inactions by you while an employee or officer of the Company. In addition, the Company shall continue to cover you under the Company’s directors’ and officers’ liability insurance policies on
the same basis as other officers and directors while liability exists with regard to such actions or inactions. Nothing in this Agreement is intended to reduce or increase your rights to indemnification by the Company. 

  

	19.	Miscellaneous. This Agreement shall be governed by the substantive laws of the State of New York without regard to its conflict of laws provisions. The parties
agree that any proceeding to resolve any dispute arising hereunder will be brought only in the courts of the State of New York in accordance with Section 5-1402 of the General Obligations Law of the State of New York, or in the courts of the
United States of America for the Southern District of New York, and that each party irrevocably submits to such jurisdiction, and hereby waives any and all objections as to venue, inconvenient forum and the like. It is the intention of the parties
hereto, however, that to the extent practicable, the parties will endeavor to settle 

  

 12 

	    	any dispute arising hereunder first through the process of non-binding mediation. This agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, legal representatives, successors and assigns. 

 *                            *           
                 * 
 If you find that the foregoing
satisfactorily resolves your concerns and concur that under the circumstances it is mutually desirable to pursue this course, please sign and date the enclosed copy of this Agreement in the spaces indicated below and return it to me. 
 Sincerely yours, 
 /s/    KENNETH I. CHENAULT 
  

			
	 Kenneth I. Chenault
	 	
		
	 Chief Executive Officer
	 	
	
	 Agreed and Accepted this 2nd day
 of October 2009.

		
	 /s/    ALFRED F. KELLY, JR.

Alfred F. Kelly, Jr.
	 	

  

 13 

 Exhibit A 
 Awards Issued to Alfred F. Kelly, Jr. Under the LTIP Plans1 
 Restricted Stock Awards 
  

							
	 GRANT DATE
	 	 AWARD
	  	 VESTING
	  	 COMMENTS

	 1/25/07
	 	34,620 share 3 yr. RSA. 10% ROE hurdle.	  	Vests 1/25/10	  	Vests if still at AXP and ROE hurdle achieved
				
	 7/31/07
	 	90,000 share RSA vesting 3-4-5-6 years after grant. 15% ROE hurdle.	  	18,000 vest 7/31/10	  	Vests if no full-time position and ROE hurdle achieved
				
		 		  	18,000 vest 7/31/11	  	Vests if no full-time position and ROE hurdle achieved
				
		 		  	18,000 vest 7/31/12	  	Vests if employed by AXP thru Notice period and ROE hurdle achieved
				
		 		  	36,000 vest 7/31/13	  	Award will not vest.
				
	 1/31/08
	 	22,898 share 3 yr. RSA. 15% ROE hurdle.	  	Vests 1/31/11	  	Vests if no full-time position and ROE hurdle achieved

  

									
	Portfolio Grants
					
	 GRANT DATE
	 	 PERFORMANCE
 PERIOD
	  	 TARGET
	  	PAYOUT
DATE	  	 COMMENTS

	 1/25/07
	 	2007-2009	  	$750,000	  	2/10	  	Must still be at AXP on payout date. Target subject to same multiple (+ or -) applicable to all other award holders.
					
	 1/31/08
	 	2008-2010	  	$750,000	  	2/11	  	Must be at AXP thru Notice period. After Notice period, eligible for payout even if full-time position commenced before payout date. Target subject to same multiple (+ or -)
applicable to all other award holders.
					
	 1/26/09
	 	2009-2010	  	 $2,250,000 TOTAL
	  	See Below
	  	 Target subject to same multiple (+ or -) applicable to all other award holders.

		 		  	  
 $1,125,000 Part 1
	  	  
 2/10
	  	  
 Must still be at AXP on payout date.

		 		  	  
 $1,125,000 Part 2
	  	  
 2/11
	  	  
 Must be at AXP thru Notice period. After Notice period, eligible
for payout even if full-time position commenced before payout date.

