Document:

Exhibit 10.2

Exhibit 10.2

CHAMPIONS BIOTECHNOLOGY, INC.

October 25, 2010

Ronnie Morris, M.D.

Dear Dr. Morris:

We are pleased to offer you the position of President of Champions Biotechnology, Inc. (the
“Company”). You will be employed by, and also serve as President of, the subsidiary of the Company
that is currently being formed in Israel. For so long as you serve as an executive officer of the
Company, the Company will nominate you as a member of the board of directors of the Company. This
offer is contingent upon your signing our Business Protection Agreement, a copy of which is
attached hereto, which protects the Company’s intellectual property and good will, among other
things. You will be entitled to indemnification by the Company to the fullest extent permitted by
law pursuant to the Indemnification Agreement attached hereto.

You will be entitled to salary equal to the minimum wage in Israel, as may be in effect from time
to time, which is currently NIS 3,850 per month. You will not be entitled to receive severance
payments or to receive employee benefits, except as required by applicable Israeli labor law. You
will be entitled to receive options to purchase 5,000,000 shares of common stock of the Company at
the times and on the terms set forth in Schedule A attached hereto.

Upon the closing of the next round of financing of the Company in the aggregate amount of at least
$5,000,000, and on the same price and other terms thereof, you will invest in the Company between
$250,000 and $500,000 (the “Personal Investment”).

Our employment relationship will not be for any specified duration and it will be terminable at
will, which means that either you or the Company may terminate it at any time. To facilitate the
Company’s provision of quality service, we expect you to provide at least 30 days’ advance written
notice if you decide to resign. If you decide to resign , you agree to resign also from the board
of directors of the Company and any subsidiary thereof. Any dispute regarding your employment will
be governed solely by the laws of Israel. You and the Company agree that any action arising out
of your employment will be brought in and will be subject to the exclusive jurisdiction and venue
of the competent courts in Israel.

This letter (including Schedule A attached hereto) contains the entire agreement between you and
the Company and supersedes any prior or agreement, understanding or commitment (oral or written) by
or on behalf of the Company, except for the Business Protection Agreement and the Indemnification
Agreement. The terms of your employment may be amended in the future, but only in writing and
signed by both you and by an authorized officer of the Company.
We expect that your engagement with us would start on October 26, 2010, or another mutually
satisfactory date (such start date, the “Commencement Date”). We will form the Israeli subsidiary
that will employ you as soon as practicable and in no event later than November 30, 2010. We will
cause the Israeli subsidiary to adopt a stock option plan in form and substance satisfactory to you
and retain a trustee under Section 102 of the Israeli Tax Ordinance [New Version], 1961 (“Israeli
Section 102”) and file said plan with the Israel Tax Authority as soon as practicable after its
formation and in no event later than November 30, 2010.

We believe you will be a productive member of our team and we hope you will accept our offer. If
you wish to do so, please sign this letter and return it to the Company within 10 days after the
date of this letter. We look forward to your joining our Company.

	 	 	 	 	 
	 	Champions, Biotechnology, Inc.

 	 
	 	By:  	/s/ Mark Schonau, CFO
 	 
	 	 	 	 
	 	 	 	 

	 	 	 	 	 
	Agreed and accepted:

 	 	 
	/s/ Ronnie Morris
 	 	 
	Employee Signature 	 	 
	 	 	 

Date: October 25, 2010

 

 

Schedule A to Agreement with Dr. Ronnie Morris

Option Terms

	 	•	 	Number of Options Shares: 5,000,000, which will be granted to Dr. Ronnie Morris
pursuant to Israeli Section 102 (the “Personal Options”), provided, however, that at the
election of Dr. Morris, up to 1,500,000 of such options will be granted to the R A Morris
Family Foundation (the “Foundation Options”).
	 
	 	•	 	Option Term: 10 years.
	 
	 	•	 	Exercise Price: The market price of the Company’s common stock, which is $0.875 per
share. Cashless exercise shall be permitted at your election starting two years after the
Commencement Date.
	 
