Document:

FORM OF EXECUTIVE RETENTION AGREEMENT

 Exhibit 10.15 
  
 Executive Retention Agreement 
  

THIS EXECUTIVE RETENTION AGREEMENT by and among VistaPrint USA, Incorporated, a Delaware corporation (the “Company”), VistaPrint Limited, a
Bermuda corporation and sole shareholder of the Company (“VistaPrint Limited”), and                      (the “Executive”)
is made as of December 1, 2004 (the “Effective Date”). 
  
 WHEREAS, the Company and VistaPrint Limited desire 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 her employment with the
Company is terminated under certain circumstances; 
  
 WHEREAS,
the Company also recognizes that the possibility of a change in control of VistaPrint Limited 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 stockholders, and 
  
 WHEREAS, the Board of Directors of VistaPrint Limited (the “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 and VistaPrint Limited agree that the Executive shall receive the benefits set forth herein in the event of a Change of 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 and VistaPrint Limited of all of their respective 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 or VistaPrint Limited 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). 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 

  

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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. 
  
 (b) 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. 
  
 (c) 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 Board at which she may, at her election, be represented by counsel and at which she 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 Board’s intention to terminate the Executive for Cause and stating in detail the particular event(s) or circumstance(s) which the 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 Board. 
  
 (d) 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 Stock
Acceleration. 
  
 (a) If the Change in
Control Date occurs during the Term, then, effective upon the Change in Control Date, (a) each outstanding option to purchase shares of VistaPrint Limited (or any successor) held by the Executive (to the extent not then currently exercisable) shall
become immediately exercisable in full and shares of VistaPrint Limited received upon exercise of any options will no longer be subject to a right of repurchase or first refusal by VistaPrint Limited, (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 a right of repurchase or first refusal by VistaPrint Limited and (c) 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 twelve months following the Date of Termination if the Executive is terminated without Cause or terminates employment for Good Reason following the Change
of Control Date; provided that this Section 4.1(c) shall only apply to options that have an exercise price that is at least equal to the fair market value of VistaPrint Limited’s common shares on the date of this Agreement ($4.11 per share as
determined by the Board of Directors of VistaPrint Limited) and to options granted after the Effective Date. 
  
 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 for Good Reason Prior to the Change of Control Date. If the Executive’s employment with the Company is terminated by the Company (other than for Cause, Disability or Death) or by the Executive 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
aggregate of the lump sum of (A) the Executive’s unpaid base salary through the Date of Termination, (B) the product of (w) the greater of any annual 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 year or any annual bonus payable for the then current fiscal year and (x) a fraction, the numerator of which is the number of days in the current fiscal year through
the Date of Termination, and the 

  

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denominator of which is 365, (C) the product of (y) 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 (z) 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 (D) 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), (C), and (D) 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 (i) 50% of the greater of (a) the Executive’s highest aggregate bonus (including both annual and quarterly bonuses, if applicable) paid in any fiscal year during the five fiscal year period prior to the Date of
Termination and (b) the sum of the maximum bonus (including both annual and quarterly bonuses, if applicable) payable to the Executive during the then current fiscal year; and (ii) the greater of (x) 50% of the Executive’s highest annual base
salary during the five fiscal year period prior to the Date of Termination and (y) 50% of the Executive’s then current annual base salary. 
  
 (ii) for 6 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 her 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 her 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 her family; 
  
 (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 6 months after the Date of Termination. 
  
 (b) Termination Without Cause or for Good Reason on or after the Change of Control Date. If the Executive’s employment with
the Company is terminated by the Company (other than for Cause, Disability or Death) or by the Executive for Good Reason on or after 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 sum of (i)
100% of the greater of (a) the Executive’s highest aggregate bonus (including both annual and quarterly bonuses, if applicable) paid in any fiscal year during the five fiscal year period prior to the Date of Termination and (b) the sum of the
maximum bonus (including both annual and quarterly bonuses, if applicable) payable to the Executive during the then current fiscal year; and (ii) the greater of (x) 100% of the Executive’s highest annual base salary during the five fiscal year
period prior to the Date of Termination and (y) 100% of the Executive’s then current annual base salary. 
  

