Cimpress NV

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2016 Annual Report

CIMPRESS N.V. | HUDSONWEG 8 | 5928 LW VENLO | THE NETHERLANDS

 
 
 
Annual Revenue
U.S. Dollars in Millions

$1,788

Selected Profit Measures*
U.S. Dollars in Millions

$1,494

GAAP Operating Income 

Adjusted NOPAT 

$140  

$1,270

$1,167

$1,020

$817

$670

$516

$401

$256

$152

$125  

$96  

$93  

$88  

$77  

$86  

$84  

$78  

$62  

$41  

$59  

$55  

$50  

$46  

$27  

$19  

FY06

FY07

FY08 FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY06

FY07

FY08 FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

Cash Flow Measures*
U.S. Dollars in Millions

GAAP Weighted Average Diluted Shares Outstanding
In Millions

Cash Flow from Operations 

Free Cash Flow 

$247  

$242  

45.4

46.0

44.6 45.3 45.0

42.6

39.0

34.5 34.2

33.8 33.0

$154  

$157  

$152  

$165  

$160  

$147  

$142  

$121  

$95  

$130  

$89  

$54  

$52  

$46  

$35  

$7  

$19  

$72  

$54  

FY06

FY08 FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY06

FY07

FY08 FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

($13)  

FY07

* Please see non-GAAP reconciliation at the end of this Annual Report and proxy statement.

CORPORATE INFORMATION

Management Board

Independent Registered Public Accounting Firm

Robert Keane

President & Chief Executive Officer

Chairman, Management Board

Will Jacobs

Executive Vice President &

Chief Supply Chain Officer

Don Nelson

Executive Vice President &

President, Mass Customization Platform

Trynka Shineman Blake

Executive Vice President &

President, Vistaprint Business Unit

PricewaterhouseCoopers LLP

101 Seaport Boulevard

Boston, MA 02110

USA

Phone: +1-617-530-5000

Corporate Counsel

Stibbe N.V.

Beethovenplein 10

1077 WM Amsterdam

The Netherlands

WilmerHale

60 State Street

Boston, MA 02109

USA

Phone: +31-20-546-06-06

Phone: +1-617-526-6000

Other Executive Officers

Transfer Agent

Kees Arends

Executive Vice President &

President, Upload and Print Business 

Units

Officer

Lawrence Gold

Executive Vice President &

Chief Legal, Talent and Sustainability 

Computershare Trust Company, N.A.

250 Royall Street

Canton, MA 02021

USA

Phone: +1-800-962-4284

Financial Information

Ashley Hubka

Executive Vice President &

Chief Strategy Officer

Don LeBlanc

Executive Vice President &

President, Vistaprint Corporate 

Solutions

Sean Quinn

Executive Vice President &

Chief Financial Officer

Supervisory Board

Richard T. Riley

Chairman, Supervisory Board

Paolo De Cesare

John J. Gavin, Jr.

Eric C. Olsen

Dr. Nadia Shouraboura

Mark T. Thomas

Scott Vassalluzzo

To request financial documents such as our 10-K for the 

fiscal year ended June 30, 2016, as filed with the 

Securities and Exchange Commission, please visit 

ir.cimpress.com, call our investor relations line at 

+1-781-652-6480 or send an email to ir@cimpress.com.

General Information

Members of the media or others seeking information on 

the company should contact the public relations 

department at mediarelations@cimpress.com

Annual General Meeting of Shareholders

November 15, 2016

Hudsonweg 8

5928 LW Venlo

The Netherlands

Address

Hudsonweg 8

5928 LW Venlo

The Netherlands

s

 

  

              
                 
     

                  
            
               

       

      
     
     

     
   
  

   

                 
                
        

     

              
   



       

             

            
     



      

                  
            
          

       

              
          
    

            

             
                
  

              
                
               
             
               
                 
              
                 

                   
               
                  
              
                
              



               
                 
                





          
              
       
              


                  
                 
           

    

                
              
              
                 
               

               
                 
                 
             
              
              

                
             
                
                
               
              



                
                  
  

   
              











               

 

 

   

  

             
                   
                 
             
   

    
              

 









































































                
              
        

                  
                
                   



                 
               


               
              
               
                
          
             
                
     





             
                
             
               
                
               
            

               
            
              
            

    

                  
                 
              
               
              
              
                 
               
             
  

                
                  
                
              
             
                
      

                  
                

            
                      
            



                   
                
             
                
          

             
              
               
                 
                  
              
           

                
                
                    
                 
                 
             

  
               
           
                 
             
               
   

  









  



           
      
        
          
         
        

          
          
        

          
             
        
            
    

 

 



 
 















            
       
       





                 
                
                



              
             
            
               
               
               
            
   

               
                  
             
             
                    
               

   
                
             
              
             
               
  

   


          
       
    

         
         
        
         
   

          
        
           
          

          
         
     
         
        
            
    

        
         
          
        
          
            
            

 

 



 
 
























 

 




 

 

 

 





               






            
             
                


            
              
             
              
               
              
              
           
             
             
             

                

             
            
               
              
        

   
               
               
                
     

                 
               
               

                   
                 
                      
               

                   
               
                     
           

   
               
              
        

                   
            



                  
                 
                
               
                 
        

          

             
                
           
             
             
               
          

                
                 
               
                   
                 
                
                
             
             
                
            
              
   

                

              
                

             


 
 

    
     
    

  

    
    


         
        
         
       
           
      
           
         
           
  

        
         



 
   

     
    
    
   




       
 



  

   

     
    
   
    
    
 

      
      
      
     
  

 

      
 

 

     
    




  
  






          
        
         
       
        

         
            
       
          
    

         
          
        
            
        

         
        
         
        
       
    
         
         
     

           
         
          
        


           
         
       
         
         
           
         
         
          
          
      
            
         
        
           
         
           
          
        
     
          
         
        
            
           
           
       
        



  
                
                
        

               
                 
                 
                    
                 
     

              
               
                  
             

              
              
              
                
               
         

   

               
                 
        

               
               
            
               
                 
                
               
            
                
                  
               
               
     



    
  

  

 

    
  

   

 

    
  

  

 

    
  

 





 




 







 
 

 

 





 





 

 





 

 

 




 




 

 




 
 

               
              

         



  

  
 
 
  

    


   
        






   
        

     
  
   

  



      















































 



 





   


   









                 
             



    



  

  
 
 
  

    


   
        






   
        

     
  
   

  



    

     















































 



 





   


   









                    
               
                  
            
         

              
                 
               
                 
                   
               
              
          

                 
                
                  
                  
                 
                
            

                
            
                
                  



2015 analysis and we expect to continue to refine this analysis over time. We have not tried to
retroactively change or narrow the range from our fiscal year 2015 analysis.7

Our calculation of the high and low ends of our current estimate of the range of SSFCF for fiscal year
2016 is provided in the table below and illustrated alongside our fiscal year 2015 range estimate in the
chart that follows the table.

Million USD
Free Cash Flow8
Add back cash interest expense

Unlevered Free Cash Flow

Adjustments for pro-forma of recent M&A and non-steady state working capital change

Adjustment for fiscal year 2017 incremental impact of loss of certain partner profits

Adjustment for fiscal year 2017 incremental impact of Vistaprint shipping price reductions

Adjustment for income tax refund received in fiscal year 2016 related to U.S. taxes in prior periods

Pro-forma Unlevered Free Cash Flow normalized for the above items

Add back Major Organic investments

Free Cash Flow without Major Organic investments

Add back all Diverse Other Investments

Free Cash Flow without all organic investments

Subtract low estimate of diverse other investments needed to maintain steady state

High estimate of Steady State Free Cash Flow

Subtract increment from low to high estimate needed to maintain steady state

Low estimate of Steady State Free Cash Flow

FY16

$152

$31

$183

$(20)

$(17)

$(17)

$(8)

$121

$114

$235

$176

$411

$(60)

$351

$(80)

$271

Annual Range Estimates of Steady State Free Cash Flow

$385

$210

)
s
n
o

i
l
l
i

M

(
$

$400

$300

$200

$100

$0

$351

$271

Fiscal Year 2015
(estimate made in July 2015)

Fiscal Year 2016
(estimate made in July 2016)

Our weighted average of diluted shares outstanding was 33,816,498 for the year ending June 30, 2015
and 33,049,454 for the year ending June 30, 2016.

7 Since estimating our SSFCF in fiscal year 2015, we have made two changes that would have increased the basis for our
SSFCF estimate at that time. The first is that we adopted the new share-based compensation accounting standard, ASU
2016-09, which effectively increases our presentation of cash flow from operations and free cash flow. The second is that we add
back cash interest expense to arrive at unlevered free cash flow. We have not updated the fiscal year 2015 estimated SSFCF
range in the chart or on the following page to reflect these changes.
8 Cash flow from operations for fiscal years 2015 and 2016 was $242 million and $247 million, respectively. Please see
reconciliations of non-GAAP measures at the end of this letter.

13

               
                    
                    
                
                 
            
                
              
      

               
                 
                 
                
                
               
                   
                
                  
                  
             
                
          

                   
                 
               
                  
            
      

                   
               
          
               
                
       

       

            

               

  

               
                 
                
                   




With more than $1.3 billion of anticipated capital deployment over the three-year period from fiscal years
2015 to 2017, clearly we are bullish on Cimpress' future and are investing accordingly.

Capital Allocation Summary

s
n
o

i
l
l
i

M

,

D
S
U

$700

$600

$500

$607M

$400

$379M

$360M

$300

$200

$100

$0

FY15

FY16

FY17 Plan

Share repurchases

M&A

Major organic investments

Diverse Other organic investments

Allocated Capital ($M)

Diverse Other organic investments

Major organic investments

M&A

Share repurchases

Total capital deployed

FY15

$175

$80

$124

—

$379

FY16

FY17 Plan

$176

$114

$163

$154

$607

$250

$110

—

—

3-Year
Total
$601

$304

$287

$154

Percent of
Total
45%

23%

21%

12%

$360

$1,346

100%

This letter has intentionally focused on financially oriented views of Cimpress' investment philosophy,
past and future investments, and the steady state cash generation capabilities of our company. We
reiterate that many of these figures in this letter are estimates for which we necessarily make judgment-
based approximations. Despite its inexact nature, we share this information with you to provide you with
data with which you can make your own assessment of the value of Cimpress.

Beyond this letter and our GAAP financial results, we believe that an important complementary piece of
information for investors is an understanding of the more qualitative aspects of our business. So at our
upcoming investor day on August 10, 2016 we will try to impart a transparent view of those qualitative
aspects in addition to discussing the subjects covered in this letter.

Should you attend our investor day, in person or via web cast, I hope you will come to share our view
that, as we enter fiscal year 2017, Cimpress is in a position of strength in terms of our technology, our
manufacturing and supply chain operations, our operations, our international reach, the reputations and
value propositions of our brands and the talent of our team members. Very importantly, we are also in a

15

                
             
             

                  
                
             
                
        



 
  
 

  



   
             
                
               
                  
                  











                  
              
           

                 
              
                
              
                  

              
                   
                

              
           
           


            







     

           
             
           
           
           
    
     

               
                   
                
                 
                

                   
               
                
                 
     

            
                  
                   
            
     



    

  
   

     

     






 






















       













      













        


      

  







































                  
                      
                     


     
   






 









 



 



  

   



    







   







 

   



































  

   
      



















               

 

 

   

  

     

  
   
                    
            

 

    













   

          

 

    













   



   

     

  
  
  

    

     

  
   
                  
                  
                  
  





  

 

 

 

 
  













 

 

 

 

  

 
  











 

  

   































    











  











      
  











 

  

   































    











  











      
  











    
    













     
  
   

  

  

 

      

 

  

 

      

































           





    

  

   

    

  

         

 

  

   

    

  

         

           

   

  

   

    

  

         

 

  

   

    

  

         

           









































































































         







Reconciliation of Non-GAAP Financial Measures (continued)
Revenue Growth Rate by Geography: Reported (USD), inclusive of acquisitions and joint ventures from the date of transaction
close

North America

Europe

60%

50%

40%

30%

20%

10%

0%

-10%

Q1FY11
Q2FY11
Q3FY11
Q4FY11
Q3FY12
Q1FY13
Q1FY14
Q1FY15
Q3FY15
Q3FY16
Q1FY12
Q2FY12
Q4FY12
Q2FY13
Q3FY13
Q4FY13
Q2FY14
Q3FY14
Q4FY14
Q2FY15
Q4FY15
Q1FY16
Q2FY16
Q4FY16

60%

50%

40%

30%

20%

10%

0%

-10%

Q1FY11
Q2FY11
Q3FY11
Q4FY11
Q3FY12
Q1FY13
Q1FY14
Q1FY15
Q3FY15
Q3FY16
Q1FY12
Q2FY12
Q4FY12
Q2FY13
Q3FY13
Q4FY13
Q2FY14
Q3FY14
Q4FY14
Q2FY15
Q4FY15
Q1FY16
Q2FY16
Q4FY16

Revenue by Geography
Constant-currency revenue growth excluding revenue from acquisitions and joint ventures during the first year of ownership

Reported revenue growth

Currency impact

Revenue growth in constant currency

Impact of acquisitions and joint ventures
in the first year of ownership

Revenue growth in constant currency ex.
acquisitions and joint ventures in the first
year of ownership

North America

Europe

Other

FY2015

FY2016

FY2015

FY2016

FY2015

FY2016

11%

—%

11%

—%

9%

1%

10%

—%

28 %

11 %

39 %

34 %

8 %

42 %

12 %

11 %

23 %

(33)%

(31)%

(10)%

4%

15%

19%

—%

11%

10%

6 %

10 %

13 %

19%

21

     

 











 



 

 
 
 
 



 

 

 
 
  
 









 



 

 
 
  
 


 

 

 
 
  
 























 





















































 









 

 

 

 



 

 

 

 

 

 

 

































































































































 

 

 

 

 

 

 



 

 



 

 



 











 

 

 

 



 

 



 

 

 



 

 

 



 

 

 



 

 

 

 







 

 

 





















 



 



 



 



 

 

 



 

 

 



 

 

 



 

 

 



 

 

 



 

 

 



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 

 

 

 

 

 

 

 

 





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 

 

 

 

 

 

 

 


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

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





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





















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



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
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





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

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
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

 
                   
                 
               
              
                
 

                  
             

    
                
                 
                  
                 
                  
                 
              
                   
                   
                    
                        
                   
                   
                  
                 
                 
               
                      
                      
                  
                  

                    
                
              
                   



 
   
  


 

 


              
       




              
    



   


 

        


 
    
  


 
 

 
  
 
      

      
        

   
    

     
   



         
                        

                        

    

                        
                          
            

                    
                        
                   

                       
                       
        

                     

       

   

  
   

  
       

                     

                    
                       
       

                  

   

                       

                           
 

 
    
       

  

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 
 



                                                                   
                                                                 
                                                      
                                                                  
                                                            
                                                         

          
                                                             
                                                         
             
                                 
                                         
                      
                                                        
                                                             

                                  
                                                       
          
                                                                    
                    
                                              

                                           






















































 





 

               
                 
              
                
               
              
                  
             
 

 

        

         

                  
               
         

    

                

               
                
                
     

      

        
       
       
          
       
          
      
      
          
    

     
       
      
      
       
     
      
      


                

                   
                  
                   
               



                 


            







             
               
               
             
  

              
               
              
                 
               
            
               
                 
          

                 
                 
               
               
             
                
               
       

  

                 

                  
        

             



        

              

             
             



                 
                 
                   
                  
                
                  
               
             

   

  












  

  



  

 


   

 

  

  

   

  

 

 

   

 

  

   



    

     

               

              
              
           
             
             

              
                   
                   
 

               

                 
                 
              
                  

              
                  
              
                
               
               
              
                 
                  
           

               
               
                   
               
                 

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                  
     

                

               
                
              
                
                
                
    

               

                 
                  










             
                
           

             
              

              
                
         

             
         

 

            
                
                
               
         

           

            
                 
                    
                 
             
               
  

              
                 
                  
              
                   
                
             
               
       

                
                 

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              
                   
                 
              
               
                
              
             
                 
                  
              
             
               
               

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              

               
                 
                
                
                 
                
                   
                 
                
                
                 
  

 

                  

               
              
             
         

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  

                

               
                
                 
                
                
               
                
            

                

              
                     
              
            
              


  

                

                
                 
             


 

                 

                  
                
                 
                  
            

