Document:

THIRD AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 Exhibit 10.10 
  
 THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 
  
 This Third Amended and Restated Investor Rights Agreement (the “Agreement”) dated as of August 30, 2004, is
entered into by and among VistaPrint Limited (the “Company”), the Prior Investors listed on Schedule I attached hereto (individually, a “Prior Investor” and, collectively, the “Prior Investors”), the Series A
Investors listed on Schedule II attached hereto (individually, a “Series A Investor” and, collectively, the “Series A Investors”), and the Series B Investors listed on Schedule III attached hereto (individually, a
“Series B Investor” and, collectively, the “Series B Investors”). 
  
 BACKGROUND 
  
 WHEREAS, the
Company, the Prior Investors, the Series A Investors and certain of the Series B Investors are parties to the Second Amended and Restated Investor Rights Agreement dated August 19, 2003, as amended (the “Original Agreement”); 

 
 WHEREAS, contemporaneously with the execution and delivery of this
Agreement, the Company and certain of the Series B Investors have entered into a certain Series B Convertible Preference Share Purchase Agreement (the “2004 Purchase Agreement”) in connection with the issuance and sale by the Company to
such Series B Investors of the Company’s Series B Convertible Preference Shares, $0.001 par value per share (the “Series B Preference Shares”); and 
  
 WHEREAS, the Company, the Prior Investors, the Series A Investors and the Series B Investors that are parties to the
Original Agreement wish to amend and restate in its entirety the Original Agreement to reflect the issuance of additional Series B Preference Shares on the terms and conditions set forth in the 2004 Purchase Agreement and to make certain other
changes to the terms of the Original Agreement. 
  
 NOW,
THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement and for other valuable consideration, receipt of which is hereby acknowledged, the Company, the Prior Investors, the Series A Investors and the Series B
Investors hereto agree that the Original Agreement is hereby amended and restated as follows: 
  
 ARTICLE I. DEFINITIONS 
  
 1.
Certain Definitions. As used in this Agreement, the following terms shall have the following respective meanings: 
  
 “2003 Purchase Agreement” means the Series B Convertible Preference Share Purchase Agreement dated as of August 19, 2003,
as amended, among the Company and the persons and entities listed on Schedule 1 attached thereto. 
  
 “Affiliate” means, with respect to any person or entity, any person or entity which, directly or indirectly, controls, is
controlled by or is under common control with such person or entity, including, without limitation, any partner of such person or entity and any venture capital fund now or hereafter existing which is controlled by or under common control with one
or more general partners of such person or entities. For purposes of this definition, “control” of any entity shall mean owning more than 50% of such entity’s issued voting interests, or having the power to appoint at least a majority
of such entity’s board of directors (or similar governing body). 
  
 “BMA” means the Bermuda Monetary Authority. 
  
 “Board of Directors” means the Company’s board of directors. 
  
 “Bye-Laws” means the bye-laws of the
Company as they may be amended from time to time. 
  
 “Commission” means the United States Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act. 
  

 “Common Shares” means the Company’s common shares, $0.001 par value
per share. 
  
 “Companies Act”
means the Bermuda Companies Act 1981, as amended from time to time. 
  
 “Competitor” means an entity (i) of which a Shareholder notifies the Company in writing in connection with a proposed transfer of Voting Shares or the exercise of inspection rights pursuant to Section
1 of Article V, and (ii) that a majority of the Board of Directors reasonably determines to be a direct competitor of the Company and provides written notification to such Shareholder of such determination within twenty (20) days following the
notification provided by the Shareholder in accordance with clause (i). 
  
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of the Commission issued under such Act, as they
each may, from time to time, be in effect. 
  
 “GAAP” means generally accepted accounting principals in the United States. 
  
 “Highland” means Highland Capital Partners VI Limited Partnership. 
  
 “Highland B” means Highland Capital
Partners VI-B Limited Partnership 
  
 “Highland Capital Partners” means collectively, Highland, Highland B, Highland Entrepreneurs’ Fund VI Limited Partnership and, except for purposes of Section 1(b) of Article V, any persons or entities to whom the
rights granted under this Agreement are Transferred by Highland Capital Partners, their successors or assigns. 
  
 “Holder” means a holder of Preference Shares. 
  
 “Initial Public Offering” means the Company’s initial firm commitment underwritten
public offering of Common Shares at a price per share of at least $8.00 (subject to appropriate adjustment for share splits, share dividends, share consolidations or other similar recapitalizations affecting the number of issued Common Shares)
pursuant to an effective Registration Statement resulting in gross proceeds to the Company of at least $35,000,000; provided, however, if the Initial Public Offering shall not have occurred by December 31, 2005, the price per share set forth in the
foregoing clause shall be increased to $12.33 (subject to appropriate adjustment for share splits, share dividends, share consolidations or other similar recapitalizations affecting the number of issued Common Shares). 
  
 “Major Series B Holders” means Highland
Capital Partners and HarbourVest Partners VI-Direct Fund L.P. 
  
 “Preference Shares” shall collectively mean the Series A Preference Shares and the Series B Preference Shares. 
  

“Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by an amendment
or prospectus supplement, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 “Prior Investor Shares” means any Voting Shares held by the Prior Investors. 
  
 “Registrable Shares” means (i) the Common
Shares delivered or deliverable upon conversion of the Preference Shares, (ii) any Common Shares, and any Common Shares delivered or deliverable upon the conversion or exercise of any other securities, acquired by a Holder pursuant to Article III of
this Agreement, (iii) any other Common Shares issued in respect of such shares (because of share splits, share dividends, share consolidations, reclassifications, recapitalizations, or similar events), and (iv) any Voting Shares held by the Prior
Investors; provided, however, that a Shareholder’s Common Shares that are Registrable Shares shall cease to be Registrable Shares (i) upon any sale pursuant to a Registration Statement or Rule 144 under the Securities Act, (ii)
upon any sale in any manner to a person or entity which, by virtue of Article VII, Section 3 of this Agreement, is not entitled to the rights provided by this Agreement or (iii) at such time as all of the Registrable Shares then held by such
Shareholder may be sold without restriction as to volume under Rule 144 under the Securities Act. Wherever reference is made in this Agreement to a request or consent of holders of a certain percentage of Registrable Shares, the 

  

 
determination of such percentage shall include Common Shares deliverable upon conversion of the Preference Shares even if such conversion has not been
effected. 
  
 “Registration
Statement” means (i) a registration statement filed by the Company with the Commission for a public offering and sale of securities of the Company (other than a registration statement on Form S-8 or Form S-4, or their successors, or any
other form for a similar limited purpose, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another corporation) or (ii) any filing made in Bermuda under Part III of the Companies
Act. 
  
 “Securities Act” means
the United States Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 
  
 “Selling Shareholder” means any Shareholder
owning Registrable Shares included in a Registration Statement. 
  
 “Series A Investor Shares” means any Voting Shares held by the Series A Investors. 
  
 “Series A Preference Shares” shall mean the Company’s Series A Convertible Preference Shares, $0.001 par value per
share. 
  
 “Series B Preference
Shares” shall mean the Company’s Series B Convertible Preference Shares, $0.001 par value per share. 
  
 “Shareholders” means the Series B Investors, the Prior Investors, the Series A Investors, and any persons or entities to
whom the rights granted under this Agreement are Transferred by any Series B Investor, Prior Investor or Series A Investor, their successors or assigns pursuant to Article VII, Section 3 below. 
  
 “Subsidiary” or
“Subsidiaries” shall mean any corporation, 50% or more of the outstanding voting securities of which shall at the time be owned by the Company or by one or more Subsidiaries, or any other entity or enterprise, 50% or more of the
equity of which shall at the time be owned by the Company or by one or more Subsidiaries. 
  
 “Transfer” and any grammatical variation thereof means any sale, transfer, pledge, encumbrance, or other disposition,
whether voluntarily, involuntarily or by operation of law. 
  
 “Voting Shares” means any and all Common Shares, Preference Shares and/or other shares in the capital of the Company, by whatever name called, that carry voting rights (including voting rights which
arise by reason of default) and that are now owned or subsequently acquired by a Shareholder, however acquired, including without limitation shares acquired pursuant to share splits, share dividends, share consolidations, recapitalizations and other
similar events affecting such shares. 
  
 ARTICLE II. VOTING RIGHTS 
  
 1. Voting of Shares. 
  
 (a) Subject to Section 3 of this Article II below, in any
and all elections of directors of the Company (whether at a meeting or by written resolution in lieu of a meeting), each Shareholder shall vote or cause to be voted all Voting Shares owned by him, her or it or over which such Shareholder has voting
control (and attend, in person or by proxy for purposes of obtaining a quorum, or by execution of written resolution in lieu of meetings), and otherwise use his, her, or its best efforts, and the Company agrees to take all necessary and desirable
actions within its control (including, but not limited to the nomination of specified persons), so as to fix the number of directors of the Company at seven (7) and to cause and maintain the election to the Board of Directors as follows: 

 
 (i) two (2) members, one of which is designated by
Highland, and the other of which is designated by Highland B (collectively, the “Series B Designees”), who shall initially be Paul Maeder and Fergal Mullen, respectively; 
  

 (ii) two (2) members designated by the Series A Investors who are the holders of a
majority of the Series A Investor Shares in issue at the time of such election (the “Series A Designees”), who shall initially be Valerie Gombart and Louis Page; 
  
 (iii) one (1) member designated by the holders of a majority of the Common Shares in issue at the time of
such election (the “Common Shares Designee”), who shall initially be Robert Keane; and 
  
 (iv) two (2) members who shall be independent, non-employee directors designated by a majority of the Board of Directors, including the
Series B Designees (the “Independent Designees”), one of whom shall initially be George Overholser and one of whom shall initially be so designated, approved and elected by February 19, 2005. Until the Independent Designee other than
George Overholser is initially elected, the Series A Designees shall designate an incumbent member of the Board of Directors to serve in such position, who shall initially be Olivier Protard; provided, that to the extent an Independent Designee is
not designated by a majority of the Board of Directors, including the Series B Designees, within the time period specified herein with respect to such Independent Designee, the Shareholders shall vote or cause to be voted their Voting Shares to
remove from the Board of Directors the incumbent designated by the Series A Designees to serve in the position of such Independent Designee, and the vacancy created thereby shall be filled only by a person designated by a majority of the Board of
Directors, including the Series B Designees. 
  
 (b) The Company shall provide the Shareholders with at least 30 days’ prior written notice of any intended mailing of a notice to Shareholders for a meeting at which directors are to be elected. Highland, Highland B, the Series A
Investors and the holders of Common Shares party to this Agreement shall give written notice to all parties to this Agreement, no later than 20 days prior to such mailing, of their respective designees for election as directors. If Highland,
Highland B, the Series A Investors or the holders of Common Shares party to this Agreement fail to give notice to the Company as provided above, it shall be deemed that such parties’ designee(s) then serving on the Board of Directors shall be
such parties’ designee(s) for reelection. 
  
 (c) Except with the prior consent of the party or parties which were entitled to designate a director pursuant to Section 1 of this Article II, the Shareholders shall not vote to remove such director designated hereunder except for bad
faith, willful misconduct or the consistent failure by such director to attend meetings of the Company’s Board of Directors. 
  
 (d) In the event that any director designee (a “Former Director”) ceases to serve as a director for any reason other than (i)
for bad faith, willful misconduct or the consistent failure by any such director to attend meetings of the Company’s Board of Directors or (ii) for refusal to stand for re-election, the parties entitled to designate such Former Director shall
have the right to nominate another designee for immediate election as a director without complying with Section 1(b) of this Article II. Notwithstanding anything to the contrary in the preceding sentence, if a Former Director ceases to serve for the
reasons set forth in clauses (i) and (ii) of this subsection, the parties designating such Former Director shall nominate another designee for election, provided that such parties comply with Section 1(b) of this Article II. 
  
 (e) In the event that Robert Keane ceases to serve as the
Company’s Chief Executive Officer, then for so long as the Common Shares Designee is not the then Chief Executive Officer, each Shareholder shall vote or cause to be voted all Voting Shares owned by him, her or it or over which such Shareholder
has voting control (and attend, in person or by proxy for purposes of obtaining a quorum, or by execution of written consents in lieu of meetings), and otherwise use his, her, or its best efforts, and the Company agrees to take all necessary and
desirable actions within its control (including, but not limited to the nomination of specified persons), so as to increase the number of directors of the Company to eight (8) and to elect the Company’s Chief Executive Officer to the Board of
Directors. 
  
 2. No Revocation. The voting
agreements contained herein are coupled with an interest and may not be revoked, except by written consent of all of the Shareholders. 
  

 3. Rights Relating to an Acquisition. 
  
 (a) At any time on or after August 19, 2005 and in addition
to the requirements under the Bye-Laws and the Companies Act, if (i) any person or entity, or group of related persons and/or entities makes a good faith offer to consummate, in a single transaction or a series of related transactions, any (a)
consolidation, amalgamation or merger of the Company into or with any other entity or entities (except a consolidation, amalgamation or merger with or into a subsidiary of the Company or a consolidation, amalgamation or merger in which either (I)
the Company’s voting capital shares in issue immediately prior to the transaction continue to represent a majority by voting power of the voting capital shares in issue immediately following the transaction on a fully-diluted basis or (II) the
shares issued in exchange for the Company’s voting shares in issue immediately prior to such transaction represent a majority by voting power of the voting shares of the continuing entity immediately following the transaction on a fully-diluted
basis); (b) sale of all or substantially all the assets of the Company, whether by sale, transfer, license or otherwise; or (c) acquisition of capital shares representing a majority by voting power of the voting capital shares of the Company other
than any such acquisition that is (1) made by any person or entity of which Highland Capital Partners and its Affiliates collectively own more than 25% of the outstanding voting interests, and (2) not approved by a majority of the Board of Directors
(each, an “Acquisition”), and (ii) such Acquisition is approved by holders of at least a majority of the Series B Preference Shares then in issue, then each party to this Agreement shall be obligated to use their best efforts to effect the
closing of such Acquisition, including without limitation, to (a) vote all of his, her or its Voting Shares in favor of such transaction, to the extent any such vote is required for the consummation of such transaction, (b) sell, transfer or
exchange all of his, her or its Voting Shares in connection with such transaction, with the consideration to be paid in respect of such sale, transfer or exchange to be allocated or distributed among the Shareholders in accordance with the terms of
the Company’s Bye-Laws, and (c) execute and deliver such instruments of conveyance and transfer and take such other action, including executing any purchase agreement, merger agreement, amalgamation agreement, indemnity agreement, escrow
agreement or related documents (each, an “Acquisition Agreement”), as may be reasonably required by the Company in order to carry out the terms and provision of this Section 3(a). If a party to this Agreement fails or refuses to vote or
sell his, her or its Voting Shares as required by, or votes his, her or its Voting Shares in contravention of, this Section 3(a), then such party hereby grants to the President and Treasurer of the Company, and each of them acting singly, an
irrevocable proxy and power of attorney, coupled with an interest, to vote such Voting Shares in accordance with this Section 3(a) and to execute any instruments necessary or advisable to effect such grant, and the President and Treasurer of the
Company, and each of them acting singly, shall so vote such Voting Shares, and hereby appoints the President and Treasurer of the Company and each of them acting singly, his, her or its attorney in fact, to sell such Voting Shares in accordance with
the terms of this Section 3(a) and the President and Treasurer of the Company shall so sell such Voting Shares. At the closing of such Acquisition, each of the parties to this Agreement shall deliver, against receipt of the consideration payable in
such transaction, certificates representing that number of Voting Shares which such party is bound to transfer pursuant to the Acquisition Agreement, with all endorsements or other instruments necessary for transfer. In the event that any party
fails or refuses to comply with the provisions of this Section 3(a), the Company, the Shareholders and the purchaser in such Acquisition, at their option, may elect to proceed with such Acquisition notwithstanding such failure or refusal and, in
such event and upon tender of the specified consideration to any such party, the rights of any such party with respect to such Voting Shares of such party shall cease. 
  
 (b) In the event that following August 19, 2005, the Board considers an Acquisition proposed to be made by
any person or entity, or group of related persons and/or entities, other than any person or entity of which Highland Capital Partners and its Affiliates collectively own more than 25% of the outstanding voting interests, and such Acquisition is
approved by the Series B Designees but is not approved by the requisite number of members of the Board of Directors, then the number of directors constituting the Board of Directors will be increased by that number of directors such that new
directors appointed to fill such new directorships plus the Series B Designees will constitute a majority of the Board of Directors, all such new directorships will be filled by persons designated by Highland and Highland B, each designating an
equal number of directors unless they otherwise agree, and each Shareholder shall vote all of such Shareholder’s Voting Shares to cause all such designees to be elected to the Board of Directors. If the Company thereafter terminates discussions
regarding such Acquisition or terminates any binding 

  

 
legal agreement setting forth the terms of such Acquisition, then the directors elected pursuant to this Section 3(b) will be removed from office and the
number of directors constituting the Board of Directors will be reduced to the number in effect prior to the increase in the Board of Directors made with respect to such Acquisition and each Shareholder shall vote all of such Shareholder’s
Voting Shares to cause such directors to be removed from office and to reduce the number of directors accordingly. Highland Capital Partners shall be responsible for any claims for indemnity brought by such directors on account of their removal.

  
 ARTICLE III. SALE OF COMPANY SECURITIES 
  
 1. Pre-Emptive Rights. 
  
 (a) The Company shall not issue, sell or exchange, agree to
issue, sell or exchange, or reserve or set aside for issuance, sale or exchange (i) any Common Shares, (ii) any other equity securities of the Company, including, without limitation, preference shares, (iii) any option, warrant or other right to
subscribe for, purchase or otherwise acquire any equity securities of the Company, or (iv) any debt securities convertible into shares of the Company (collectively, the “Offered Securities”), unless in each case the Company shall have
first complied with the requirements of this Article III, the Bye-Laws and obtained the prior written approval of the BMA. The Company shall deliver to each of the Shareholders holding greater than 500,000 Voting Shares (the “Pre-emptive Rights
Holders”) a written notice of any proposed or intended issuance, sale or exchange of Offered Securities (the “Offer”), which Offer shall (i) identify and describe the Offered Securities, (ii) describe the price and other terms upon
which they are to be issued, sold or exchanged and the number or amount of the Offered Securities to be issued, sold or exchanged, (iii) identify the persons or entities (if known) to which or with which the Offered Securities are to be offered,
issued, sold or exchanged (the “Proposed Offeree”) and describe the general terms upon which the Company proposes to effect such offer or issuance, sale or exchange, and (iv) offer to issue and sell to or exchange with each such
Pre-emptive Rights Holder (A) a pro rata portion of the Offered Securities determined by dividing the aggregate number of Common Shares then held by each such Pre-emptive Rights Holder (giving effect to the conversion of all convertible preference
shares then held by such Pre-emptive Rights Holder) by the total number of Common Shares then in issue (giving effect to the conversion of all issued convertible preference shares and the exercise or conversion of other convertible securities,
options, rights or warrants) (the “Basic Amount”), and (B) any additional portion of the Offered Securities attributable to the Basic Amounts of other Pre-emptive Rights Holders as each such Pre-emptive Rights Holder shall indicate it will
purchase or acquire should the other Pre-emptive Rights Holders subscribe for less than their Basic Amounts (the “Undersubscription Amount”). Each of the Pre-emptive Rights Holders shall have the right, for a period of 20 days following
delivery of the Offer, to purchase or acquire, at the price and upon the other terms specified in the Offer, the number or amount of Offered Securities described above. The Offer by its term shall remain open and irrevocable for such 20-day period.