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 (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 her 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 her 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 her family; 

 
 (iii) 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) Neither the Company, VistaPrint Limited, 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 “Severance Benefit”) is considered “nonqualified deferred
compensation” within the meaning of Internal Revenue Code Section 409A (“Section 409A”), and the Executive is considered a “specified employee” within the meaning of Section 409A, then not withstanding the provisions of
Sections 4.2(a) and (b), no such Severance Benefit shall be paid to the Executive during the 6-month period following her termination of employment, provided, however that that such Severance Benefits may be paid immediately following the death of
the Executive and such Severance 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 Severance 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 Severance Benefits to be paid to the Executive immediately upon the expiration of such
6-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 terminates her employment 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 her 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. 
  
 4.3 Taxes. 
  
 (a) In the event that VistaPrint Limited undergoes a “Change in Ownership or Control” (as defined in Annex A), the Company or VistaPrint Limited 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 Internal Revenue Code of 1986, as amended (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 (A) that she agrees with the Company’s determination pursuant to the preceding sentence or (B) that she disagrees with such determination, in which case she shall indicate which 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; 

  

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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. 
  
 4.4 Mitigation.
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), 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 Board and shall be in writing in accordance with Section 7.1. Any denial by the 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 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 she is entitled to receive) are the subject of a dispute between the Company and the Executive, the Company shall continue (a) to pay to the Executive her 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 Company and VistaPrint Limited. The Company and VistaPrint Limited 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 the Company or VistaPrint Limited to expressly assume and agree to perform this Agreement to the same extent that the Company and
VistaPrint Limited would be required to perform it 

  

 5 

 
if no such succession had taken place. Failure of the Company and VistaPrint Limited to obtain an assumption of this Agreement at or prior to the
effectiveness of any succession shall (a) be a 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 of Control for purposes of Section 4 hereof regardless of the definition of Change of 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 and “VistaPrint
Limited” shall mean VistaPrint Limited 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. 
  
 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 her 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
USA Incorporated 
 100 Hayden Avenue 
 Lexington, MA 02421 
 Attn: CEO 
  
 with a copy to: 
  
 Thomas S. Ward, Esq. 
 Wilmer Cutler
Pickering Hale and Dorr LLP 
 60 State Street 
 Boston, MA 02109 
  
 to
VistaPrint Limited, at: 
  
 VistaPrint Limited 
 Canon’s Court 
 22 Victoria Street

 Hamilton, HM 12 
 Bermuda

  
 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. 
  

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 8. Miscellaneous. 
  
 8.1 Consideration. The Executive acknowledges that she has received adequate consideration from the
Company and VistaPrint Limited 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. VistaPrint Limited 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
                                        .
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. 
  
 8.10 Amendments. This Agreement may be amended or modified only by a written instrument executed by the Company, VistaPrint Limited
and the Executive. Notwithstanding anything herein to the contrary, to the extent future guidance is issued regarding Section 409A that the Company, Vistaprint Limited or the Executive reasonably believe will result in adverse tax consequences to
the Executive as a result of this Agreement, then the Company, VistaPrint Limited 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 she (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. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first set
forth above. 
  

			
	VISTAPRINT USA INCORPORATED
	
	 
	 By:
	 	Robert S. Keane
	 Title:
	 	President and CEO

  

			
	VISTAPRINT LIMITED
	
	 
	 By:
	 	Helen Ann Chisholm
	 Title:
	 	Secretary

  

			
	[EXECUTIVE]
	
	 
	 [Name]
	 	 
		
	 Address:
	 	 
	 ___________

	 ___________

  

 8 

 Annex A 
  
 As used herein, the following terms shall have the following respective meanings: 
  
 1.1 “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 Limited 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 shares of
common stock of VistaPrint Limited (the “Outstanding VistaPrint Limited Common Stock”) or (y) the combined voting power of the then-outstanding securities of VistaPrint Limited entitled to vote generally in the election of directors (the
“Outstanding VistaPrint Limited 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
Limited (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities of VistaPrint Limited, unless the Person exercising,
converting or exchanging such security acquired such security directly from VistaPrint Limited or an underwriter or agent of VistaPrint Limited), (ii) any acquisition by VistaPrint Limited, (iii) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by VistaPrint Limited or any corporation controlled by VistaPrint Limited, or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i) and (ii) of subsection (c) of this
Section 1.1 of Annex A; or 
  
 (b) such time as
the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to VistaPrint Limited), where the term “Continuing Director” means at any date a
member of the Board (i) who was a member of the 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 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 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 Board; or 
  