	 	•	 	Vesting Schedule:

	 	•	 	2,500,000 options (i.e., half the Personal Options and half the
Foundation Options, if any) (the “Non-contingent Options”) shall vest monthly over
three years, in 36 equal installments, commencing from the Commencement Date.
	 
	 	•	 	2,500,000 options (i.e., half the Personal Options and half the
Foundation Options, if any) (the “Contingent Options”) shall vest monthly over three
years, in 36 equal installments, commencing from the Commencement Date but subject
also to satisfaction of the following conditions during the option term(the
“Conditions”):

	 	5)	 	Closing of one or more financings of the Company in the
aggregate amount of at least $5,000,000 (including your Personal Investment
and that of Joel Ackerman).
	 
	 	6)	 	Bringing in new Company management.
	 
	 	7)	 	Launching of personalized medicine (oncology) business.
	 
	 	8)	 	Commencing implementation of Business Plan.
	 
	 	•	 	Upon satisfaction of all of the Conditions, all Contingent Options that
would have vested had the vesting commenced from the Commencement Date shall
vest immediately. By way of illustration, if the conditions are satisfied
nine months following the Commencement Date, 9/36ths, or 25% of the
Contingent Options, shall vest.
	 
	 	•	 	So long as the Conditions are not satisfied, the Contingent Options shall
not be granted or exercisable; if all of the Conditions are not satisfied
within the three year vesting period, the Contingent Options shall lapse and
terminate.
	 
	 	•	 	At your request from time to time, the Company shall confirm whether any
of the Conditions has been satisfied, as determined in good faith by its
Board of Directors.

	 	•	 	Notwithstanding the foregoing, all options vest and become fully
exercisable upon a “Change of Control” (as defined below) or termination of
employment without “Cause” (as defined below).

	 	•	 	The Non-Contingent Options will expire 90 days following termination for Cause or
voluntary resignation; the Contingent Options will not be affected by such events, except
that vesting shall cease.
	 
	 	•	 	Grant Date: All of the Non-contingent Options and 2,250,000 of the Contingent Options
shall be granted on the 31st day following the filing of the option plan with
the Israel Tax Authority. The balance of 250,000 Contingent Options shall be granted
immediately upon the satisfaction of the Conditions, on the same terms as the
Non-Contingent Options. For the avoidance of doubt, all or a portion of such Contingent
Options will be vested and will become exercisable pursuant to the above terms. The
Company will take or cause to be taken all requisite actions to ensure capital gains
treatment of the Personal Options under Section 102 of the Israeli Income Tax Ordinance,
including establishing an Israeli subsidiary, adopting an Israeli option plan that complies
with said Section 102, filing such plan with the Israel Tax Authority and retaining a
trustee.
	 
	 	•	 	It is understood that at the present time, in view of the Company’s plans for raising
capital, the Company may not have sufficient authorized but unissued shares of common stock
necessary upon the exercise of the Options. The Company will take such action as may be
reasonable and practical, as promptly as practicable and in any event within 90 days of the
Commencement Date, to increase the number of authorized but unissued shares of common stock
to provide for the shares needed to be issued upon the exercise of the Options (the
“Capital Increase”).
	 
	 	•	 	All shares underlying the options will be registered by the Company with the Securities
and Exchange Commission on Form S-8 within 15 days following the effective date of the
Capital Increase.
	 
	 	•	 	Notwithstanding the foregoing, in no event will you be permitted to hold securities
representing more than 9.9% of the Company’s capital stock on an “equal diluted” basis.

 

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For purposes of this agreement, the following capitalized terms that have the following respective
meanings:

“Cause” shall mean any of the following: (i) willful misconduct in the performance of your material
duties; (ii) participation in any fraud against the Company; (iii) conviction of, or a plea of
“guilty” or “no contest” to, a felony or any crime involving dishonesty; or (iv) intentional damage
to any property of the Company of material value.