  
 (b) To accept an Offer, in whole or in part,
a Pre-emptive Rights Holder must deliver a written notice to the Company prior to the end of the 20-day period of the Offer, setting forth the portion of such Pre-emptive Rights Holder’s Basic Amount that such holder elects to purchase and, if
such holder shall elect to purchase all of its Basic Amount, the Undersubscription Amount (if any) that such holder elects to purchase (the “Notice of Acceptance”). If the Basic Amounts subscribed for by all Pre-emptive Rights Holders are
less than the total of all of the Basic Amounts available for purchase, then each Pre-emptive Rights Holder who has set forth Undersubscription Amounts in its Notice of Acceptance shall be entitled to purchase, in addition to the Basic Amounts
subscribed for, all Undersubscription Amounts it has subscribed for; provided, however, that should the Undersubscription Amounts subscribed for exceed the difference between the total of all of the Basic Amounts available for purchase
and the Basic Amounts subscribed for (the “Available Undersubscription Amount”), each Pre-emptive Rights Holder who has subscribed for any Undersubscription Amount shall be entitled to purchase only that portion of the Available
Undersubscription Amount as the Undersubscription Amount subscribed for by such holder bears to the total Undersubscription Amounts subscribed for by all Pre-emptive Rights Holders, subject to rounding by the Board of Directors to the extent it
reasonably deems necessary. 
  

 (c) The Company shall have 90 days from the expiration of the 20-day period set forth in
Article III, Section 1(a) to issue, sell or exchange all or any part of such Offered Securities as to which a Notice of Acceptance has not been given by the Pre-emptive Rights Holders (the “Refused Securities”), but only to the Proposed
Offeree and only upon terms and conditions (including, without limitation, unit prices and interest rates) which are not, in the aggregate, more favorable to the Proposed Offeree or less favorable to the Company than those set forth in the Offer.

  
 (d) In the event the Company shall propose to
sell less than all the Refused Securities (any such sale to be in the manner and on the terms specified in Section 1(c) above), then each Pre-emptive Rights Holder may, at its sole option and in its sole discretion, reduce the number or amount of
the Offered Securities specified in its Notice of Acceptance to an amount that shall be not less than the number or amount of the Offered Securities that it elected to purchase pursuant to Section 1(b) above multiplied by a fraction, (i) the
numerator of which shall be the number or amount of Offered Securities the Company actually proposes to issue, sell or exchange (including Offered Securities to be issued or sold to such Pre-emptive Rights Holder pursuant to Section 1(b) above prior
to such reduction) and (ii) the denominator of which shall be the amount of all Offered Securities. In the event that a Pre-emptive Rights Holder so elects to reduce the number or amount of Offered Securities specified in its Notice of Acceptance,
the Company may not issue, sell or exchange more than the reduced number or amount of the Offered Securities unless and until such securities have again been offered to each of the Pre-emptive Rights Holders in accordance with Section 1(a) above.

  
 (e) Upon the closing of the issuance, sale or
exchange of all or less than all the Refused Securities, the Pre-emptive Rights Holders shall acquire from the Company, and the Company shall issue to such Pre-emptive Rights Holders, the number or amount of Offered Securities specified in the
Notices of Acceptance, upon the terms and conditions specified in the Offer. The purchase by the Pre-emptive Rights Holders of any Offered Securities is subject in all cases to the preparation, execution and delivery by the Company and such holders
of a purchase agreement relating to such Offered Securities reasonably satisfactory in form and substance to such holders and their respective counsel. 
  
 (f) Any Offered Securities not acquired by the Pre-emptive Rights Holders or other persons in accordance with Article III, Section 1(c)
may not be issued, sold or exchanged until they are again offered to the Pre-emptive Rights Holders under the procedures specified in this Article. 
  
 2. Excluded Issuances. The rights of the Pre-emptive Rights Holders under Section 1 of this Article III shall not apply to: 
  
 (a) Common Shares issued as a share dividend to holders of
Common Shares or upon any subdivision or consolidation of Common Shares; 
  
 (b) the delivery of any Common Shares upon conversion of Preference Shares; 
  
 (c) Common Shares (or options or warrants to acquire such shares) issued or issuable to employees or directors of, or consultants to, the
Company pursuant to the Company’s Amended and Restated 2000-2002 Share Incentive Plan as in effect as of the date hereof or pursuant to a plan, agreement or arrangement approved by a vote of not less than a majority of the Board of Directors of
the Company including the Series B Designees then serving on the Board of Directors; 
  
 (d) Common Shares issued or issuable pursuant to warrants outstanding on or as of the date hereof; 
  
 (e) securities issued solely in consideration for the
acquisition (whether by merger, amalgamation or otherwise) by the Company or any of its subsidiaries of all or substantially all of the capital shares or assets of any other entity which acquisition is approved by a vote of not less than a majority
of the Board of Directors, including the Series B Designees then serving on the Board of Directors; 
  

 (f) Common Shares sold by the Company in an underwritten public offering pursuant to an
effective registration statement under the Securities Act; or 
  
 (g) Series B Preference Shares issued pursuant to the 2003 Purchase Agreement or the 2004 Purchase Agreement. 
  
 3. Rights of First Refusal. 
  
 (a) If any Shareholder other than the Major Series B Holders desires to Transfer all or any part of any shares of the Company held by such
Shareholder, whether owned as of the date of this Agreement or hereafter acquired (the “Restricted Shares”), or if any Major Series B Holder desires to Transfer all or any part of any shares of the Company held by such Major Series B
Holder to a Competitor, other than according to the terms of this Article III, Section 3, such Transfer shall be void and shall Transfer no right, title, or interest in or to any of such Restricted Shares to the purported Transferee. 
  
 (b) If a Shareholder other than the Major Series B Holders
desires to Transfer any of his, her or its Restricted Shares other than as set forth in Section 3(h) below, or if a Major Series B Holder desires to Transfer all or any part of any shares of the Company held by such Major Series B Holder to a
Competitor, such Shareholder (the “Initiating Shareholder”) shall submit a written offer (the “Offer”) to sell such Restricted Shares (the “Offered Shares”) to the Company and each other Shareholder on terms and
conditions, including price, not less favorable to the Shareholders than those offered by the Initiating Shareholder to the proposed Transferee. The Offer shall disclose the identity of the party to which the Initiating Shareholder proposes to
Transfer the Restricted Shares (the “Proposed Transferee”), the Offered Shares proposed to be Transferred, the terms and conditions, including price and consideration, of the proposed Transfer, and any other material facts relating to the
proposed Transfer. 
  
 (c) Subject to compliance
with the applicable provisions of the Companies Act, the Company shall have the first option to purchase all or any part of the Offered Shares for the consideration per share and on the terms and conditions specified in the Offer. The Company must
exercise such option, no later than 15 days after the date the Offer was delivered, by written notice to the Initiating Shareholder. In the event the Company does not exercise its option within such 15-day period with respect to all of the Offered
Shares, the Company shall, by the last day of such period, give written notice of that fact to the Shareholders (the “Shareholder Notice”) specifying the number of Offered Shares not purchased by the Company (the “Remaining
Shares”). In the event the Company duly exercises its option to purchase all or part of the Offered Shares, the closing of such purchase shall take place at the offices of the Company (A) if the Company agrees to purchase all but not less than
all of the Offered Shares, by the date five days after the expiration of such 15-day period or (B) if the Company and the Shareholders together agree to purchase all or a part of the Offered Shares, by the date that the Shareholders consummate their
purchase of Remaining Shares under Section 3(f) hereof. 
  
 (d) Subject to Section 3(e), each Shareholder shall have an option, exercisable for a period of 15 days from the date of delivery of the Shareholder Notice, to purchase up to that number of Remaining Shares as shall
be equal to the number of Remaining Shares multiplied by a fraction, the numerator of which shall be the number of Common Shares (after giving effect to the conversion of all convertible preference shares owned by such Shareholder and the exercise
of all vested options and warrants owned by such Shareholder) then owned by such Shareholder and the denominator of which shall be the aggregate number of Common Shares (after giving effect to the conversion of all convertible preference shares
owned by all such Shareholders and the exercise of all vested options and warrants owned by all Shareholders) then owned by all of the Shareholders. The amount of Remaining Shares that each Shareholder is entitled to purchase under this Section 3(d)
shall be referred to as such Shareholder’s “Pro Rata Fraction.” The Shareholders must exercise their options under this Section 3(d), if at all, by delivery of written notice to the Secretary of the Company within such 15-day period.

  
 (e) The Shareholders shall have a right of
oversubscription such that in the event options to purchase Remaining Shares have been exercised by the Shareholders with respect to some but not all of the Remaining Shares, those Shareholders who have exercised their options within the 15-day

  

 
period specified in Section 3(d) shall have an additional option, for a period of five days next succeeding the expiration of such 15-day period, to purchase
all or any part of the balance of such Remaining Shares on the terms and conditions set forth in the Offer, which option shall be exercised by delivery of written notice to the Secretary of the Company. In the event there are Shareholders that
choose to exercise the last-mentioned option for a total number of Remaining Shares in excess of the number available, such Shareholders shall be cut back with respect to their oversubscriptions on a pro rata basis in accordance with their
respective Pro Rata Fractions or as they may otherwise agree among themselves. 
  
 (f) If the options to purchase the Remaining Shares are exercised in full by the Shareholders, the Company shall immediately notify the
Initiating Shareholder and all of the subscribing Shareholders of that fact. The closing of the purchase of the Remaining Shares shall take place at the offices of the Company no later than thirty days after the date of such notice. Such closing
shall be effected by the Initiating Shareholder’s delivery to the subscribing Shareholders of a certificate or certificates evidencing the Offered Shares to be purchased, duly endorsed for Transfer to each such Shareholder, against payment to
such Initiating Shareholder, in cash or such other form of payment as may by agreed to by the Initiating Shareholder of the purchase price therefor by such Shareholders and receipt of BMA consent to the purchase. 
  
 (g) In the event options to purchase have been exercised by
the Shareholders and the Company, with respect to some but not all of the Offered Shares, then neither the Company nor any of the Shareholders may purchase any of the Offered Shares and instead the Offered Shares may be sold at any time within 90
days after the date the Offer was made, subject to the provisions of Section 4 of this Article III. Any such sale shall be to the Proposed Transferee at not less than the price and upon such other terms and conditions, if any, not more favorable in
any material respect to the Proposed Transferee than those specified in the Offer. Any Offered Shares not sold within such 90-day period shall again become subject to the right of first refusal contained this Section 3. 
  
 (h) Subject to receiving the prior written consent of the
BMA, the rights of the Company and the Shareholders under this Section 3 shall not apply to: 
  
 (i) any Transfer by a Shareholder who is a natural person to his spouse or children or to a trust established for the benefit of his
spouse, children or himself (a “Trust”), or pursuant to his will, or to any entity in which such Shareholder holds a majority of the capital and voting rights; 
  
 (ii) any Transfer by a Shareholder that is an entity to any partner, member, retired partner or retired
member, Shareholder or Affiliate of such Shareholder; 
  
 (iii) any Transfer made pursuant to an effective registration statement filed by the Company under the Securities Act; 
  
 (iv) any Transfer made as part of the sale of all or substantially all of the shares of the Company (including pursuant to a merger,
amalgamation or consolidation); or 
  
 (v) any
Transfer by a Trust (i) to its beneficiaries in accordance with the terms of the governing documents of the Trust or (ii) to another Trust, 
  
 provided, however, that in the case of a Transfer described in clauses (i) through (iii) above, the Transferor or Transferee provides written notice of such
Transfer to the Company and the Transferee agrees in writing to be bound by the terms of this Agreement. 
  
 4. Co-Sale Rights. 
  
 (a) If at any time any Prior Investor desires to sell all or any part of the Restricted Shares owned by him to any Proposed Transferee in
accordance with Section 3, other than pursuant to sales 

  

 
exempted pursuant to Section 3(h), each of the Holders shall have the right to sell to the Proposed Transferee, as a condition to such sale to the Proposed
Transferee, at the same price per share and on the same terms and conditions, a number of Restricted Shares equal to the total number of Restricted Shares to be sold multiplied by a fraction, the numerator of which is the aggregate number of Common
Shares (after giving effect to the conversion of all convertible preference shares owned by such Holder) then owned by such Holder and the denominator of which is the aggregate number of Common Shares (after giving effect to the conversion of all
convertible preference shares owned by all such Holders) then owned by all of the Holders. If and to the extent a Holder exercises his, her or its rights under this Section 4(a), the number of Restricted Shares to be sold by the Prior Investor shall
be reduced by the number of Restricted Shares to be sold by the Holder exercising his, her or its right under this Section 4(a). 
  
 (b) Each Holder wishing to so participate in any sale under Section 4(a) shall notify the Prior Investor in writing of such intention as
soon as practicable after such Holder’s receipt of the Offer made pursuant to Section 3(b) above, and in any event within the 15-day time period specified in Section 3(d) above. 
  
 (c) Each participating Holder shall sell to the Proposed Transferee all, or at the option of the Proposed
Transferee, any part, of the Restricted Shares proposed to be sold at not less than the price and upon other terms and conditions, if any, not more favorable in any material respect to the Proposed Transferee than those in the Offer provided by the
Prior Investor under Section 3(b) above; provided, however, that any purchase of fewer than all of such Restricted Shares by the Proposed Transferee shall be made from each participating Holder and the Prior Investor pro rata based
upon the relative amount of the Restricted Shares that each participating Holder and the Prior Investor is otherwise entitled to sell pursuant to Section 4(a) above. 
  
 5. Constructive Trust. The proceeds of any sale made by any Shareholder without compliance with the provisions of
this Article III, Section 3 and 4 shall be deemed to be held in constructive trust in such amount as would have been due to the Holders if such Shareholder had complied with such Sections. 
  
 ARTICLE IV. REGISTRATION RIGHTS 
  
 1. Required Registrations. 
  
 (a) At any time after the earlier of (i) August 19, 2006 or
(ii) six calendar months following the closing of the Company’s first underwritten public offering of Common Shares pursuant to a Registration Statement, Series B Investors holding in the aggregate at least 40% of the Registrable Shares held by
the Series B Investors may request, in writing, that the Company effect the registration of Registrable Shares owned by such Series B Investors having an aggregate offering price of at least $3,000,000 (based on the market price or fair value at the
time of such request). If the Series B Investors initiating the registration intend to distribute the Registrable Shares by means of an underwriting, they shall so advise the Company in their request. 
  
 (b) The Company shall not be required to effect more than
two registrations pursuant to paragraph (a) above; provided, however, that such obligation shall be deemed satisfied only when a Registration Statement covering the applicable Registrable Shares shall have become effective, and then
only if such Registration Statement shall not have been withdrawn at the request of the Holders requesting such registration (other than as a result of information concerning the business or financial condition of the Company which is made known to
the Holders after the date on which such registration was requested). 
  
 (c) At any time after the Company becomes eligible to file a Registration Statement on Form S-3 (or any successor form relating to secondary offerings), Series B Investors holding in the aggregate at least 20% of the
Registrable Shares held by the Series B Investors, or, on or after the three-year anniversary of the Company’s initial public offering, Series A Investors holding an aggregate of at least 20% of the Registrable Shares held by the Series A
Investors, may request, in writing, that the 

  

 
Company effect the registration on Form S-3 (or such successor form) of Registrable Shares having an aggregate offering price (based on the then current
public market price) of at least $1,000,000, provided, however, that in no event shall the Company be required to file more than two Registration Statements for the Holders pursuant to this Section 1(c) in any 12-month period.

  
 (d) Upon receipt of any request for
registration pursuant to this Section 1, the Company shall promptly give written notice of such proposed registration to all other Shareholders. Such Shareholders shall have the right, by giving written notice to the Company within 15 days after the
Company provides its notice, to elect to have included in such registration such of their Registrable Shares as such Shareholders may request in such notice of election, subject in the case of an underwritten offering to Section 1(e) below).
Thereupon, the Company shall, as expeditiously as possible, use its reasonable best efforts to effect the registration on an appropriate registration form of all Registrable Shares which the Company has been requested to so register;
provided, however, that in the case of a registration requested under Section 1(c) of this Article IV, the Company will only be obligated to effect such registration on Form S-3 (or any successor form). 
  
 (e) If the Holders initiating a registration pursuant to
this Section 1 (the “Initiating Holders”) intend to distribute the Registrable Shares covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 1(a) or (b),
as the case may be, and the Company shall include such information in its written notice referred to in Section 1(d). The right of any other Shareholder to include its Registrable Shares in such registration pursuant to Section 1(a) or (b), as the
case may be, shall be conditioned upon such other Shareholder’s participation in such underwriting on the terms set forth herein. If the managing underwriter determines that the inclusion of all of the Registrable Shares requested to be
registered under Section 1(a) or (b), as the case may be, would adversely affect the marketing of such Registrable Shares, then (i) Registrable Securities held by the Prior Investors shall first be cut back, with each requesting Prior Investor being
cut back in the proportion, as nearly as practicable, that the number of Registrable Shares held by such Prior Investor bears to the number of Registrable Shares held by all of the requesting Prior Investors, and (ii) if further reduction in the
number of Registrable Shares is requested by the managing underwriter thereafter, each requesting Holder shall be cut back in the proportion, as nearly as practicable, that the number of Registrable Shares held by such Holder bears to the number of
Registrable Shares held by all of the requesting Holders; provided, however, that, in any offering other than the Company’s initial public offering, no fewer than 20% of the Registrable Shares initially proposed to be so registered by the
requesting Holders shall be included in such registration and underwriting. The Company shall have the right to select the managing underwriter(s) for any underwritten offering requested pursuant to Section 1(a) or (b), subject to the approval of
the Initiating Holder, which approval shall not unreasonably be withheld, conditioned or delayed, provided that, in any offering other than the Company’s initial public offering, such managing underwriter was an underwriter in the
Company’s initial public offering or has been selected by the Board of Directors. 
  
 (f) If at the time of any request to register Registrable Shares pursuant to this Section 1, the Company is engaged or has plans to engage
within 90 days of the time of the request in a registered public offering of securities for its own account or is engaged in any other activity which, in the good faith determination of the Company’s Board of Directors, would be adversely
affected by the requested registration to the material detriment of the Company, then the Company may at its option direct that such request be delayed for a period not in excess of 90 days from the effective date of such offering or the date of
commencement of such other material activity, as the case may be, such right to delay a request to be exercised by the Company not more than once in any 12-month period. 
  
 2. Incidental Registration. 
  

(a) Whenever the Company proposes to file a Registration Statement (other than a Registration Statement covering shares to be sold
solely for the account of other holders of securities of the Company who are entitled, by contract with the Company, to have securities included in such registration (“Other Holders”)) at any time and from time to time, the Company will,
prior to such filing, give written notice to all Shareholders of its intention to do so; provided, that no such notice need be given if no 

  

 
Registrable Shares are to be included therein as a result of a determination of the managing underwriter pursuant to Article IV, Section 2(b) below. Upon the
written request of a Shareholder or Shareholders given within 20 days after the Company provides such notice (which request shall state the intended method of disposition of such Registrable Shares), the Company shall use its reasonable best efforts
to cause all Registrable Shares which the Company has been requested by such Shareholder or Shareholders to register to be registered under the Securities Act to the extent necessary to permit their sale or other disposition in accordance with the
intended methods of distribution specified in the request of such Shareholder or Shareholders; provided that the Company shall have the right to postpone or withdraw any registration effected pursuant to this Section without obligation to any
Shareholder. 
  