 (c) the consummation of a merger, consolidation, reorganization, recapitalization or statutory share exchange involving VistaPrint Limited
or a sale or other disposition of all or substantially all of the assets of VistaPrint Limited 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 Limited Common Stock and Outstanding VistaPrint Limited Voting Securities immediately prior to
such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock 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 Limited or substantially all of VistaPrint
Limited’s assets 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 Limited Common Stock and Outstanding VistaPrint Limited Voting Securities, respectively; and (ii) no Person (excluding the Acquiring Corporation or any employee benefit plan (or
related trust) maintained or sponsored by VistaPrint Limited or by the Acquiring Corporation) beneficially owns, directly or indirectly, 30% or more of the then outstanding shares of common stock 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 
  

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 (d) approval by the Board of a complete liquidation or dissolution of VistaPrint Limited
or the Company. 
  
 1.2 “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 (a) a Change in Control occurs, (b) the Executive’s employment with the Company
is terminated 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 such termination of
employment. 
  
 1.3 “Cause” means: 
  
 (a) the Executive’s willful and continued failure to
substantially perform her 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 Board which specifically identifies the manner in which the Board of Directors 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 Section 1.3 of Annex A, 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. 
  
 1.4 “Good Reason” means the occurrence, without the Executive’s written consent, of any of the events or circumstances set forth in
clauses (a) through (h) below. Notwithstanding the occurrence of any such event or circumstance, such occurrence shall not be deemed to constitute Good Reason if, prior to the Date of Termination specified in the Notice of Termination (each 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 (provided that such right of
correction by the Company shall only apply to the first Notice of Termination for Good Reason given by the Executive). 
  
 (a) the assignment to the Executive of duties inconsistent in any material respect with the Executive’s position (including status,
offices, titles and reporting requirements), authority or responsibilities in effect as of the Effective Date, or any other action or omission by the Company or VistaPrint Limited which results in a material diminution in such position, authority or
responsibilities; 
  
 (b) a reduction in the
Executive’s annual 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 VistaPrint Limited and its
subsidiaries to a comparable extent; 
  
 (c) the
failure by the Company or VistaPrint Limited to (i) continue in effect any material compensation or benefit plan or program (including without limitation any life insurance, medical, health and accident or disability plan and any vacation or
automobile program or policy) (a “Benefit Plan”) in which the Executive participates or which is applicable to the Executive immediately prior to the Effective Date or subsequently adopted, unless an equitable arrangement (embodied in an
ongoing substitute or alternative plan) has been made, with the Executive’s written consent, with respect to such plan or program, (ii) continue the Executive’s participation therein (or in such substitute or alternative plan) on a basis
not materially less favorable, both in terms of the amount of benefits provided and the level of the Executive’s participation relative to other participants, than the basis existing immediately prior to the Effective Date or subsequent to such
adoption or (iii) award cash bonuses to the Executive in amounts and in a manner substantially consistent with past practice in light of the Company’s financial performance; except, in each event, to the extent such failure affects all
executive officers of VistaPrint Limited and its subsidiaries to a comparable extent; 
  

 10 

 (d) a change by the Company in the location at which the Executive performs her principal
duties for the Company to a new location that is both (i) outside a radius of 45 miles from the Executive’s principal residence immediately prior to the Effective Date and (ii) more than 20 miles from the location at which the Executive
performed her principal duties for the Company immediately prior to the Effective Date; or a requirement by the Company that the Executive travel on Company business to a substantially greater extent than required immediately prior to the Effective
Date; 
  
 (e) the failure of the Company to
obtain the agreement from any successor to the Company to assume and agree to perform the Agreement, as required by Section 6.1 of the Agreement; 
  
 (f) a purported termination of the Executive’s employment which is not effected pursuant to a Notice of Termination satisfying the
requirements of Section 3.2(a) of the Agreement; or 
  
 (g) any failure of the Company to pay or provide to the Executive any portion of the Executive’s compensation or benefits due under any Benefit Plan within seven days of the date such compensation or benefits are due, or any material
breach by the Company of this Agreement or any employment agreement with the Executive. 
  
 For purposes of this Agreement, any good faith determination of “Good Reason” made by the Executive shall be conclusive, binding and final. The Executive’s right to terminate her employment for Good
Reason shall not be affected by her incapacity due to physical or mental illness. 
  
 1.5 “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. 
  
 1.6 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. 
  
 (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.