  

	1	 The vesting and right to exercise any awards set forth in this chart is subject to your compliance with the terms of the Agreement. Nothing in this
exhibit or the Agreement can change the number of shares awarded, the strike price, the 10 year expiration date of NQSOs, hurdles or the target of PG awards as specified in the original award agreements. To the extent there is any inconsistency
between this exhibit and the text of the Agreement, the text of the Agreement will prevail. 

  

 14 

									
	Non-Qualified Stock Options
					
	 GRANT DATE
	  	 AWARD
	  	 STRIKE
PRICE
	  	 VESTING
	  	 COMMENTS

	 7/24/00
	  	22,848 share NQSO vesting 2-3-4	  	$50.743	  	22,848 shares exercisable now	  	Must exercise before taking full-time position or 7/23/10, whichever comes first.
					
	 2/26/01
	  	228,481 share NQSO vesting 2-3-4	  	$38.922	  	103,481 shares exercisable now. Balance has already been exercised.	  	Must exercise before taking full-time position or 2/25/11, whichever comes first.
					
	 1/28/02
	  	228,481 share NQSO vesting 1-2-3	  	$31.941	  	228,481 shares exercisable now	  	Must exercise before taking full-time position or 1/27/12, whichever comes first.
					
	 1/27/03
	  	205,632 share NQSO vesting 1-2-3-4	  	$29.239	  	205,632 shares exercisable now	  	Must exercise before taking full-time position or end of Separation Period, whichever comes first
					
	 1/26/04
	  	205,632 share NQSO vesting 1-2-3-4	  	$43.977	  	205,632 shares exercisable now	  	Must exercise before taking full-time position or end of Separation Period, whichever comes first
					
	 1/24/05
	  	165,648 share NQSO vesting 1-2-3-4	  	$45.768	  	165,648 shares exercisable now	  	Must exercise before taking full-time position or end of Separation Period, whichever comes first
					
	 1/23/06
	  	150,000 share NQSO vesting 1-2-3-4	  	$51.865	  	 112,500 shares exercisable now
  
 37,500 shares vest 1/23/10 if still at AXP
	  	Must exercise before taking full-time position or end of Separation Period, whichever comes first
					
	 1/25/07
	  	150,000 share NQSO vesting 1-2-3-4	  	$57.77	  	 75,000 shares exercisable now
  
 37,500 shares vest 1/25/10 if still at AXP
  
 37,500 shares vest 1/25/11 if full-time position not commenced before vesting date
	  	Must exercise before taking full-time position or end of Separation Period, whichever comes first

  

 15 

 Non-Qualified Stock Options (continued) 
  

									
	 GRANT DATE
	  	 AWARD
	  	 STRIKE
PRICE
	  	 VESTING
	  	 COMMENTS

	 7/31/07
	  	475,000 share NQSO vesting 3-4-5	  	$58.54	  	 Shares vest even if full-time position commenced before vesting date.
  
 118,750 shares vest 7/31/10
  
 118,750 shares vest 7/31/11
  
 237,500 shares vest 7/31/12
	  	 Must exercise before 10/31/12

					
	 1/31/08
	  	200,000 share NQSO vesting 1-2-3-4	  	$49.13	  	 50,000 shares exercisable now
  
 50,000 shares vest 1/31/10 if still at AXP
  
 50,000 shares vest 1/31/11 if full-time position not commenced before vesting date
  
 50,000 shares vest 1/31/12 if full-time position not commenced before vesting
date
	  	Must exercise before taking full-time position or end of Separation Period, whichever comes first
					
	 1/29/09
	  	311,190 share NQSO vesting 1-2-3-4	  	$16.71	  	 Shares vest even if full-time position commenced before vesting date.
  
 77,797 vest 1/29/10 if still at AXP
  
 77,797 vest 1/29/11
  
 77,798 vest 1/29/12
  
 77,798 vest 1/29/13
	  	Exercisable until 1/29/19

  

 16

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