    





           
           
                
               
                 
               
            
               

            
         
           
              
                
           
              












 

           

             
                
              
  

 

             
            
                
             
              
               
              
           
               
              
                   
   

 

              
               
             
                
               
  



              
                 
                   
                
               
             
             
  

    

      
     
       
         
        
       
        
         

    

     
        
        
     
    
     
      
      
     
     
    


      

      
       
      
          
       
       
       
   
       


                

               
                 
               
   



     

             

            
                
                   
                    
       

                  

                   
              
            
 

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









              

               
             
                   
                   
         

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           

       

   

   

          

 

              
 

              
  

       

      

     

              

              

             
              
               
                
                 
        

                 

          

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                 
                 
                 
  

 

               

             
              

                  

               
               
 

    

                

            
             
               
                   
               
                
                
               
         



             

                 
            
                 
                
                
              




              



 

               

                   
                
                 
              
                
               

 

                

                  
                  
                   

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                   
                  
               
              
                  
                  
                  
                
                    
      

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 

 

               
                
                
                  
                 
             
             

    

               

               

                    
          

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             
   

                 
    

                


                
               

               
      

                   
       

                
     

              

        

        

           

           

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          

            

                 

  

                   

                  
                   
                  

               
          

              
                  
                
              
        

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            

        

     

            

        

     

        

              

                
              
                   
              
       

               
    

                 

                
                
               
               
           
               
                 
                
             
    



               
         

                 
                  
               
               
                  
                
                 
       

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              
                

               
  

                


  

             

        

         

            

         

               

         

            
            
       

     

              
 

     

        

         

        

              

                  
              
                
                



               
   

                 
              
               
                
            
                   
                  
    

                 

                  

             
        

              

                 
              
                  
                     
   

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

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



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

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           

               
     

               
    

              

           

             


      

              
   

            

               
    

     

             
        

          

         

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             

               


              
                
                   
                  
              

                 

                
                
                 
                
                 
             

         

               

                
                
                  
                  
                    
      










          

                

  



              

               

  

               

           



                


               



              

      

                   
                  


               

                
                   



                
             

          

               

             
               
          

              

                   
                    
                  
               
             
                 
                 
               
               
            
             
  

                 
      

                 
                   
                
                
                
                   
                  
               
               

            

               

                
                 
                
                 
              
              
               
                
                    
                
                 
         

            

                

                
                  
                 



              
       

            

           
                   
                   
               
                    
               

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     

         

       

    

             

              
  

               

       

              

                 
                
               
        

            

              

             
            
             
                  
              
 

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      

               

              
 

 

        

   

    

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       

   

   

             

              

             
                 
             
               
               
               

                    

              
                
                 
   

              


                   
                  
                
               
                  


             
             
       

                

                 
                 
              
  

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    

       

             

             

    

                 

                
                     
      



                 
        

                 
                  
               

               
     

             
                
              
                   
                
                 
                 
           

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              

                 
               
                   
                  
                 
       

              
       

                   

              
             
              
                 
                  
                 
                  
               
                
                     
     

               

                 
                

                  
   

               
                 
               
                   
                
             



               
            

                  

                  
                 
             



       

            

       



        

    



 

     

     

           



          

                  
               
                
                    
    

                

                 
                    
               
     

                  

         

           

                



        

           

                   
                  
             












                 
                  
                  
               


               







             
     

                 
             
     

         

                 

        



                 


            



    

                    
             

               
              
                
                   
                  
               
                 
                
     

                  

                 
            

               
   

                  

                
                 
               
                  
                
                  
                   
       

             



 

             

                
                  
                 
              
                
               
                    
           

                
                


              
               
                  
                
               
                 
                 
               
                  
          

               
             

                 
                    
              
                    
               
                 
                  
        

              
            

               
                
               
                
                
 

               
   

                 

             
                
           
                 
                 
               



                
     

                 
             
       

                  

              
                  
                    
                 
               
                 
                
        

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







      

                 

                   
                
                  
                 
                      
                  
         

               

               
                 
                  
                
                     
                  
               


                  

                  
                 
              

                   
                
  

                  

                 
                     
                     
                  
              

               

                  
                  



                   
                 
                 
                  
                   
   

                
               

               
               
                  
                
               
                   
     

     

             
       

                
                  
                   
                   
                   
                  
                
          

                

                 

                    
                 
                 
                   
                 
               
               
  

               
    

             

              
                  
               
               
               
                    
                 
                 
                  
                    
                



            
                  
   

                

                
                 
                 
                   

            
                 
                 
                  
               
                    
                  
                 
           










              


               

               
             
               
                     
              
              
                 
              
           

               
        

                 
               
               
                
              
                   
             

                
             

                 

                 
                    
                 
                   
                  
                    
                       
                   
      



                
 

                 

                  
                 
                 
                   
                 
                 
                    
                   
          

                
       

                 

                 
                     
               
              

                      

                   
                     
            

                  
            
      

                  

             
                      
              
                   
                     
                  
                    
                   
                  
                
      

               

                  
                  
                    
                   
                    
                   
                

                 

                
           












                   


             

                 
                  
         

 

  



 



             

 




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              

              
             
              
               


               

  

 



 

 




    
 

    

  
 

  


 





    
  

    
  

    

    



    
 

    


                      
    
         

                    

             

 

 

                  

               
          

 

  



 

 
  

          

               

                  



                  
               

 
                                                           
                                                        
                                                          
                                                         

 
                                                           
                                                        
                                                          
                                                         





 
 
 
 

 
 
 
 



















                 

                  
                  
                 
                
                    
                 
      

    

                  
                
                 
                 
               
              

                

               
    



 

              
                 
                   
                   


      
      
     






































 

 

  

 
 
  

   


 















   







    








                



 

  

              

              
                
     

   

 

 

 

 

 

       

    

                                         



















                    











       

                                         

                                        





































       
   

                                        











                                       











 

 

 

 

 

   

 

     
                    
                 
                           
                  
                                 



























































   
            
                                  
                                     
            
                             



 

 

 

 

 

 

   



























































                      
                    
 

                  
                   
                       
                   
                        
 

                          

                       
                

                         
                      
        

                        
                       
   



                     

                    
                  
                    

                       
                 
                   

                       

                   
                    
   

                      
                   
    

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







 

          

           

               
                    
               
             
            
             
               
                  
              
                
               
                  
         

 

               
                
              
              
                  
              
                  
             
       

              
                 
           
              
              
          
                
               
           

             

            
                   
             



  





       

           

        





       

          

                  

              
                
                  
               
                
            
                 
               
           

    

            
                
              
               
               
              
                
                 
               
             
     

            

              
                 
                
                 
                  
              
                 
               
                
                
           

                
                
               
                  
                
               
              
               
                    
                

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                

               
                
               

           

                  
    

                  

                    
             
                
              
                 
                
                
                    
             
      

             
               
               
            
              
            
               
                
                 


               

                 
             
              
                 
                   
                   
                     
              
                  
                   
                

               

                
                 
                   
                    
                  
               
     

            

              
              
                    

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                  
                  
                 
              
                 
     

            

                  
              
              
                
                    
                 
                 
               
              
               
            

                  

                    
                 

           

               
                 
                     
                
                
              
                
       











          

       

 

     

                 
   

                     
                 
               
                 
               
          

                

                   
                
               
               
                 
                  



              
           

               
             
               
                  
                 
                 
                
                
                    
                  
                  
                
               










     

                 

        

  

               

    
                                               
                                            
                           
                                 
                             
                                       
                                      
                                   
                                        
                  
                                        
                                       
                                              
                    
                           

 

   







 
 
 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 
 


 
 
 
 
 
 

                           

 

 







   

   







  

  





              

                
       

                  

              
               
                  
              

 

   





        

 

   
                 




       
               





 



















 




















 











 

















               

     

 

        

 

   










   
                 







       

               



 

















 

 











 

































                  

                  
            

               

                       
                   
                  

                  
                 
                  
          

                     

  

                 

                
                 
              
             
               
                 
               



                
                  
               
                 
                

                 
                
                
                
               
                 
                
               

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    

                
                
                    
             
                   
              

                 

                  
               
               
               
         

   

                 

               
                  
                      
                 
                
               

                 
                 
               
                 
              



          

 

   







  

  

                                    
                                     



                  
                                     



                         
                                     



                    
                                     



 

 









 

 









 

 





 

 













  

              
               
              
                    
                   
                
        

                 

                 
                 
      

                 

                 
                 
            

                 

                
                 
                
                   
                

                  
                  
                  
                 
           

                    
                
                 
                
          



   

             

           
            
            
           
              
    

                 

               
                
              
               
               
               
             
                
                
                  
                  
 

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







                 

                  
               
                  
                
                  
             
               
                   
                   
                  
       

   

             

             
             
                
     

                

                 
                  
               
                  
             
                  
              
              
             
               
                
               



                 

                   
                
                   
               
             
              
                   
               
              
              
                
                 

   

          
             
    

               
                 
               
               
             
               
              
                   
             
                  
               
                

               
                    
               
              
                 
               
                
        

  

                 

               
                  
                   
                  
                 
                 
 



   










             

              
                 
                 
                
                
               

   







         
                              
                                     
                                              
                                 

 

 







 






 







                
                   
                 
                 
                 
                 
       

               

              
                 
                   

                

                
   

                   

          

  

                 

               
               
               
                  
               
                
       

  

                                         
                                           

   




















                 

                   



                  
                   
                   
               
                   
                
                  
                 
                 
              

                    

                   

              

                 
                  
                   
      

 

              

         
                
                 
                  
                 
                 
               
                
                 
                 

                

                  
                  
                
                   
                   
         

   

     
 

                             
                                
                       

   


 




 








                 
               
                   
                
            



 

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    

             
             
               
             

        

              
              

               
              

         

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 

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         

       

               
               
              
     

             

        

        

           

              

             
                  
              
                  
              
                
                 
              
                
   

                
                 
                 
                
                 

             
                  
  



 

  

                                               
                                      
                                                               
                              
                                           

                      
      







             
           

                   

                 

              

 

                







                
        

               
           

               
       

              

               
                
             
               
                 
                 


                  

   

                 
                         
                

              
               
             
             
              
                 
       

           
                   
        



                 

                  
 

               

                
                
                 
                    
                    
                 













               
             
            
          

               
              
         
   
    
  





 

        

 


 




           
                    
               
    
                         
           
                       
                             
                               









   


 

 









 







 



 


















 

 


 















                         
                     
                     
                  
 

              
               
                   
    

             

             

             
             
             



                
              
             
     

               
                      
            

               
                
                   
                   
               
                    
                 
       

             

                
                  
                 
                 


              

                 
                    
                 
              
                 
                  


  

              

                  
             
                
           
             
         
            
                 
                 
               
 












                  

      

                                                    
                              

    

   


 














                               



                                                

                      





                                                  



                                                     

                              

          
                                                               



































                                                           



                                            

 

 



                            

                           

             







             



















                                          

 

 




                   
     
                      
         
                    
                        
                           
                

 

      

                



                

                 
      

                   
                 
                   
                    
                 
                 
         

            
                
               
                



                  
         







             
                
                 
                
     

                
              
               
               
              
               


                 
                
              
               
               

               
                  
             
             
      

               
              

           
            
               
              
               
                 
                
                  
               
               
                 
                
               
                  
       



 

    

 

    

                                       
                                                           
                                                    
                                      
                                             
                                                    
                                                 


























      

      
 

                

              
                  
                     
                
                 
              
            
               
             
               
               
               
               
              
               
               
             
              
               
                
              
          

             

              
             
                
                
              
              
                
             
            

              

                
                
    

             

            
            
                 
              
                
             
             

  

 
  



      

    
 

           

                
              
            

              

                
                
              
               
               

               

                  
      

    

 
  

           

  



 
  
       

 


 



 

 

                                              

                                                

                 

                                                        

                                  

                                                     

                                           

                                    

                                                     

                                                            

                                                    


                                                          
                                                              
     
 













                                                   
                                                  
                                                   
                                                
                                                    
                                                
                                                    
                                                    
                                                
                                                        
                                                        
                                                         
    
                                        
 

 






























         
                                            
         
        
                                                      
            
                                              
                                                  
                                   
                             
                                                  
                                                
      






















   

  












 
   
       

   
















                                                                 

                                                     

                                    

                                           

                                      

                                                  

                                                 

                                              

                                                   
                             
                                                   
                                                   
                                                          
                                
                                       
                              
                            
                                  
                                










































 
 

 
 







      

                                                        

 

 

                                      

                                            

                                        





















   







  



 
     
 

   







                                                         





 



      

                          







         
                                                  

        
                                      

                       

                                

                                          

                 





































                     

 

 



  



 
    
 

 

 


 




















 





             







   

 



 



     
     
                  
     
             
    
              
  
          
    
                          
    
  
         

    
             
   
                      

         

    
                























































             







   

 


















     
     
                  
     
             
    
              
  

    
                          
    
  
         

   
                      

    
                        
    
                
             

   
   
  
                      

     
     
                  

    
  
                     

     
             

        

    
              

  

          



















































   

 



 

























































 
     
 

    
                          

  
         

    
  
         

   
                      

    
                       

    
                

























             







   

 



 














 
    
 

 
                                                            

           

  











 



                                          







                                               

                                    

                                                     

                                       

                                    

                                                

         
                                                 

                               

















             



         
                                   

                                                

                                         

     

                                             

                                                    

                                    

                                               

                                  

















                                        











































































 
                                     







                                      







                                              





                           





                                      

                                               

                              

                                                  





























                                            







 
                                            

                                        













                                       







                 

                        





                                         















                                                







                                      







  



 
     
 

  







  
                                 
                                                 
                                  
                                        
                               
                                   
                                        








 



















     
     

                                                         
                                                     

 


 






    

               
                         
                                 

 




 







  












 
    
       
       

    

               
                 
             
              
                 
              
                  
             
 

     

  

            
                 
             
                  
                 
   

  

            

              
            
               
             
               
      

   

                 

                 
                
                  
  

 

              

              
                  
            
                
                 
                 
       



 

             

                  
                
  



                 

                

   

             

                
                
                  
                 
                 


     

              

             
               
                    
                 
             
  

               

             
     



                
                
                   
               
         

                 

                    
                    
                  

               
                    
               
              
               
                   
               
                   
    



 

                
                  
              
              
                  
             
              
                  
 










                
                 
                
                
                  
           

 

               

                 
            

                
                
                  
                 
                
      

 

              
               
                
                   
                   
                 
                 
      

 

                

                   
                   
              
                  
                
                 
             
  

             
                
                
            



                 
               
            
   



                  

                    
                
                
                
                 
          

                   
                       
                 
                
                  
                    
                  
              

                 

                    
                
                 
                 


  

              

               
                  
                 
               
                
                 
               
                
  

   

                
               
              
               
              
               
                
              
      



  

                
               
              
                 

               
                
                 
                
                 
               
              

                
              
                   
               
                 
              
               
     










                
                  
                   
      

                
                 
               
        



             

             
                
               
              
                
                  
                 
             
                 


 

  

                
             
               
             
     



 

               
              
         

 

              

               
                
               
                 
                 
                
                  
    

              

                   
               
                 
                
               

               
                   
                    
       

                
                
               
                 
                
                  
               
                 
               
              
                    
                 
         

               

       

 

             

                
            

   

             

                



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

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             
  

 

                

                
             
                 
                  
                  
                      
                   
                  
             

                    

                 
                
                
                
                 
                 
           

  

            

                  
               
              
               
             

   

          

   







          

 

 

                               

                                        

                                               
                                    







 





 







                 

                 
                     
                     
          

                        
         

       

                

              



                
                
               
                    
  

             

   

 





                          







       
                                     

          
                                               

        
                               




















                  
                    
                       
   

 

 

                

                
                 
                     
                 
                 
                  
                
               
             

 

            
                
          

   

                 

                   
                   
                    
    

              

                


     

   



            

           
             
                  
                   
                  
                 
              

                  

                   
                 
              
                 
                
                
                
                  
                    
    

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                

                   
                
              

           

               
                
                   
                 
                


             
              
                  
                     
                    
                 
     

     

             
            
                 
                     
                
                  
                 
                     
  

             
                
               
                   
                  



                 
                

           
            
                
                
                     
                  
                
                    
   

           
            
               
                  
                   


            
                 
                
                 
                     
          

            

             
                
                    
                   
                
                     
          

             
                  
                
                 
                    
                 
               
            