  

 11CREDIT AGREEMENT BETWEEN VISTAPRINT B.V. AND ABN AMBRO BANK N.V.

 Exhibit 10.16 
  
 Credit Agreement 
  
 The undersigned: 
  

	1.	VistaPrint B.V., established in Venlo, hereinafter referred to as ‘the Borrower’, 

  

	2.	ABN AMRO Bank N.V., having its registered office in Amsterdam, The Netherlands, hereinafter referred to as ‘ABN AMRO’ 

  
 have agreed as follows: 
  
 On the basis of the information supplied to ABN AMRO, the Borrower is granted a loan on the terms and conditions and at the rates and
charges stated in this agreement and the appendix hereto. The loan is granted to finance real estate. 
  

			
	 Twenty-year roll-over loan
	 	EUR 5,000,000.—

  
 Drawing 
  
 A first drawing of at least EUR 2,000,000.—and the remainder in tranches of at least
EUR 1,000,000.—each as the investment progresses on the production of invoices, with the proviso that the loan will be drawn in full not later than 1 March 2004. 
  
 Repayment of Principal 
  
 In 80 successive three-monthly instalments of EUR 62,500.—each, the first instalment being due on 1 October 2004. 
  
 Rates and Charges 
  
 Interest 
  
 EURIBOR increased by a margin of 1,15% per annum. 
  

ABN AMRO shall revise the individual margin on 1 March 2009 or, if such does not coincide with the final day of in Interest Period, on the final day of such Interest
Period. 
  
 Fixed rate period 1, 2, 3, 6, or subject to the approval of ABN AMRO,
12 months. 
  
 Interest in respect of each Interest Period shall be paid on the
final day of the relevant Interest Period. In the case of an Interest Period of longer than three months, interest shall also be payable three-monthly in arrears throughout the Interest Period. 
  
 The borrower will select the Interest Period(s) for each tranche such that the final day of
(one of) the selected Interest Period(s) coincides with the date on which the loan must have been drawn in full (see above), so that the relevant tranches can be amalgamated into a single sum for one and the same Interest Period per the above date.

  

			
	 Commitment Fee
	 	0,575% per annum.

  
 Commitment fee will be charged over
the average undrawn part per the month from the first full calendar month after signing of this Credit Agreement, and be payable on the fist day of the subsequent month. 
  
 Security and covenants 
  

	 	•	 	Revolving mortgage of EUR 5,000,000.—plus 40% for interest and costs, on the property located at Venlo, Hudsonweg 8. Fuller details will be included in the mortgage deed.

  

	 	•	 	Net worth agreement, to be signed by VistaPrint Limited, the Borrower and ABN AMRO stating that the Borrower’s tangible net worth as defined in the agreement will be maintained
at a minimum of 30% of the Borrower’s consolidated (adjusted) balance sheet total. 

  

	 	•	 	Pursuant to article 18 of the ABN AMRO General Banking Conditions, ABN AMRO shall have a pledge on all goods, documents of title and securities, with are in the possession or will
come into the possession of ABN AMRO or of a third party on behalf of ABN AMRO from or for the benefit of the Borrower on any account whatsoever, on all share forming part of a collective deposit within the meaning of the Securities Giro
Administration and Transfer Act (“Wet giraal 

 efectenverkeer”), which are in the possession or will come into the possession of ABN AMRO, and on
all the present and future debts owing ABN AMRO to the Borrower on any account whatsoever as security for all and any present and future debts owing by the Borrower to ABN AMRO on any account whatsoever. ABN AMRO hereby accepts this (right of)
pledge. In as far as these assets have not yet been pledged in advance or otherwise, to ABN AMRO as security for the aforementioned obligations of the Borrower, this Credit Agreement shall be deemed to have been made, in so far as it is considered
necessary. 
  
 Other provisions 
  

	 	•	 	For the purpose of this credit arrangement 

	 	•	 	tangible net worth is understood to mean: 

  
 issued and paid-up share capital plus reserves, deferred tax liabilities and loans, subordinated to the Borrowers’ debts to ABN AMRO, minus tangible
assets, deferred tax assets, participating interests, receivable from shareholders and/or directors, and shares the Borrower holds in his own company, as shown in the annual accounts. 
  