“Change of Control” shall mean the occurrence of any of the following:

(a) any “person,” as such term is currently used in Section 13(d) of the Securities Exchange Act of
1934, as amended (the “1934 Act”) (a “person”), other than Dr. David Sidransky, becomes a
“beneficial owner” (as such term is currently used in Rule 13d-3 promulgated under the 1934 Act (a
“Beneficial Owner”) of 30% or more of the Voting Stock (as defined below) of the Company;

(b) the Board of Directors of the Company adopts any plan of liquidation providing for the
distribution of all or substantially all of the Company’s assets;

(c) all or substantially all of the assets or business of the Company are disposed of in any one or
more transactions pursuant to a sale, merger, consolidation or other transaction (unless the
shareholders of the Company immediately prior to such sale, merger, consolidation or other
transaction beneficially own, directly or indirectly, in substantially the same proportion as they
owned the Voting Stock of the Company, more than fifty percent (50%) of the Voting Stock or other
ownership interests of the entity or entities, if any, that succeed to the business of the
Company);

(d) the Company combines with another company and is the surviving corporation but, immediately
after the combination, the shareholders of the Company immediately prior to the combination hold,
directly or indirectly, fifty percent (50%) or less of the Voting Stock of the combined company; or

(e) Continuing Directors cease to constitute at least a majority of the Board of Directors of the
Company.

“Voting Stock” of any entity shall mean the issued and outstanding share capital or other
securities of any class or classes having general voting power under ordinary circumstances, in the
absence of contingencies, to elect the members of the board of directors (or members of a similar
managerial body if such entity has no board of directors) of such entity.

“Continuing Director” means a director who either was a director of the Company on the Commencement
Date or who became a director of the Company subsequent thereto and whose election, or nomination
for election by the Company’s shareholders, was approved by a majority of the Continuing Directors
then on the Board of Directors of the Company.

 

iiiexv10w1

Exhibit 10.1

Restricted Share Unit Agreement

Granted Under The Amended and Restated 2005 Equity Incentive Plan

1. Grant of Award.

     Pursuant to authority delegated by the Supervisory Board and Management Board (the “Board”) of
Vistaprint N.V., a Netherlands company (the “Company”), pursuant to Section 3 of the Amended and
Restated 2005 Equity Incentive Plan (the “Plan”), this Agreement evidences the grant by the
Company on «GrantDate» (the “Grant Date”) to «Name» (the “Participant”) of «Numbershares»
restricted share units (the “Units”) with respect to a total of «Numbershares» ordinary shares of
the Company, €0.01 par value per share (the “Ordinary Shares”).

     Except as otherwise indicated by the context, the term “Participant,” as used in this award,
is deemed to include any person who acquires rights under this award validly under its terms.

2. Vesting Schedule.

     (a) Subject to the terms and conditions of this award, the Units vest in accordance with the
following schedule. On each vesting date each Unit is automatically converted into an Ordinary
Share (on a one-to-one basis). Vesting amounts pursuant to the following schedule are cumulative:

	 	•	 	25% of the original number of Units on «Vestingdate» (the “Vesting Date”),
	 
	 	•	 	and an additional 6.25% of the original number of Units at the end of each
successive three-month period following the Vesting Date until the third anniversary of
the Vesting Date.

     (b) Continuous Relationship with the Company Required. This vesting schedule requires
that the Participant, at the time any Units vest, is, and has been at all times since the Grant
Date, an employee, officer or director of, or consultant or advisor to, the Company or any parent
or subsidiary of the Company and as defined in Section 424(e) or (f) of the United States Internal
Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”) (an
“Eligible Participant”). Therefore, the Participant expressly accepts and agrees that any
termination of his or her relationship with the Company for any reason whatsoever (including
without limitation unfair or objective dismissal, permanent disability, resignation, desistance,
etc.), automatically means the forfeiture of all of his or her unvested Units, with no compensation
whatsoever. The Participant acknowledges and accepts that this is an essential condition of this
Agreement and expressly agrees to this condition as an essential part thereof. If the Participant
is employed by a parent or subsidiary of the Company, any references in this Agreement to
employment by or with the Company or termination of employment by or with the Company are instead
deemed to refer to such parent or subsidiary.

     (c) Termination of Relationship with the Company. If the Participant ceases to be an
Eligible Participant for any reason, then the vesting of Units ceases and the Participant has no
further rights with respect to any unvested Units. If the Participant, before this Award becomes
vested in full, violates the non-competition or confidentiality provisions of any employment
contract, confidentiality and nondisclosure agreement or other agreement between the Participant
and the Company or a parent or subsidiary of the Company, the vesting of Units ceases, and this
award terminates immediately upon such violation.