   

        

 
                            
                     

 
 

 
 





 
 

  

 

 




 
 

  

 

 











 
                            
                     

 
 

 
 







                       

    

           

              

                
                 







               
  

                
                 
                 


              


               

       

                

        

  

  

 
 
 

 


 




 




                      
                      
                     

 


 

 

 

 


 


                        
                   
                      
                       
                   

 



 

 





 

 



 

















  

  

 
 
 

 


 




 




                      
                      
                     

 

 

 

 

 


 


                        
                   
                      
                       
                   

 



 

 





 

 



 















                   

     

               

               
             
                
             
             
                 
       

                  

                
                
               
                 
               
                 
        

              

                 
               
            
               
               
              
        

              

               
                 
                    


                  

   



 




                                                       
                                                         
                                                           
                                                       
                                                       
                                                      
                                                         
                                                           
                                                       
                                                       

                       
  
                  
                  
                  
                   
            























                  
               
                  
                
                
                 
                 
                 
            

   

             
               
                   
                  
               
                    
                  
          

    

                 

                    
                 
                 
                
                
       

                  

                  
  

            

                



                 
                   
              
                

    

 

                                               

                                                        

                                                                          







   

  

               

                
               
                   
                 
    

             

               
                 
                
                
                 
        

                

             
                 
                
               


             

                 
               
               
                     
                 
                
       

                

   

  

              

                 
                 
                  
                    
   



                

                 
             
                  
              
              
            

                

                
              
        










 

 

 

  





  
 

  
 





  

                

          

 

 

  


 



 



 
 

 


 



 



 
 

 

 

 























 

 





 





 

 




























 

 



























 

  



 











 







 





 







 







 







  
 

   
   

      

  

  
 
          

  

 
            

 
  
          

 
  


 
            

  
  
          



 

 

  


 



 



 
 

 


 



 



 
 

 

 

 






















 

 





 





 

 









 

 
















 

 





 

 


















 

 















 





 







  
 

   
   

      

  
 
          

  

 
  
          

 
  


      

 
            

  
  
          

             

               
 

   

 

      
     

   







                                           

                                           

                                      

                     

                       

                                                        

                                                    

                                       

                                                    

                                                  

 








 










 




 

















             

       



   
   

    
       

    
  

 







   

                 

                    

               

     
                              

      
                                        

                                 

 







 







                              





   

 

 



 



 



  

 
 

 
 

  

 
 

  
 

  
























              
                   
             

     

      

   

 







                                  

 

 



                                  


 




 




   
  
 

 
 

 
 



    

              

                   

                      

 

 

 

 



 
  
 

 
  
 

 
 




 
  



    
                          

    
         

     
                                 

                     

    
                         

    
        

     
                                 

                     

    
                         

    
        

     
                                 











































































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

































                      


 

 

 

  

                    



                       

               

   

                

                 
               
 

                

                 
                
                
                
               
                    
                   
            

               
                 
               



     

        

  

                                 
                        
                       
          
                         
                      
                               

    

                            

      
                                     

                                          
                      

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 



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

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
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

             

         

  

  

   

               

                
                   
                   
                  
            

                   
                   
                     
                 
                 
                      

                 

                
            
              
                   
             
             
               
                  
                


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              

          
               
                
    

            

              
             
                 
          

         

                                                             
                                                   
                                                 
                                                              









                
                  
                
                




 
   

     

                                     
                                        
                                     
                        
                                       









  











                                     
                                              
                                             
                                           
                                      
                                                 
                                             

                     






















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        

   

                 

               
              
               
                
                 
              
   

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                 

                
                  
                
          

                

             
                   
                   
  

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
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  

   

                 
                   
                  
                 
                   
                
              
                
              
               
               
             

             
               
                
           

 

                

                 
                      
                     
                  
                   
                
               
           
               
                
                  
         

         

                                                                       
                                                    
                                                                







                 

             



                   
                  
     



   

 

                     

                                  
                                    
                                     
                     
                                      
                                   

  

                                  
                                           
                                   
                                      
                                              
                                          


           








































                       
  

   

 

                

              
                  
               
                     
                   
                 
                 
                 


  

                   

               
                  
                   
                    
                 
                   
              
          



               

             
                
                  
               
               
              
                 
                  
        










    

              

                
                
                   
                   
                     
                   
                   
             
       

                   

                    
                
                   
             
          

               

             
                 
               
               

  

   

                 

        

                

      

                 
          
          

              

            
                
                   
               
   



               

                  
                     
               
                  
                
              
                 

               
               
               
             

 

                 

                        
                  
                
                        
                   
               
                    
               
                 
               
                  
                  
    

  

                 

              
                
                    
                     
                       
                 
                   
                      
                   
                
                    
                
                     
                 

         

                                                                   
                                                     
                                               
                                                            











                 

               
                  
              



   

 

     

                                   
                                      
                                       
                      
                                       
                                   

  

                                   
                                            
                                    
                                       
                                                 
                                           

















































           

                 
                  
                   
                  
                   
                 
                 
                 
                
                     
                   
 

                   
                     
                
                   
              
        

                

             
                
 

  

               

              
                
              



                 

                     
             
                 
                 
           

     



                 


 

  
 

 
 


















                   
                           
                            
        
                   
                           
                           
                            
        
                     

                        
                    
          











































      
                    
              

 

             

                  
                   
                
                  
                   
                  
          

              

                
              
               
                   
                   
               
     

                
                
                 
                  
                



              
                
               
                
              
                  
                    
                 
                    
           

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

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                 

              
                    
                  
                   
               
   

             

                
                
           

  

                      
              
             
          
                     
               

















  










































  


























               

               
            
             

                                                                      
                                                                     
                                                                     
                                                                     
                                                                     

















    

    

  

  







 


                                                 
                                            
                                                   
                               
                                                     
                                                    
                                  
                                                   
                                                      
                                                  
                                                           
                                               

                      
                  

 





































                     
  

     

                                   
                                   
                                                           
                                              

 





 









  

  

    

                                        
                                          
                                                           
                                                   

 



 









  

  

 

                                       
                                             
                                                            
                                             
                                      
                                              
                                                
                                                      


  

  

 










 















                      














 

           

                    

      

                
                  
                 
                
           

                     

                   
                  
 

                 

                   
                    
                 
            

             

              
              
               
               
            

                      

                  
                    
                   
                 
                    
                   
        

   

               

           

                 





                 

                 
                 
                 
                  
                   

 

                 

                 



  

 

               
                 
                  
                  
                 
          

                 

                

 

              
               
              
                
             
                   
                    

               

                
              
                 
                    
                     
              
                
                   
               
                    
                    
                     
     

            
                
                   
             

               
                   
     

 

                    

                   
               

                   

                
               
                 
                



                    
                
         

              

                                       
                                     
                                      
                                         
                        

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


                  



                 
                                      
                                     
                              
                      
               
                      


 

 



 
 
 
























 







 
 
 







                 

                 
                 
 

  

                     

                  
               
              
                 
              
               
               
     



                  

 

                             
                                                
                                      
                                               
                                  



  













 




 



 

                 
                 
            

  

                  
                 
                   
             
                    
                     
                

                   



  








                             
                                                
                                      
                                               
                                  

 





 








 



 

              

                
                
                
                 
              
                  
     

               

              
  

   

  

             

                  
                 
                



             
             
       

              

                
                    
    

  

                

                
              
                
                
                
             
                  
              
                
                   
                  


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  

                 

                                                   
                                               
                                                   







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









   



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

           



                                         
                                           
                                           
                                             


                                         
                                           
                                           
                                            
                                                   

   

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

                 

   







                              
                                  
                           
                             
                                  
                                
                     
                               
                        
                        
                                    
                                     
                                                  
                                      
























































                   

                  
                  
            
                  
                  
  

                   

                  
                 
                 
                
                  
                 
                   
                
          

               

               
                 
       

              

                
               
                    
                 
               
                   
                   
                   
                
                     
           

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               
                 
                    
                
                      
                  

                

  

  

                                          
                                          
                                                  
                                           
                                          
                                         
                                                           
                                                      
                                                 
                                            

  

                                          
                                               
                                                     
                                             
                                                           
                                          

   



   





 






















 



























                  

                    
               
               
                 
                 
                
                   
               
                 
                
                   
            

                
             
                      
             
   

              

                



                      
       

                 

                    
          

                 

   

                                                                
                                                               
                                                           
                                                                










         

                   

               

                

          

                  

                  
                
                 
         

                  
                
                 
                 
                 
                  
              

               

               
                    
                  
                 
                
                   
                 
                
                 
              
               
                   
        



               

                                                                
                                       
                                          
                                         
                                                       
                                                                
                                       
                                          
                                         
                                                       
                                                
                                                                



























                

                
               
                  
                    
                   
        

                   

               
                
          

               

               
                
                

              

                 
                  
              

  

                

                   
                
              
              
              
        

  

                
                 
                
                    
                 
                  
                



                


               

                
                
                      
                 
                
                  
                   
       

                 

                 
                  
                    
                   
                      
               
               

 

                  

                    
               


           

                                             
                             
                                     
                                     
                                    
                                
                                           
                                             
                             
                   
         
                                             
                                
                                       
                                     
                                           
                                             



 








 



 























 








                   
           

                     
                      
                 



    

                 

                   
                   
                 
                   
                 
             
               

                     
                
                   
                
              
                 
                    
                 
                    
      

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







                

             
              
                      
                    
                
     

        

 

                 
              
                  
                  
                 
                   
                 
                   
      

  

              
                 
              
               
                
             





              
             
         

               
      





                 
               
               
              
             
           

              

             
             
                
                 
                

                 

              
            
             
          
            
                 
                
                 
             
                 
                
               
   

              



               



                
               
               


                

                  

                 

     

              

               
       

   









                                         

                              
                                   


                                            











     

                                    
                              
                                   
                 
                              
               
                                
      
                                  
                                   
                           
                            
                                       
                                    

             

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   

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

                   
     
                      
         

   







  

                                    
                              
                                   
                              

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





                        

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

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





  

               

   







                                          
                                    


                                            



 


 



   







                               

                                 
                                            









                    

              

             

         

  

  

  

                                                   
                                                      
                                                   
                                                         
                                                  
                                                      
                                                     
                                                       
                                                     
                                                       

 










                                                        

 















                    

                  

   

 

               
                 
                 
                   
                   
          

              

                
                 
                
                 




                

     

 


 
 

 


 


                                     
                                    
                                    
                                    
                                    
                                
                                      


 


 









 









 

 










 
























               

 

              

           
              
                
           
            



               

         

                                                                           
                                                                          
                                                                          
                                                                          
                                                                          
                                                                      
                                                                           















 

                
                    
                  
             
                   
               

 

                
                      
                  
                   
                
                




    

               

                

    

 

 

 

                                        

                                    

                                   

               

        

 


 










 




 







                                        
                                      

 
 

 
 

 
 





    

 

 

 

                                        

                                    

 


 


 


                                       

                   













       

 





                                        
                                      

 
 

 
 

 
 




               

                 
        

 

          



 

  

   

              

                 
                
                  
                  
                
              
                  
             
             
               
             
                 
                 
       

      

               

                
             



       

            

               
                 
              
              
             
     







               
       

            
            
              
    

            
              










              

                
                 
  

              
                
           
                 
             
                  
            

               

                
             

               
                


          
                   
 

 

 



 

 

     

               

           
              
              

                 
               
                 
                     
              
         



 

 

               

            
       

 

          


               

             
         

 

       

               

             


 

    

               

              


 

 

   

   

               

      

   

       

   

                

           



                

            



  

 

                  
               



   

  

  












   

  

   

  

   

  

    

   

   

  

   

  

  

 

   
  

  
 





    

  

  

  

  

    

  

  

  

  

  

  

  

  

  

  

  

  

  

  

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

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 



                
         

                
                
               

              
              
              
                 
  
               
              
               
                 
  
                
           

               
              

                
                 
                
                
                  
   
                  
   

               
             

             
                   
               
                
  
               
                
          
            
                  
          
               
                 
                
                 
  
           
                 
        
             
                    
   
             
                 
   
              
                    

             
                  
  

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

             
                 
   
             
                 
   

             


































                    
   
              
                
   
             
               
      
              
             
               
                
              
            
             
              
                
               
           
                   
              
              
                
           
                  
              
               
                
           
                   
              
              
                
           
                
                
         
            
                  
       
            
           
                 
  

   
        
          
              
 
              
 
                
         
              
           
             
 





      



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Cimpress
NOTICE AND PROXY STATEMENT
2016

CIMPRESS N.V.
Hudsonweg 8
5928 LW Venlo
The Netherlands

NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS

Cimpress N.V. will hold its 2016 Annual General Meeting of Shareholders:

on Tuesday, November 15, 2016 
at 7:15 p.m. Central European Time
at the offices of Cimpress N.V.
Hudsonweg 8
5928 LW Venlo
The Netherlands

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MATTERS TO BE ACTED UPON AT THE ANNUAL GENERAL MEETING:

(1) Reappoint Paolo De Cesare to our Supervisory Board to serve for a term of four years ending on the date of 

our annual general meeting of shareholders in 2020;

(2) Reappoint Mark T. Thomas to our Supervisory Board to serve for a term of four years ending on the date of 

our annual general meeting of shareholders in 2020;

(3) Appoint Sophie A. Gasperment to our Supervisory Board to serve for a term of four years ending on the date 

of our annual general meeting of shareholders in 2020;

(4) Following a discussion on the application of the remuneration policy over the fiscal year ended June 30, 2016, 

hold a non-binding, advisory “say on pay” vote regarding the compensation of our named executive officers, as 
described in the Compensation Discussion and Analysis, executive compensation tables, and accompanying 
narrative disclosures in this proxy statement; 

(5) Adopt our statutory annual accounts, as prepared in accordance with Dutch law, for the fiscal year ended 

June 30, 2016;

(6) Discharge the members of our Management Board from liability with respect to the exercise of their duties 

during the fiscal year ended June 30, 2016;

(7) Discharge the members of our Supervisory Board from liability with respect to the exercise of their duties 

during the fiscal year ended June 30, 2016;

(8) Authorize our Management Board, acting with the approval of our Supervisory Board, to repurchase up to 
6,300,000 of our issued and outstanding ordinary shares (which represents approximately 20% of our 31.5 million 
shares outstanding as of June 30, 2016) until May 15, 2018 on the open market (including block trades that satisfy 
the safe harbor provisions of Rule 10b-18 pursuant to the United States Securities Exchange Act of 1934, or the 
Exchange Act), through privately negotiated transactions, or in one or more self-tender offers at prices per share 
between an amount equal to €0.01 and an amount equal to 120% of the market price of our ordinary shares on the 
Nasdaq Global Select Market, or Nasdaq, or any other securities exchange where our shares are then traded (the 
market price being deemed to be the average of the closing price on each of the consecutive days of trading during 
a period no shorter than one trading day and no longer than 10 trading days immediately preceding the date of 
repurchase, as reasonably determined by the Management Board); 

(9) Renew the authorization of our Management Board, acting with the approval of our Supervisory Board, until 
May 15, 2018 to issue ordinary shares or grant rights to subscribe for ordinary shares up to a maximum of (i) 10% 
of our outstanding share capital at the time of issue for general corporate purposes including but not limited to 
equity compensation, acquisitions, and financings, and (ii) an additional 10% of our outstanding share capital at the 
time of issue in connection with our acquisition of all or a majority of the equity or assets of another entity;

(10) Renew the authorization of our Management Board, acting with the approval of our Supervisory Board, until 

May 15, 2018 to resolve to exclude or restrict our shareholders’ preemptive rights under Dutch law with respect to 
ordinary shares and rights to subscribe for ordinary shares that the Management Board may issue or grant pursuant 
to any authorization of our shareholders; 

(11) Appoint PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal 

year ending June 30, 2017; 

(12) Approve the new compensation program for our Supervisory Board described in this proxy statement; 

(13) Approve the amendment to our 2016 Performance Equity Plan described in this proxy statement; and

(14) Transact other business, if any, that may properly come before the meeting or any adjournment of the 

meeting.

Our Management Board and Supervisory Board have no knowledge of any other business to be transacted at the 

annual general meeting.

Shareholders of record at the close of business on October 18, 2016 are entitled to vote at the annual general 
meeting. Your vote is important regardless of the number of shares you own. Whether or not you expect to attend 
the meeting, please complete and promptly return the enclosed proxy card in accordance with the instructions that 
we or your bank or brokerage firm have provided. Your prompt response will ensure that your shares are 
represented at the annual general meeting. You can change your vote and revoke your proxy by following the 
procedures described in this proxy statement.