 (b) If the registration for
which the Company gives notice pursuant to Article IV, Section 2(a) above is a registered public offering involving an underwriting, the Company shall so advise the Shareholders as a part of the written notice given pursuant to such section. In such
event, the right of any Shareholder to include its Registrable Shares in such registration pursuant to this Section shall be conditioned upon such Shareholder’s participation in such underwriting on the terms set forth herein. All Shareholders
proposing to distribute their securities through such underwriting shall enter into an underwriting agreement as agreed upon between the Company and the underwriters selected by the Company. Notwithstanding any other provision of this Section, if
the managing underwriter determines that the inclusion of all of the Registrable Shares requested to be registered would adversely affect the marketing of such Registrable Shares, then the Company may limit the number of Registrable Shares to be
included in the registration and underwriting. The Company shall so advise all holders of Registrable Shares requesting registration, and the number of shares that are entitled to be included in the registration and underwriting shall be allocated
in the following manner. The securities of the Company held by holders other than Shareholders and Other Holders shall be excluded from such registration and underwriting to the extent deemed advisable by the managing underwriter, and, if a further
limitation on the number of shares is required, the number of shares that may be included in such registration and underwriting shall be allocated among all Shareholders and Other Holders requesting registration in the proportion, as nearly as
practicable, that the number of Registrable Shares held by such Shareholder or Other Holder bears to the number of Registrable Shares held by all of the requesting Shareholders and Other Holders; provided, however, that, in any
offering other than the Company’s initial public offering, no fewer than 20% of the Registrable Shares initially proposed to be so registered by such Shareholders and Other Holders shall be included in such registration and underwriting. If any
Shareholder or Other Holder would thus be entitled to include more securities than such holder requested to be registered, the excess shall be allocated among other requesting Shareholders and Other Holders pro rata in the manner described in the
preceding sentence. If any holder of Registrable Shares or any officer, director or Other Holder disapproves of the terms of any such underwriting, such person may elect to withdraw therefrom by written notice to the Company, and any Registrable
Shares or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. 
  
 3. Registration Procedures. 
  
 (a) If and whenever the Company is required by the provisions of this Agreement to use its reasonable best efforts to effect the
registration of any Registrable Shares under the Securities Act, the Company shall: 
  
 (i) file with the Commission a Registration Statement with respect to such Registrable Shares and use its best efforts to cause that
Registration Statement to become effective as soon as possible; 
  
 (ii) as expeditiously as possible prepare and file with the Commission any amendments and supplements to the Registration Statement and the prospectus included in the Registration Statement as may be necessary to
comply with the provisions of the Securities Act (including the anti-fraud provisions thereof) and to keep the Registration Statement effective for a period of not less than 120 days from the effective date or such lesser period until all such
Registrable Shares are sold; 
  

 (iii) as expeditiously as possible furnish to each Selling Shareholder such reasonable
numbers of copies of the Prospectus, including any preliminary Prospectus, in conformity with the requirements of the Securities Act, and such other documents as such Selling Shareholder may reasonably request in order to facilitate the public sale
or other disposition of the Registrable Shares owned by such Selling Shareholder; 
  
 (iv) as expeditiously as possible use its reasonable best efforts to register or qualify the Registrable Shares covered by the
Registration Statement under the securities or Blue Sky laws of such states as the Selling Shareholders shall reasonably request, and do any and all other acts and things that may be necessary or desirable to enable the Selling Shareholders to
consummate the public sale or other disposition in such states of the Registrable Shares owned by the Selling Shareholder; provided, however, that the Company shall not be required in connection with this paragraph (iv) to qualify as a foreign
corporation or execute a general consent to service of process in any jurisdiction; 
  
 (v) as expeditiously as possible, cause all such Registrable Shares to be listed on each securities exchange or automated quotation system
on which similar securities issued by the Company are then listed; 
  
 (vi) promptly provide a transfer agent and registrar for all such Registrable Shares not later than the effective date of such registration statement; 
  
 (vii) as expeditiously as possible, notify each Selling Shareholder, promptly after it shall receive notice
thereof, of the time when such Registration Statement has become effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; 
  
 (viii) as expeditiously as possible following the effectiveness of such Registration Statement, notify each
seller of such Registrable Shares of any request by the Commission for the amending or supplementing of such Registration Statement or Prospectus; 
  
 (ix) promptly make available for inspection by the Selling Shareholders, any managing underwriter participating in any disposition
pursuant to such Registration Statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the Selling Shareholders, all financial and other records, pertinent corporate documents and properties of the
Company and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration
Statement; 
  
 (x) promptly notify each holder of
Registrable Shares covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act upon becoming aware of the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of
the circumstances then existing; 
  
 (xi) advise
each holder of Registrable Shares promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such registration statement or the initiation or threatening of
any proceeding for such purpose and promptly use all reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued; and 
  
 (xii) cooperate with each holder of Registrable Shares and the managing underwriters, if any, to facilitate
the timely preparation and delivery of certificates representing Registrable Shares to be sold, such certificates to be in such denominations and registered in such names as such Selling Shareholder or the managing underwriters may request at least
two (2) business days prior to any sale of Registrable Shares. 
  

 (b) If the Company has delivered a Prospectus to the Selling Shareholders and, after
having done so, the Prospectus is amended to comply with the requirements of the Securities Act, the Company shall promptly notify the Selling Shareholders and, if requested, the Selling Shareholders shall immediately cease making offers of
Registrable Shares and return all Prospectuses to the Company. The Company shall promptly provide the Selling Shareholders with revised Prospectuses and, following receipt of the revised Prospectuses, the Selling Shareholders shall be free to resume
making offers of the Registrable Shares. 
  
 (c)
In the event that, in the judgment of the Company, it is advisable to suspend use of a Prospectus included in a Registration Statement due to pending material developments or other events that have not yet been publicly disclosed and as to which the
Company believes public disclosure would be detrimental to the Company, the Company shall notify all Selling Shareholders to such effect, and, upon receipt of such notice, each such Selling Shareholder shall immediately discontinue any sales of
Registrable Shares pursuant to such Registration Statement until such Selling Shareholder has received copies of a supplemented or amended Prospectus or until such Selling Shareholder is advised in writing by the Company that the then current
Prospectus may be used and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. Notwithstanding anything to the contrary herein, the Company shall not exercise
its rights under this Section 3(c) to suspend sales of Registrable Shares for a period in excess of 60 days in any twelve (12) month period. 
  
 4. Allocation of Expenses. The Company will pay all Registration Expenses for two (2) registrations pursuant to Section 1(a) of this Article IV and
for all registrations under Sections 1(c) and 2 of this Article IV; provided, however, that if a registration under Article IV, Section 1 is withdrawn at the request of the Initiating Holders (other than as a result of information
concerning the business or financial condition of the Company which is made known to the Shareholders after the date on which such registration was requested) and if the Initiating Holders elect not to have such registration counted as a
registration request under such Section, the requesting Shareholders shall pay the Registration Expenses of such registration pro rata in accordance with the number of their Registrable Shares included in such registration. For purposes of this
Section, the term “Registration Expenses” shall mean all expenses incurred by the Company in complying with the provisions of Section 1 of this Article IV of this Agreement, including, without limitation, all registration and filing fees,
exchange listing fees, printing expenses, fees and expenses of counsel for the Company and the fees and expenses of one counsel (not to exceed $25,000) selected by the Selling Shareholders to represent the Selling Shareholders, state Blue Sky fees
and expenses, and the expense of any special audits incident to or required by any such registration, but excluding underwriting discounts, selling commissions and the fees and expenses of Selling Shareholders’ own counsel (other than the
counsel selected to represent all Selling Shareholders). 
  
 5.
Indemnification. 
  
 (a) In the event of
any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, the Company will indemnify and hold harmless the seller of such Registrable Shares, each underwriter of such Registrable Shares, and each other
person, if any, who controls such seller or underwriter within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities, joint or several, to which such seller, underwriter or controlling person may
become subject under the Securities Act, the Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration
Statement, or any amendment or supplement to such Registration Statement, or arise out of or are based upon the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not
misleading, or any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state or other securities law; and the Company will reimburse such seller, underwriter and each such controlling person for any legal or
any other expenses reasonably incurred by such seller, underwriter or controlling person in connection with investigating or defending any such loss, claim, damage, liability 

  

 
or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon any untrue statement or omission made in such Registration Statement, preliminary prospectus or prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the
Company, in writing, by or on behalf of such seller, underwriter or controlling person specifically for use in the preparation thereof. 
  
 (b) In the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, each seller of
Registrable Shares, severally and not jointly, will indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any) and each person, if any, who controls the Company or any such underwriter within the
meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to which the Company, such directors and officers, underwriter or controlling person may become subject under the Securities
Act, Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to the
Registration Statement, or arise out of or are based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, if and only to the extent the statement or
omission was made in reliance upon and in conformity with information relating to such seller furnished in writing to the Company by or on behalf of such seller specifically for use in such Registration Statement, prospectus, amendment or
supplement; provided, however, that the obligations of a seller hereunder shall be limited to an amount equal to the net proceeds received by such seller from the sale of Registrable Shares sold in connection with such registration.

  
 (c) Each party entitled to indemnification
under this Section (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or
litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld, conditioned or delayed); and, provided, further, that the failure of any Indemnified Party to give notice as provided herein
shall not relieve the Indemnifying Party of its obligations under this Section except to the extent that the Indemnifying Party is prejudiced by such failure. The Indemnified Party may participate in such defense at such party’s expense;
provided, however, that the Indemnifying Party shall pay such expense if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to actual or potential differing interests
between the Indemnified Party and any other party represented by such counsel in such proceeding; provided, further, that in no event shall the Indemnifying Party be required to pay the expenses of more than one law firm per
jurisdiction as counsel for the Indemnified Party. The Indemnifying Party also shall be responsible for the expenses of such defense if the Indemnifying Party does not elect to assume such defense. No Indemnifying Party, in the defense of any such
claim or litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect of such claim or litigation, and no Indemnified Party shall consent to entry of any judgment or settle such claim or litigation without the prior written consent of the Indemnifying Party.

  
 (d) In order to provide for just and
equitable contribution in circumstances in which the indemnification provided for in this Section 5 is due in accordance with its terms but for any reason is held to be unavailable to an Indemnified Party in respect to any losses, claims, damages
and liabilities referred to herein, then the Indemnifying Party shall, in lieu of indemnifying such Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities to
which such party may be subject in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Selling Shareholders on the other in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the Selling Shareholders 

  

 
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of material fact related to information supplied by
the Company or the Selling Shareholders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Selling Shareholders agree that it would not be
just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the
provisions of this paragraph of Section 5(d), (a) in no case shall any one Selling Shareholder be liable or responsible for any amount in excess of the net proceeds received by such Selling Shareholder from the offering of Registrable Shares by it
pursuant to such Registration Statement and (b) the Company shall be liable and responsible for any amount in excess of such proceeds; provided, however, that no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action,
suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties under this Section, notify such party or parties from whom contribution may be sought, but the omission so to notify such
party or parties from whom contribution may be sought shall not relieve such party from any other obligation it or they may have thereunder of otherwise under this Section except to the extent that such party is actually prejudiced thereby. No party
shall be liable for contribution with respect to any action, suit, proceeding or claim settled without its prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. 
  
 6. Other Matters with Respect to Underwritten Offerings. In the event
that Registrable Shares are sold pursuant to a Registration Statement in an underwritten offering pursuant to Section 1 of this Article IV, the Company agrees to (a) enter into an underwriting agreement containing customary representations and
warranties with respect to the business and operations of the Company and customary covenants and agreements to be performed by the Company, including without limitation customary provisions with respect to indemnification by the Company of the
underwriters of such offering; (b) use its reasonable best efforts to cause its legal counsel to render customary opinions to the underwriters with respect to the Registration Statement; and (c) use its reasonable best efforts to cause its
independent public accounting firm to issue customary “cold comfort letters” to the underwriters with respect to the Registration Statement. 
  
 7. Information by Holder. Each holder of Registrable Shares included in any registration shall furnish to the Company such information regarding
such holder and the distribution proposed by such holder as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. 
  
 8. “Stand-Off” Agreement; Confidentiality of Notices. Each
Shareholder, if requested by the Company and the managing underwriter of an underwritten public offering by the Company of Common Shares, shall not Transfer or dispose of any Registrable Shares or other securities of the Company held by such
Shareholder for a period of up to 180 days as requested by the managing underwriter following the effective date of a Registration Statement relating to the Initial Public Offering, or for a period of up to 90 days as requested by the managing
underwriter following the effective date of a Registration Statement relating to a public offering of securities other than the Initial Public Offering; provided, however, that all officers and directors of the Company enter into
similar agreements. The Company may impose stop-transfer instructions with respect to the Registrable Shares or other securities subject to the foregoing restriction until the end of such period. Any Shareholder receiving any written notice from the
Company regarding the Company’s plans to file a Registration Statement shall treat such notice confidentially and shall not disclose such information to any person other than as necessary to exercise its rights under this Agreement. 

 
 9. Limitations on Subsequent Registration Rights. The Company shall
not, without the prior written consent of (i) Shareholders holding at least a majority of the Registrable Shares then held by all Shareholders and (ii) holders of at least a majority of Series B Preference Shares, enter into any agreement (other
than this Agreement) with any holder or prospective holder of any securities of the 

  

 
Company which grants such holder or prospective holder registration rights senior to those granted to the Shareholders hereunder. 
  
 10. Rule 144 Requirements. After the earliest of (i) the closing of
the sale of securities of the Company pursuant to a Registration Statement, (ii) the registration by the Company of a class of securities under Section 12 of the Exchange Act, or (iii) the issuance by the Company of an offering circular pursuant to
Regulation A under the Securities Act, the Company agrees to: 
  
 (a) make and keep current public information about the Company available, as those terms are understood and defined in Rule 144 under the Securities Act; 
  
 (b) use its reasonable best efforts to file with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 
  

(c) furnish to any holder of Registrable Shares upon request (i) a written statement by the Company as to its compliance with the
reporting requirements of Rule 144, the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other
reports and documents of the Company as such holder may reasonably request to avail itself of any similar rule or regulation of the Commission allowing it to sell any such securities without registration. 
  
 ARTICLE V. COVENANTS OF THE COMPANY 
  
 1. Inspection. 
  
 (a) The Company shall permit each Holder or any authorized
representative thereof, to visit and inspect the properties of the Company, including its corporate and financial records, during normal business hours following reasonable notice and as often as reasonably requested; provided,
however, that the Company shall be under no obligation to disclose, pursuant to this Section 1, any information that is (i) subject to an attorney-client privilege which would be lost by such disclosure or (ii) subject to any third party
non-disclosure agreement to which the Company is bound which would be violated by such disclosure. 
  
 (b) The Company shall not be obligated to provide inspection rights pursuant to Section 1(a) above (i) to any authorized representative of
a Holder (other than such Holder’s legal counsel or accountants) who or which is not employed by such Holder (x) unless such authorized representative shall first execute a confidentiality agreement in a form approved by the Company’s
Board of Directors or (y) if such authorized representative (other than any authorized representative of Highland Capital Partners) is employed by or is an Affiliate of a Competitor or (ii) if such Holder (other than Highland Capital Partners) is an
Affiliate of a Competitor. 
  
 2. Financial Statements and
Other Information. The Company shall deliver to each Shareholder that holds at least ten percent (10%) of all Common Shares in issue as of the date hereof, at least seven percent (7%) of all Series A Preference Shares in issue as of the date
hereof, or at least ten percent (10%) of all Series B Preference Shares in issue as of the date hereof (including any issuances made pursuant to the 2003 Purchase Agreement or the 2004 Purchase Agreement), the following financial statements and
other information: 
  
 (a) as soon as available,
but in any event within ninety (90) days after the end of each fiscal year of the Company (or 120 days with the approval of a majority of the Board of Directors, including the Series B Designees) an audited consolidated balance sheet of the Company
as at the end of such year and audited consolidated statements of income and of cash flows of the Company for such year, certified by certified public accountants from a nationally recognized accounting firm, such firm approved by the Company’s
Board of Directors, and prepared in accordance with GAAP consistently applied; 
  

 (b) as soon as available, but in any event within thirty (30) days after the end of each
calendar month, an unaudited consolidated balance sheet of the Company as at the end of such calendar month, and unaudited consolidated statements of income and of cash flows of the Company for such calendar month prepared in accordance with GAAP
consistently applied, with the exception that no notes need be attached to such statements and year-end audit adjustments may not have been made; 
  
 (c) upon request of any Shareholder having the right to receive financial statements and other information under this Section 2, an
unaudited consolidating balance sheet of the Company and each of its Subsidiaries as at the end of such calendar month, and unaudited consolidating statements of income and of cash flows of the Company and each of its Subsidiaries for such calendar
month prepared in accordance with GAAP consistently applied, with the exception that no notes need be attached to such statements, year-end audit adjustments may not have been made, and the statements are presented on a consolidating, rather than
consolidated, basis; 
  
 (d) as soon as
available, but in any event within thirty (30) days after the end of each calendar month, a headcount summary and a comparison of the budget for the last completed calendar month to the three (3) calendar months preceding such calendar month;

  
 (e) as soon as available, but in any event
within forty-five (45) days after the commencement of each new fiscal year, an annual budget for such fiscal year; 
  
 (f) with reasonable promptness, such other notices, information and data with respect to the Company as the Company delivers to the
holders of its Common Shares in their capacities as shareholders; and 
  
 (g) with reasonable promptness, such other information and data as any such Holders holding greater than 500,000 Preference Shares may from time to time reasonably request. 
  
 3. Material Changes and Litigation. The Company shall promptly notify
each Holder of (i) any change in the business, assets or financial condition of the Company and its Subsidiaries, taken as a whole, that would reasonably be expected to materially adversely affect, currently or in the future, the business, assets or
financial condition of the Company and its Subsidiaries, taken as a whole, and (ii) of any litigation or governmental proceeding or investigation brought or, to the Company’s knowledge, threatened against the Company or any Subsidiary, or
against any officer, director, key employee or shareholder of the Company or any Subsidiary, materially adversely affecting, or which, if adversely determined, would reasonably be expected to materially adversely affect, currently or in the future,
the business, assets or financial condition of the Company and its Subsidiaries, taken as a whole. 
  
 4. Nondisclosure and Noncompetition Agreements. The Company shall require (a) all employees at the director level or above and all employees whose
responsibilities are technical in nature hereafter hired by the Company and all consultants retained by the Company whose responsibilities are technical in nature to enter into invention and nondisclosure agreements in such forms attached as an
exhibit to the 2003 Purchase Agreement or approved by a majority of the Board of Directors, and (b) all employees at or above the Vice President level or whose responsibilities are technical in nature to enter into non-competition agreements in such
form attached as an exhibit to the 2003 Purchase Agreement or approved by a majority of the Board of Directors. 
  
 5. Reservation of Common Shares. The Company shall reserve and maintain a sufficient number of shares of Common Shares for issuance upon conversion
of all of the outstanding Preference Shares. 
  