	 	•	 	adjusted balance sheet total is understood to mean: 

  
 total assets, plus the off balance sheet commitments of the Borrower (such as the outstanding amount of operational leases), minus the sum of (a)
intangible assets of the Borrower, (b) deferred tax assets of the Borrower, (c) participating interests of the Borrower, (d) receivables from shareholders and/or directors of the Borrower and (e) shares held by the Borrower in his own company, as
shown in the annual accounts. 
  

	 	•	 	annual accounts is understood to mean: 

  
 the Borrower’s annual accounts, consisting of the balance sheet, profit and loss account and accompanying notes, including an unqualified audit
certificate, drawn up by a register accountant, acceptable to ABN AMRO. 
  

	 	•	 	The Borrower will not enter into credit agreements with third parties without the consent of ABN AMRO. 

  

	 	•	 	The borrower will as far as possible lead his incoming and outgoing payments through ABN AMRO. 

  

	 	•	 	The enclosed ABN AMRO General Credit Provisions dated January 1999 will apply. By signing this Credit Agreement the Borrower declares that he has received a copy of said General
Credit Provisions and is fully aware of the contents thereof. 

  

	 	•	 	The enclosed Provisions governing ABN AMRO Rollover Loans of October 2002 shall also apply to this Credit Agreement. Insofar as the Provisions governing ABN AMRO Rollover loans
shall prevail. By signing this Credit Agreement the Borrower declares that he has received a copy of the Provisions. 

  

	 	•	 	The following will apply in addition or contrary to the ABN AMRO General Credit Provisions: 

  

	 	•	 	Yearly ABN AMRO will receive the annual accounts of VistaPrint Ltd. within two months of the end of each year. 

  

	 	•	 	During the first three operating years of the Borrower, ABN AMRO will also receive from the Borrower the half-yearly figures within two months of the end of every half-yearly
period. 

  

	 	•	 	In addition to the provisions contained in III.5 of the ABN AMRO General Credit Provisions, the 20-year loan may also be called in: 

  

	 	•	 	if the tangible net worth in the opinion of ABN AMRO represents less than 30% of the adjusted balance sheet total. 

  

	 	•	 	if the sum of the net income and depreciation and amortization is lower than the sum of the instalments on the loan and the capital expenditures (Capex), as shown in the annual
accounts. With regard to Capex, ABN AMRO will exclude Capex with are paid by VistaPrint, Ltd. 

	

  
 OCT Derivatives

  

	 	•	 	ABN AMRO is prepared, until further notice, to enter into OTC-derivatives with the Borrower (hereinafter also referred to as “the Client”). However, ABN AMRO is not
obliged to enter into such transactions with the Client. ABN AMRO will assess each transaction separately. 

	 	•	 	The above-mentioned security and/or covenants also serve as security for the fulfilment of the obligations arising from derivatives transactions. 

  

	 	•	 	The enclosed General Derivatives Provisions (“Algemene Bepalingen Derivatentransacties mei 2001”) will apply to all derivatives transactions between the Client and
ABN AMRO. By signing this Credit Agreement, the Client declares that he has received a copy of said General Provisions. 

  

	 	•	 	In addition to article 8 of the General Derivatives Provisions (“Algemene Bepalingen Derivatentransacties mei 2001”), ABN AMRO may terminate one or more
transactions immediately without warning or notice of default being required, and all debts owed by the Client on account of the transactions, whether or not payable, contingent or absolute, shall be payable to ABN AMRO forthwith and in full without
anydemand or default notice being required, in the event that the credit facility with ABN AMRO is terminated. 

  

	 	•	 	ABN AMRO also encloses the brochure “OTC-Derivatives Transactions with the Bank” (“OTC-Deriatentransacties met de Bank’). By signing this Credit
Agreement, the client declares that he has received a copy of said brochure. 

  

			
	Signature:	 	 
		
	Eindhoven, 14 October 2003	 	Venlo, 24 October 2003
	ABN AMRO Bank N.V.	 	VistaPrint B.V.
	Branch; Bogert 2-28	 	 

 AMENDMENT NO. 1 TO CREDIT AGREEMENT 
  
 The undersigned: 
  

	1.	VistaPrint B.V., established in Venlo, hereinafter referred to as ‘the Borrower’, 

  

	2.	ABN AMRO Bank N.V., having its registered office in Amsterdam, The Netherlands, hereinafter referred to as ‘ABN AMRO’ 

  
 have agreed as follows: 
  
 On the basis of the information supplied to ABN AMRO, the existing Credit Agreement between ABN AMRO and Borrower (attached hereto as
Exhibit A, the “Credit Agreement”) is amended so that Borrower is granted a facility on the terms and conditions and at the rates and charges stated in the Credit Agreement (as amended hereby) and the appendix hereto. The original 20-year
loan was granted particularly to finance real estate. The new 6-year loan is granted particularly to finance a printing-press. 
  