3. Timing and Form of Distribution.

     The Company shall distribute, as soon as practicable after each vesting date, the Units that
become vested on such date in the form of Ordinary Shares (on a one-to-one basis) (such date, the
“Distribution Date”). In no event shall the Distribution Date be later than 45 days following the

 

 

applicable vesting date, except that in the case of Participants who are not subject to U.S.
income taxes on this award, the Distribution Date may be a later date if required by local law.
The Participant will only receive distributions with respect to his or her vested Units and has no
right to a distribution of Ordinary Shares with respect to unvested Units unless and until such
Units vest. Once an Ordinary Share with respect to a vested Unit has been distributed pursuant to
this award, the Participant has no further rights with respect to that Unit.

4. Withholding.

     The Participant is required to satisfy the payment of any Withholding Taxes (as defined below)
required to be withheld with respect to the vesting of Units. As used in this Agreement,
Withholding Taxes includes, as applicable and without limitation, federal, state, local, foreign
and provincial income tax, social insurance contributions, payroll tax, payment on account or other
tax-related items. Furthermore, if the Participant is subject to tax in more than one
jurisdiction, the Participant acknowledges that the Company may be required to withhold or account
for Withholding Taxes in more than one jurisdiction. In order to satisfy the Withholding Taxes owed
with respect to the vesting of Units, the Participant agrees that:

     (a) Unless the Company, in its sole discretion, determines that the procedure set forth in
this Section 4(a) is not advisable or unless the Participant is subject to Swiss income taxes on
any income from this award, at the Distribution Date, the Company shall withhold a number of
Ordinary Shares with a market value (based on the closing price of the Ordinary Shares on the last
trading day prior to the Distribution Date) equal to the amount necessary to satisfy the minimum
amount of Withholding Taxes due on such Distribution Date.

     (b) If the Company, in its sole discretion, determines that the procedure set forth in Section
4(a) is not advisable or sufficient or if the Participant is subject to Swiss income taxes on any
income from this award, then the Participant, as a condition to receiving any Ordinary Shares upon
the vesting of Units, shall either (i) pay to the Company, by cash or check, or in the sole
discretion of the Company, payroll deduction, an amount sufficient to satisfy any Withholding Taxes
or otherwise make arrangements satisfactory to the Company in its sole discretion for the payment
of such amounts (including through offset of any amounts otherwise payable by the Company to the
Participant, including salary or other compensation), or (ii) if the Company in its sole discretion
determines to permit Participants to so elect, execute and deliver to the Company an irrevocable
standing order authorizing E-Trade or any broker approved by the Company to sell, at the market
price on the applicable Distribution Date, the number of Ordinary Shares that the Company has
instructed such broker is necessary to obtain proceeds sufficient to satisfy the Withholding Taxes
applicable to the Ordinary Shares to be distributed to the Participant on the Distribution Date
(based on the closing price of Ordinary Shares on the last trading day prior to the Distribution
Date) and to remit such proceeds to the Company. The Participant agrees to execute and deliver
such documents as may be reasonably required in connection with the sale of any Ordinary Shares
pursuant to this Section 4(b).

5. Nontransferability of Award.

     The Participant may not sell, assign, transfer, pledge or otherwise encumber this award,
either voluntarily or by operation of law, except by will or the laws of descent and distribution.
However, with respect to any award that is exempt from the provisions of Section 409A of the Code
and the guidance thereunder (“Section 409A”) or with respect to a Participant who is not subject to
U.S. income taxes on any income from this award, the Participant may transfer the award pursuant to
a qualified domestic relations order, or to or for the benefit of any immediate family member,
family trust, family partnership or family limited liability company established solely for the
benefit of the holder and/or an immediate family member of the holder if, with respect to such
proposed transferee, the Company would be eligible

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to use a Form S-8 for the registration of the issuance and sale of the Ordinary Shares subject
to such award under the United States Securities Act of 1933, as amended.