 6. Negative
Covenants. In addition to any other rights provided by the Company’s Bye-Laws, so long as at least twenty percent (20%) of the aggregate number of Series B Preference Shares issued to the Series B Investors remain in issue (subject to
appropriate adjustment in the event of any share dividend, share split, share consolidation or other similar recapitalization affecting the number of such 

  

 
Series B Preference Shares), the Company shall not, and shall not cause or permit any Subsidiary (as such term is defined in the 2003 Purchase Agreement) to,
without first obtaining the affirmative vote or written consent of the holders of not less than a majority of the then outstanding Series B Preference Shares, voting as a separate class: 
  
 (a) Consummate any (i) consolidation, amalgamation or merger of the Company or any Subsidiary into or with
any other entity or entities (except (A) a consolidation, amalgamation or merger with or into a Subsidiary of the Company, (B) a consolidation, amalgamation or merger in which either (I) the Company’s or the Subsidiary’s voting capital
shares in issue immediately prior to the transaction continue to represent a majority by voting power of the voting capital shares in issue immediately following the transaction on a fully-diluted basis or (II) the shares issued in exchange for the
Company’s or the Subsidiary’s voting shares in issue immediately prior to such transaction represent a majority by voting power of the voting shares of the continuing entity immediately following the transaction on a fully-diluted basis,
or (C) a consolidation, amalgamation or merger of any Subsidiary in which the aggregate gross proceeds to the Company and its Subsidiaries does not exceed $50,000); or (ii) sale to any third party of all or substantially all the assets of the
Company or any Subsidiary, whether by sale, transfer, license or otherwise, other than any sale of all or substantially all the assets of a Subsidiary in which the aggregate gross proceeds to the Company and its Subsidiaries does not exceed $50,000;
or (iii) acquisition by any person or entity, or group of related persons and/or entities, other than the Company or any Subsidiary, in a single transaction or a series of related transactions, of capital shares representing a majority by voting
power of the voting capital shares of the Company or any Subsidiary, other than any such acquisition of shares of a Subsidiary in which the aggregate gross proceeds to the Company and its Subsidiaries does not exceed $50,000; 
  
 (b) Liquidate, dissolve or wind up the affairs of the
Company or any Subsidiary; 
  
 (c) Authorize or
issue any new class or classes or series of shares having any preference or priority as to dividends or amounts distributable upon liquidation, dissolution or winding up of the Company senior to or on parity with the Series B Preference Shares, or
authorize or issue shares of any class or any bonds, debentures, notes or other obligations convertible into or exchangeable for, or having rights to purchase, any shares of the Company having any preference or priority as to dividends or amounts
distributable upon liquidation, dissolution or winding up of the Company senior to or on parity with the Series B Preference Shares; 
  
 (d) Amend its Memorandum of Association or Bye-laws in any way that would adversely effect the rights of the holders of Series B
Preference Shares. For this purpose, the authorization of any shares senior to or on parity with the Series B Preference Shares as to the right to receive either dividends or amounts distributable upon liquidation, dissolution or winding up of the
Company shall be deemed to affect adversely the rights of the holders of Series B Preferred Shares; 
  
 (e) Acquire any entity in a transaction for which the consideration paid by the Company or the Subsidiary exceeds an aggregate of
$1,000,000; 
  
 (f) Create, authorize or issue
any additional Preference Shares, including additional Series A Preference Shares or Series B Preference Shares; 
  
 (g) repurchase or redeem any capital shares of the Company or any Subsidiary (except for repurchases at cost from employees, directors and
consultants pursuant to agreements providing the Company or any Subsidiary with repurchase rights upon the termination of this service to the Company or such Subsidiary or redemption of the Preference Shares pursuant to the terms of the Bye-Laws);

  
 (h) incur or carry any indebtedness for
borrowed funds in an aggregate principal amount in excess of $2,500,000 on a consolidated basis; 
  

 (i) change the number of directors constituting the Board of Directors, except as
expressly contemplated herein; 
  
 (j) increase
the number of shares reserved for issuance to employees, directors or contractors unless approved by the Board of Directors, including the Series B Designees; 
  

(k) change the principal business of the Company, enter a new unrelated line of business or exit the current line of business; or

  
 (l) sell, transfer, pledge, hypothecate or
otherwise dispose of any ownership interest in any Subsidiary to any third party. 
  
 7. Key Man Life Insurance. The Company shall maintain an insurance policy on the life of Robert Keane, in the beneficial amount of $2,000,000, with the Company as the sole beneficiary, for a period of seven (7)
years from August 19, 2003. 
  
 8. Share Options. All
options to purchase shares in the capital of the Company and restricted shares issued from the date hereof shall be subject to terms and conditions, including the vesting schedule, as approved by the Compensation Committee; provided,
however, that all persons exercising an option shall be required, as a condition to such exercise, to become a party to an agreement providing a right of first refusal in favor of the Company. The Company shall not increase the aggregate
number of Common Shares available under its equity incentive plans from those authorized as of the date hereof without the approval of the Series B Designees. 
  

9. Related Party Transactions. The Company shall not enter into any agreement or transaction with any of its officers, directors, affiliates or
beneficial owners of five percent (5%) or more of the issued capital shares of the Company without the consent of the holders of at least a majority of the Series B Preference Shares, which such consent shall not be unreasonably withheld. The
provisions of this Section 9 shall not apply to (a) fees and compensation (including options and equity compensation) paid to or indemnity provided on behalf of any officer, director, employee or consultant of the Company or any of its Subsidiaries
in the ordinary course consistent with past practices and (b) transactions exclusively between the Company and any of its Subsidiaries. 
  
 10. Compensation and Audit Committees. The Company shall maintain a Compensation Committee and an Audit Committee of the Board of Directors, each
of which shall have no more than three members, none of whom shall be employees of the Company or any Subsidiary, and each of which shall include one Series B Designee as a member thereof. The Compensation Committee shall be charged with, among
other things, the administration of all equity compensation plans and arrangements and will also approve or recommend to the Board of Directors all management compensation levels and arrangements. The Audit Committee will select the Company’s
auditor and will approve the scope of the Company’s annual audit. 
  
 11. Meetings of the Board of Directors. The Board of Directors shall hold meetings duly called (with notice properly given) not less frequently than once per fiscal quarter of the Company or as otherwise determined by the Board of
Directors, which shall include the Series B Designees then serving on the Board of Directors. 
  
 12. 10b5-1 Plans. The Company shall adopt an insider trading policy to provide that directors may implement trading plans pursuant to Rule 10b5-1 under the Exchange Act on a basis approved by the Series B
Investors. 
  

 13. Tax Matters. 
  
 (a) The Company shall not make an election under Section 897(i) to be treated as a domestic corporation.

  
 (b) Without the consent of the Series B
Investors, the Company will not take any action that would result in the Company becoming a “controlled foreign corporation” within the meaning of Section 957 of the Code. The Company will provide prompt written notice to the Series B
Investors if at any time the Company becomes aware that it or any Subsidiary has become a “controlled foreign corporation”. Upon request of a Series B Investor from time to time, the Company will promptly provide in writing such
information in its possession concerning its shareholders and the direct and indirect interest holders in each shareholder sufficient for such Series B Investor to determine that the Company is not a “controlled foreign corporation.”

  
 (c) The Company will not elect for United
States federal income tax purposes to be classified other than as an association taxable as a corporation for U.S. Federal income tax purposes. 
  
 (d) The Company shall use its best efforts to avoid becoming, and to prevent any Subsidiary from becoming, a “passive foreign
investment company” within the meaning of Section 1297 of the Code. The Company will provide prompt written notice to the Series B Investors if at any time the Company becomes a “passive foreign investment company.” Additionally, if
the Company or any Subsidiary becomes a “passive foreign investment company”, the Company (or such Subsidiary) shall provide each Series B Investor with a “Passive Foreign Investment Company Annual Information Statement”, as
described in Regulation Section 1.1295-1(g) and such other information as the Internal Revenue Service may require from time to time, to allow the Series B Investor to timely make a “qualified electing fund election” with respect to the
Company and/or any such Subsidiaries within the meaning of Section 1295 of the Code. 
  
 (e) The Company shall use its best efforts to avoid becoming, and to prevent any Subsidiary from becoming, a “foreign personal
holding company” within the meaning of Section 552 of the code. The Company will provide prompt written notice to the Series B Investors if at any time the Company becomes aware that it or any Subsidiary has become a “foreign personal
holding company”. 
  
 (f) The Company shall
take any reasonable action which is necessary or appropriate to assist any Series B Investor in obtaining any available exemption from or refund of any withholding or other tax imposed by any jurisdiction from time to time with respect to amounts
distributable to such Series B Investor. The Company shall use reasonable efforts to make any filings, applications or elections reasonably necessary or appropriate to reduce the amount of tax withheld on behalf of any Series B Investor, and to
receive refunds of tax withheld or paid, to the extent that the Company may reasonably and lawfully do so. 
  
 (g) Without the approval of the Series B Designees, the Company will not change its place of domicile other than to reincorporate (whether
by merger, amalgamation, continuation or other means) in the State of Delaware. 
  
 ARTICLE VI. TRANSFER OF SHARES; LEGENDS 
  
 1.
Restrictions on Transfer. Notwithstanding anything in this Agreement to the contrary, Registrable Shares shall not be Transferred unless either (i) they first shall have been registered under the Securities Act, or (ii) the Company first
shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company (it being agreed that Testa, Hurwitz & Thibeault, LLP or Wilmer Cutler Pickering Hale and Dorr LLP shall be satisfactory counsel), to the effect
that such Transfer is exempt from the registration requirements of the Securities Act. The Company is required to refuse to register any Transfer of the Registrable Shares not made in accordance with Regulation S or pursuant to an available
exemption from registration under the Securities Act. 
  
 2.
Exceptions to Restrictions on Transfer. Notwithstanding the foregoing, no registration or opinion of counsel shall be required for a Transfer without consideration by a holder of Registrable Shares 

  

 
as to which such Transfer the provisions of Section 3 of Article III do not apply, provided the transferee agrees in writing to be subject to the terms of
this Article VI to the same extent as if the transferee were an original holder of Registrable Shares hereunder. 
  
 3. Restrictive Legend. All certificates representing Voting Shares owned or hereafter acquired by the Shareholders or any Transferee of the
Shareholders bound by this Agreement shall have affixed thereto a legend in substantially the following form, in addition to any other legends that may be required hereunder or under any other agreement or applicable securities laws: 
  
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
VOTING AGREEMENTS, RESTRICTIONS ON TRANSFER AND/OR OTHER TERMS AND CONDITIONS SET FORTH IN AN INVESTOR RIGHTS AGREEMENT, AS AMENDED FROM TIME TO TIME, BY AND AMONG THE REGISTERED OWNER OF THE SHARES REPRESENTED BY THIS CERTIFICATE (OR HIS, HER OR
ITS PREDECESSOR IN INTEREST), THE COMPANY AND CERTAIN OTHER SHAREHOLDERS OF THE COMPANY, A COPY OF WHICH IS AVAILABLE FOR INSPECTION AT THE REGISTERED OFFICE OF THE COMPANY.” 
  
 ARTICLE VII. GENERAL 
  
 1. Bye-Laws. The provisions of this Agreement take precedent over the Bye-Laws of the Company. Should there be any inconsistency between the
Bye-Laws and this Agreement, then each Shareholder shall use its best efforts, including but not limited to voting any Voting Shares held by such Shareholder, to amend the Bye-Laws so as to conform the provisions thereof to this Agreement.

  
 2. Termination. Article II, Article III and Article V
of this Agreement shall terminate in their entirety on the closing of an Initial Public Offering. The Company’s obligation to register Registrable Shares under Article IV of this Agreement shall terminate upon the earlier of (i) seven years
after the closing of the Initial Public Offering and (ii) such time as all of the Registrable Shares have been sold. 
  
 3. Transfer of Rights; Deemed Holdings. 
  
 (a) This Agreement, and the rights and obligations of the Shareholders hereunder, may be assigned by a Shareholder to any person or entity
to which Voting Shares are Transferred by the Shareholder in compliance with the provisions of this Agreement, and such Transferee shall be deemed a “Shareholder” for purposes of this Agreement; provided that (i) the BMA consents to
the transfer, (ii) the Transferee or Transferor provides written notice of such assignment to the Company and (iii) the Transferee agrees in writing to be bound by the terms hereof and further provided that, notwithstanding the foregoing, the rights
of a Shareholder pursuant to Articles III and IV may only be assigned to any (A) Person or entity which immediately following such Transfer, holds 500,000 or more Voting Shares (as adjusted for share splits, share consolidations, share dividends and
similar events) or (B) spouse or child of a Shareholder pursuant to the terms of such Shareholder’s duly executed will. 
  
 (b) If a Shareholder shall have rights under this Agreement to the extent that such Shareholder holds a minimum number of shares, all
shares held by such Shareholder’s spouse, minor children, or trusts for the benefit of children and all shares held by any Affiliate of such Shareholder shall be aggregated with the shares held by such Shareholder for purposes of determining
whether such minimum threshold has been met. 
  
 4.
Severability. The provisions of this Agreement are severable, so that the invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other term or provision of this Agreement,
which shall remain in full force and effect. 
  

 5. Specific Performance. The Company and each Shareholder hereby agree and acknowledge that any
breach of this Agreement would cause irreparable harm to the other parties hereto for which monetary damages would provide an inadequate remedy. Accordingly, and in addition to any and all other remedies that may be available at law in the event of
any breach of this Agreement, the Shareholders shall be entitled to seek specific performance of the agreements and obligations of the Company and the Shareholders hereunder and to such other injunctive or other equitable relief as may be granted by
a court of competent jurisdiction. 
  
 6. Governing Law.
This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Massachusetts, exclusive of its conflicts of law rules. 
  
 7. Notices. All notices, requests, consents, and other communications under this Agreement shall be in writing and
shall be delivered by hand, reputable overnight courier service or mailed by first class certified or registered mail, return receipt requested, postage prepaid: 
  
 If to the Company, c/o VistaPrint USA, Inc., 100 Hayden Avenue, Lexington, MA 02421, Attention: President, or at such other
address or addresses as may have been furnished in writing by the Company to the Series A Investors and the Series B Investors; with a copy to (i) the registered office of the Company in Bermuda at Canon’s Court, 22 Victoria Street, Hamilton
HM12, Bermuda Attention: the Secretary and (ii) Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, MA 02109, Attention: Thomas S. Ward, Esq.; or 
  
 If to a Shareholder, at the address previously provided to the Company, or at such other address or addresses as may have
been furnished to the Company in writing by such Shareholder. 
  
 Notices provided in accordance with this Article VII, Section 7 shall be deemed delivered upon personal delivery, one business day after delivery to a reputable overnight courier service or two business days after deposit in the mail.

  
 8. Complete Agreement; Amendments. 
  
 (a) This Agreement constitutes the full and complete
agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to the subject matter, including, but not limited to, the Amended and Restated Investor Rights Agreement dated
June 13, 2002, as amended by and among the Company, the Prior Investors and the Series A Investors. Each of the parties hereto hereby acknowledges and agrees that such agreements and understandings be and hereby are terminated in their entirety and
all rights and obligations thereunder be and hereby are extinguished and of no further force or effect. 
  
 (b) No amendment, modification or termination of any provision of this Agreement shall be valid unless in writing and signed by the
Company and the holders of more than 50% of the voting power of the Preference Shares then held by the Series B Investors; provided, that Articles I, II, III, IV, VI and VII may be amended, modified or terminated only if, in addition to such
consent of the Series B Investors, the holders of more than 50% of the Voting Shares held by all Shareholders concur in such amendment, modification or termination. Except as otherwise expressly set forth in this Agreement, the observance of any
term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) (i) with respect to the rights of the Company, with the written consent of the Company, (ii) with respect to the rights of
the Series B Investors, with the written consent of the holders of more than 50% of the then issued Voting Shares held by all such Series B Investors, (iii) with respect to the rights of the Prior Investors or the Series A Investors, exclusive of
the rights set forth in Article V, Section 2, with the written consent of the holders of more than 50% of the then issued Voting Shares held by all such Prior Investors and Series A Investors voting together; (iv) with respect to the rights of the
Prior Investors and Series A Investors set forth in of Article V, Section 2, with the written consent of holders of more than 50% of the then issued Voting Shares held by all such Prior Investors and Series A Investors voting separately; (v) with
respect to the rights of the Pre-emptive Rights Holders set forth in Article III, Section 1, with the written consent of the holders of more than 50% of the then issued Voting 

  

 
Shares held by all such Pre-emptive Rights Holders; or (vi) with respect to the rights of the Major Series B Holders set forth in Article III, Section 3,
with the written consent of the holders of more than 50% of the then issued Voting Shares held by all such Major Series B Holders. In no event shall the rights of any Prior Investor, Series A Investor, Series B Investor or Major Series B Holder be
amended or modified hereunder so as to adversely affect the rights or obligations of such Prior Investor, Series A Investor, Series B Investor or Major Series B Holder in a manner disproportionate to the effect of such amendment or modification upon
any other Prior Investor, Series A Investor, Series B Investor or Major Series B Holder having similar rights and obligations, without the consent of such Prior Investor, Series A Investor, Series B Investor or Major Series B Holder, as the case may
be. Any amendment, modification, termination or waiver effected in accordance with this Section 8(b) shall be binding upon each of the Shareholders regardless of whether such Shareholder consented to such amendment, modification, termination or
waiver, and notice of any such amendment, modification, termination or waiver shall be promptly sent to each Shareholder that has not executed a consent relating to such amendment, modification, termination or waiver. No waivers of or exceptions to
any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 
  
 9. Pronouns. Whenever the content may require, any pronouns used in
this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
  
 10. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original, and all of which together shall constitute one Agreement binding on all the parties hereto. 
  
 11. Captions. Captions of sections have been added only for convenience and shall not be deemed to be a part of this Agreement. 
  
 [Remainder Of Page Intentionally Left Blank] 
  

 IN WITNESS WHEREOF, this Third Amended and Restated Investor Rights Agreement has been executed as of the
date first written above. 
  

			
	COMPANY:
	
	VISTAPRINT LIMITED
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

	
	SHAREHOLDERS:
	
	  
	Robert Keane

  

			
	HIGHLAND CAPITAL PARTNERS VI LIMITED PARTNERSHIP
		
	By:	 	 Highland Management Partners VI Limited Partnership

	By:	 	 Highland Management Partners VI, Inc.

		
	By:	 	 
	 	 	Managing Director

  

			
	HIGHLAND CAPITAL PARTNERS VI-B LIMITED PARTNERSHIP
		
	By:	 	 Highland Management Partners VI Limited Partnership

	By:	 	 Highland Management Partners VI, Inc.

		
	By:	 	 
	 	 	Managing Director

  

			
	HIGHLAND ENTREPRENEURS’ FUND VI LIMITED PARTNERSHIP
		
	By:	 	 HEF VI Limited Partnership

	By:	 	 Highland Management Partners VI, Inc.

		
	By:	 	 
	 	 	Managing Director

  

			
	REVOLUTION PARTNERS, LLC
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	WESTPORT EQUITY PARTNERS CORP.
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

	
	
	  
	George Overholser

  

			
	THE NIGEL W. MORRIS TRUST
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	HARBOURVEST PARTNERS VI-DIRECT FUND L.P.
		
	By:	 	 HarbourVest VI-Direct Associates LLC
 Its General Partner

		
	By:	 	 HarbourVest Partners, LLC
 Its Managing Member

		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	BANQUE POPULAIRE INNOVATION
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	BANQUE POPULAIRE INNOVATION 2 FCPI
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	BANQUE POPULAIRE INNOVATION 3 FCPI
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	SPEF PRE-IPO EUROPEAN FUND
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	WINDOW TO WALL STREET INC.
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	WINDOW TO WALL STREET IV, LIMITED PARTNERSHIP
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	SOFINNOVA CAPITAL II FCPR
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	WINDSPEED VENTURES
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	MC EUROPEAN INVESTMENT PARTNERSHIP
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	SILVER FRANCE INVESTMENT LTD.
		
	 By:
	 	 

			
	 Name:
	 	 
	 Title:
	 	 

  

			
	
	 
	 	 	Kevin T. Keane
	
	 
	 	 	Patrick Mataix
	
	 
	 	 	Peter Franz Cremer
	
	 
	 	 	James S. Mulholland Jr.
	