All shareholders are cordially invited to attend the annual general meeting. 

By order of the Management Board,

Chairman of the Management Board, President and
  Chief Executive Officer
October 24, 2016 

CIMPRESS N.V.
Hudsonweg 8
5928 LW Venlo
The Netherlands

PROXY STATEMENT FOR ANNUAL GENERAL MEETING OF SHAREHOLDERS

to be held on November 15, 2016 

This proxy statement contains information about the 2016 Annual General Meeting of Shareholders of Cimpress 

N.V., which we refer to in this proxy statement as the annual meeting or the meeting. We will hold the annual 
meeting on Tuesday, November 15, 2016 at the offices of Cimpress N.V. at Hudsonweg 8, 5928 LW Venlo, the 
Netherlands. The meeting will begin at 7:15 p.m. Central European Time.

We are furnishing this proxy statement to you in connection with the solicitation of proxies by the Management 

Board of Cimpress N.V. (which is also referred to as we, us, or Cimpress in this proxy statement) for use at the 
annual meeting and at any adjournment of the annual meeting.

We are first mailing the Notice of Annual General Meeting, this proxy statement, and our Annual Report to 

Shareholders for the fiscal year ended June 30, 2016 on or about October 24, 2016.

Important Notice Regarding the Availability of Proxy Materials for the 2016 Annual General Meeting of 

Shareholders:

This Proxy Statement and the 2016 Annual Report to Shareholders are available for viewing, printing and 

downloading at http://proxy.ir.CIMPRESS.com. In addition, our statutory annual accounts and 
accompanying annual report, as prepared in accordance with Dutch law and including biographical 
information about the candidates nominated for appointment as members of our Supervisory Board, are 
available at our offices at the address above and for viewing, printing, and downloading at http://
proxy.ir.CIMPRESS.com.

We will furnish without charge a copy of this proxy statement and our Annual Report on Form 10-K for 
the fiscal year ended June 30, 2016, as filed with the United States Securities and Exchange Commission, 
or SEC, to any shareholder who requests it by emailing IR@cimpress.com or writing to Cimpress N.V., c/
o Cimpress USA Incorporated, Attention: Investor Relations, 275 Wyman Street, Waltham, MA 02451, USA. 
This proxy statement and our Annual Report on Form 10-K are also available on the SEC’s web site at 
www.sec.gov.

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INFORMATION ABOUT THE ANNUAL MEETING AND VOTING

What is the purpose of the annual meeting?

At the annual meeting, our shareholders will consider and act upon the 13 proposals listed in the Notice of 

Annual General Meeting of Shareholders that appears on the first two pages of this proxy statement. Our 
Management Board and Supervisory Board are not aware of any other business to be transacted at the annual 
meeting.

Who can vote?

To be able to vote on the matters listed in the Notice of Annual General Meeting of Shareholders on the first two 

pages of this proxy statement, you must have held ordinary shares of Cimpress at the close of business on 
October 18, 2016, which is the record date for the annual meeting. Shareholders of record at the close of business 
on October 18, 2016 are entitled to vote on each proposal at the meeting. The number of outstanding ordinary 
shares entitled to vote on each proposal at the meeting is 31,650,435.

How many votes do I have?

Each ordinary share of Cimpress that you owned on the record date entitles you to one vote on each matter that 

is voted on at the annual meeting.

Is my vote important?

Your vote is important regardless of how many ordinary shares you own. Please take a moment to read the 
instructions below, vote your shares, and submit your proxy as soon as possible to ensure that your shares are 
represented and voted at the annual meeting.

How do I vote?

If you are a holder of record and your shares are not held in “street name” by a bank or brokerage firm, you may 
vote by completing and signing the proxy card that accompanies this proxy statement and promptly mailing it in the 
enclosed postage-prepaid envelope. For your vote to be counted at the meeting, our transfer agent, Computershare 
Trust Company, Inc., must receive your proxy no later than 4:00 p.m. Eastern Standard Time on the last business 
day before the meeting.

If the shares you own are held in street name by a bank or brokerage firm, then your bank or brokerage firm, as 
the record holder of your shares, is required to vote your shares according to your instructions. In order to vote your 
shares, you will need to follow the directions your bank or brokerage firm provides to you. Many banks and 
brokerage firms offer the option of voting by mail, over the Internet, or by telephone, which will be explained in the 
voting instruction form you receive from your bank or brokerage firm.

The shares you own will be voted according to the instructions you return to Computershare Trust Company or 
your bank or brokerage firm. If you are a holder of record and sign and return the proxy card, but do not give any 
instructions on a particular matter to be voted on as described in this proxy statement, then the shares you own will 
be voted in accordance with the recommendations of our Management Board and Supervisory Board. The 
Management Board and Supervisory Board recommend that you vote FOR all of the proposals listed in the Notice 
of Annual General Meeting of Shareholders on the first two pages of this proxy statement.

If you are a record holder and attend the annual meeting in person, then you may also vote in person. If you hold 

your shares in street name and wish to attend the meeting or vote in person, then you must follow the instructions 
below under “How do I attend the meeting and vote in person?”

Can I change my vote or revoke my proxy after I have mailed my proxy card?

Yes. If your shares are held in street name by a bank or brokerage firm and you wish to revoke or change your 
voting instructions, then you must follow the directions you receive from your bank or brokerage firm. If you are a 

2

holder of record and your shares are not held in street name, then you can revoke your proxy and change your vote 
by doing any one of the following things:

•  signing another proxy card with a later date and delivering the new proxy card to our Chief Legal Officer at the 
offices of our subsidiary Cimpress USA Incorporated, 275 Wyman Street, Waltham, MA 02451 USA no later 
than 4:00 p.m. Eastern Standard Time on the last business day before the meeting;

•  delivering to our Chief Legal Officer written notice no later than 4:00 p.m. Eastern Standard Time on the last 

business day before the meeting that you want to revoke your proxy; or

•  voting in person at the meeting. 

Your attendance at the meeting alone will not revoke your proxy. 

How do I attend the meeting and vote in person? 

If you wish to attend our annual meeting in Venlo, the Netherlands in person, please send our Chief Legal 
Officer written notice at the offices of our subsidiary Cimpress USA Incorporated, 275 Wyman Street, Waltham, MA 
02451 USA no later than November 10, 2016. If you need directions to the meeting, please call Investor Relations 
at +1 781-652-6480. 

If you wish to attend the meeting and your shares are held in street name by a bank or brokerage firm, then 

you must provide the written notice referenced above and also bring with you to the meeting an account statement 
or letter from your bank or brokerage firm showing that you are the beneficial owner of the shares as of the record 
date in order to be admitted to the meeting. To be able to vote your shares held in street name at the meeting, you 
will need to obtain a legal proxy from the holder of record, i.e., your bank or brokerage firm. 

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What vote is required?

Under our articles of association, holders of at least one third of our outstanding ordinary shares must be 

represented at the annual meeting to constitute a quorum, and the following vote is required to approve each of the 
proposals described in this proxy statement:

•  Proposals 1 through 3 (appointments of members of our Supervisory Board):  In accordance with our articles of 

association, our Supervisory Board adopted unanimous resolutions to make binding nominations of the 
candidates for Supervisory Board. Our shareholders may set aside any of these binding nominations only by a 
vote of at least two thirds of the votes cast at a meeting representing more than half of our share capital.

•  Proposal 4 (advisory “say on pay”):  This proposal requires the approval of a majority of votes cast at a 

meeting at which a quorum is present. This vote is non-binding and advisory in nature, but our Compensation 
Committee will take into account the outcome of the vote when considering future executive compensation 
arrangements.

•  Proposal 10 (authority to exclude or restrict pre-emptive rights): This proposal requires the approval of a 

majority of votes cast at a meeting at which a quorum is present, unless less than half of our issued capital is 
present or represented at the meeting, in which case this proposal requires a vote of at least two thirds of the 
votes cast.

•  Proposals 5 through 9 and 11 through 13:  These proposals require the approval of a majority of votes cast at a 

meeting at which a quorum is present. 

For all proposals, Dutch law and our articles of association provide that ordinary shares represented at the 
meeting and abstaining from voting will count as shares present at the annual meeting but will not count for the 
purpose of determining the number of votes cast. Broker non-votes will not count as shares present at the annual 
meeting or for the purpose of determining the number of votes cast. “Broker non-votes” are shares that are held in 
street name by a bank or brokerage firm that indicates on its proxy that it does not have discretionary authority to 
vote on a particular matter. 

3

How will votes be counted?

Each ordinary share will be counted as one vote according to the instructions contained on a properly completed 

proxy or on a ballot voted in person at the annual meeting. Shares will not be voted in favor of a proposal if either 
the shareholder abstains from voting on a particular matter or the shares are broker non-votes.

Who will count the votes?

Computershare Trust Company, Inc., our transfer agent, will count, tabulate, and certify the votes.

How do the Management Board and Supervisory Board recommend that I vote on the proposals?

The Management Board and Supervisory Board recommend that you vote FOR all of the proposals listed in the 

Notice of Annual General Meeting of Shareholders on the first two pages of this proxy statement.

Will any other business be conducted at the meeting or will other matters be voted on?

Our Management Board and Supervisory Board do not know of any other matters that may come before the 
meeting. If any other matter properly comes before the meeting, then, to the extent permitted by applicable law, the 
persons named in the proxy card that accompanies this proxy statement may exercise their judgment in deciding 
how to vote, or otherwise act, at the meeting with respect to that matter or proposal.

Where can I find the voting results?

Within four business days after the annual meeting, we will report the voting results on a Current Report on 

Form 8-K that we will file with the SEC.

How and when may I submit a shareholder proposal, including a shareholder nomination for a Supervisory 
Board position, for the 2017 annual general meeting?

Because we are a Dutch limited company whose shares are traded on a U.S. securities exchange, both U.S. and 
Dutch rules and timeframes apply if you wish to submit a candidate to be considered for election to our Supervisory 
Board at our 2017 annual general meeting or if you wish to submit another kind of proposal for consideration by 
shareholders at our 2017 annual general meeting.

Under our articles of association, if you are interested in submitting a proposal, you must fulfill the requirements 

set forth in our articles of association, including satisfying both of the following criteria:

•  We must receive your proposal at our registered offices in Venlo, the Netherlands as set forth below no later 

than 60 days before the 2017 annual general meeting, and

•  The number of ordinary shares you hold must equal at least 3% of our issued share capital.

Under our articles of association, shareholders do not have the right to nominate or appoint their own candidates 

for positions on our Supervisory Board directly, but if you submit information about a potential candidate for the 
Supervisory Board to our Nominating and Corporate Governance Committee, as described in the section of this 
proxy statement entitled “Supervisory Board Nomination Process,” then our Nominating and Corporate Governance 
Committee will consider whether he or she is appropriate for nomination to our Supervisory Board. 

Under U.S. securities laws, if you wish to have a proposal included in our proxy statement for the 2017 annual 

general meeting, then in addition to the above requirements, you also need to follow the procedures outlined in 
Rule 14a-8 of the Exchange Act, and the deadline for submitting your proposal to us is earlier than the deadline 
specified above: For your proposal to be eligible for inclusion in our proxy statement for the 2017 annual general 
meeting, we must receive your proposal at our registered offices in Venlo, the Netherlands as set forth below no 
later than June 26, 2017.

4

Any proposals, nominations or notices under our articles of association or pursuant to Rule 14a-8 should be sent 

to:

Secretary, Cimpress N.V.
Hudsonweg 8
5928 LW Venlo
The Netherlands

With a copy to:
Chief Legal Officer
Cimpress USA Incorporated
275 Wyman Street
Waltham, MA 02451
USA

What are the costs of soliciting these proxies?

We will bear the costs of solicitation of proxies. We have retained Alliance Advisors for a fee of $10,000 plus 

expenses to assist us in soliciting proxies from our shareholders and to verify certain records relating to the 
solicitation. We and our Supervisory Board members, officers, and selected other employees may also solicit 
proxies by mail, telephone, e-mail, or other means of communication. Supervisory Board members, officers, and 
employees who help us in soliciting proxies will not be specially compensated for those services, but they may be 
reimbursed for their reasonable out-of-pocket expenses incurred in connection with their solicitation. We will request 
brokers, custodians, and fiduciaries to forward proxy soliciting material to the owners of our ordinary shares that 
they hold in their names and will reimburse these entities for their out-of-pocket expenses incurred in connection 
with the distribution of our proxy materials.

Householding of Annual Meeting Materials

Some banks, brokers, and other nominee record holders may participate in the practice of “householding” proxy 

statements and annual reports. This means that only one copy of our proxy statement and annual report to 
shareholders may be sent to multiple shareholders in your household. We will promptly deliver a separate copy of 
either document to you if you contact us by emailing IR@cimpress.com, writing us at Investor Relations, Cimpress, 
275 Wyman Street, Waltham, MA 02451 USA, or calling us at telephone no. +1 781-652-6480. If you want to 
receive separate copies of the proxy statement or annual report to shareholders in the future, or if you are receiving 
multiple copies and would like to receive only one copy per household, you should contact your bank, broker, or 
other nominee record holder if you hold your shares in street name, or you may contact us per the above if you are 
a holder of record.

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table contains information regarding the beneficial ownership of our ordinary shares as of 
September 7, 2016 by:

•  each shareholder we know to own beneficially more than 5% of our outstanding ordinary shares;

•  each member of, and nominee for appointment to, our Supervisory Board; 

•  our named executive officers who are listed in the Summary Compensation Table in this proxy statement; and

•  all of our current Supervisory Board members and executive officers as a group.

Name and Address of Beneficial Owner(1)

Arlington Value Capital, LLC(4)

222 South Main Street, Suite 1750

Salt Lake City, UT 84101 USA

Brave Warrior Advisors, LLC(5)

12 East 49th Street, 14th Floor
New York, NY 10017 USA

FMR LLC(6)

245 Summer Street
Boston, MA 02210 USA

Janus Capital Management LLC(7)

151 Detroit Street

Denver, CO 80206 USA

Prescott General Partners LLC(8)

2200 Butts Road, Suite 320

Boca Raton, FL  33431 USA

Number of Ordinary 
Shares Beneficially 
Owned(2)

Percent of Ordinary 
Shares Beneficially 
Owned(3)

2,364,205

7.5%

2,233,496

2,755,650

1,733,643

7.1

8.7

5.5

4,656,492

14.7

Spruce House Investment Management LLC(9)

2,200,000

7.0

435 Hudson Street, 8th Floor

New York, NY 10014 USA

Named Executive Officers, Supervisory Board members, and Nominees for 
Supervisory Board
Robert S. Keane(10)(11)

Katryn S. Blake(11)

Paolo De Cesare(11)

Sophie A. Gasperment

John J. Gavin, Jr.(11)(12)

Donald R. Nelson(11)

Eric C. Olsen(11)

Sean E. Quinn(11)

Richard T. Riley(11)

Nadia Shouraboura(11)

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3,356,179

75,714

18,061

—

53,562

156,744

20,561

574

70,669

3,160

10.1

*

*

—

*

*

*

*

*

*

Mark T. Thomas(11)(13)

Scott Vassalluzzo(11)(14)

Ernst J. Teunissen(15)

All current executive officers and Supervisory Board members as a group
(11 persons) (11)
_____________

*

Less than 1%

35,378

72,834

3,102

*

*

*

3,863,436

11.5%

(1) Unless otherwise indicated, the address of each executive officer and Supervisory Board member is c/o Cimpress N.V.,

Hudsonweg 8, 5928 LW Venlo, the Netherlands.

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

For each person or entity in the table above, the “Number of Shares Beneficially Owned” column may include ordinary
shares attributable to the person or entity because of that holder’s voting or investment power or other relationship, as
determined under SEC rules. Under these rules, a person or entity is deemed to have “beneficial ownership” of any
shares over which that person or entity has or shares voting or investment power, plus any shares that the person or
entity may acquire within 60 days of September 7, 2016 (i.e., November 6, 2016), including through the exercise of share
options or the vesting of restricted share units. Unless otherwise indicated, each person or entity referenced in the table
has sole voting and investment power over the shares listed or shares such power with his or her spouse. The inclusion
in the table of any shares, however, does not constitute an admission of beneficial ownership of those shares by the
named shareholder.