			
	Facility amount	 	EUR 6,137,500.—
		
	Six-year roll-over loan	 	EUR 1,200,000.— (new)
	 Twenty-year roll-over loan
 (original principal: EUR
5,000,000.—)
	 	EUR 4,937,500.— pro resto

  
 Six-year loan
(new) 
  

	Drawing	

  
 In one amount, not later than 1 January 2005. 
  
 Repayment of
principal 
  
 In 24 successive three-monthly instalments of EUR 50,000.—
each, the first instalment being due on 1 April 2005. 
  
 Twenty-year loan

  
 This loan will be continued unaltered and on the existing terms and
conditions as amended hereby. 
  
 Rates and charges 
  
 The Six-year loan (new) 
  
 Interest 
  
 EURIBOR increased by a margin of 1,40% per annum. 
  

ABN AMRO shall revise the individual margin on 1 January 2010 or, if such does not coincide with the final day of an Interest Period, on the final day of such Interest
Period. 
  
 Fixed rate period 1, 2, 3, 6, 9 or, subject to the approval of ABN
AMRO, 12 months. 
  
 Interest in respect of each Interest Period shall be paid on
the final day of the relevant Interest Period. In the case of an Interest Period of longer than three months, interest shall also be payable three-monthly in arrears throughout the Interest Period. 
  

					
	The arrangement fee	  	EUR	    	5,000.—

  
 The arrangement fee will be charged
after this Credit Agreement has been signed. 
  
 Security and covenants

  

	•	 	Revolving mortgage of EUR 5,000,000.— plus 40% for interest and costs, on the property located at Venlo, Hudsonweg 8. Fuller details will be included in the mortgage
deed. 

  

	•	 	Pledge of the Man Roland 700 series high speed (five) 5 color P, LV 5/0 1/4 convertible perfecting sheetfed offset printing press system with coater including non-standard options, (to be) purchased in the end of 2004. This pledge shall expire, be discharged and be of no
further force and effect upon Borrower’s payment of all amounts due to ABN AMRO with respect to the six-year loan. (new) 

	•	 	Pledge of the Creo Lotem 800 II including extra’s, a Computer To Plate (CTP) Machine, (to be) purchased in the end of 2004. This pledge shall expire, be discharged and be of no
further force and effect upon Borrower’s payment of all amounts due to ABN AMRO with respect to the six-year loan. (new) 

  

	•	 	Net worth agreement, between VistaPrint Limited, the Borrower and ABN AMRO stating that the Borrower’s tangible net worth as defined in the agreement will be maintained at a
minimum of 30% of the Borrower’s consolidated (adjusted) balance sheet total. 

  

	•	 	Pursuant to article 18 of the ABN AMRO General Banking Conditions, ABN AMRO shall have a pledge on all goods, documents of title and securities, which are in the possession or will
come into the possession of ABN AMRO or of a third party on behalf of ABN AMRO from or for the benefit of the Borrower on any account whatsoever, on all shares forming part of a collective deposit within the meaning of the Securities Giro
Administration and Transfer Act (‘Wet giraal effectenverkeer’), which are in the possession or will come into the possession of ABN AMRO, and on all the present and future debts owing by ABN AMRO to the Borrower on any account
whatsoever, as security for all and any present and future debts owing by the Borrower to ABN AMRO on any account whatsoever. ABN AMRO hereby accepts this (right of) pledge. In as far as these assets have not yet been pledged in advance or
otherwise, to ABN AMRO as security for the afore mentioned obligations of the Borrower, this Credit Agreement shall be deemed to be a pledge agreement and the notification required for the pledge shall be deemed to have been made, in so far as it is
considered necessary. 

  
 Other provisions 
  

	•	 	For the purpose of this credit arrangement, 

  

	 	•	 	tangible net worth is understood to mean: 

  
 issued and paid-up share capital plus reserves, deferred tax liabilities and loans subordinated to the Borrower’s debts to ABN AMRO, minus
intangible assets, deferred tax assets, participating interests, receivables from shareholders and/or directors, and shares the Borrower holds in his own company, as shown in the annual accounts. 
  