	 
	 	 	Marie C. Flatness
	
	TWICKLER 2004 ANNUITY TRUST
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	BRUCE A. TWICKLER 2004 REVOCABLE TRUST
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 
	 	 	Paul P. Huffard IV
	
	IMAGINACTION S.A.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 
	 	 	Donald Savoie
	
	DILEN SA
	
	 
	By:	 	 
	 Title:
	 	 

  

			
	
	 
	 	 	Emma McQuillan
	
	 
	 	 	Taro Ikeba
	
	HABERT DASSAULT FINANCE
	
	 
	By:	 	 
	 Title:
	 	 
	
	 
	 	 	Benoit Habert
	
	 
	 	 	Mark Haynes
	
	 
	 	 	Phillip Dardier
	
	 
	 	 	Daniel Zumino
	
	 
	 	 	Jean-Marc Brunswick
	
	 
	 	 	Bruno Petit
	
	 
	 	 	Laurent Ryckelynck
	
	BRAINBERRY SNC
	
	 
	By:	 	 
	 Title:
	 	 
	
	 
	 	 	Helene Wintenberger

  

			
	
	 
	 	 	Gwyn Jones
	
	INNOVAFRANCE FCPI
	
	 
	By:	 	 
	 Title:
	 	 
	
	INNOVAFRANCE 99 FCPI
	
	 
	By:	 	 
	 Title:
	 	 
	
	AVENIR FINANCE FCPR
	
	 
	By:	 	 
	 Title:
	 	 
	
	HEATHER K.L. MCEVOY KEANE IRREVOCABLE TRUST
	
	 
	By:	 	 
	 Title:
	 	 
	
	KEANE FAMILY IRREVOCABLE TRUST
	
	 
	By:	 	 
	 Title:
	 	 
	
	ROBERT S. KEANE 2003 IRREVOCABLE TRUST
	
	 
	By:	 	 
	 Title:
	 	 
	
	ROBERT AND HEATHER KEANE NEVIS TRUST
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	ALISON R. KEANE & KEVIN R. KEANE JTWROS
		
	 	 	 
	 	 	Alison R. Keane
		
	 	 	 
	 	 	Kevin R. Keane
	
	TREVOR M. KEANE UTMA NY
		
	By:	 	 
	 Name:
	 	Kevin R. Keane
	 Title:
	 	Custodian
	
	LILY A. KEANE UTMA NY
		
	By:	 	 
	 Name:
	 	Kevin R. Keane
	 Title:
	 	Custodian
	
	HENRY D. KEANE UTMA NY
		
	By:	 	 
	 Name:
	 	Kevin R. Keane
	 Title:
	 	Custodian
	
	NATHAN A. KEANE UTMA NY
		
	By:	 	 
	 Name:
	 	Kevin R. Keane
	 Title:
	 	Custodian
	
	WINDSPEED INVESTORS, L.P.
		
	By:	 	 Windspeed Acquisition Fund GP, LLC
 its General Partner

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	MECHANIC BROCHAGE SAS
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 
  
 This Amendment No. 1 to Third Amended and Restated Investor Rights Agreement
(the “Amendment”) is dated as of                 , 2005 and is by and among VistaPrint Limited, an exempted company registered in Bermuda (the
“Company”), and the Shareholders (as such term is defined in the Third Amended and Restated Investor Rights Agreement dated as of August 30, 2004 by and among the Company and the other parties thereto (the “Investor Rights
Agreement”). Capitalized terms used herein but not defined shall have the meanings given to them in the Investor Rights Agreement. 
  
 WHEREAS, the Company and the Shareholders desire to amend the Investor Rights Agreement as set forth herein. 
  
 NOW, THEREFORE, the undersigned hereby agree as follows: 
  
 1. The definition of “Initial Public Offering” set forth in
Article I of the Investor Rights Agreement is hereby deleted in its entirety and replaced with the following: 
  
 ‘”Initial Public Offering” means the Company’s initial firm commitment underwritten public offering of Common Shares at a price
per share of at least $8.00 (subject to appropriate adjustment for share splits, share dividends, share consolidations or other similar recapitalizations affecting the number of issued Common Shares) pursuant to an effective Registration Statement
resulting in gross proceeds to the Company of at least $35,000,000; provided, however, if the Initial Public Offering shall not have occurred by December 31, 2005, the price per share set forth in the foregoing clause shall be increased to $12.33
(subject to appropriate adjustment for share splits, share dividends, share consolidations or other similar recapitalizations affecting the number of issued Common Shares).’ 
  
 2. Effectiveness. The terms and provisions of this Amendment shall be effective for all purposes upon the receipt of
a telecopy by the Company or its counsel of signature pages from (i) the Company, (ii) the holders of more than 50% of the voting power of the Preference Shares then held by the Series B Investors and (iii) holders of at least 50% of the issued
Voting Shares held by all Shareholders. 
  
 3. No Other
Amendment. Except as amended hereby, the Investor Rights Agreement shall remain in full force and effect in accordance with its terms. 
  
 4. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
  
 5. Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, exclusive of its choice of law and conflict of law rules. 
  
 Executed as a sealed instrument as of the date set forth below. 
  

					
	If an individual:	 	If a corporation, partnership, trust or other non-individual signatory:
		
	  

	 	  

	Signature	 	 	 	Name of Entity
			
	  

	 	By:	 	  

	Print Name	 	 	 	Signature
	 	 	Title:	 	  

  

			
	VISTAPRINT LIMITED
		
	 By:
	 	  

	 Title:LOAN AND SECURITY AGREEMENT BETWEEN COMERICA BANK AND VISTAPRINT NORTH

 Exhibit 10.11 
  
 This LOAN AND SECURITY AGREEMENT is entered into as of November 1, 2004, by and between Comerica Bank, a Michigan corporation, acting
through its Canadian branch (“Bank”) and VistaPrint North American Services Corp., a Nova Scotia corporation (“Borrower”). 
  
 RECITALS 
  
 Borrower wishes to obtain credit from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on which Bank will advance credit to Borrower, and Borrower will repay
the amounts owing to Bank. 
  
 AGREEMENT 
  
 The parties agree as follows: 
  

	1.	DEFINITIONS AND CONSTRUCTION. 

  
 1.1 Definitions. As used in this Agreement, all capitalized terms shall have the definitions set forth on Exhibit A. Any term used in the
Act and not defined herein shall have the meaning given to the term in the Act. All amounts referred to in this Agreement are in United States currency unless otherwise specifically stated. 
  
 1.2 Accounting Terms. Any accounting term not specifically defined on
Exhibit A shall be construed in accordance with GAAP and all calculations shall be made in accordance with GAAP. The term “financial statements” shall include the accompanying notes and schedules. 
  

	2.	LOAN AND TERMS OF PAYMENT. 

  
 2.1 Credit Extensions. 
  
 (a) Promise to Pay. Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid
principal amount of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. 
  
 (b) Construction Loan. 
  
 (i) Subject to and upon the terms and conditions of this
Agreement, Bank agrees to loan, and Borrower agrees to borrow and repay on or before the Construction Loan Maturity Date, when the entire unpaid balance of principal and interest shall be due and payable, sums not to exceed the Construction Loan
Amount. The Construction Loan shall be evidenced by the Construction Note, under which advances may be made from time to time. Each Advance shall not exceed 100% of the Direct Costs and Indirect Costs made against invoices from the General
Contractor. Advances are subject to a ten percent (10%) holdback under the Construction Lien Act of Ontario, as well as Borrower establishing to the satisfaction of Bank Borrower’s 25% equity in the Project. 
  
 (ii) The proceeds of the Construction Loan shall be used by
Borrower to finance the construction of the Project, in accordance with plans and specifications reasonably approved by Bank. 
  
 (iii) The Construction Loan shall bear interest at the rate specified in Section 2.2 (a) and shall be payable in accordance with Section
2.2(c). 
  
 (iv) Borrower may prepay all or part
of the Construction Note accruing interest at the Prime Rate at any time without prepayment premium or penalty. Any amounts so prepaid shall not be available for re-advance. 
  
 (v) Upon the Construction Loan Maturity Date, the Borrower may convert the Construction Loan to the Mortgage
Loan, subject to the following conditions: 
  
 a) No event of default hereunder or under any of the other Loan Documents shall be in existence; 
  

					
	Comerica Bank - Loan and Security Agreement	 	Page 1	 	 

 b) Intentionally omitted; 
  
 c) The Project shall have been completed in a good and workmanlike manner in accordance with all applicable
codes, on a lien free basis in accordance with the plans and specifications and Budget approved by Bank with a certificate of occupancy therefor having been issued; 
  
 d) Bank shall have received the an update of the Appraisal of the Project, on an as completed basis;

  
 e) The Mortgage Loan, will (i) be for a term
of four (4) years, (ii) amortize over a period of fifteen (15) years, and (iii) bear interest (at Borrower’s option) at either (x) the “Prime-based Rate” (as defined in Section 2.2(a)(i)), (y) the Term LIBOR Option (as defined in
Section 2.b.i. of the LIBOR/Cost of Funds Addendum (Exhibit B hereto) or (z) the Term Cost of Funds Option (as defined in Section 2.b.ii. of the LIBOR/Cost of Funds Addendum); 
  
 f) Borrower shall have, no less than ten (10) Business Days nor more than thirty (30) Business Days prior
to the Completion Date to have executed and delivered to Bank the Mortgage Note, as required by Bank, the interest rate, amortization and other payment provisions all determined in accordance with this Section 2.1(b); and 
  
 g) The amount of the Mortgage Loan shall be the lesser of:
(a) Three Million One Hundred Thousand Dollars ($3,100,000); (b) the then outstanding principal balance of the Construction Loan; (c) seventy-five percent (75%) of the total costs of the Project; or (d) seventy-five percent (75%) of the Appraised
Value of the Project (as confirmed by an Updated Appraisal of the Project on an actual as-completed basis). 
  
 (vi) When Borrower desires to obtain an Advance under the Construction Loan (but no more than once a month), Borrower shall notify Bank
(which notice shall be irrevocable) by facsimile transmission to be received no later than 3:00 p.m. Eastern time three Business Days before the day on which the Advance is to be made. Such notice shall be substantially in the form of Exhibit
C. The notice shall be signed by a Responsible Officer or its designee and include a copy of the invoice from the General Contractor. Prior to each Advance request, but in any case at least monthly, an independent third party approved by Bank
will inspect the Project. 
  
 (c) Equipment
Advances. 
  
 (i) Subject to and upon the
terms and conditions of this Agreement, Bank agrees to make Equipment Advances to Borrower in two tranches, Tranche A and Tranche B. On the Closing Date, Bank agrees to make an Equipment Advance under Tranche A to Borrower. Borrower may request
Equipment Advances under Tranche B at any time from the Closing Date through the Tranche B Availability End Date. The aggregate outstanding amount of Tranche A Equipment Advances and Tranche B Equipment Advances shall not exceed the Equipment Loan.
The Equipment Loan shall be evidenced by the Equipment Note, under which advances may be made from time to time. Each Equipment Advance shall not exceed 100% of the invoice (as reviewed by Bank) amount of printing equipment used in Borrower’s
customary operations (including deposits and down payments) (which Borrower shall, in any case, have purchased (or incurred deposits or down payments for such purchases) within 90 days of the date of the corresponding Equipment Advance, except for
Equipment Advances under Tranche A in which case the equipment shall have been purchased (or such deposits or down payments incurred) after June 30, 2004), excluding taxes, shipping, warranty charges, insurance, freight discounts, installation
expense, training, and other soft costs, and shall be evidenced by accompanying invoices delivered to Bank within 90 days of purchase. 
  

					
	Comerica Bank - Loan and Security Agreement	 	Page 2	 	 

 (ii) Interest shall accrue from the date of each Equipment Advance at the rate specified
in Section 2.2(a), and shall be payable in accordance with Section 2.2(c). Installments of interest are calculated at an assumed amortization term. The Equipment Advances shall be interest only until November 1, 2005. Thereafter, interest and
principal payments shall amortize over a period of seven and one half (7.5) years. Any Equipment Advances under the Equipment Loan outstanding under Tranche A on the Closing Date and Tranche B on the Tranche B Availability End Date shall be payable
in 48 equal monthly installments of principal, plus all accrued interest, beginning on November 1, 2005, and continuing on the same day of each month thereafter through the Equipment Maturity Date, at which time all amounts due in connection with
the Equipment Loan and any other amounts due under this Agreement and outstanding at the time shall be immediately due and payable. Advances under the Equipment Loan, once repaid, may not be reborrowed. Borrower may prepay all or part of the
Equipment Line accruing interest at the Prime Rate at any time without penalty or premium. 
  
 (iii) When Borrower desires to obtain an Equipment Advance, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile
transmission to be received no later than 3:00 p.m. Eastern time three Business Days before the day on which the Equipment Advance is to be made. Such notice shall be substantially in the form of Exhibit C. The notice shall be signed by a
Responsible Officer or its designee and include a copy of the invoice or invoices for any Equipment to be financed. 
  
 2.2 Interest Rates, Payments, and Calculations. 
  
 (a) Interest Rates. 
  
 (i) Construction Loan. Except as set forth in Section 2.2(b), the Construction Loan and Mortgage Loan shall bear interest, on the
outstanding daily balance thereof, at a variable rate equal to the Prime Rate minus 1.00% (the “Prime-based Rate”) or as set forth in the LIBOR/Cost of Funds Addendum to Loan & Security Agreement attached as Exhibit B.

  
 (ii) Equipment Loan. Except as set
forth in Section 2.2(b), the, Equipment Advances shall bear interest, on the outstanding daily balance thereof, at a rate equal to the Prime Rate or as set forth in the LIBOR/Cost of Funds Addendum to Loan & Security Agreement attached as
Exhibit B. 
  
 (b) Late Fee; Default
Rate. If any payment is not made within 10 days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) 5% of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under
applicable law. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to 3 percentage points above the interest rate applicable immediately prior to the occurrence of
the Event of Default. 
  
 (c) Payments.
Interest hereunder shall be due and payable on the first calendar day of each month during the term hereof. Bank shall, charge such interest and all Periodic Payments (and upon prior notice, Bank Expenses) against any of Borrower’s deposit
accounts, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder unless the parties agree otherwise. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such
interest shall thereafter accrue interest at the rate then applicable hereunder. All payments shall be free and clear of any taxes, withholdings, duties, impositions or other charges, to the end that Bank will receive the entire amount of any
Obligations payable hereunder, regardless of source of payment. 
  
 (d) Computation. In the event the Prime Rate is changed from time to time hereafter, the applicable rate of interest hereunder shall be increased or decreased, effective as of the day the Prime Rate is changed,
by an amount equal to such change in the Prime Rate. For the purpose of the Interest Act (Canada), the annual rates of interest to which the rates calculated under this Agreement are equivalent, are the rates so calculated multiplied by the
actual number of days in the calendar year and divided by 360. All interest payable under this Agreement is payable both before and after any or all of default, maturity, demand and judgment. 
  
 (e) Currency Conversion. If, for the purpose of
obtaining judgment in any court, determining the amount outstanding under this Agreement or for any other purpose, it is necessary to convert an 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 3	 	 

 
amount in one currency (the “Original Currency”) into another currency (the “Second Currency”), the Equivalent Amount of the Second
Currency shall be used. If the conversion relates to a judgment, the conversion shall be performed as of the date two (2) Business Days preceding that on which judgment is given. For all other purposes, the conversion shall be performed as of the
date and time of determination. Borrower agrees that any obligations in respect of any Original Currency due from it to Bank shall, notwithstanding any judgment or payment in any Second Currency, be discharged only to the extent that, on the
Business Day following receipt of any sum so paid or adjudged to be due in the Second Currency, Bank may, in accordance with normal banking procedures, purchase, in the Toronto foreign exchange market, the Original Currency with the amount of the
Second Currency so paid or so adjudged to be due; and if the amount of the Original Currency so purchased is less than the amount of the Original Currency due to Bank, Borrower agrees, as a separate obligation and notwithstanding any such payment or
judgment, to pay Bank the amount of the Second Currency required to purchase the amount of the Original Currency necessary to make up such difference on such date together with interest (at the rate then in effect under this Agreement) and expenses
from such date to the date of payment. 
  
 2.3 Crediting
Payments. Prior to the occurrence of an Event of Default, Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies, except that to the extent Borrower uses the
Advances to purchase Collateral, Borrower’s repayment of the Advances shall apply on a “first-in-first-out” basis so that the portion of the Advances used to purchase a particular item of Collateral shall be paid in the chronological
order the Borrower purchased the Collateral. After the occurrence of an Event of Default, Bank shall have the right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment Bank may receive to
conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when
presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by Bank after 12:00 noon Eastern time shall be deemed to have been received by Bank as of the opening of business on the
immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and
interest shall accrue and be payable for the period of such extension. 
  
 2.4 Fees. Borrower shall pay to Bank the following: 
  
 (a) Structuring Fee. On the Closing Date, a fee equal to 0.75% of the Credit Extensions, which shall be nonrefundable; 
  

(b) Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, and, after the Closing Date, all
Bank Expenses, as and when they become due. 
  
 2.5 Term.
This Agreement shall become effective on the Closing Date and, subject to Section 12.7, shall continue in full force and effect for so long as any Obligations remain outstanding or Bank has any obligation to make Credit Extensions under this
Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under this Agreement immediately and without further notice upon the occurrence and during the continuance of an Event of
Default. 
  

	3.	CONDITIONS OF LOANS. 

  
 3.1 Conditions Precedent to Initial Credit Extension. The obligation of Bank to make the initial Credit Extension is subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to Bank, the following: 
  
 (a) this Agreement; 
  
 (b) an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this
Agreement together with certified copies of Borrower’s organizational documents; 
  

					
	Comerica Bank - Loan and Security Agreement	 	Page 4	 	 

 (c) agreement to provide insurance; 
  
 (d) guarantees of VistaPrint Limited and Vista Print
Technologies Limited, together with corporate resolutions for each Guarantor in form acceptable to Bank authorizing execution of such guarantee and certified copies of each Guarantors organizational documents; 
  
 (e) deposit account control agreements for accounts of
VistaPrint Limited and Vista Print Technologies Ltd with The Bank of Bermuda Limited or such other bank(s), covering deposit amounts not to exceed $12,000,000 in form reasonably satisfactory to Bank, and subject to Section 4.3; 
  
 (f) account pledge agreements from VistaPrint Canada
Limited, VistaPrint Limited and VistaPrint Technologies Limited in form reasonably satisfactory to Bank, and subject to Section 4.3; 
  
 (g) deposit account control agreement for accounts of VistaPrint Canada Limited with The Bank of Nova Scotia or such other bank(s)
covering deposit amounts not to exceed $12,000,000 in form reasonably satisfactory to Bank, and subject to Section 4.3; 
  
 (h) an opinion of Borrower’s and Guarantors’ counsel with respect to such matters as Bank’s counsel shall reasonably
require which, with respect to Canadian counsel, shall not include enforceability of the Loan Agreement and Security Documents; 
  
 (i) prior to the Initial Construction Advance (as defined below) a first charge/mortgage on the Premises, which contains a provision
assigning to Bank all leases, rental arrangements, rents, land contracts, income and profits arising out of Premises; 
  
 (j) prior to the Initial Construction Advance a collateral assignment of contract rights in substantially the form of Exhibit E
which assigns all contract rights related to the construction of the Project of Borrower to Bank, including but not limited to the plans and specifications of the Project, and all assignable building permits, governmental permits, licenses and
authorizations issued from time to time in connection with the Project, and consent to assignment executed by the general contractor and the Project architect all in form reasonably satisfactory to Bank; 
  
 (k) A general security agreement in form and substance
reasonably acceptable to Bank whereby Borrower pledges to Bank a first priority security interest in and to all of Borrower’s tangible and intangible personal property; 
  
 (l) payment of the fees and Bank Expenses then due specified in Section 2.4; 
  
 (m) current PPSA Reports indicating that except for
Permitted Liens, there are no other security interests or Liens of record in the Collateral registered under the PPSA in the Collateral Province; 
  
 (n) an annual audit of the Collateral (unless there occurs an Event of Default, at which case such audit may occur more than once a year),
the results of which shall be reasonably satisfactory to Bank; 
  
 (o) current financial statements of VistaPrint Limited (the “Consolidated Company”), including audited statements for VistaPrint Limited’s most recently ended fiscal year, together with an unqualified
report of its auditors, company prepared consolidated and consolidating balance sheets and income statements for the Consolidated Company for the most recently ended month in accordance with Section 6.2, and such other updated financial information
as Bank may reasonably request; 
  