The percentage ownership for each shareholder on September 7, 2016 is calculated by dividing (1) the total number of
shares beneficially owned by the shareholder by (2) 31,628,994, the number of ordinary shares outstanding on
September 7, 2016, plus any shares issuable to the shareholder within 60 days after September 7, 2016 (i.e., November
6, 2016), including restricted share units that vest and share options that are exercisable on or before November 6, 2016.

This information is based solely upon a Schedule 13G that the shareholder filed with the SEC on February 16, 2016.

This information is based solely upon a Schedule 13G/A that the shareholder filed with the SEC on August 10, 2016.

This information is based solely upon a Schedule 13G/A that the shareholder filed with the SEC on February 12, 2016.

This information is based solely upon a Schedule 13G/A that the shareholder filed with the SEC on February 16, 2016.

This information is based solely upon a Schedule 13D/A that the shareholder filed with the SEC on February 17, 2016.

This information is based solely upon a Schedule 13G/A that the shareholder filed with the SEC on February 16, 2016.

Includes an aggregate of (i) 1,576,912 shares held by irrevocable discretionary trusts and other entities established for
the benefit of Mr. Keane or members of his immediate family, or the Trusts, and (ii) 74,181 shares held by a charitable
entity established by Mr. Keane and his spouse. Trustees who are independent of Mr. Keane or his spouse hold
exclusive voting and investment power with respect to the ordinary shares owned by the Trusts and the ordinary shares
issuable pursuant to share options and restricted share units held by the Trusts; Mr. Keane and his spouse do not hold
such power with respect to the Trusts. Mr. Keane and his spouse share voting and investment power with respect to the
shares held by the charitable entity. Mr. Keane and his spouse disclaim beneficial ownership of the shares, share options
and restricted share units held by the Trusts and the charitable entity except to the extent of their pecuniary interest
therein.

(11)

Includes the number of shares listed below that each executive officer and supervisory director has the right to acquire 
under share options and restricted share units that vest on or before November 6, 2016:

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 • Mr. Keane:  1,705,086 shares, held by the Trusts
 • Ms. Blake:  62,757 shares
 • Mr. De Cesare:  9,805 shares
 • Mr. Gavin:  24,845 shares
 • Mr. Nelson:  145,500 shares
 • Mr. Olsen:  9,805 shares
 • Mr. Quinn:  0 shares
 • Mr. Riley:  24,845 shares 
 • Dr. Shouraboura:  2,653 shares
 • Mr. Thomas:  11,002 shares
 • Mr. Vassalluzzo:  2,653 shares
 • All current executive officers and supervisory directors in the aggregate: 1,998,951 shares

(12)

Includes 27,977 shares owned by a trust of which Mr. Gavin and his wife are trustees.

(13)

Includes 1,800 shares owned by a family limited liability company of which Mr. Thomas is a manager. Mr. Thomas
disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

(14)

Includes 2,174 shares owned directly by investment accounts established for the benefit of certain family members, with
respect to which Mr. Vassalluzzo disclaims beneficial ownership except to the extent of his pecuniary interest therein.

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(15) Mr. Teunissen resigned as Chief Financial Officer in October 2015.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires our Supervisory Board members, executive officers, and the holders 

of more than 10% of our ordinary shares, referred to as reporting persons, to file reports with the SEC disclosing 
their ownership of and transactions in our ordinary shares and other equity securities. SEC regulations also require 
these reporting persons to furnish us with copies of all such reports that they file.

Based on written representations from the reporting persons and our review of the reports they filed, we believe 
that all reporting persons complied with all Section 16(a) filing requirements during our fiscal year ended June 30, 
2016.

8

PROPOSALS 1 THROUGH 3 - APPOINT THREE MEMBERS TO OUR SUPERVISORY BOARD

The seven current members of our Supervisory Board serve for rotating terms of up to four years: 

•  The terms of Paolo De Cesare and Mark T. Thomas expire at this 2016 annual general meeting.
•  The term of John J. Gavin, Jr. expires at our 2017 annual general meeting.
•  The terms of Richard T. Riley and Scott Vassalluzzo expire at our 2018 annual general meeting.
•  The terms of Eric C. Olsen and Nadia Shouraboura expire at our 2019 annual general meeting.

We are asking our shareholders to appoint Sophie A. Gasperment as a new member of our Supervisory Board 
and to reappoint Paolo De Cesare and Mark T. Thomas. None of the current members of our Supervisory Board or 
Ms. Gasperment are employees of Cimpress.

Under Dutch law and our articles of association, our Supervisory Board has the right to make binding 
nominations for open positions on the Supervisory Board. In accordance with the recommendation of the 
Nominating and Corporate Governance Committee of the Supervisory Board and pursuant to the invitation of our 
Management Board, the Supervisory Board has adopted unanimous resolutions to make binding nominations of 
Ms. Gasperment and Messrs. De Cesare and Thomas to serve as Supervisory Board members for a term of four 
years ending on the date of our annual general meeting of shareholders in 2020. 

The Supervisory Board recommends that shareholders vote for the appointment of Ms. Gasperment because of 
her leadership skills and perspective, international brand-building experience, expertise in managing a portfolio of 
branded go-to-market businesses, and acumen in both consumer goods and retail, as well as her broader business 
experience in multi-cultural environments. Our Nominating and Corporate Governance Committee engaged MWM 
Consulting, an international recruiting firm, to assist the Committee in identifying and recruiting Ms. Gasperment for 
nomination to the Board.

The Supervisory Board recommends that shareholders vote for the reappointment of Mr. De Cesare because of 
his strong knowledge of brand and marketing strategy, his international business experience and perspective, and 
his operational, executive, and board experience in a variety of roles worldwide. Mr. De Cesare serves on the 
Nominating and Corporate Governance Committee of the Supervisory Board.

The Supervisory Board recommends that shareholders vote for the reappointment of Mr. Thomas because of his 

extensive strategy, investment, and international experience, which includes more than 30 years of building 
companies, serving on boards, and providing advice to top executives on strategic matters. Mr. Thomas chairs the 
Nominating and Corporate Governance Committee of the Supervisory Board and serves on the Audit and 
Compensation Committees.

You can find more information about Ms. Gasperment, Messrs. De Cesare and Thomas, and the other members 

of our Supervisory Board in the section of this proxy statement entitled “INFORMATION ABOUT OUR 
SUPERVISORY BOARD MEMBERS AND EXECUTIVE OFFICERS.”

The Management Board and Supervisory Board recommend that you vote FOR the appointments of Ms. 

Gasperment and Messrs. De Cesare and Thomas as members of our Supervisory Board.

PROPOSAL 4 - ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION 

At the annual meeting, we are asking our shareholders to approve the compensation of our named executive 
officers, as described in the Compensation Discussion and Analysis, or CD&A, executive compensation tables, and 
accompanying narrative disclosures in this proxy statement. This is an advisory vote, meaning that this proposal is 
not binding on us, but our Compensation Committee values the opinions expressed by our shareholders and will 
carefully consider the outcome of the shareholder vote when making future compensation decisions for our named 
executive officers.

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Please carefully read the CD&A section of this proxy statement. As you cast your vote on this proposal, we would 

like you to consider the following compensation program highlights, which are described in more detail in CD&A.

•  The total compensation package for our executive officers is weighted heavily toward compensation based 
on Cimpress' performance. Cimpress performed well in our fiscal year ended June 30, 2016, and our 
executive officers' pay reflects that performance.

• 

In fiscal year 2016, under the leadership of our Compensation Committee and with input from our 
shareholders, we significantly redesigned our compensation program for executives and employees. 
Beginning with the fiscal year ending June 30, 2017, our long-term incentive compensation program will 
consist of performance share units granted under our new 2016 Performance Equity Plan, which are based 
upon performance conditions relating to the compound annual growth rate of the three-year moving average 
of the daily closing share price of Cimpress’ ordinary shares over a 6- to 10-year period, and cash retention 
bonus awards paid over several years.

•  Each year, we reach out to our major shareholders to solicit their feedback on our executive compensation 
design. During fiscal year 2016, we engaged our major, long-term shareholders in the design and approval 
phases of the new compensation program for executives and employees for fiscal years 2017 and beyond 
and took shareholders' feedback into account throughout the process.

• 

In 2012, we granted to our executive officers multi-year, premium-priced share options designed to 
emphasize Cimpress' long-term performance and our growth strategy using share price as the primary 
performance metric. These options have an exercise price of $50.00 per share, which was significantly 
higher than the fair market value of our ordinary shares on the grant dates, and in addition, Robert Keane, 
our Chief Executive Officer, may not exercise these options unless our share price on Nasdaq is at least 
$75.00 on the exercise date. The Compensation Committee believes that the premium-priced share options 
provide strong alignment of performance-based compensation with long-term shareholder value creation, 
significant downside risk for the executives if Cimpress performs poorly, and significant upside potential if 
Cimpress performs well.

•  We no longer include excess parachute payment tax gross-up provisions in any executive retention 

agreements we enter into with new executives after August 1, 2012, and accordingly Sean Quinn, who was 
promoted to the position of Chief Financial Officer in October 2015, does not have such a provision in his 
executive retention agreement.

As required by Dutch law, we have a shareholder-approved Remuneration Policy that applies to our Management 

Board members, which you can find on the Corporate Governance page in the Investor Relations section of 
www.cimpress.com, and the compensation of our named executive officers is in accordance with the Remuneration 
Policy. This proposal provides, pursuant to Section 2:135(5a) of the Dutch Civil Code, for a discussion regarding the 
implementation of the remuneration policy for the Management Board. The discussion takes place on the basis of 
the information referred to in Section 2:383c up to and including Section 2:383e of the Dutch Civil Code, as included 
in the explanatory notes to the financial statements included in our Dutch statutory annual accounts for the fiscal 
year ended June 30, 2016. This advisory vote on executive compensation does not amend the Remuneration 
Policy in any way.

In 2011, a majority of our shareholders voted to hold the advisory vote to approve our executive compensation on 
an annual basis. Therefore, we intend to put forth at each annual general meeting of shareholders an advisory vote 
on the compensation of our named executive officers for the immediately preceding fiscal year.

Our Management Board and Supervisory Board recommend that you vote FOR the approval of the 

compensation of our named executive officers, as described in this proxy statement.

PROPOSAL 5 - ADOPT OUR ANNUAL ACCOUNTS

At the annual meeting, we are asking you to confirm and adopt our Dutch statutory annual accounts, or Annual 

Accounts, for the fiscal year ended June 30, 2016, which are our audited consolidated financial statements 
prepared in accordance with Dutch law. As a Dutch company, we are required by Dutch law and our articles of 
association to prepare the Annual Accounts and submit them to our shareholders for confirmation and adoption. Our 
Annual Accounts are different from our audited financial statements contained in our Annual Report on Form 10-K 

10

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for the year ended June 30, 2016 that were prepared in accordance with United States generally accepted 
accounting principles, or U.S. GAAP, as required by United States law and Nasdaq listing standards for companies 
with securities listed on U.S. stock markets.

The Annual Accounts contain some disclosures that are not required under U.S. GAAP. In addition, the report of 

our Management Board that accompanies the Annual Accounts contains information included in this proxy 
statement and our Annual Report on Form 10-K, as well as other information required by Dutch law.

It is important that our shareholders adopt our Annual Accounts because it is a Dutch law requirement and also 

because we are not permitted under Dutch law to take certain corporate actions unless our Annual Accounts are 
adopted.

You can access a copy of the Annual Accounts through our website at http://proxy.ir.CIMPRESS.com, by emailing 
us at IR@cimpress.com, or by sending a written request to Investor Relations, c/o Cimpress USA Incorporated, 275 
Wyman Street, Waltham, MA 02451 USA.

Our Management Board and Supervisory Board recommend that you vote FOR the confirmation and 

adoption of the Annual Accounts.

PROPOSALS 6 AND 7 - DISCHARGE OUR MANAGEMENT BOARD AND
SUPERVISORY BOARD FROM CERTAIN LIABILITY

At the annual meeting, as permitted under Dutch law and customary for Dutch companies, we are asking you to 
discharge the members of our Management Board and Supervisory Board from liability with respect to the exercise 
of their management and supervisory duties during our fiscal year ended June 30, 2016. If our shareholders 
approve this discharge of liability, then our Management Board and Supervisory Board members will not be liable to 
Cimpress for actions that they took on behalf of the company in the exercise of their duties during fiscal 2016. 
However, the discharge does not apply to matters that are not disclosed to our shareholders, and it does not affect 
the liability, if any, of our Management Board and Supervisory Board to our shareholders. The discharge is also 
subject to the provisions of Dutch laws relating to liability upon bankruptcy.

Our Management Board and Supervisory Board recommend that you vote FOR the discharge of the 

members of our Management Board and Supervisory Board from liability as described above.

PROPOSAL 8 - RENEW OUR AUTHORIZATION TO REPURCHASE SHARES

Under Dutch law and our articles of association, our shareholders may authorize our Management Board, with 
the approval of our Supervisory Board and subject to certain Dutch statutory provisions, to repurchase outstanding 
shares on our behalf in an amount, at prices, and in the manner authorized by the shareholders. This authorization 
will give us the flexibility to repurchase our ordinary shares without the expense of calling further general meetings 
of shareholders. Under Dutch law and our articles of association, a shareholder authorization to repurchase shares 
may not continue for more than 18 months, but may be given on a rolling basis. On November 17, 2015, we 
received authorization from our shareholders to repurchase up to 6,500,000 of our issued and outstanding ordinary 
shares, and as of August 31, 2016, we have repurchased 156,778 ordinary shares under this authority. We are now 
seeking a renewal of our authorization to repurchase our ordinary shares.

Our Management Board believes that we would benefit from a renewal of the grant of authority to repurchase our 

ordinary shares. If the Management Board believes that our shares may be undervalued at the market levels at 
which they are then trading, repurchases of our share capital may represent an attractive investment for us and our 
shareholders. Our Management Board, with the prior approval of our Supervisory Board and within the parameters 
described in this proposal, would determine the number of shares repurchased, if any, and the timing and manner 
of any repurchases in light of prevailing market conditions, our available resources, and other factors that we cannot 
now predict. The repurchased shares could be used for any valid corporate purpose, including the issuance of 
shares under our equity compensation plans or for acquisitions, mergers or similar transactions. The reduction in 
our issued and outstanding shares resulting from any repurchases would increase the proportionate interest of the 
remaining shareholders in whatever future profits we may earn. Under Dutch law, the number of our ordinary shares 
that we or our subsidiaries hold may never exceed 50% of the total number of our issued and outstanding shares.

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In order to provide us with maximum flexibility, we propose that our shareholders grant the Management Board, 

acting with the approval of our Supervisory Board, authority to repurchase up to 6,300,000 of our issued and 
outstanding ordinary shares (which represents approximately 20% of the 31.5 million shares outstanding as of 
June 30, 2016) on the open market (including block trades that satisfy the safe harbor provisions of Rule 10b-18 
pursuant to the Exchange Act), through privately negotiated transactions, or in one or more self-tender offers at 
prices per share between an amount equal to €0.01 and an amount equal to 120% of the market price of our 
ordinary shares on Nasdaq or any other securities exchange where our shares are then traded (the market price 
being deemed to be the average of the closing price on each of the consecutive days of trading during a period no 
shorter than one trading day and no longer than 10 trading days immediately preceding the date of repurchase, as 
reasonably determined by the Management Board). This authority would begin on the date of the annual meeting 
and extend for 18 months until May 15, 2018.  

An authorization to repurchase up to 6,300,000 of our issued and outstanding ordinary shares would not 

necessarily mean that we will repurchase this amount over the authorization period. We may choose to repurchase 
fewer than all of the shares authorized or none at all, and we are seeking this authorization to have the flexibility to 
make repurchases if we believe doing so would be in the best interests of Cimpress and our shareholders. Our 
Supervisory Board and Management Board will analyze many factors relating to a repurchase decision, including 
share price relative to our anticipated future cash flows, our ability to use operating cash flow or debt to repurchase 
the shares while taking into account our debt covenants and other uses for our cash or debt capacity, general 
shareholder concentration, and liquidity concerns, as well as other items.

If our shareholders do not approve this proposal, then we intend to continue to make share repurchases, if any, 

under the previous authorization that our shareholders approved at our November 17, 2015 annual general 
meeting, which will expire on May 17, 2017. If our shareholders do approve this proposal, then the repurchase 
authorization described in this proposal will replace the November 17, 2015 repurchase authorization, and we will 
make any future share repurchases pursuant to this new authorization.