6. No Right to Employment or Other Status.

     This award shall not be construed as giving the Participant the right to continued employment
or any other relationship with the Company or any parent or subsidiary of the Company. The Company
and any parent or subsidiary of the Company expressly reserve the right to dismiss or otherwise
terminate its relationship with the Participant free from any liability or claim under the Plan or
this award, except as expressly provided in this award.

7. No Rights as Shareholder.

     The Participant has no rights as a shareholder with respect to any Ordinary Shares
distributable under this award until becoming recordholder of such shares.

8. Provisions of the Plan.

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

9. Nature of the Grant. In accepting this Agreement, the Participant acknowledges as
follows:

     (a) The Plan is established voluntarily by the Company, is discretionary in nature and cannot
be regarded as a contractual employment condition, benefit or other right in any way whatsoever.
Thus, the Company may modify, amend, suspend or terminate the Plan at the Company’s sole discretion
at any time, unless otherwise provided in the Plan or this Agreement.

     (b) The grant of the Units and the Ordinary Shares is voluntary and occasional and does not
create any contractual or other right to receive future awards of Units or benefits in lieu of
Units even if Units have been awarded repeatedly in the past.

     (c) All decisions with respect to future grants of Units and/or Ordinary Shares, if any, are
at the Company’s sole discretion.

     (d) The Participant’s participation in the Plan is voluntary.

     (e) The Units and the Ordinary Shares are extraordinary items that do not constitute
compensation of any kind for services of any kind rendered to the Company or to the Participant’s
employer, and the Units are outside the scope of the Participant’s employment contract, if any.

     (f) The Units and the Ordinary Shares are not part of normal or expected compensation or
salary for any purpose, including but not limited to the calculation of any severance, resignation,
termination, redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments, and in no event should be considered as compensation for,
or relating in any way to, past services for the Company or the Participant’s employer.

     (g) The future value of the underlying Ordinary Shares is unknown and cannot be predicted with
certainty.

     (h) If the Participant receives Ordinary Shares upon vesting, the value of such Ordinary
Shares acquired on vesting of Units may increase or decrease in value.

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     (i) In consideration of the grant of the Units, no claim or entitlement to compensation or
damages arises from termination of the Units or Ordinary Shares, diminution in value of the
Ordinary Shares or termination of the Participant’s employment by the Company or the Participant’s
employer for any reason whatsoever and whether or not in breach of local labor laws. The
Participant irrevocably releases the Company and his or her employer from any such claim that may
arise. If, notwithstanding the foregoing, any such claim is found by a court of competent
jurisdiction to have arisen, then, by accepting this Agreement, the Participant is deemed
irrevocably to have waived his or her entitlement to pursue such claim.

     (j) Further, if the Participant ceases to be a employee for any reason whatsoever and whether
or not in breach of local labor laws, the Participant’s right to vesting of the Units under this
Agreement and the Plan, if any, terminates effective as of the date that the Participant is no
longer actively employed by the Company and will not be extended by any notice period mandated
under local law (for example, active employment would not include a period of “garden leave” or
similar period pursuant to local law). The Company has the exclusive discretion to determine when
the Participant is no longer actively employed for purposes of this Agreement and the Plan.

10. Imposition of Other Requirements. The Company reserves the right to impose other
requirements on the Participant’s participation in the Plan, on the RSUs and on any Ordinary Shares
acquired under the Plan to the extent the Company determines it is necessary or advisable in order
to comply with federal, state, local, foreign or provincial laws or to facilitate the
administration of the Plan, except that with respect to awards that are subject to Section 409A, to
the extent so permitted under Section 409A. Furthermore, the parties hereto agree to execute such
further instruments and to take such further action as may reasonably be necessary to carry out the
intent of this Agreement and the Plan.