 (p) current
Compliance Certificate in accordance with Section 6.2; and 
  
 (q) such other documents or certificates, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 
  

					
	Comerica Bank - Loan and Security Agreement	 	Page 5	 	 

 3.2 Conditions Precedent to advances under the Construction Loan. 
  
 (a) Prior to any borrowing under the Construction Loan,
Borrower shall have furnished or cause to be furnished to Bank, in form and substance satisfactory to Bank, the following: 
  
 (i) A policy of mortgage title insurance loan policy form, issued in the Province of Ontario, Canada by a title insurance company
satisfactory to Bank without exceptions, and in a form acceptable to Bank’s counsel acting reasonably, in an amount equal to the Construction Loan Amount insuring that the Mortgage is a first lien on the Premises, that the title to the Premises
and that there are no other liens, claims or encumbrances thereon except for the Permitted Encumbrances. Such policy shall provide that if disbursements hereunder shall be made by Bank through the Title Company or Bank’s solicitors or pursuant
to a pending disbursement rider by the Title Company, the Title Company or Bank’s solicitors shall obtain from Borrower certificates of payment issued by Borrower’s architect (and reviewed by Bank’s architect/engineer if required by
Bank) for all completed and paid up work, and further, irrespective of the delivery or non-delivery of said certificates of payment as herein contemplated, that in all events the Title Company shall insure any disbursements made under the policy as
a condition of such disbursements and that the lien of the Mortgage shall at all times constitute a first lien insured as such by the Title Company subject only to the Permitted Encumbrances. The policy shall also contain a zoning endorsement
acceptable to Bank’s counsel, pending disbursement clause, comprehensive endorsement and such other endorsements as are required by Bank, acting reasonable; 
  
 (ii) Prior to the initial advance under the Construction Loan (the “Initial Construction Advance”)
a copy of each executed building permit and each approved site plan, together with evidence that all construction and improvements and their use fully comply with all applicable Environmental Laws, land use, zoning, health, fire and building laws,
regulations and requirements; 
  
 (iii) Prior to
the Initial Construction Advance, a mortgage survey certified to Bank and to the Title Company for the Premises from a registered Ontario Land Surveyor acceptable to Bank which complies with Bank’s minimum detail requirements and which shows
nothing objectionable to Bank or a survey endorsement from the Title Company, reasonably satisfactory to Bank; 
  
 (iv) Prior to the Initial Construction Advance, a copy of the Budget as approved by Bank; 
  
 (v) Prior to the Initial Construction Advance, a set of the
Project’s final plans and specifications; 
  
 (vi) Prior to the Initial Construction Advance, copies of all contracts covering the cost of the Project entered into by the Borrower, in form assignable to Bank; 
  
 (vii) Prior to the Initial Construction Advance, copies of the insurance policies and endorsements required
under the terms and conditions of this Agreement; 
  
 (viii) Intentionally omitted; 
  
 (ix)
Prior to the Initial Construction Advance, evidence that all necessary utilities have been or will be supplied to the Project, which may be satisfied by a certification from the general contractor; 
  
 (x) Prior to the Initial Construction Advance, a copy of a
soil evaluation test of the Project, together with a certificate from the Project engineer regarding the suitability of the soil conditions for the construction of the Project; 
  
 (xi) Prior to the Initial Construction Advance, a satisfactory Phase I environmental assessment report
prepared by a consultant acceptable to Bank. The Phase I environmental assessment report and other information provided by the Borrower to Bank as required in this commitment must demonstrate to Bank’s reasonable satisfaction that 1) there is
no contamination or Hazardous Materials present on the Premises 2) there are 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 6	 	 

 
no other circumstances regarding the environmental status of the subject property or of other properties in reasonable proximity to the Premises which might
impair the value of the Premises or result in Bank’s assumption of any environmental liability which it deems to be unacceptable in its sole and absolute discretion, and 3) there are no material violations of Environmental Laws and regulations
with respect to the Premises or the Borrower; 
  
 (xii) Prior to the Initial Construction Advance, an “as built” appraisal of the Project establishing the Appraised Value, which Bank acknowledges receipt of and satisfaction of this condition; 
  
 (xiii) Prior to the Initial Construction Advance, a copy of
a pre-construction audit by the Bank report, satisfactory to Bank prepared by the Inspector; 
  
 (xiv) Such other information as Bank may reasonably request from time to time. 
  
 (b) Bank shall not be obligated to make Advances under the
Construction Note unless Borrower shall on each occasion of Advance file with Bank a Request for Advance as of the date of the borrowing duly executed by Borrower. Said request shall be supported by: 
  
 (i) A certificate of payment of Borrower’s
architect/engineer (and reviewed by Bank’s architect/engineer if required by Bank) for all completed and paid up work in form satisfactory to Bank and to the Title Company, as applicable, wherein the contract price, including any approved
change orders, is set forth, together with the amount paid, the amount currently due and the balance due and the amount required to complete the Project which shall include all costs under the construction contract and amounts retained hereunder;

  
 (ii) Signed AIA forms G-702 and G-703 or
their Canadian equivalents; 
  
 (iii) Appropriate
declarations as to payment of outstanding liabilities with respect to the Project satisfactory to Bank, acting reasonably and the Title Company; 
  
 (iv) A certificate from Borrower’s architect/engineer stating: (i) that the portion of the construction which is the subject of the
Advance is fully completed in accordance with approved plans and specifications and in good and workmanlike manner, and (ii) that the Project can be completed by the Completion Date subject to Section 8.17; 
  
 (v) A revised and updated Budget prepared by Borrower, if
any change in the Budget has occurred; and 
  
 (vi) A satisfactory inspection report from the Inspector, provided that such inspection report shall be provided at least monthly. 
  
 (c) No Advance of the Construction Loan shall be made hereunder unless (a) Bank shall be satisfied at the time of each such Advance that
the amount of the Construction Loan remaining undisbursed is sufficient to complete the Project, (b) Bank shall be in receipt of an endorsement to the Title Policy increasing the coverage thereunder to include the amount to be advanced, and (c) Bank
shall have approved any change in the Budget. Each Advance of the Construction Loan shall be computed on the basis of retaining undisbursed Construction Loan funds equal to the sum of: (i) 75% of the cost to complete the Project, including all
related costs and fees, which amounts shall be retained by Bank until the requirements of this Section 3 are fulfilled, (ii) all amounts which have been retained or held back under any construction contracts or subcontracts for the Project, and
(iii) all holdbacks pursuant to the Construction Lien Act of Ontario. Subject to satisfaction of the foregoing requirements of this Section 3.2(c), Borrower shall, with respect to a Request for Advance to pay Direct Costs, be entitled to receive an
amount equal to 75% of the amount of Direct Costs incurred through the date of the Request for Advance as shown therein, reduced by amounts theretofore advanced for Direct Costs. The percentage of completion of construction at any time and the total
Direct Costs shall be determined by the Inspector in his sole discretion. With respect to a Request for Advance to pay Indirect Costs, the Borrower shall be entitled to receive an amount equal to 75% of the amount of Indirect Costs incurred through
the date of the Request for Advance as shown therein, reduced by amounts theretofore advanced for Indirect Costs. 
  

					
	Comerica Bank - Loan and Security Agreement	 	Page 7	 	 

 (d) Advances of the Construction Loan shall be limited to the actual cost of each item on
the Budget as approved by Bank. If the actual cost of any of the items shown on the Budget is less than the budgeted amount, at the request of Borrower and the consent of Bank, which shall not be unreasonably withheld and provided there is no Event
of Default, Bank shall reallocate to other line items any sums in excess of the actual cost for such item. Bank shall not be obligated to make any Advances of the Construction Loan for stored materials. Bank shall not be obligated to make Advances
of the Construction Loan more frequently than monthly. Bank shall not be obligated to make any Advances of the Construction Loan from the contingency line item, but may do so at its option. Borrower shall bear the cost of all legal, title search,
title company, inspection and other costs and expenses of Bank in connection with any advance of Construction Loan proceeds hereunder, including, but not limited to those costs and expenses of Bank in connection with protecting and insuring the
priority of its Mortgage on the Premises as to each and every dollar of the Construction Loan disbursed hereunder, whether such costs and expenses are incurred in respect of title search, legal, Inspector fees or otherwise, and by its execution of
this Agreement Borrower authorizes Bank to debit Borrower’s accounts with Bank or advance funds from the Construction Loan in payment of any and all of such fees, costs and expenses. Anything contained in this Agreement to the contrary
notwithstanding, each Advance of the Construction loan shall be subject to the retention by Bank or its solicitors of statutory holdback amount under the Construction Lien Act (Ontario). 
  
 (e) Borrower shall purchase or cause to be purchased, public liability and property damage/casualty
insurance (such property damage/casualty insurance to be on a replacement cost basis and containing such endorsements/coverage consistent with prudent commercial property ownership practice in the province of Ontario) with respect to the Premises
and the Project. The general contractor of the Project shall also maintain insurance pursuant to all applicable worker’s compensation laws as well as general liability and builders risk policies in form as substance reasonably satisfactory to
Bank. The liability insurance shall be in an amount not less than Two Million Dollars ($2,000,000). The property damage/casualty insurance policies required hereunder shall each contain a loss payable clause to the Bank, as mortgagee, and shall
provide that the policy may not be cancelled or modified without thirty (30) days prior written notice to Bank. The original or duplicate of each such policy (or certificates evidencing such policies) and each renewal thereof shall be delivered to
Bank. The insurance companies writing the insurance policies shall be reasonably satisfactory to Bank. The insurance required hereunder shall be maintained in full force and effect at all times during the period of this Agreement and while any
indebtedness is owed by Borrower to Bank and Bank shall be noted on all such policies as mortgagee, loss payee and additional insured. 
  
 (f) Anything herein to the contrary notwithstanding Bank may make an Advance of the Construction Loan in part or in total, before same
becomes due, if the Bank reasonably believes it advisable to do so, and all such Advances shall be deemed to have been made pursuant to this Agreement and not a modification hereof. The making of any Advance of the Construction Loan or any part of
an Advance of the Construction Loan shall not be deemed an approval or acceptance by the Bank of the work theretofore done. Any Advance of the Construction Loan or portion thereof may be postponed or deferred by the mutual consent of Borrower and
Bank, and any such postponement or postponements shall be deemed to be pursuant to this Agreement and not a modification hereof. 
  
 (g) A final Advance under the Construction Note shall be made only upon Bank’s receipt of certification by its inspecting architect
of completion of the Project and issuance of all governmental approvals including, but not limited to, a final certificate of occupancy, by the appropriate governmental authorities having jurisdiction, and compliance with the Construction Lien Act
of Ontario. 
  
 (h) Subject to Section 8.17, if
the Project at any time is discontinued or is not carried on for a period of 10 consecutive days, Bank may, but shall not be required to, purchase materials and employ workmen to protect the Project so that the same will not suffer from vandalism,
waste or the weather, or complete the Project. In such event, Bank may terminate its commitment to lend under this Agreement and pursue its remedies hereunder and under the Mortgage and under any other documents delivered pursuant to this Agreement.
At Bank’s option, Bank may, but shall not be required to make advances under this Section in excess of the Construction Loan Amount. All sums paid or expended under this Section shall be deemed Advances of the Construction Loan to Borrower
under the Construction Note and secured by the Mortgage and the other security agreements and instruments described herein. 
  

					
	Comerica Bank - Loan and Security Agreement	 	Page 8	 	 

 3.3 Borrower agrees to pay any reasonable fees and expenses incurred by Bank in connection with this
loan, including but not limited to fees and expenses for surveys, appraisals, inspection reports, environmental audits, surveys and reports, the Title Policy, lien searches and all recording fees, and all fees charged by the Inspector, and legal
fees for preparation of loan documents and closing. Bank may advance or deduct from any payment to be made under this Agreement, and/or any account of Borrower at Bank, any amount necessary for the payment of the aforedescribed fees and expenses,
and of any insurance premiums, mortgages, taxes, assessments, water rates, sewer rents and other charges, liens and encumbrances upon the said premises, whether before or after the making of the loan and any amounts necessary for payment of any
unpaid costs of the Project and apply such amounts in making said payments. All sums paid or expended under this Section shall be deemed Advances of the Construction Loan to Borrower at Borrower’s request under the Construction Note secured by
the Mortgage and the other security documents described herein. 
  
 3.4 Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial Credit Extension, is further subject to the following conditions: 
  
 (a) timely receipt by Bank of the Payment/Advance Form as
provided in Section 2.1; and 
  
 (b) the
representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the date of such Payment/Advance Form and on the effective date of each Credit Extension as though made at and as of each such date
(provided, however, that those representations and warranties expressly referring to another date shall be true, correct and complete in all material respects as of such date), and no Event of Default shall have occurred and be continuing, or would
exist after giving effect to such Credit Extension. 
  

	4.	CREATION OF SECURITY INTEREST. 

  
 4.1 Grant of Security Interest. Pursuant to that certain General Security Agreement executed by Borrower in favor of Bank of even date herewith
(the “GSA”), Borrower grants and pledges to Bank a continuing security interest in the Collateral to secure prompt repayment of any and all Obligations and to secure prompt performance by Borrower of each of its covenants and duties under
the Loan Documents. 
  
 4.2 Intellectual Property. Upon the
request of Bank in the event Borrower develops or obtains intellectual property, an intellectual property agreement in substantially the form of Exhibit F whereby Borrower pledges to Bank a first priority security interest in and to all of
Borrower’s intellectual property. 
  
 4.3 Account Pledge
Agreements. Notwithstanding anything to the contrary contained herein or in those certain deposit account control agreements and account pledge agreements referenced in Section 3.1(e), (f) and (g), (the “Account Agreements”) the amount
of monies in such accounts that shall be subject to the exclusive control (i.e., a “Notice and Exclusive Control” has been delivered) of the Bank shall not exceed, in the aggregate, $12,000,000. In that regard, to the extent of any
inconsistencies between the terms of this section and the Account Agreements, upon the reasonable request of Borrower and the Deposit Bank(s) referenced in the Account Agreements Bank shall execute and deliver such further notices or directions to
effect the purpose of this Section. 
  

	5.	REPRESENTATIONS AND WARRANTIES. 

  
 Borrower represents and warrants as follows: 
  
 5.1 Due Organization and Qualification. Borrower is a corporation duly existing under the laws of the province in which it is incorporated and
qualified and licensed to do business in any province in which the conduct of its business or its ownership of property requires that it be so qualified, except where the failure to do so would not reasonably be expected to cause a Material Adverse
Effect. 
  
 5.2 Due Authorization; No Conflict. The
execution, delivery, and performance of the Loan Documents are within Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s Memorandum of Association,
nor will they constitute an event of default under any material agreement by which Borrower is bound. Borrower is not in default under any material 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 9	 	 

 
agreement by which it is bound, except to the extent such default would not reasonably be expected to cause a Material Adverse Effect. 
  
 5.3 Collateral. Borrower has rights in or the power to transfer the
Collateral, and its title to the Collateral is free and clear of Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. All Collateral is located solely in the Collateral Province. All Inventory is in all material
respects of good and merchantable quality, free from all material defects, except for Inventory for which adequate reserves have been made. Except as set forth in the Schedule, none of the Collateral is maintained or invested with a Person other
than Bank or Bank’s Affiliates. 
  
 5.4 Intellectual
Property Collateral. Intentionally omitted. 
  
 5.5 Name;
Location of Headquarters Office. Except as disclosed in the Schedule, Borrower has not done business under any name other than that specified on the signature page hereof, and its exact legal name is as set forth in the first paragraph of this
Agreement. Upon completion of the Project, the address of the Project shall be Borrower’s headquarters. 
  
 5.6 Litigation. Except as set forth in the Schedule, there are no actions or proceedings pending by or against Borrower before any court or
administrative agency in which a likely adverse decision would reasonably be expected to have a Material Adverse Effect, including but not limited to any action to assert, foreclose or enforce mechanics or other involuntary liens, the outcome of
which could materially impair Borrower’s financial condition or its ability to carry on its business. 
  
 5.7 No Material Adverse Change in Financial Statements. All consolidated and consolidating financial statements related to Borrower and the
Consolidated Company that are delivered by Borrower to Bank fairly present in all material respects Borrower’s and the Consolidated Company’s consolidated and consolidating financial condition as of the date thereof and Borrower’s and
the Consolidated Company’s consolidated and consolidating results of operations for the period then ended. There has not been a material adverse change in the consolidated or in the consolidating financial condition of Borrower or the
Consolidated Company since the date of the most recent of such financial statements submitted to Bank. 
  
 5.8 Solvency, Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value of
Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the transactions contemplated by this Agreement. 
  
 5.9 Subsidiaries. Borrower does not own any stock, partnership
interest or other equity securities of any Person, except for Permitted Investments and has no Subsidiaries. 
  
 5.10 Government Consents. To the best of Borrower’s knowledge, Borrower has obtained (or will have obtained when required) all consents,
approvals and authorizations of, made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted, except where the
failure to do so would not reasonably be expected to cause a Material Adverse Effect. 
  
 5.11 Inbound Licenses. Except as disclosed on the Schedule, Borrower is not a party to, nor is bound by, any license or other agreement that prohibits or otherwise restricts Borrower from granting a security
interest in Borrower’s interest in such license or agreement or any other property. 
  
 5.12 Environmental Laws. To the best of Borrower’s knowledge, there are no conditions existing currently or likely to exist during the term of this Agreement which would subject a Borrower to damages,
penalties, injunctive relief or cleanup costs under any applicable Environmental Laws or which require or are likely to require cleanup, removal, remedial action or other response pursuant to applicable Environmental Laws by Borrower and Borrower is
neither subject to any judgment, decree, order or citation related to or arising out of applicable Environmental Laws nor has Borrower been named or listed as a potentially responsible party by any governmental 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 10	 	 

 
body or agency in a matter arising under any applicable Environmental Laws. Borrower has obtained all Environmental Permits, licenses and approvals required
under applicable Environmental Laws. 
  
 5.13 Title to
Premises. Prior to the Initial Construction Advance, it will have good and marketable title to all of the real property comprising the Premises, subject to the Permitted Encumbrances. 
  
 5.14 Governmental Requirements. Borrower or its representatives have obtained, or will obtain when required, all
licenses, permits, authorizations, consents or approvals from each Governmental Authority necessary for the construction of the Project; and all such licenses, permits, authorizations, consents or approvals are, or will be when required, in full
force and effect. 
  
 5.15 Utilities. To the best of
Borrower’s knowledge and according to the plans and specifications for the Project, the Premises shall once completed, have adequate rights of access to public utilities and/or private water, sanitary sewer and storm drain facilities. To the
best of Borrower’s knowledge and according to the plans and specifications for the Project, all such utilities necessary to the full use and enjoyment of the Project are available at the boundaries of the Premises, and shall be constructed and
installed to service the Project prior to the Completion Date. 
  
 5.16 Roads. The Premises have adequate rights of access to public ways and all roads necessary for the full utilization of the Project for its intended purposes have either been completed or the necessary rights of way therefor have
either been acquired by the appropriate Governmental Authority or have been dedicated to public use and accepted by said Governmental Authority, and all necessary steps have been taken by Borrower and said Governmental Authority to assure the
complete construction and installation thereof. Lender acknowledges that ingress and egress to and from the Premises may be pursuant to a certain access easement or agreement with the adjoining property owner (the “Access Agreement”).

  
 5.17 Full Disclosure. No representation, warranty or
other statement made by Borrower herein and the documents specified herein contains any untrue statement of a material fact or omits to state a material fact necessary in order to make such statements not misleading, it being recognized by Bank that
the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not to be viewed as facts and that actual results during the period or periods covered by any such projections and forecasts may differ from
the projected or forecasted results. 
  