Our Management Board and Supervisory Board recommend that you vote FOR the authorization of the 
Management Board and Supervisory Board to repurchase our issued and outstanding ordinary shares as 
described above.

PROPOSAL 9 - RENEW OUR AUTHORIZATION TO ISSUE ORDINARY SHARES 

Dutch law and our articles of association require us to seek the approval of our shareholders each time we wish 

to issue new shares from our authorized share capital, unless our shareholders have previously authorized our 
Management Board, with the approval of our Supervisory Board, to issue shares. This authorization may not 
continue for more than five years, but may be given on a rolling basis. On November 17, 2015, our shareholders 
authorized our Management Board, with the approval of our Supervisory Board to issue ordinary shares, or grant 
rights to subscribe for ordinary shares, up to a maximum of 10% of our outstanding share capital at the time of 
issue for general corporate purposes (including but not limited to equity compensation, acquisitions, and financings) 
and an additional 10% of our outstanding share capital at the time of issue in connection with our acquisition of all 
or a majority of the equity or assets of another entity. We refer to this existing authorization as the "2015 general 
authorization." 

In addition to and separate from the 2015 general authorization, on May 27, 2016 our shareholders authorized 
our Management Board, with the approval of our Supervisory Board, until May 27, 2021 to issue ordinary shares, or 
grant rights to subscribe for ordinary shares, pursuant to our 2016 Performance Equity Plan, up to a maximum of 
the number of ordinary shares issuable under that plan. We refer to this existing authorization as the "Performance 
Equity Plan authorization." 

It is common practice for Dutch companies to seek to renew the general authorization to issue shares periodically 
on a rolling basis, and at this annual meeting, we are asking our shareholders, separate from and in addition to the 
Performance Equity Plan authorization described above, to renew the general authorization of our Management 
Board, with the approval of our Supervisory Board, until May 15, 2018 to issue ordinary shares, or grant rights to 
subscribe for ordinary shares, up to a maximum of:

•  10% of our outstanding share capital at the time of issue for general corporate purposes including but not 

limited to equity compensation, acquisitions, and financings; and

•  an additional 10% of our outstanding share capital at the time of issue in connection with our acquisition of 

all or a majority of the equity or assets of another entity.

12

Although we currently issue ordinary shares from our treasury account and have no plans to issue any new 
ordinary shares from our authorized share capital, we are seeking this authorization to maintain our flexibility to 
issue, or grant rights to subscribe for, 10% of our outstanding share capital at times when we believe doing so 
would be in Cimpress' best interests, including for equity compensation purposes, in connection with acquisitions, 
financings, and other transactions, and for other general corporate purposes. In addition, because an important 
component of our strategy is to selectively pursue acquisitions of businesses that complement or enhance our 
current business and operations, we are also seeking authorization to issue, or grant rights to subscribe for, up to 
an additional 10% of our outstanding share capital in connection with the acquisition of other entities or their assets. 
We believe it is important to our continued growth to retain the flexibility to issue securities in a timely manner 
without the delay and uncertainty of obtaining specific shareholder approval for each issuance. We are seeking 
authorization to issue a limited number of shares for a limited time (18 months) to balance our need for flexibility to 
issue new shares against the potential dilution of our shareholders. Furthermore, because our ordinary shares are 
listed on Nasdaq, our issuance of additional shares will remain subject to Nasdaq rules, which require, among other 
things, shareholder approval for the issuance of shares in excess of 20% of our shares outstanding (with several 
exceptions).

If our shareholders do not renew the Management Board’s authority, then the 2015 general authorization would 
remain in place, and we could continue to issue ordinary shares pursuant to the 2015 general authorization until it 
expires on May 17, 2017. If our shareholders do approve this proposal, then the authorization to issue ordinary 
shares described in this proposal will replace the 2015 general authorization. In any case, the Performance Equity 
Plan authorization will remain in place whether or not our shareholders approve this new authorization at the 
meeting; the new authorization to issue ordinary shares described above is separate from, and does not replace, 
the Performance Equity Plan authorization.

Our Management Board and Supervisory Board recommend that you vote FOR the renewal of our 
authorization to issue ordinary shares and grant rights to subscribe for ordinary shares as described 
above. 

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PROPOSAL 10 - RENEW OUR AUTHORIZATION TO EXCLUDE OR RESTRICT
SHAREHOLDERS' PREEMPTIVE RIGHTS 

Under Dutch law, holders of our ordinary shares (other than our employees who receive ordinary shares under 
our equity compensation plans) would generally have a pro rata preemptive right of subscription with respect to any 
new ordinary shares we issue for cash or any grant of rights to subscribe for ordinary shares. A preemptive right of 
subscription is the right of our current shareholders to maintain their percentage ownership of Cimpress' shares by 
buying a proportional number of any new shares that Cimpress issues. However, Dutch law and our articles of 
association permit our shareholders to authorize our Management Board, with the approval of our Supervisory 
Board, to exclude or restrict these preemptive rights. This authorization may not continue for more than five years, 
but may be given on a rolling basis. We received such authorization at our last annual general meeting of 
shareholders on November 17, 2015, which authorization expires on May 17, 2017, and it is common practice for 
Dutch companies to seek to renew this authorization periodically on a rolling basis.

At the annual meeting, we are asking our shareholders to renew the authority of our Management Board, with the 

approval of our Supervisory Board, until May 15, 2018 to exclude or restrict preemptive rights with respect to 
issuances of ordinary shares or grants of rights to subscribe for ordinary shares pursuant to any authorization of our 
shareholders. Preemptive rights are uncommon for public companies domiciled in the United States. We 
believe that if we are not granted the authority to limit preemptive rights, our ability to raise capital through sales of 
our securities would be significantly affected because shareholders’ exercise of their preemptive rights would cause 
delays in a transaction and may dissuade potential buyers of our securities from entering into a transaction with us. 
Any limits or waivers of preemptive rights would apply equally to all holders of our ordinary shares. 

If our shareholders do not renew the Management Board’s authority, then our previous authorization would 

remain in place, and we could continue to exclude or restrict preemptive rights pursuant to that authorization until it 
expires on May 17, 2017. If our shareholders do approve this proposal, then the authorization to exclude or restrict 
preemptive rights described in this proposal will replace the November 17, 2015 authorization.

Our Management Board and Supervisory Board recommend that you vote FOR the renewal of our 

authorization to exclude or restrict our shareholders' preemptive rights. 

13

PROPOSAL 11 - APPOINT OUR
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Our Audit Committee has selected PricewaterhouseCoopers LLP, or PwC, as our independent registered public 

accounting firm for the fiscal year ending June 30, 2017 with respect to our consolidated financial statements 
prepared in accordance with U.S. generally accepted accounting principles, and we are asking our shareholders to 
appoint PwC as our statutory auditor of Cimpress N.V. We do not expect that PwC will attend the annual meeting or 
be available to answer questions.

During the summer of 2014, we engaged in a rigorous request for proposal process with the participation of 
several auditing firms, including PwC and Ernst & Young, which had served as our independent registered public 
accounting firm for our fiscal year ended June 30, 2014 and previous fiscal years. Upon reviewing the proposals we 
received in this process, our Audit Committee selected PwC as our independent registered accounting firm for our 
fiscal year ended June 30, 2015 and dismissed Ernst & Young. The report of Ernst & Young as of and for our 
consolidated financial statements for the year ended June 30, 2014 did not contain an adverse opinion or a 
disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. 
During the year ended June 30, 2014 , and through August 15, 2014, there were no (a) disagreements with Ernst & 
Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or 
procedure, which disagreements, if not resolved to Ernst & Young’s satisfaction, would have caused Ernst & Young 
to make reference to the subject matter thereof in connection with its reports for such year; or (b) reportable events, 
as described under Item 304(a)(1)(v) of Regulation S-K.

Our Management Board and Supervisory Board recommend that you vote FOR the appointment of 
PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year 
ending June 30, 2017.

Independent Registered Public Accounting Firm Fees and Other Matters

The following table presents the aggregate fees and expenses billed for services rendered by PwC for the fiscal 
years ended June 30, 2015 and June 30, 2016. The amounts reported for each fiscal year represent the fees and 
expenses for services rendered during the applicable fiscal year, regardless of when the fees and expenses were 
billed. 

Audit Fees(1)

Audit-Related Fees(2)

Tax Fees(3)

All Other Fees(4)

Total Fees

_____________

Fiscal 2016

Fiscal 2015

$ 1,928,000

$ 1,933,510

168,000

1,382,400

33,000

317,500

883,950

4,600

$ 3,511,400

$ 3,139,560

(1) Audit fees and expenses consisted of fees and expenses billed for the audit of our consolidated financial statements,

statutory audits of Cimpress N.V. and certain of our subsidiaries, quarterly reviews of our financial statements, and the
audit of the effectiveness of internal control over financial reporting as promulgated by Section 404 of the U.S. Sarbanes-
Oxley Act.

(2) Audit-related fees and expenses consisted of fees and expenses for services that are reasonably related to the

performance of the audit and the review of our financial statements and that are not reported under “Audit Fees.” These
services relate principally to consultations regarding financial accounting and reporting matters and financial due diligence
assistance with acquisitions.

(3) Tax fees and expenses consisted of fees and expenses for tax compliance (including tax return preparation), tax advice,
tax planning and consultation services. Tax compliance services (assistance with tax returns, tax audits and appeals)
accounted for $142,000 of the total tax fees billed in fiscal 2016 and $172,680 of the total tax fees billed in fiscal 2015.

(4) $4,600 of this amount for fiscal years 2015 and 2016 represents subscription fees for PwC's accounting research tool. The

remaining $28,400 for fiscal 2016 represents fees for global mobility immigration services.

14

Audit Committee’s Pre-approval Policy and Procedures

Our Audit Committee has adopted policies and procedures for the pre-approval of audit and non-audit services 
for the purpose of maintaining the independence of our registered public accounting firm. We may not engage the 
independent registered public accounting firm to render any audit or non-audit service unless either the service is 
approved in advance by the Audit Committee or the engagement to render the service is entered into pursuant to 
the Audit Committee’s pre-approval policies and procedures. From time to time, the Audit Committee pre-approves 
services that are expected to be provided to Cimpress by the independent registered public accounting firm during 
the following 12 months. Any such pre-approval is detailed as to the particular service or type of services to be 
provided and is also subject to a maximum dollar amount. At regularly scheduled meetings of the Audit Committee, 
management or the independent registered public accounting firm report to the Audit Committee regarding services 
actually provided to Cimpress.

During our fiscal year ended June 30, 2016, PwC did not provide any services to Cimpress other than in 

accordance with the pre-approval policies and procedures described above.

PROPOSAL 12 - APPROVE COMPENSATION PROGRAM
FOR OUR SUPERVISORY BOARD

Our Compensation Committee periodically reviews the compensation of our Supervisory Board to ensure that it 
is competitive and appropriate in light of the time and effort associated with serving on our Supervisory Board and 
the caliber of directors we seek to attract and retain. Our Supervisory Board compensation package is an important 
tool for helping us attract and retain talented directors who demonstrate integrity, business acumen, experience, 
diversity, and knowledge of our business and industry. If our Supervisory Board compensation is not market 
competitive, then we may have more difficulty recruiting and retaining highly qualified directors. None of our 
Supervisory Board members receives any other compensation from us besides the Supervisory Board 
compensation, and under Dutch law, no Supervisory Board member may be an employee of Cimpress.

During the spring and summer of 2016, our Compensation Committee reviewed our Supervisory Board 
compensation program against published surveys of compensation market data for public company boards of 
directors and, based on this review, redesigned the compensation of our Supervisory Board to reflect three primary 
goals: (1) simplify the program, (2) align the Supervisory Board's equity awards with the equity awards granted to 
Cimpress' executives and employees, which emphasize the long term, and (3) maintain the competitiveness of the 
program. Under Dutch law and our articles of association, our shareholders determine the compensation of each 
member of our Supervisory Board for their service as directors, and accordingly we are asking our shareholders to 
approve the redesigned compensation program for our Supervisory Board effective as of July 1, 2016, the 
beginning of our 2017 fiscal year. If approved by our shareholders, the compensation program described below will 
replace the current compensation program described in the section of this proxy statement entitled “Compensation 
of Supervisory Board Members.”

Cash Compensation

In keeping with the goal of simplicity, we would no longer pay our directors fees for attending meetings; instead, 

the cash component of our Supervisory Board's compensation would consist solely of the annual retainer fees 
described below. While these retainer fees are higher than the retainer fees we currently pay to the members of our 
Supervisory Board, when considered together with the elimination of the meeting fees, the new compensation 
program represents a modest increase over the fees we currently pay to our directors and is intended to help 
maintain the competitiveness of the compensation program.

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All members of the Supervisory Board

$112,500 retainer per fiscal year

Chairman of the Supervisory Board

Additional $22,500 retainer per fiscal year

Audit Committee

Compensation Committee

Nominating and Corporate Governance Committee

$15,000 retainer per fiscal year for all committee members
(including the committee chairman)
Additional $22,500 retainer per fiscal year for the committee
chairman

$10,000 retainer per fiscal year for all committee members
(including the committee chairman)
Additional $15,000 retainer per fiscal year for the committee
chairman

$10,000 retainer per fiscal year for all committee members
(including the committee chairman)
Additional $12,500 retainer per fiscal year for the committee
chairman

We would continue to reimburse our Supervisory Board for reasonable travel and other expenses incurred in 

connection with attending meetings of our Supervisory Board and its committees, and to pay for their tax 
preparation fees and filings for their Dutch income tax returns.

Performance Share Units

In keeping with the goals of aligning the Supervisory Board's equity awards with the equity awards received by 
Cimpress' executives and employees and maintaining the competitiveness of the compensation program, we would 
grant to our Supervisory Board members performance share units, or PSUs, under our 2016 Performance Equity 
Plan, or 2016 Plan. Under this new compensation program, Supervisory Board members would no longer receive 
any share options or restricted share units. PSUs granted to our Supervisory Board would have the same terms as 
the PSUs granted to our executives and employees, except that, if our shareholders approve the amendment to the 
2016 Plan described in Proposal 13, the Supervisory Board PSUs would have the same higher performance 
threshold in the tenth year of the award as PSU awards granted to our Chief Executive Officer. The 2016 Plan sets 
forth a more challenging performance threshold in the final year of the award for PSUs granted to Robert Keane, 
our Chief Executive Officer, than for other participants in the 2016 Plan, and as described below and in Proposal 13, 
we are asking our shareholders to approve an amendment to the 2016 Plan to apply this higher performance 
threshold to the Supervisory Board as well. 

Each incumbent Supervisory Board member would receive $112,500 of PSUs annually in connection with our 

annual general meeting of shareholders so long as he or she remains a director following that annual general 
meeting. Each new director would receive $150,000 of PSUs in connection with his or her initial appointment to the 
Supervisory Board. Cimpress would determine the number of PSUs to be granted to each director by dividing the 
applicable dollar amounts described in this paragraph by the three-year moving average of the daily closing share 
price of Cimpress’ ordinary shares, or 3YMA, as of the following date, which we refer to as a baseline date: 

•  For incumbent directors, the baseline date is November 15 of each year, beginning with November 15, 

2016 if our shareholders approve this compensation program.

•  For newly appointed directors, the baseline date is based on the date of the general meeting of 

shareholders at which the director is appointed:

General meeting in the months of:

Baseline date is the
nearest:

June, July, or August

August 15

September, October, or November November 15

December, January, or February

February 15

March, April, or May

May 15

PSU awards granted to our Supervisory Board would have the same terms as PSU awards granted to our 

executives and employees, where each PSU would represent a right to receive between 0 and 2.5 ordinary shares 

16

of Cimpress N.V. upon the satisfaction of both service-based vesting over time and performance conditions relating 
to the compound annual growth rate, or CAGR, of the 3YMA over a 6- to 10-year period, in accordance with the 
2016 Plan. We refer to the issuance of Cimpress ordinary shares pursuant to a PSU upon satisfaction of both 
conditions as the Performance Dependent Issuance. 