11. Data Privacy Notice and Consent. The Participant hereby explicitly and unambiguously
consents to the collection, use and transfer, in electronic or other form, of his or her personal
data as described in this paragraph, by and among, as applicable, the Participant’s employer and
the Company and its subsidiaries and affiliates for, among other purposes, implementing,
administering and managing the Participant’s participation in the Plan. The Participant
understands that the Company and its subsidiaries hold certain personal information about the
Participant, including the Participant’s name, home address and telephone number, date of birth,
social security number or identification number, salary, nationality, job title, any Ordinary
Shares or directorships held in the Company, details of all options or any other entitlement to
Ordinary Shares awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s
favor, for the purpose of managing and administering the Plan (“Data”). The Participant further
understands and agrees that the Company and/or its subsidiaries will transfer Data amongst
themselves as necessary for employment purposes, including implementation, administration and
management of the Participant’s participation in the Plan, and that the Company and/or any of its
subsidiaries may each further transfer Data to E-Trade or such other stock plan service provider or
other third parties assisting the Company with processing of Data. The Participant understands
that these recipients may be located in the United States, and that the recipient’s country may
have different data privacy laws and protections than in the Participant’s country. The
Participant authorizes them to receive, possess, use, retain and transfer the Data, in electronic
or other form, for the purposes described in this section, including any requisite transfer to
E-Trade or such other stock plan service provider or other third party as may be required for the
administration of the Plan and/or the subsequent holding of Ordinary Shares on the Participant’s
behalf. The Participant understands that he or she may, at any time, request access to the Data,
request any necessary amendments to it or refuse or withdraw the consents in this Section 11, in
any case without cost, by contacting in writing his or her local human resources representative.
The Participant understands, however, that withdrawal of consent may affect the Participant’s
ability participate in or realize benefits from the Plan. For more information on the

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consequences of refusal to consent or withdrawal of consent, the Participant understands that he or
she may contact his or her local human resources representative.

12. Reorganization Events and Change in Control Events.

          (a) Reorganization Event.

          (i) In connection with a Reorganization Event (as defined in the Plan), the Board
may take any one or more of the following actions with respect to the Units on such terms as the
Board determines (except to the extent specifically otherwise provided in another agreement between
the Company and the Participant): (A) provide that outstanding Units shall be assumed, or
substantially equivalent Units shall be substituted, by the acquiring or succeeding corporation (or
an affiliate thereof); (B) provide that outstanding Units shall become vested and deliverable in
whole or in part prior to or upon such Reorganization Event; (C) in the event of a Reorganization
Event under the terms of which holders of Ordinary Shares will receive upon consummation thereof a
cash payment for each share surrendered in the Reorganization Event (the “Acquisition
Price”), make or provide for a cash payment to Participant with respect to each Unit held by a
Participant equal to (I) the number of Ordinary Shares that vest upon or immediately prior to such
Reorganization Event multiplied by (II) the excess of (X) the Acquisition Price over (Y) any
applicable tax withholdings, in exchange for the termination of such Units; (D) provide that, in
connection with a liquidation or dissolution of the Company, the Units shall convert into the right
to receive liquidation proceeds (if applicable, net of any applicable Withholding Taxes); (E)
provide for the termination of unvested Units immediately prior to the Reorganization Event; (F)
any other action permitted under the Plan; and (G) any combination of the foregoing. In taking any
of the actions permitted under this Section 12(a)(i), the Board shall not be obligated by the Plan
or this Agreement to treat all awards of Units under the Plan, all awards of Units held by a
Participant, or all awards of the same type, identically.

          (ii) Notwithstanding the terms of Section 12(a)(i), in the case of outstanding Units
that are subject to Section 409A: (A) if another agreement between the Participant and the Company
provides that the Units shall be settled upon a “change in control event” within the meaning of
Treasury Regulation Section 1.409A-3(i)(5)(i) (a “Section 409A Change in Control”), and the
Reorganization Event constitutes a Section 409A Change in Control, then no assumption or
substitution shall be permitted pursuant to Section 12(a)(i)(A) and the Units shall instead be
settled in accordance with the terms of the applicable agreement; (B) the Board may only undertake
the actions set forth in clauses (B), (C), (D), (E) or (F) of Section 12(a)(i) if the
Reorganization Event constitutes a Section 409A Change in Control and such action is permitted or
required by Section 409A; and (C) if the Reorganization Event is not a Section 409A Change in
Control or the action under clauses (B), (C), (D), (E) or (F) of Section 12(a)(i) are not permitted
or required by Section 409A, and the acquiring or succeeding corporation does not assume or
substitute the Units pursuant to clause (A) of Section 12(a)(i), then the unvested Units terminate
immediately prior to the consummation of the Reorganization Event without any payment in exchange
therefore.