	6.	AFFIRMATIVE COVENANTS. 

  
 Borrower covenants that, until payment in full of all outstanding Obligations, and for so long as Bank may have any commitment to make a Credit Extension
hereunder, Borrower shall do all of the following: 
  
 6.1 Good
Standing and Government Compliance. Borrower shall maintain its and each of its Subsidiaries’ corporate existence and good standing in the Borrower Province, shall maintain qualification and good standing in each other jurisdiction in which
the failure to so qualify could have a Material Adverse Effect, and shall furnish to Bank the organizational identification number issued to Borrower by the authorities of the province in which Borrower is organized, if applicable. Borrower shall
comply in all material respects with all applicable Environmental Laws, and maintain all material permits, licenses and approvals required thereunder where the failure to do so could have a Material Adverse Effect. Borrower shall comply, and shall
cause each Subsidiary to comply, with all statutes, laws, ordinances and government rules and regulations to which it is subject, and shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals and
agreements, the loss of which or failure to comply with which would reasonably be expected to have a Material Adverse Effect. 
  
 6.2 Financial Statements, Reports, Certificates. Borrower shall deliver to Bank: (i) as soon as available, but in any event within 30 days after
the end of each calendar month, a company prepared consolidated and consolidating balance sheet and income statement covering Borrower’s operations during such period, in a form reasonably acceptable to Bank and certified by a Responsible
Officer; (ii) as soon as available, but in any event within 120 days after the end of VistaPrint Limited’s fiscal year, audited consolidated and consolidating financial statements of the Consolidated Company prepared in accordance with GAAP,
consistently applied, together with an 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 11	 	 

 
opinion which is unqualified or otherwise consented to in writing by Bank on such financial statements of an independent certified public accounting firm;
(iii) if applicable, copies of all statements, reports and notices sent or made available generally by Borrower to its security holders or to any holders of Subordinated Debt; (iv) promptly upon receipt of notice thereof, a report of any legal
actions pending or threatened against Borrower that could result in damages or costs to Borrower of $100,000 or more, including but not limited to, any proceedings to assert or to enforce construction liens or other involuntary liens, including any
lien arising under the Construction Lien Act (Ontario); (v) promptly upon receipt, each management letter prepared by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems; (vi) annual
budget and forecast no later than June 30 of each year, (vii) such sales projections, operating plans or other financial information generally prepared by Borrower in the ordinary course of business as Bank may reasonably request from time to time;
and (viii) within 30 days of the last day of each fiscal quarter, a report signed by Borrower, in form reasonably acceptable to Bank, listing any applications or registrations that Borrower has made or filed in respect of any Patents, Copyrights or
Trademarks and the status of any outstanding applications or registrations, as well as any material change in Borrower’s Intellectual Property Collateral, including but not limited to any subsequent ownership right of Borrower in or to any
Trademark, Patent or Copyright not specified in Exhibits A, B, and C of any Intellectual Property Security Agreement delivered to Bank by Borrower in connection with this Agreement. 
  
 (a) Within 30 days after the last day of each month,
Borrower shall deliver to Bank with the monthly financial statements a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit D hereto. 

 
 (b) As soon as possible and in any event within 3
calendar days after becoming aware of the occurrence or existence of an Event of Default hereunder, a written statement of a Responsible Officer setting forth details of the Event of Default, and the action which Borrower has taken or proposes to
take with respect thereto. 
  
 (c) Bank shall
have a right from time to time hereafter to audit Borrower’s Accounts and appraise Collateral at Borrower’s expense, provided that such audits will be conducted no more often than every 12 months unless an Event of Default has occurred and
is continuing. 
  
 Borrower may deliver to Bank on an electronic
basis any certificates, reports or information required pursuant to this Section 6.2, and Bank shall be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by
a Responsible Officer. If Borrower delivers this information electronically, it shall also deliver to Bank by U.S. Mail, reputable overnight courier service, hand delivery, facsimile or .pdf file within 5 Business Days of submission of the unsigned
electronic copy the certification of monthly financial statements, the intellectual property report, the Borrowing Base Certificate and the Compliance Certificate, each bearing the physical signature of the Responsible Officer. 
  
 6.3 Inventory; Returns. Borrower shall keep all Inventory in good and
merchantable condition, free from all material defects except for Inventory for which adequate reserves have been made. Returns and allowances, if any, as between Borrower and its account debtors shall be on the same basis and in accordance with the
usual customary practices of Borrower, as they exist on the Closing Date. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims involving more than $100,000. 
  
 6.4 Taxes. Borrower shall make, and cause each Subsidiary to make, due
and timely payment or deposit of all material federal, provincial, and local taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes, provincial and federal social security taxes
and disability, and will execute and deliver to Bank, on demand, proof satisfactory to Bank indicating that Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the payment or deposit thereof;
provided that Borrower or a Subsidiary need not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower. 
  
 6.5 Insurance. 
  
 (a) Borrower, at its expense, shall keep the Collateral
insured against loss or damage by fire, theft, explosion, fire suppression system, and all other hazards and risks, and in such amounts, as ordinarily insured 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 12	 	 

 
against by other owners in similar businesses conducted in the locations where Borrower’s business is conducted on the date hereof. Borrower shall also
maintain liability and other insurance in amounts and of a type that are customary to businesses similar to Borrower’s. 
  
 (b) All such policies of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Bank. All
policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as an additional loss payee, and all liability insurance policies shall show Bank as an additional insured and
specify that the insurer must give at least 30 days notice to Bank before canceling its policy for any reason. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the policies of insurance and evidence of all premium
payments. If no Event of Default has occurred and is continuing, proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim, provided that any such replacement
property shall be deemed Collateral in which Bank has been granted a first priority security interest. If an Event of Default has occurred and is continuing, all proceeds payable under any such policy shall, at Bank’s option, be payable to Bank
to be applied on account of the Obligations. 
  
 6.6 Primary
Depository. Borrower shall maintain all its depository and operating accounts with Bank and its primary investment accounts with Bank or Bank’s Affiliates. 
  
 6.7 Financial Covenants. Borrower shall at all times maintain the following financial ratios and covenants:

  
 (a) Funded Debt to Cash Flow.
Commencing September 30, 2005, the Consolidated Company shall have a ratio of all outstanding funded debt to Annualized Cash Flow of no more than 2.50 to 1.00, measured on a quarterly basis. “Annualized Cash Flow” is defined as (i)
annualized trailing two quarters Cash Flow for the period ending September 30, 2005, (ii) annualized three-quarters Cash Flow for the period ending December 31, 2005, and (iii) the trailing four-quarter Cash Flow for the period ending March 31, 2006
and each quarter thereafter. 
  
 (b) Maximum
Non-financed Capital Expenditures. As measured monthly, on a year to date basis, the Consolidated Company shall not incur non-financed Capital Expenditures in excess of (i) for the year ending June 30, 2005, $9,300,000 in the aggregate; or (ii)
for the year ending June 30, 2006, $8,000,000 in the aggregate. 
  
 (c) Debt Service Coverage. Commencing September 30, 2005, Borrower shall maintain a Debt Service Coverage of at least 1.40 to 1.00, measured on a quarterly basis. 
  
 6.8 Registration of Intellectual Property Rights. 
  
 (a) Borrower shall register or cause to be registered on an
expedited basis (to the extent not already registered) with the appropriate branch of the Canadian Intellectual Property Office, as the case may be, those registrable intellectual property rights now owned or hereafter developed or acquired by
Borrower, to the extent that Borrower, in its reasonable business judgment, deems it appropriate to so protect such intellectual property rights. 
  
 (b) Borrower shall promptly give Bank written notice of any applications or registrations of intellectual property rights filed with the
appropriate branch of the Canadian Intellectual Property Office, as the case may be, including the date of such filing and the registration or application numbers, if any. 
  
 (c) Borrower shall (i) give Bank not less than 30 days prior written notice of the filing of any
applications or registrations with the appropriate branch of the Canadian Intellectual Property Office, as the case may be, including the title of such intellectual property rights to be registered, as such title will appear on such applications or
registrations, and the date such applications or registrations will be filed; (ii) prior to the filing of any such applications or registrations, execute such documents as Bank may reasonably request for Bank to maintain its perfection in such
intellectual property rights to be registered by Borrower; (iii) upon the request of Bank, either 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 13	 	 

 
deliver to Bank or file such documents simultaneously with the filing of any such applications or registrations; (iv) upon filing any such applications or
registrations, promptly provide Bank with a copy of such applications or registrations together with any exhibits, evidence of the filing of any documents requested by Bank to be filed for Bank to maintain the perfection and priority of its security
interest in such intellectual property rights, and the date of such filing. 
  
 (d) Borrower shall execute and deliver such additional instruments and documents from time to time as Bank shall reasonably request to perfect and maintain the perfection and priority of Bank’s security interest
in the Intellectual Property Collateral. 
  
 (e)
Borrower shall (i) protect, defend and maintain the validity and enforceability of the trade secrets, Trademarks, Patents and Copyrights, (ii) use commercially reasonable efforts to detect infringements of the Trademarks, Patents and Copyrights and
promptly advise Bank in writing of material infringements detected and (iii) not allow any material Trademarks, Patents or Copyrights to be abandoned, forfeited or dedicated to the public without the written consent of Bank, which shall not be
unreasonably withheld. 
  
 (f) Bank may audit
Borrower’s Intellectual Property Collateral to confirm compliance with this Section 6.8, provided such audit may not occur more often than twice per year, unless an Event of Default has occurred and is continuing. Bank shall have the right, but
not the obligation, to take, at Borrower’s sole expense, any actions that Borrower is required under this Section 6.8 to take but which Borrower fails to take, after 15 days’ notice to Borrower. Borrower shall reimburse and indemnify Bank
for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this Section 6.8. 
  
 6.9 Consent of Inbound Licensors. Prior to entering into or becoming bound by any license (other than software and licenses for equipment and
“IT” Operations entered into in the normal course of business) or agreement relating to the license or use of technology (“IT Agreement”), Borrower shall: (i) provide written notice to Bank of the material terms of such IT
Agreement with a description of its likely impact on Borrower’s business or financial condition; and (ii) in good faith use commercially reasonable efforts to obtain the consent of, or waiver by, any person whose consent or waiver is necessary
for Borrower’s interest in such licenses or contract rights to be deemed Collateral and for Bank to have a security interest in it that might otherwise be restricted by the terms of the applicable IT Agreement, whether now existing or entered
into in the future, provided, however, that the failure to obtain any such consent or waiver shall not constitute a default under this Agreement. 
  
 6.10 Construction Covenants. 
  
 (a) In connection with advances under the Construction Loan or otherwise upon an Event of Default, permit Bank, through its authorized
attorneys, accountants and representatives, to inspect the Project and the Premises and to examine Borrower’s books, accounts, records, ledgers, plans, specifications and assets which relate to the Project and the Premises at all reasonable
times upon advance oral or written request of Bank. 
  
 (b) With reasonable dispatch take all steps and pursue all actions required to complete the construction and improvements (by the Completion Date) in accordance with the plans and specifications submitted to and approved by Bank including
any and all changes therein as may be authorized and approved in writing by Bank. 
  
 (c) Promptly correct all material construction defects and unapproved departures from the plans and specifications. 
  
 (d) Supply to Bank an “as built” survey of the
Premises and the Project upon completion of the Project but prior to the conversion of the Construction Loan to the Mortgage Loan. 
  
 (e) Promptly notify Bank if the Budget as approved by Bank does not accurately estimate the cost to construct the Project. 
  
 (f) Comply with all applicable laws, licenses and permits.

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 14	 	 

 (g) If Bank reasonably determines at anytime that there are insufficient undisbursed
Construction Loan proceeds to complete the Project in accordance with the Budget and the plans and specifications submitted to and approved by Bank, then upon notice from Bank of such determination, Borrower shall provide, at Bank’s option,
either additional paid-in equity or funds deposited with Bank sufficient to assure Bank that the cost to complete the Project will not exceed the amount of undisbursed Construction Loan proceeds. 
  
 6.11 Further Assurances. At any time and from time to time Borrower
shall execute and deliver such further instruments and take such further action as may reasonably be requested by Bank to effect the purposes of this Agreement. Any reference to Subsidiaries, shall mean Subsidiaries subsequently formed or acquired,
in accordance with Section 7.7. 
  

	7.	NEGATIVE COVENANTS. 

  
 Borrower covenants and agrees that, so long as any credit hereunder shall be available and until the outstanding Obligations are paid in full or for so
long as Bank may have any commitment to make any Credit Extensions, Borrower will not do any of the following without Bank’s prior written consent: 
  
 7.1 Dispositions. Convey, sell, lease, license, transfer or otherwise dispose of (collectively, to “Transfer”), or permit any of its
Subsidiaries to Transfer, all or any part of its business or property, other than Permitted Transfers. 
  
 7.2 Change in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control. Change its
name or the Borrower Province or relocate its headquarters office without 30 days prior written notification to Bank; replace its chief executive officer or chief financial officer without 5 days prior written notification to Bank; engage in any
business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently engaged in by Borrower; change its fiscal year end without prior notice to Bank; have a Change in
Control. 
  
 7.3 Mergers or Acquisitions. Merge or
consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its
Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person except where (i) such transactions do not in the aggregate exceed $100,000 during any fiscal year, (ii) no Event of Default has occurred, is
continuing or would exist after giving effect to such transactions, (iii) such transactions do not result in a Change in Control, and (iv) Borrower is the surviving entity. 
  
 7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit
any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except Indebtedness to Bank. 
  
 7.5 Encumbrances. Create, incur, assume or allow any Lien with respect
to any of its property, or assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens, or covenant to any other Person that Borrower in the
future will refrain from creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s property. 
  
 7.6 Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase of any
capital stock. 
  
 7.7 Investments. Directly or indirectly
acquire or own, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments, or maintain or invest any of its property with a Person other than Bank or Bank’s Affiliates or permit any
Subsidiary to do so unless such Person has entered into a control agreement with Bank, in form and substance satisfactory to Bank, or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that restricts such Subsidiary from
paying dividends or otherwise distributing property to Borrower, or, without the consent of Bank create or invest in a Subsidiary. 
  

					
	Comerica Bank - Loan and Security Agreement	 	Page 15	 	 

 7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any
material transaction with any Affiliate of Borrower except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s
length transaction with a non-affiliated Person. The Bank specifically acknowledges that the Contract Printing Supply Agreement between Borrower and VistaPrint Limited (the “Supply Agreement”) is permissible under this provision.

  
 7.9 Subordinated Debt. Make any payment in respect of
any Subordinated Debt, or permit any of its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision affecting Bank’s rights contained in any documentation relating to the
Subordinated Debt without Bank’s prior written consent. 
  
 7.10 Inventory and Equipment. Store the Inventory or the Equipment with a bailee, warehouseman, or similar third party unless the third party has been notified of Bank’s security interest and Bank (a) has received an
acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit or (b) is in possession of the warehouse receipt, where negotiable, covering such Inventory or Equipment. Except for Inventory
sold in the ordinary course of business and except for such other locations as Bank may approve in writing, Borrower shall keep the Inventory and Equipment only at the location set forth in Section 11 and such other locations of which Borrower gives
Bank prior written notice and as to which Bank files a financing statement where needed to perfect its security interest. 
  
 7.11 No Investment Company; Margin Regulation. Become or be controlled by an “investment company”, or become principally engaged in, or
undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose. 
  
 7.12 Supply Agreement. Make or permit any material changes to the
Supply Agreement between Borrower and VistaPrint Limited without the written consent of Bank. 
  
 7.13 Construction Project. 
  
 (a) Remove or change the general contractor or architect of the Project or materially amend the construction or architect contract. 
  
 (b) Make, cause to be made or allow any material changes to the Project’s final plans and
specifications. 
  
 (c) Permit any liens to
attach to the Project, or create any easement, restriction or encumbrance affecting the Project, except for normal utility easements and building and use restrictions, or transfer any interest in the Project. 
  

	8.	EVENTS OF DEFAULT. 

  
 Any one or more of the following events shall constitute an Event of Default by Borrower under this Agreement: 
  
 8.1 Payment Default. If Borrower fails to pay any of the Obligations
when due; 
  
 8.2 Covenant Default. 
  
 (a) If Borrower fails to perform any obligation under
Article 6 or violates any of the covenants contained in Article 7 of this Agreement; or 
  
 (b) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this
Agreement, in any of the Loan Documents, or in any other present or future 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 16	 	 

 
agreement between Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such
default within 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the 10 day period or cannot after diligent attempts by
Borrower be cured within such 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed 30 days) to attempt to cure such default, and
within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no Credit Extensions will be made; 
  
 8.3 Defective Perfection. If Bank shall receive at any time following the Closing Date an PPSA Report indicating that except for Permitted Liens,
Bank’s security interest in the Collateral is not prior to all other security interests or Liens of record reflected in the report; 
  
 8.4 Material Adverse Effect. If there occurs a Material Adverse Effect; 
  
 8.5 Attachment. If any material portion of Borrower’s assets is attached, seized, subjected to a writ or
distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within 10
days, or if Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or encumbrance upon any material portion
of Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of Borrower’s assets by the Federal or Provincial Government, or any department, agency, or instrumentality thereof, or by any
province, county, municipal, or governmental agency, and the same is not paid within ten days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or event is stayed or an
adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will be made during such cure period); 
  
 8.6 Insolvency. If Borrower becomes insolvent, or if a creditors’ committee shall have been appointed for the business of Borrower, or any
Guarantor; or if Borrower, or any Guarantor shall have made a general assignment for the benefit of creditors or shall have been adjudicated bankrupt, or shall have filed a voluntary petition in bankruptcy or for reorganization or to effect a plan
or arrangement with creditors or shall file an answer to a creditor’s petition or other petition filed against it, admitting the material allegations thereof for an adjudication in bankruptcy or for a reorganization; or shall have applied for
or permitted the appointment of a receiver or trustee or custodian for any of its property or assets; or such receiver, trustee or custodian shall have been appointed for any of its property or assets (otherwise than upon application or consent of
Borrower, or any Guarantor) and such receiver, trustee or custodian so appointed shall not have been discharged within thirty (30) days after the date of his appointment; or if an order shall be entered and shall not be dismissed or stayed within
thirty (30) days from its entry, approving any petition for reorganization of Borrower, or any Guarantor (without limitation to the foregoing, any proceedings under the Bankruptcy and Insolvency Act (Canada), the Winding-up and Restructuring Act
(Canada), the Companies’ Creditors Arrangement Act (Canada) or other similar federal, provincial or foreign legislation shall constitute an Event of Default hereunder); 
  
 8.7 Other Agreements. If there is a default or other failure to perform in any agreement to which Borrower is a party
with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of $250,000 or that could have a Material Adverse Effect; 

 
 8.8 Intentionally omitted. 
  
 8.9 Judgments. If a judgment or judgments for the payment of money in
an amount, individually or in the aggregate, of at least $100,000 shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of 10 days (provided that no Credit Extensions will be made prior to the satisfaction or stay
of the judgment); or 
  
 8.10 Misrepresentations. If any
material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to Bank by any 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 17	 	 

 
Responsible Officer pursuant to this Agreement or to induce Bank to enter into this Agreement or any other Loan Document. 
  
 8.11 Guaranty. If any guaranty of all or a portion of the Obligations
(a “Guaranty) ceases for any reason to be in full force and effect, or any guarantor fails to perform any obligation under any Guaranty or a security agreement securing any Guaranty (collectively, the “Guaranty Documents”), or any
event of default occurs under any Guaranty Document or any guarantor revokes or purports to revoke a Guaranty, or any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth in any
Guaranty Document or in any certificate delivered to Bank in connection with any Guaranty Document, or if any of the circumstances described in Sections 8.3 through 8.9 occur with respect to any guarantor. 
  