First condition to a Performance Dependent Issuance: Service-based Vesting
PSUs granted to members of our Supervisory Board would vest as to 25% of the original number of PSUs 
per year over the four years following the applicable annual general meeting (for PSU awards granted to 
incumbent directors) or the general meeting at which the Supervisory Board member was first appointed 
(for PSU awards granted to newly appointed directors), in each case so long as the director continues to 
serve on our Supervisory Board. If a director ceases to serve on the Supervisory Board, other than for 
cause, he or she would retain all PSUs that have satisfied the service-based vesting condition as of his or 
her termination date. If Cimpress achieves the performance thresholds described below, the former director 
would receive Cimpress ordinary shares upon settlement of the PSUs, even though he or she is no longer a 
member of our Supervisory Board.

Second condition to a Performance Dependent Issuance: 3YMA Performance
The performance conditions set forth in the 2016 Plan and described in more detail in Proposal 13 below 
would apply to the PSU awards granted to Supervisory Board members. In summary, beginning on the 
sixth anniversary of the baseline date for each PSU award, and on each anniversary thereafter through the 
tenth anniversary, we would calculate the 3YMA as of such date, which we refer to as a measurement date. 
On the first such measurement date that the 3YMA equals or exceeds a CAGR of 11% (or 7% on the tenth 
anniversary if our shareholders do not approve the amendment to the 2016 Plan described in Proposal 13 
below), the 3YMA performance condition would be satisfied, and we would issue to the director the number 
of Cimpress ordinary shares determined by multiplying the number of vested PSUs subject to the award by 
the applicable performance-based multiplier set forth in the 2016 Plan. If none of the CAGR performance 
goals set forth in the 2016 Plan are achieved by the tenth anniversary of the baseline measurement date for 
the PSU award, then the PSU award would be terminated and no Cimpress ordinary shares would be 
issued with respect to the award.

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 If our shareholders do not approve the proposed new Supervisory Board compensation program, then the 
current Supervisory Board compensation program would remain in place, and we would continue to compensate 
the members of our Supervisory Board as described in the section of this proxy statement entitled “Compensation 
of Supervisory Board Members.”

Our Management Board and Supervisory Board recommend that you vote FOR the proposed 

compensation of our Supervisory Board. 

PROPOSAL 13 - AMEND OUR 2016 PERFORMANCE EQUITY PLAN

As described in Proposal 12 above, we are seeking shareholder approval of a new compensation program for our 

Supervisory Board that includes the grant of PSU awards under our 2016 Plan. In conjunction with this new 
compensation program, we are also asking our shareholders to approve an amendment to the 2016 Plan that would 
impose a higher performance threshold on PSU awards granted to Supervisory Board members than the 
performance threshold for PSU awards granted to Cimpress' employees other than our Chief Executive Officer.

Under each PSU award, one unit represents a right to receive between 0 and 2.5 ordinary shares of Cimpress 
N.V. upon the satisfaction of both service-based vesting over time and performance conditions relating to the CAGR 
of our 3YMA over a 6- to 10-year period, as described in more detail below. Under the 2016 Plan, the minimum 
performance threshold that triggers the issuance of ordinary shares pursuant to PSU awards is an 11% 3YMA 
CAGR in years six through nine of each award and a 7% 3YMA CAGR in year ten of the award. However, PSU 
awards granted to Robert Keane have a higher performance threshold: The performance condition for Mr. Keane's 
PSU awards is the achievement of an 11% 3YMA CAGR in all years six through ten; unlike PSUs granted to other 
participants in the 2016 Plan, Mr. Keane's minimum performance threshold is not reduced in year ten. 

We believe it is appropriate for PSU awards granted to our Supervisory Board members, in their supervision role 
over our Chief Executive Officer, to have higher performance thresholds aligned with our Chief Executive Officer's 
PSU awards. Accordingly, our Management Board, with the approval of our Supervisory Board and subject to 
shareholder approval, has adopted an amendment to our 2016 Plan that all PSU awards granted to members of our 

17

Supervisory Board have a minimum performance threshold of an 11% 3YMA CAGR at the tenth anniversary of the 
baseline measurement date, instead of the 7% 3YMA CAGR threshold on the tenth anniversary that applies to other 
participants' PSUs. 

A redlined version of the 2016 Plan showing the proposed amendment is attached as Appendix A to the electronic 

copy of this proxy statement filed with the SEC. You may access the 2016 Plan by viewing our proxy statement on 
the SEC’s web site at www.sec.gov, or you may obtain a copy by sending a written request to Cimpress N.V., c/o 
Cimpress USA Incorporated, Attention: Investor Relations, 275 Wyman Street, Waltham, MA 02451, USA.

If our shareholders do not approve the proposed amendment to our 2016 Plan, then the current version of the 
2016 Plan would remain in place, and we would continue to grant PSU awards in accordance with the 2016 Plan. If 
our shareholders do not approve the amendment to our 2016 Plan but do approve the new compensation program 
for Supervisory Board members described in Proposal 12 above, then PSU awards granted to Supervisory Board 
members would have a minimum performance threshold of an 7% 3YMA CAGR on the tenth anniversary of the 
baseline date, and Table 2 in Schedule 1 of the 2016 Plan, which is described below, would apply to Supervisory 
Board PSU awards as set forth in the 2016 Plan.

Description of our 2016 Plan, as amended

The following summary of the 2016 Plan, as amended as described in this Proposal 13, is qualified in its entirety 
by reference to the full copy of the amended 2016 Plan attached as Appendix A to the electronic copy of this proxy 
statement filed with the SEC. For purposes of this summary, when we refer to our Board, we mean our Supervisory 
Board or our Management Board, as permitted by applicable law in any particular instance.

Type and Terms of Awards 

The 2016 Plan provides for the grant of performance-based share units, or PSUs, where each unit represents a 

right to receive between 0 and 2.5 ordinary shares of Cimpress N.V. upon the satisfaction of both service-based 
vesting over time and performance conditions relating to the 3YMA CAGR over a 6- to 10-year period. We refer to 
the issuance of Cimpress ordinary shares pursuant to a PSU upon satisfaction of both conditions as the 
Performance Dependent Issuance.

First condition to a Performance Dependent Issuance: Service-based Vesting
PSUs granted to employees vest no faster than 25% per year over four years so long as the employee 
remains employed by Cimpress, and as described in Proposal 12 above, PSUs granted to Supervisory 
Board members would vest 25% per year over four years if our shareholders approve such proposal. 
However, service-based vesting is not sufficient for payout; PSU service-based vesting events are the 
dates after which the participant gains the future right to a Performance Dependent Issuance with respect 
to his or her then-vested PSUs, subject to achievement of the relevant performance conditions.

If a participant resigns or is terminated other than for cause, he or she would retain all PSUs that have 
satisfied the service-based vesting condition as of his or her resignation or termination date. If Cimpress 
achieves the performance thresholds described below, the former participant would receive Cimpress 
ordinary shares upon settlement of the PSUs, even though he or she no longer has an employment, 
director, or other service relationship with Cimpress.

Second condition to a Performance Dependent Issuance: 3YMA Performance
For each PSU award, we will calculate a baseline 3YMA as of a specified date at the time of grant for two 
purposes: to establish the number of units to be granted and to establish the baseline for future 
performance measurement. Beginning on the sixth anniversary of such baseline measurement date, and on 
each anniversary thereafter through year nine, we will calculate the 3YMA as of such date. On the first such 
measurement date that the 3YMA equals or exceeds a CAGR of 11%, the 3YMA performance condition 
would be satisfied, and we would issue to the participant the number of Cimpress ordinary shares 
determined by multiplying the number of PSUs subject to the award by the applicable performance-based 
multiplier set forth in Table 1 below. 

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TABLE 1:

3YMA CAGR
11 to 11.99%
12 to 12.99%
13 to 13.99%
14 to 14.99%
15 to 15.99%
16 to 16.99%
17 to 17.99%
18 to 18.99%
19 to 19.99%
20% to 25.8925%

Above 25.8925%

Multiplier to the
number of PSUs
subject to the award
125.0%
137.5%
150.0%
162.5%
175.0%
187.5%
200.0%
212.5%
225.0%
250.0%
Variable Cap (defined
below)

If the 3YMA has not reached at least 11% on any of the sixth through ninth anniversaries of the baseline 
measurement date for the PSU award and thus a Performance Dependent Issuance has not yet occurred, 
then the threshold CAGR level for 3YMA performance at the tenth anniversary of the baseline 
measurement date is lowered to a 7% CAGR for participants other than Robert Keane and, if shareholders 
approve this amendment to our 2016 Plan, members of the Supervisory Board. If the 3YMA performance 
meets or exceeds a 7% CAGR on the tenth anniversary, recipients other than Mr. Keane and Supervisory 
Board members would still receive Cimpress ordinary shares, but at a significantly declining multiple, as set 
forth in Table 2 below. Table 2 does not apply to PSUs granted to Mr. Keane or, if shareholders approve this 
amendment to our 2016 Plan, members of the Supervisory Board, and we will use Table 1 for all 
measurement dates for PSUs granted to Mr. Keane and the Supervisory Board members. 

TABLE 2:

3YMA CAGR

11% & higher
10 to 10.99%
9 to 9.99%
8 to 8.99%
7 to 7.99%
Less than 7%

Multiplier to the
number of PSUs
subject to the award
Same as Table 1
above
112.5%
100.0%
87.5%
75.0%
0%

If none of the CAGR performance goals are achieved by the tenth anniversary of the baseline 
measurement date for the PSU award, then the PSU award would be terminated and no Cimpress ordinary 
shares would be issued with respect to the award.

The 2016 Plan limits the 3YMA value of the share issuance (defined as the number of Cimpress ordinary 
shares to be issued multiplied by the 3YMA at the measurement date on which the Performance Dependent 
Issuance is triggered) to a maximum of ten times the 3YMA grant value of the PSU award (defined as the 
number of PSUs granted multiplied by the baseline 3YMA used for the initial grant). Therefore, in cases of a 
3YMA CAGR above 25.8925%, a "Variable Cap," which is less than 250.0%, will be applied in order to 
achieve the fixed ten times maximum 3YMA value of the share issuance. The actual closing price of the 
Cimpress shares issued upon the Performance Dependent Issuance may be higher or lower than the 3YMA 
used to calculate the number of shares issued at such time.

PSU award holders are not entitled to voting rights with respect to their PSUs or to receive dividends or other 
distributions to shareholders with respect to their PSUs. Each PSU award will be evidenced in such form (written, 

19

electronic or otherwise) as the Board determines and each PSU award may contain terms and conditions in 
addition to those set forth in the 2016 Plan. 

Authorized Number of Ordinary Shares and Share Counting

Subject to adjustment in the event of stock splits, stock dividends and other similar events, we may make awards 
under the 2016 Plan for up to 8,000,000 of our ordinary shares. If a PSU award terminates, expires, or is canceled, 
or otherwise results in ordinary shares not being issued, the unused shares covered by the PSU award are returned 
to the 2016 Plan and become available for the grant of future awards under the 2016 Plan. However, we will not 
add back to the number of ordinary shares available for the grant of awards under the 2016 Plan any ordinary 
shares that a participant in the plan delivers to Cimpress to satisfy tax withholding obligations, including shares 
retained from the award creating the tax obligation. Ordinary shares issued under the 2016 Plan may consist in 
whole or in part of authorized but unissued shares or treasury shares. If the Board determines that a PSU is to be 
settled by the issuance of authorized but unissued shares, then the Board may decide that the shares so issued will 
be charged at the expense of Cimpress' freely distributable reserves.

Subject to adjustment in the event of stock splits, stock dividends and other similar events, the maximum number 

of ordinary shares with respect which to we may grant awards to any participant (including the members of the 
Management Board and the members of the Supervisory Board) under the 2016 Plan is 3,000,000 shares per fiscal 
year.

Section 162(m) of the U.S. Internal Revenue Code.

We may grant PSU awards under the 2016 Plan that are subject to the achievement of specified performance 

goals designed to qualify for deduction under Section 162(m) of the U.S. Internal Revenue Code of 1986, as 
amended, or the Internal Revenue Code. Only our Supervisory Board may make grants of performance awards to 
“covered employees” as defined under Section 162(m), or if our Supervisory Board contains any directors who are 
not outside directors as defined by Section 162(m), then a committee of our Supervisory Board solely composed of 
at least two outside directors may make grants of performance awards of covered employees. The performance 
criteria for each performance award will be based on share price in accordance with the terms described in more 
detail above.

With respect to any award that is intended to qualify as performance-based compensation under Section 162(m), 

the Supervisory Board or a committee thereof may adjust downwards, but not upwards, the number of shares 
payable pursuant to the award, and the Supervisory Board or committee may not waive the achievement of the 
applicable performance measures except in the case of the death or disability of the participant or a change in 
control of Cimpress, as defined in the 2016 Plan. 

Eligibility to Receive Awards

Employees, officers, directors (including members of the Management Board and Supervisory Board), 

consultants, and advisors of Cimpress and its subsidiaries and of other business ventures in which Cimpress has a 
controlling interest are eligible to be granted awards under the 2016 Plan. However, an individual’s eligibility to 
receive an award under the 2016 Plan does not mean that he or she will receive an award in any given fiscal year, 
or at all.

As of June 30, 2016, approximately 1,700 people were eligible to receive awards under the 2016 Plan, including 
our executive officers and the non-employee directors who serve on our Supervisory Board. The granting of awards 
under the 2016 Plan is discretionary, and we cannot now determine the number or type of awards to be granted in 
the future to any particular person or group.

Transferability of Awards

Except as the Board may otherwise determine in its sole discretion but in compliance with all then-applicable laws 
and regulations, including without limitation Section 409A of the Internal Revenue Code, a person who is granted an 
award under the 2016 Plan may not sell, assign, transfer, pledge or otherwise encumber such award, either 
voluntarily or by operation of law, except by will, the laws of descent and distribution, or pursuant to a qualified 
domestic relations order.

20

Administration of the 2016 Plan

The Board administers the 2016 Plan and has the authority to grant awards and adopt, amend and repeal such 
administrative rules, guidelines and practices relating to the plan as it deems advisable and takes all actions and 
makes all decisions with respect to the 2016 Plan and any awards in its discretion. The Board may delegate its 
powers under the 2016 Plan to one or more committees or subcommittees of the Board, and the Board may also 
delegate to one or more of our officers the power to grant awards to persons eligible to receive awards under the 
2016 Plan and to exercise such other powers under the 2016 Plan as the Board may determine, in each case 
subject to applicable law and the limitations in the 2016 Plan.

Subject to the terms of the 2016 Plan, our Board, or any committee, employee, or officer to whom our Board 

delegates authority, as the case may be, selects the recipients of awards, the dates upon which such awards 
become issuable or otherwise vest, and the terms and conditions of such awards in accordance with the terms 
described in more detail above, including the conditions for vesting, payout, and forfeiture. The terms of each award 
need not be identical, and our Board need not treat participants uniformly.

Adjustments for Changes in our Ordinary Shares and Certain Other Events

We are required to make appropriate and proportionate adjustments, in the manner determined by our Board, to 

the following to reflect stock splits, stock dividends, recapitalizations, spin-offs and other similar changes in our 
capitalization: (i) the number and class of securities available under the 2016 Plan, (ii) the ordinary share counting 
rules and sublimit set forth in the 2016 Plan, (iii) the number and class of securities subject to each outstanding 
award, and (iv) the performance measures to which outstanding awards are subject. Except as specifically provided 
otherwise in an award agreement, for any merger, consolidation, share exchange, reincorporation, or other similar 
transaction that is not a change in control (as defined in the 2016 Plan), the acquiring or succeeding corporation will 
assume all awards or substitute substantially equivalent awards.

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Change in Control

A change in control, as defined in the 2016 Plan, will trigger a Performance Dependent Issuance. Upon such a 
change in control, the PSUs that have satisfied the applicable service-based vesting conditions will be settled for 
the number of Cimpress ordinary shares determined per the above tables setting forth the performance-based 
multipliers to the number of PSUs in each award. The date of the change in control will become the measurement 
date for each award, even if the change in control occurs less than six years after the date of the award, and the 
actual price paid per share to holders of Cimpress' ordinary shares in connection with the change in control, as 
reasonably determined by the Board, (not the 3YMA at the date of the change in control) will be used to calculate 
the CAGR as of the date of the change in control relative to the baseline 3YMA for each PSU award. The 
percentage of the PSUs that has not satisfied the applicable service-based vesting conditions as of the change in 
control will be canceled in connection with the change in control in exchange for no consideration, and the 
participant will have no further rights with respect thereto. 