          (iii) For purposes of Section 12(a)(i)(A), the Units are considered assumed if,
following consummation of the Reorganization Event, such award confers the right to receive
pursuant to the terms of such award, for each Ordinary Share subject to the Units immediately prior
to the consummation of the Reorganization Even, the consideration (whether cash, securities or
other property) received as a result of the Reorganization Event by holders of Ordinary Shares for
each Ordinary Share held immediately prior to the consummation of the Reorganization Event (and if
holders were offered a choice of consideration, the type of consideration chosen by the holders of
a majority of the outstanding Ordinary Shares), except that if the consideration received as a
result of the Reorganization Event is not solely common stock of the acquiring or succeeding
corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or
succeeding corporation, provide for the consideration to be

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received upon the exercise or settlement of the award to consist solely of such number of
shares of common stock of the acquiring or succeeding corporation (or an affiliate thereof) that
the Board determined to be equivalent in value (as of the date of such determination or another
date specified by the Board) to the per share consideration received by holders of outstanding
Ordinary Shares as a result of the Reorganization Event.

     (b) Change in Control Event.

          (i) Upon the occurrence of a Change in Control Event (as defined in the Plan),
regardless of whether such event also constitutes a Reorganization Event (except to the extent
specifically otherwise provided in another agreement between the Company and the Participant),
one-half of the number of then unvested Units become vested if, on or prior to the first
anniversary of the date of the consummation of the Change in Control Event, the Participant’s
employment with the Company or the acquiring or succeeding corporation is terminated for Good
Reason (as defined below) by the Participant or is terminated without Cause (as defined in the
Plan) by the Company or the acquiring or succeeding corporation.

          (ii) For purposes of this Agreement, “Good Reason” means (A) any significant
diminution in the Participant’s duties, authority or responsibilities from and after the Change in
Control Event, (B) any material reduction in base compensation payable to the Participant from and
after the Change in Control Event, or (C) the relocation of the place of business at which the
Participant is principally located to a location that is greater than 50 miles from the current
site. However, no such event or condition constitutes Good Reason unless (x) the Participant gives
the Company a written notice of termination for Good Reason not more than 90 days after the initial
existence of the condition, (y) the grounds for termination (if susceptible to correction) are not
corrected by the Company within 30 days of its receipt of such notice and (z) Participant’s
termination of employment occurs within six months following the Company’s receipt of such notice.

13. Section 409A.

     (a) This Agreement is intended to comply with or be exempt from the requirements of Section
409A and shall be construed consistently therewith. The Company makes no representations or
warranties and will have no liability to the Participant or to any other person, if any of the
provisions of or payments under this Agreement are determined to constitute nonqualified deferred
compensation subject to Section 409A but that do not satisfy the requirements of that Section.

     (b) If the Units are considered to be “nonqualified deferred compensation” within the meaning
of Section 409A, and the Participant is considered a “specified employee” within the meaning of
Section 409A, then notwithstanding anything to the contrary in this Agreement, no Ordinary Shares
that are required to be delivered upon vesting of Units that occurs upon a termination of
employment shall be delivered to the Participant until the earlier of (i) the six-month and one-day
anniversary of the Participant’s termination of employment and (ii) the Participant’s death.

     (c) For purposes of Sections 12(b)(ii) and 13(b) of this Agreement, “termination of
employment” and similar terms mean “separation from service” within the meaning of Section 409A.
The determination of whether and when Participant’s separation from service from the Company has
occurred shall be made in a manner consistent with, and based on the presumptions set forth in,
Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Section 13(c), “Company”
includes all persons with whom the Company would be considered a single employer under Section
414(b) and 414(c) of the Code.

6

 

PARTICIPANT’S ACCEPTANCE

     By signing or electronically accepting this Agreement, the Participant agrees to the terms and
conditions hereof. The Participant hereby acknowledges receipt of a copy of the Vistaprint N.V.
Amended and Restated 2005 Equity Incentive Plan.

7

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