 8.12 If there shall be any change for any reason whatsoever in the control of
Borrower or if any portion of the Premises is sold or otherwise encumbered or disposed of; 
  
 8.13 If title to the Premises is or becomes unsatisfactory to Bank by reason of any lien, charge, encumbrance, title condition or exception (including without limitation, any mechanic’s, materialman’s or
similar statutory common law lien or notice thereof) to the extent same impairs the security granted Bank under the Mortgage, and such matter causing title to be or become unsatisfactory is not cured or removed (including by bonding) within fifteen
(15) days after notice thereof from Bank to the Borrower; 
  
 8.14
Intentionally omitted. 
  
 8.15 Anything contained herein to the
contrary notwithstanding, if the Project is not completed by the Completion Date or, in the reasonable judgment of the Bank, construction of the Project will not be completed by the Completion Date; 
  
 8.16 If the Project or the Premises or any part thereof is injured by fire,
explosion, accident, flood or other casualty, unless Bank shall have received insurance proceeds sufficient in the reasonable judgment of Bank to effect the satisfactory restoration of the Project and the Premises and the completion of the Project
on or prior to the Completion Date; 
  
 8.17 Anything contained
herein to the contrary notwithstanding, any cessation at any time in construction of the improvements comprising the Project for more than ten (10) consecutive days except for strikes, acts of God, fire or other casualty, or other causes entirely
beyond the Borrower’s control, or any cessation at any time in construction of the improvements comprising the Project for more than thirty (30) consecutive days, regardless of the cause thereof; 
  
 8.18 The revocation or other invalidation of any permit, license or
authorization for the Project that materially adversely affects Borrower’s ability to complete the Project; 
  

	9.	BANK’S RIGHTS AND REMEDIES. 

  
 9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without notice of its
election and without demand, do any one or more of the following, all of which are authorized by Borrower: 
  
 (a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and
payable (provided that upon the occurrence of an Event of Default described in Section 8.6, all Obligations shall become immediately due and payable without any action by Bank); 
  
 (b) Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or
under any other agreement between Borrower and Bank; 
  
 (c) Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank reasonably considers advisable; 
  

					
	Comerica Bank - Loan and Security Agreement	 	Page 18	 	 

 (d) Withhold Advances of all or any part of the Construction Loan Amount available under
this Agreement (Advances may also be withheld if Borrower or any Guarantor files or has filed against it a petition in bankruptcy or for reorganization or arrangement, whether such filing is an event of default or not); 
  
 (e) Order the work stopped, in which event no further work
shall be performed without the consent of Bank until the default has been cured; 
  
 (f) Take all or any action necessary or appropriate to preserve and protect the Project and the Premises and any other security, including
employment of watchmen and the erection of fences and barricades, all at Borrower’s expense; 
  
 (g) Exercise any and all rights and remedies provided herein or in the Mortgage or in any other Loan Document or provided by law,
including appointment of a receiver; 
  
 (h)
Whether or not the Construction Loan Amount is due and payable or Bank has instituted any foreclosure or other action for the enforcement of its rights under the Loan Documents, Bank may (i) enter upon and complete the Project in accordance with the
Project’s plans and specifications with such changes therein as Bank may deem reasonably appropriate: (ii) at any time discontinue any work commenced in respect of the Project or change any course of action undertaken by it and not be bound by
any limitations or requirements of time, whether set forth herein or otherwise; (iii) assume any contract made by Borrower in any way relating to the Project and take over and use all or any part of the labor, materials, supplies and equipment
contracted for by Borrower, whether or not previously incorporated into the Project; and (iv) in connection with any construction undertaken by Bank to complete the Project pursuant to the provisions of this subsection: 
  
 a) engage builders, contractors, architects, engineers and
others for the purpose of furnishing labor, materials and equipment and services in connection with completion of the Project, (2) pay, settle or compromise all bills or claims which may become liens against the Project and the Premises, or which
have been or may be incurred in any manner in connection with completing the Project or for the discharge of liens, encumbrances or defects in the title of the Project and the Premises, and (3) take or refrain from taking such action hereunder as
Bank may from time to time determine. Borrower shall be liable to Bank for all costs paid or incurred hereunder or paid or incurred to construct and equip the Project, whether the same are paid or incurred pursuant to the provisions of this
subsection or otherwise, and all payments made or liabilities incurred by Bank hereunder of any kind whatever shall be paid by Borrower to Bank upon demand with interest at the default rate set forth herein from the date of payment by Bank to the
date of payment to Bank and shall be secured by the Mortgage. The powers granted herein are for security and are irrevocable, and Borrower irrevocably constitutes and appoints Bank its attorney-in-fact to execute, acknowledge and deliver any
instruments and to do and perform any acts in the name and on behalf of Borrower in connection herewith. 
  
 (i) Make such payments and do such acts as Bank considers necessary or reasonable to protect its security interest in the Collateral.
Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes Bank to enter the premises where the Collateral is located, to take and maintain possession of
the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or superior to its security interest and to pay all expenses incurred in
connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank’s rights or
remedies provided herein, at law, in equity, or otherwise; 
  
 (j) Set off and apply to the Obligations any and all (i) balances and deposits of Borrower held by Bank, and (ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Bank;

  
 (k) Ship, reclaim, recover, store, finish,
maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge,
Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production
of, advertising for sale, and selling any 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 19	 	 

 
Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1, Borrower’s rights under all licenses and all franchise
agreements shall inure to Bank’s benefit; 
  
 (l) Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on terms, in such manner and at such places (including Borrower’s premises) as Bank determines is
commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral without giving any warranties as to the Collateral. Bank may specifically disclaim any warranties of
title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by
the purchaser, received by Bank, and applied to the indebtedness of the purchaser. If the purchaser fails to pay for the Collateral, Bank may resell the Collateral and Borrower shall be credited with the proceeds of the sale; 
  
 (m) Bank may credit bid and purchase at any public sale;

  
 (n) Apply for the appointment of a receiver,
trustee, liquidator or conservator of the Collateral, without notice and without regard to the adequacy of the security for the Obligations and without regard to the solvency of Borrower, any guarantor or any other Person liable for any of the
Obligations; and 
  
 (o) Any deficiency that
exists after disposition of the Collateral as provided above will be paid immediately by Borrower. 
  
 Bank may comply with any applicable provincial or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of
any sale of the Collateral. 
  
 9.2 Power of Attorney.
Effective only upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send
requests for verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c)
sign Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e)
make, settle, and adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms which Bank
determines to be reasonable; (g) to modify, in its sole discretion, any intellectual property security agreement entered into between Borrower and Bank without first obtaining Borrower’s approval of or signature to such modification by amending
Exhibits A, B, and C, thereof, as appropriate, to include reference to any right, title or interest in any Copyrights, Patents or Trademarks acquired by Borrower after the execution hereof or to delete any reference to any
right, title or interest in any Copyrights, Patents or Trademarks in which Borrower no longer has or claims to have any right, title or interest; and (h) to file, in its sole discretion, one or more financing or continuation statements and
amendments thereto, relative to any of the Collateral without the signature of Borrower where permitted by law; provided Bank may exercise such power of attorney to sign the name of Borrower on any of the documents described in clauses (g) and (h)
above, regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s attorney in fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the
Obligations have been fully repaid and performed and Bank’s obligation to provide advances hereunder is terminated. 
  
 9.3 Accounts Collection. At any time after the occurrence and during the continuation of an Event of Default, Bank may notify any Person owing
funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such
payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit. 
  
 9.4 Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities, as required
under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part thereof; (b) set up such 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 20	 	 

 
reserves under the Revolving Line as Bank deems necessary to protect Bank from the exposure created by such failure; or (c) obtain and maintain insurance
policies of the type discussed in Section 6.5 of this Agreement, and take any action with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately due and payable,
and shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver by Bank of any
Event of Default under this Agreement. 
  
 9.5 Bank’s
Liability for Collateral. Bank has no obligation to clean up or otherwise prepare the Collateral for sale. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 
  
 9.6 No Obligation to Pursue Others. Bank has no obligation to attempt
to satisfy the Obligations by collecting them from any other person liable for them and Bank may release, modify or waive any collateral provided by any other Person to secure any of the Obligations, all without affecting Bank’s rights against
Borrower. Borrower waives any right it may have to require Bank to pursue any other Person for any of the Obligations. 
  
 9.7 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements shall be cumulative.
Bank shall have all other rights and remedies not inconsistent herewith as provided under the Act, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of Default on
Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective unless made in a written document signed on behalf of Bank and then shall be
effective only in the specific instance and for the specific purpose for which it was given. Borrower expressly agrees that this Section 9.7 may not be waived or modified by Bank by course of performance, conduct, estoppel or otherwise. 

 
 9.8 Demand; Protest. Except as otherwise provided in this
Agreement, Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations. 
  

	10.	ADDITIONAL ENVIRONMENTAL PROVISIONS. 

  
 10.1 Without in any manner limiting any other environmental provisions contained herein or in any of the other Loan Documents, the following environmental
provisions shall apply to Borrower, the Project and the Premises: 
  
 10.2 Borrower shall comply with all applicable Environmental Laws in a timely manner. 
  
 10.3 Borrower shall provide to the Bank, promptly upon receipt, copies of any correspondence, notice, pleading, citation, indictment, complaint, order, decree or other document from any source asserting or alleging a
circumstance or condition which requires or may require a financial contribution by Borrower or any person or a cleanup, removal, remedial action or other response by or on the part of Borrower or any other person under applicable Environmental Laws
or which seeks damages or civil, criminal or punitive penalties from Borrower or any other person for an alleged violation of Environmental Laws. 
  
 10.4 Borrower shall promptly notify the Bank in writing as soon as Borrower becomes aware of any condition or circumstance which makes the environmental
warranties or representations in this Agreement incomplete or inaccurate as of any date. 
  
 10.5 In the event of any condition or circumstance that makes any environmental warranty, representation and/or agreement materially incomplete or materially inaccurate as of any date, Borrower shall, at its sole
expense, retain an environmental professional consultant, reasonably acceptable to the Bank, to conduct a thorough and complete environmental audit regarding the changed condition and/or circumstance and any environmental concerns arising from that
changed condition and/or circumstance. A copy of the environmental consultant’s report will be promptly delivered to the Bank upon completion. 
  

					
	Comerica Bank - Loan and Security Agreement	 	Page 21	 	 

 10.6 At any time Borrower, directly or indirectly through any professional consultant or other
representative, determines to undertake an environmental audit, assessment or investigation, Borrower, shall promptly provide the Bank with written notice of the initiation of the environmental audit, fully describing the purpose and intended scope.
Upon receipt, Borrower, will promptly provide to the Bank copies of all final findings and conclusions of any such environmental investigation. Preliminary findings and conclusions shall be provided if final reports have not been completed and
delivered to the Bank within sixty (60) days following completion of the preliminary findings and conclusions. 
  
 10.7 Borrower hereby indemnifies and holds the Bank, its agents and any of its past, present and future officers, directors, shareholders and employees
harmless from any and all loss, damages, suits, penalties, costs, liabilities and expenses (including but not limited to reasonable investigation, environmental audit and legal expenses) arising out of any claim, loss or damage of any property,
injuries to or death of persons, contamination of or adverse affects on the environment, or any violation of any applicable Environmental Laws. In no event shall Borrower be liable hereunder for any loss, damages, suits, penalties, costs,
liabilities or expenses arising from any act of gross negligence or willful misconduct of the Bank or its agents or employees. It is expressly understood and agreed that (A) the indemnifications granted herein are intended to protect the Bank and
its past, present and future officers, directors, shareholders, employees, agents, consultants and representatives from any claims that may arise by reason of the security interest, liens and/or mortgages granted to the Bank, or under any other
document or agreement given to secure repayment of any indebtedness from Borrower, whether or not such claims arise before or after the Bank has foreclosed upon and/or otherwise become the owner of any such property; (B) all obligations of indemnity
as provided hereunder shall be secured by the Loan Documents; and (C) the provisions hereof shall be continuing and shall survive the repayment of any indebtedness from Borrower to the Bank. 
  
 10.8 Borrower shall maintain all permits, licenses and approvals required
under applicable Environmental Laws. 
  

	11.	NOTICES. 

  
 Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into in
connection herewith shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by a recognized overnight delivery service,
certified mail, postage prepaid, return receipt requested, or by telefacsimile to Borrower or to Bank, as the case may be, at its addresses set forth below: 
  

			
	If to Borrower:	  	Vista Print North American Services Corp.
	 	  	c/o VistaPrint USA, Incorporated
	 	  	100 Hayden Ave.
	 	  	Lexington, MA 02421
	 	  	Attn: Vice President of Finance
	 	  	FAX: (781) 577-7208
		
	With copies to:	  	VistaPrint USA, Incorporated
	 	  	100 Hayden Ave.
	 	  	Lexington, MA 02421
	 	  	Attn: Vice President of Finance
	 	  	FAX: (781) 577-7208
		
	 	  	and
		
	 	  	Jonathan Gitlin, Esq.
	 	  	McCarthy Tetrault LLP
	 	  	Box 48, Suite 4700
	 	  	Toronto Dominion Bank Tower
	 	  	Toronto, Ontario M5K 1E5

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 22	 	 

			
	If to Bank:	  	Comerica Bank
	 	  	2321 Rosecrans Ave., Suite 5000
	 	  	El Segundo, CA 90245
	 	  	Attn: Manager
	 	  	FAX: (310) 297-2290
		
	with a copy to:	  	Comerica Bank
	 	  	100 Federal Street, 28th Floor
	 	  	Boston, MA 02110
	 	  	Attn: James Demoy
	 	  	FAX: (617) 757-6310

  
 The parties hereto may
change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other. 
  

	12.	GENERAL PROVISIONS. 

  
 12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each of the
parties and shall bind all persons who become bound as a debtor to this Agreement; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which consent may be
granted or withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations,
rights and benefits hereunder. 
  
 12.2 Indemnification.
Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by
this Agreement; and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by Bank, its officers, employees and agents as a result of or in any way arising out of, following, or consequential to transactions between Bank and Borrower
whether under this Agreement, or otherwise (including without limitation reasonable attorneys fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct. 
  
 12.3 Time of Essence. Time is of the essence for the performance of
all obligations set forth in this Agreement. 
  
 12.4
Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
  
 12.5 Amendments in Writing, Integration. All amendments to or
terminations of this Agreement or the other Loan Documents must be in writing. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of this Agreement and
the other Loan Documents, if any, are merged into this Agreement and the Loan Documents. 
  
 12.6 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original,
and all of which, when taken together, shall constitute but one and the same Agreement. 
  
 12.7 Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations remain outstanding or Bank has any obligation to make any
Credit Extension to Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in Section 12.2 shall survive until all applicable statute of limitations periods with respect
to actions that may be brought against Bank have run. 
  
 12.8
Confidentiality. In handling any confidential information, Bank and all employees and agents of Bank shall exercise the same degree of care that Bank exercises with respect to its own proprietary information of 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 23	 	 

 
the same types to maintain the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that disclosure
of such information may be made (i) to the subsidiaries or Affiliates of Bank in connection with their present or prospective business relations with Borrower, (ii) to prospective transferees or purchasers of any interest in the Credit Extensions,
provided that they have entered into a comparable confidentiality agreement in favor of Borrower and have delivered a copy to Borrower, (iii) as required by law, regulations, rule or order, subpoena, judicial order or similar order, (iv) as may be
required in connection with the examination, audit or similar investigation of Bank and (v) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential information hereunder shall not include information that
either: (a) is in the public domain or in the knowledge or possession of Bank when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or (b) is disclosed to Bank by a third party, provided Bank
does not have actual knowledge that such third party is prohibited from disclosing such information. 
  
 12.9 Interest Rate Savings Clause. For purposes of the Interest Act (Canada), where in this Agreement a rate of interest is to be calculated on the
basis of a year of 360 or 365 days, the yearly rate of interest to which the rate is equivalent is the rate multiplied by the number of days in the year for which the calculation is made and divided by 360 or 365, as applicable. If any provision of
this Agreement or any of the other Loan Documents would obligate the Borrower to make any payment of interest or other amount payable to Bank in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by Bank
of interest at a criminal rate (as construed under the Criminal Code (Canada)), then notwithstanding that provision, that amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the
case may be, as would not be so prohibited by law or result in a receipt by Bank of interest at a criminal rate, the adjustment to be effected, to the extent necessary, as follows: 
  
 (a) firstly, by reducing the amount or rate of interest required to be paid to the Bank under the evidence
of the indebtedness; and 
  
 (b) thereafter, by
reducing any fees, commissions, premiums and other amounts required to be paid to the Bank which would constitute interest for purposes of Section 347 of the Criminal Code (Canada). 
  
 Anything contained in this Section 12.9 to the contrary notwithstanding, if after giving effect to all adjustments contemplated in this
Section, if Bank shall have received an amount in excess of the maximum permitted by the Criminal Code (Canada), then the Borrower shall be entitled, by notice in writing to the Bank, to obtain reimbursement from Bank in an amount equal to the
excess, and pending reimbursement, the amount of the excess shall be deemed to be an amount payable by Bank to the Borrower. 
  
 12.10 Net Payments. All payments by Borrower under this Agreement or any other Loan Document shall be made in such amounts as may be necessary in
order that all such payments, after deduction or withholding for or on account of any present or future taxes, levies, imposts, duties or other charges of whatsoever nature imposed by any government or any political subdivision or taxing authority
thereof (excluding net income taxes and franchise taxes imposed on (or assessed on the basis of) the net income of Bank by the jurisdiction or taxing authority of the jurisdiction of Bank’s organization), (all such non-excluded taxes, levies,
imposts, duties or other charges referred to herein, collectively, as “Taxes”), shall not be less than the amounts otherwise specified to be paid under this Agreement and/or the other Loan Documents. A certificate as to the calculation of
any additional amounts payable under this Section 12.10 submitted to the Borrower by Bank shall, absent manifest error, be final, conclusive and binding for all purposes upon all parties hereto. 
  
 12.11 Choice of Law. This Agreement shall be governed by and construed
in accordance with the laws of the Province of Ontario and the federal laws of Canada to the extent applicable. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement. Any legal action or proceeding with respect to this Agreement or any other Document may be brought in the courts of the Province of Ontario and any federal court of Canada having jurisdiction, and, by execution and
delivery of this Agreement, each party hereto hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid 

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 24	 	 

 
courts. Borrower further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the
mailing of copies thereof by registered or certified mail, postage prepaid, to its address for notices pursuant to Section 11 hereof, such service to become effective five (5) Business Days after such mailing or two (2) Business Days after deposit
with an express courier service. Nothing herein shall affect the rights of Bank to serve process in any other manner permitted by law. Borrower hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue of any
proceedings arising out of or in connection with this Agreement or any Document brought in the courts referred to above and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding
brought in any such court has been brought in an inconvenient forum. 
  
 12.12 WAIVER OF JURY TRIAL. THE BANK AND THE BORROWER, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY
LITIGATION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTION OF ANY OF THEM.
NONE OF THE LENDER AND THE LOAN PARTIES SHALL SEEK TO CONSOLIDATE, BY COUNTERCLAIM OR OTHERWISE, ANY SUCH ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THESE PROVISIONS
SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY THE LENDER AND THE LOAN PARTIES EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY ALL OF THEM. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written. 
  

			
	VISTAPRINT NORTH AMERICAN SERVICES CORP., a Nova Scotia corporation
		
	By:	 	/s/    PAUL C. FLANAGAN        
	 Title:
	 	Vice President
	
	 COMERICA BANK

		
	By:	 	/s/    ROBERT C. ROSEN        
	 	 	Robert C. Rosen
	 Title:
	 	Vice President

  

					
	Comerica Bank - Loan and Security Agreement	 	Page 25

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