	 	•	 	adjusted balance sheet total is understood to mean: 

  
 total assets, plus the off balance sheet commitments of the Borrower (such as the outstanding amount of operational leases), minus the sum of (a)
intangible assets of the Borrower, (b) deferred tax assets of the Borrower, (c) participating interests of the Borrower, (d) receivables from shareholders and/or directors of the Borrower and (e) shares held by the Borrower in his own company, as
shown in the annual accounts. 
  

	 	•	 	annual accounts is understood to mean: 

  
 the Borrower’s annual accounts, consisting of the balance sheet, profit and loss account and accompanying notes, including an unqualified audit
certificate, drawn up by a register accountant, acceptable to ABN AMRO. 
  

	•	 	The Borrower will not enter into credit agreements with third parties without the consent of ABN AMRO. 

  

	•	 	The Borrower will as far as possible lead his incoming and outgoing payments through ABN AMRO. 

  

	•	 	The enclosed ABN AMRO General Credit Provisions dated January 1999 will apply. By signing this Amendment No. 1 to Credit Agreement the Borrower declares that he has received a copy
of said General Credit Provisions and is fully aware of the contents thereof. 

  

	•	 	The enclosed Provisions governing ABN AMRO Rollover Loans of September 2004 shall also apply to this Credit Agreement. Insofar as the Provisions governing ABN AMRO Rollover Loans
differ from the ABN AMRO General Credit Provisions, the Provisions governing ABN AMRO Rollover Loans shall prevail. By signing this Amendment No 1 to Credit Agreement the Borrower declares that he has received a copy of the Provisions governing ABN
AMRO Rollover Loans and is fully aware of the contents thereof. 

  

	•	 	The following will apply in addition or contrary to the ABN AMRO General Credit Provisions: 

  

	 	•	 	Yearly ABN AMRO will receive the annual accounts of VistaPrint Limited within two months of the end each year. 

  

	 	•	 	During the first three operating years of the Borrower, ABN AMRO will also receive from the Borrower the half-yearly figures within two months of the end of every half-yearly
period. 

	 	•	 	Borrower will provide ABN AMRO prior to it’s year ending a summary of projected investments (Capex) for the following year and discusses with ABN AMRO how these investments
will be financed.  

  

	 	•	 	In addition to the provisions contained in III.5. of the ABN AMRO General Credit Provisions, both the 6-year loan and 20-year loan may also be called in: 

 

	 	•	 	if the tangible net worth in the opinion of ABN AMRO represents less than 30% of the adjusted balance sheet total. 

  
 OCT Derivatives 
  

	•	 	ABN AMRO is prepared, until further notice, to enter into OTC-derivatives with the Borrower (hereinafter also referred to as “the Client”). However, ABN AMRO is not
obliged to enter into such transactions with the Client. ABN AMRO will assess each transaction separately. 

  

	•	 	The above-mentioned security and/or covenants also serve as security for the fulfilment of the obligations arising from derivatives transactions. 

  

	•	 	The enclosed General Derivatives Provisions (“Algemene Bepalingen Derivatentransacties mei 2001”) will apply to all derivatives transactions between the Client and
ABN AMRO. By signing this Credit Agreement, the Client declares that he has received a copy of said General Provisions. 

  

	•	 	In addition to article 8 of the General Derivatives Provisions (“Algemene Bepalingen Derivatentransacties mei 2001”), ABN AMRO may terminate one or more
transactions immediately without warning or notice of default being required, and all debts owed by the Client on account of the transactions, whether or not payable, contingent or absolute, shall be payable to ABN AMRO forthwith and in full without
any demand or default notice being required, in the event that the credit facility with ABN AMRO is terminated. 

  

	•	 	ABN AMRO also encloses the brochure, “OTC-Derivatives Transactions with the Bank” (“OTC-Derivatentransacties met de Bank”). By signing this Credit
Agreement, the Client declares that he has received a copy of said brochure. 

  
 Signature: 
  

					
	Eindhoven, 8 november 2004	 	Venlo, November 8 2004
	ABN AMRO Bank N.V.	 	VistaPrint B.V.
	Branch; Bogert 2-28	 	 	 	 
			
	 	 	 By:
	 	  

	 	 	 	 	Robert S. Keane
	 	 	 	 	Statutory Director

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