Amendment and Termination

We may not grant any awards under the 2016 Plan after the expiration of 10 years from the date of shareholder 
approval of the plan, but previously granted awards may extend beyond that date. The Board may amend, suspend, 
or terminate the 2016 Plan or any portion thereof at any time, subject to shareholder approval of certain 
amendments. Specifically, we must obtain the approval of our shareholders for any amendment to the 2016 Plan to 
the extent required by Section 162(m) of the Internal Revenue Code for amendments that will affect awards that are 
intended to comply with Section 162(m) or if required under the rules of the Nasdaq Stock Market. 

Our Management Board and Supervisory Board recommend that you vote FOR the amendment of our 

2016 Performance Equity Plan. 

21

OTHER MATTERS

Our Management Board and Supervisory Board do not know of any other matters that may come before the 
annual meeting. However, if any other matters are properly presented to the annual meeting, then, to the extent 
permitted by applicable law, the persons named as proxies may vote, or otherwise act, in accordance with their 
judgment on such matters.

22

INFORMATION ABOUT OUR SUPERVISORY BOARD MEMBERS AND EXECUTIVE OFFICERS

Our Supervisory Board:  

Our Supervisory Board currently consists of seven independent, non-employee directors, and we are asking our 

shareholders to appoint an eighth independent, non-employee director.

Nominee for New Member of our Supervisory Board:

SOPHIE A. GASPERMENT

Ms. Gasperment, age 52, has served as Group General Manager, Financial Communication and Strategic 

Prospective of L’Oréal, the world’s leading beauty company, since January 2014. She has held multiple marketing 
and general management positions at L’Oréal since joining the company in September 1986, including Chief 
Executive Officer and Executive Chairman of The Body Shop International, the iconic British retailer spanning 60 
countries and ca. 20,000 people strong, from July 2008 to October 2013, as well as Managing Director, L’Oréal UK 
and Ireland, from January 2004 to January 2008. Since June 2010, Ms. Gasperment has also served on the board 
of AccorHotels, a publicly traded company and a world leader in hospitality, and is currently Chair of that board's 
Appointments and Compensation Committee and a member of the Audit Committee. If appointed, Ms. Gasperment 
will bring to the Supervisory Board her leadership skills and perspective, international brand-building experience, 
expertise in managing a portfolio of branded go-to-market businesses, and acumen in both consumer goods and 
retail, as well as her broader business experience in multi-cultural environments.

Nominees for Members of our Supervisory Board whose terms expire at this annual meeting:

PAOLO DE CESARE, Director since March 2013

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Mr. De Cesare, age 56, has served as Chief Executive Officer of Printemps Department Store Paris, a retailer 

dedicated to fashion and luxury brands with department stores in France, since September 2007. Previously, Mr. De 
Cesare served in various executive capacities at Procter & Gamble from 1983 to 2007, most recently as President 
of Procter & Gamble Global Skin Care and, prior to that, as Vice President of Procter & Gamble Far East and 
President Max Factor KK, the Cosmetic division of Procter in Japan. Mr. De Cesare also served on the board of 
Indesit Company, a publicly traded company and leading European manufacturer and distributor of domestic 
appliances, from 2009 until 2013. Mr. De Cesare brings to the Supervisory Board his strong knowledge of brand 
and marketing strategy, his international business experience and perspective, and his operational, executive, and 
board experience in a variety of roles worldwide. 

MARK T. THOMAS, Director since November 2009

Mr. Thomas, age 62, has served as a Founder and Partner of Monitor Clipper Partners, a middle market private 
equity firm, since December 1997 and also serves as a member of Monitor Clipper Partners’ Investment Committee 
and as a director of several of its portfolio companies. In addition, Mr. Thomas was a co-founder of Monitor 
Company Group LP, a global strategy and marketing consulting firm, where he served in various leadership 
positions from 1983 to November 2012. In November 2012, Monitor Company Group LP entered into a Section 363 
process under Chapter 11 of the U.S. Bankruptcy Code to sell its assets to Deloitte Consulting. The transaction was 
consummated in January 2013. In addition to serving on the Supervisory Board of Cimpress N.V., Mr. Thomas also 
serves on the supervisory board of Vistaprint B.V., a wholly owned Dutch subsidiary of Cimpress. Mr. Thomas 
brings to the Supervisory Board his extensive strategy, investment, and international experience, which includes 
more than 30 years of building companies, serving on boards, and providing advice to top executives on strategic 
matters.

Member of our Supervisory Board whose term will expire at our 2017 annual general meeting:

JOHN J. GAVIN, Jr., Director since August 2006

Mr. Gavin, age 61, serves on the boards of BroadSoft, Inc., a global provider of residential and business Voice 
over IP applications, and Varonis Systems, Inc., a provider of data governance solutions for unstructured data, and 
previously served on the board of Qlik Technologies Inc., a provider of business intelligence solutions, from 
February 2010 until the sale of the company in August 2016. Mr. Gavin previously served as Chief Financial Officer 

23

of BladeLogic, Inc., a provider of data center automation software, from January 2007 through June 2008, when it 
was acquired by BMC Software, and as Chief Financial Officer of Navisite, Inc., a provider of information technology 
hosting, outsourcing and professional services, from April 2004 through December 2006. Mr. Gavin also spent ten 
years at Price Waterhouse LLP, an accounting firm, in various accounting and audit positions including as Senior 
Manager in charge of multi-national audits. In addition to serving on the Supervisory Board of Cimpress N.V., Mr. 
Gavin also serves on the supervisory board of Vistaprint B.V., a wholly owned Dutch subsidiary of Cimpress. 
Mr. Gavin brings to the Supervisory Board his extensive experience as chief financial officer of several growing 
companies, as well as ten years as an independent auditor. Mr. Gavin is a certified public accountant.

Members of our Supervisory Board whose terms will expire at our 2018 annual general meeting:

RICHARD T. RILEY, Director since February 2005 and Chairman of the Supervisory Board since 
August 2009

Mr. Riley, age 60, served in various capacities at LoJack Corporation, a publicly traded provider of tracking and 

recovery systems, during the period from 2005 until 2013, including Chairman of the Board of Directors from 
November 2006 to May 2012; Chief Executive Officer from November 2006 to February 2008 and again from May 
2010 to November 2011; and President, Chief Operating Officer and a director from February 2005 through 
November 2006 and again from May 2010 to November 2011. From 1997 through 2004, Mr. Riley held a variety of 
positions with New England Business Service, Inc., a publicly traded provider of products and services to small 
businesses, most recently serving as Chief Executive Officer, President, Chief Operating Officer and director. 
Mr. Riley also serves on the boards of Dorman Products, Inc., a supplier of original equipment automotive 
replacement parts, and Tupperware Brands Corporation, a direct-to-consumer marketer of various products across 
a range of brands and categories worldwide. In addition to serving on the Supervisory Board of Cimpress N.V., Mr. 
Riley also serves on the supervisory board of Vistaprint B.V., a wholly owned Dutch subsidiary of Cimpress. 
Mr. Riley brings to the Supervisory Board his extensive experience of leading companies as a chief executive officer 
and board member.

SCOTT VASSALLUZZO, Director since January 2015

Mr. Vassalluzzo, age 44, is a Managing Member of Prescott General Partners LLC ("PGP"), an investment 

adviser registered with the U.S. Securities and Exchange Commission that holds 14.7% of Cimpress' outstanding 
shares. PGP serves as the general partner of three private investment limited partnerships, including Prescott 
Associates L.P. (together, the "Prescott Partnerships"). Mr. Vassalluzzo joined the Prescott organization in 1998 as 
an equity analyst, became a general partner of the Prescott Partnerships in 2000, and transitioned to Managing 
Member of PGP following Prescott's reorganization in January 2012. Prior to 1998, Mr. Vassalluzzo worked in public 
accounting at Coopers & Lybrand (now PricewaterhouseCoopers LLP). Mr. Vassalluzzo serves on the boards of 
directors of Credit Acceptance Corporation, an auto finance company providing automobile loans and other related 
financial products, and World Acceptance Corporation, a personal installment loan company. Mr. Vassalluzzo brings 
to the board his advocacy for the priorities of long-termism and intrinsic value per share, his appreciation and 
understanding of the perspectives of our other long-term shareholders, and his experience on the boards and 
compensation committees of other publicly traded companies. 

Members of our Supervisory Board whose terms will expire at our 2019 annual general meeting:

ERIC C. OLSEN, Director since March 2013

Mr. Olsen, age 52, has served in various roles since August 1999 at LafargeHolcim (previously Lafarge), a world 
leader in building materials. His current role is Chief Executive Officer of LafargeHolcim since July 2015, and he is 
also the chairman and Chief Executive Officer of Lafarge SA since July 2015. Immediately prior, he served as 
Executive Vice President, Operations from September 2013 to July 2015. Mr. Olsen was previously Executive Vice 
President, Organization and Human Resources, Chief Executive Officer and Executive Vice President of Lafarge 
North America in the United States (formerly NYSE LAF), and President, Northeast Cement Region and Senior Vice 
President, Purchasing of Lafarge North America in Canada. Mr. Olsen also currently serves on the boards of 
Ambuja Cements Ltd., one of India's leading cement manufacturers, and ACC Limited, India's foremost 
manufacturer of cement and ready mixed concrete. A certified public accountant, he started his career as a senior 
accountant at Deloitte & Touche in New York.  Mr. Olsen brings to the Supervisory Board his varied executive 
experience in international business, his strong background in executive talent development and executive 
compensation, and his expertise in finance within an international business context.

24

NADIA SHOURABOURA, Director since January 2015

Dr. Shouraboura, age 46, has served as the Founder and Chief Executive Officer of Hointer, Inc., a technology 

company that brings together the best features of virtual shopping with in-store shopping, since August 2012. 
Before founding Hointer, Dr. Shouraboura served on the senior management team responsible for overall direction 
and operations at Amazon.com, Inc. from April 2004 to August 2012, including as Technology Vice President, 
Global Supply Chain and Fulfillment Platform from 2008 to August 2012. Before joining Amazon.com, Dr. 
Shouraboura served in technology and leadership roles at Diamond Technology Partners, Mobilicity, and Exelon 
Corporation. Dr. Shouraboura brings to the board her strong advocacy and experience with building customer-
centric company cultures and her experience in operations and technology.

Our Management Board and Executive Officers:

Our Management Board: The Management Board of Cimpress N.V. consists of four of our executive officers. 

ROBERT S. KEANE, President, Chief Executive Officer, and Chairman of the Management Board

Mr. Keane, age 53, has served as our President and Chief Executive Officer since he founded Cimpress (then 

Vistaprint) in January 1995. Mr. Keane served as the Chairman of our Board of Directors from January 1995 to 
August 2009 and was appointed Chairman of the Management Board in September 2009. From 1988 to 1994, 
Mr. Keane was an executive at Flex-Key Corporation, an OEM manufacturer of keyboards, displays and retail 
kiosks used for desktop publishing. Mr. Keane holds a Bachelor of Arts in economics from Harvard College and a 
Masters of Business Administration from INSEAD in Fontainebleau, France. Mr. Keane’s term as a member of our 
Management Board will expire at our 2017 annual general meeting.

KATRYN “TRYNKA” S. BLAKE (née Shineman), Executive Vice President and President, Vistaprint 
Business Unit

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Ms. Blake, age 42, has served as Executive Vice President and President, Vistaprint Business Unit since July 
2014. Ms. Blake previously served as our Executive Vice President, Global Marketing from July 2012 to June 2014, 
Chief Customer Officer from June 2011 to June 2014, President of Vistaprint’s North American business unit from 
November 2010 to June 2012, Chief Marketing Officer of Vistaprint's North American business unit from April 2008 
to November 2010, and in a variety of marketing positions since joining Cimpress in March 2004 as Director, 
Marketing. Before joining Cimpress, she served as a director and senior manager for PreVision Marketing from 
1996 to March 2004. Ms. Blake also serves on the board of directors of UBM plc, a world-leading B2B event 
organiser traded on the London Stock Exchange. Ms. Blake holds a Bachelor of Arts in psychology from Cornell 
University and a Masters of Business Administration from Columbia Business School. Ms. Blake’s term as a 
member of our Management Board will expire at our 2019 annual general meeting.

DONALD R. NELSON, Executive Vice President and President, Mass Customization Platform

Mr. Nelson, age 48, has served as our President, Mass Customization Platform since July 2016 and as Executive 

Vice President since July 2012. Mr. Nelson previously served as our Chief Operating Officer from November 2014 
to July 2016, Executive Vice President, Capabilities from July 2012 to June 2014, Chief Information Officer from 
May 2008 to June 2014, and Senior Vice President of Capabilities Development from July 2006 to May 2008.  
Before joining Cimpress, Mr. Nelson served as Chief Information Officer at Sapient, where he started in 1993 as a 
software engineer, then later as vice president before assuming the role of Chief Information Officer in 2001.  Mr. 
Nelson received a Bachelor of Science in computer science from Gordon College. Mr. Nelson’s term as a member 
of our Management Board will expire at our 2019 annual general meeting.

WILHELM ("WILL") G.A. JACOBS, Executive Vice President and Chief Supply Chain Officer

Mr. Jacobs, age 51, has served as our Chief Supply Chain Officer since September 2015 and as Executive Vice 

President since July 2016. Mr. Jacobs previously served as our Senior Vice President, Manufacturing & Supply 
Chain from June 2014 to September 2015; as General Manager of Columbus, a major engineering and product 
development program, from July 2013 to June 2014; as Senior Vice President, Manufacturing Supply Chain 
Operations from July 2012 to June 2013; and as Vice President, Plant Director from May 2011 to December 2012. 
Before joining Cimpress, Mr. Jacobs served as Vice President, Operations Industrial Adhesives EMEA of Henkel 

25

from January 2008 to April 2011.  Mr. Jacobs received an Executive MBA at Henley College in the UK, an MSc IT at 
de Montfort University in the UK, and Bachelor ICT at Hogeschool Breda in the Netherlands. Mr. Jacobs' term as a 
member of our Management Board will expire at our 2018 annual general meeting.

Other Executive Officers: We have five additional executive officers who do not serve on our Management Board.

CORNELIS DAVID ("KEES") ARENDS, Executive Vice President and President, Upload and Print Business 
Units

Mr. Arends, age 56, has served as our Executive Vice President and President, Upload and Print Business Units 
since July 2016. Mr. Arends previously served as our President, European Business Units from November 2015 to 
July 2016. Before joining Cimpress, Mr. Arends was an entrepreneur and founder of various companies. His 
relationship with Cimpress goes back to 2011 when he was Chief Executive Officer and one of the shareholders of 
AlbumPrinter B.V. which was sold to Cimpress in October of that year. Before joining Cimpress’ executive team he 
served as interim Chief Executive Officer of Drukwerkdeal.nl B.V., a Cimpress company, from March 2015 to 
January 2016. Mr. Arends also serves on the boards of directors of several group companies of BNP Paribas 
Cardif, a publicly traded global insurer. Mr. Arends studied at Nijenrode Business School in Breukelen, the 
Netherlands.

LAWRENCE A. GOLD, Executive Vice President and Chief Legal, Talent and Sustainability Officer

Mr. Gold, age 48, has served as our Executive Vice President and Chief Legal, Talent and Sustainability Officer 
since July 2016. Mr. Gold previously served as our Senior Vice President and Chief Legal Officer from September 
2006 to July 2016. Before joining Cimpress, Mr. Gold was in private legal practice for 14 years, most recently as a 
founding member of the Boston corporate department of DLA Piper. Prior to that, Mr. Gold was a partner in the 
corporate department of Testa, Hurwitz & Thibeault in Boston. Mr. Gold holds a Bachelor of Arts in history from the 
University of Pennsylvania and a Juris Doctor from the University of Chicago Law School.

ASHLEY A. HUBKA, Executive Vice President and Chief Strategy Officer

Ms. Hubka, age 43, has served as our Chief Strategy Officer since November 2015 and as Executive Vice 

President since July 2016. Ms. Hubka previously served as Senior Vice President, Portfolio Management and PMI 
from July 2015 to October 2015, Vice President, Portfolio Management and PMI from May 2014 to June 2015, and 
Vice President, Corporate Strategy from May 2011 to April 2014. Before joining Cimpress in 2011, Ms. Hubka was a 
Partner at Oliver Wyman. She previously held consulting roles at Mercer Management Consulting and The World 
Bank and was a director of hte U.S.-India Business Council. Ms. Hubka also serves on the board of directors of 
Hogg Robinson Group plc, a global corporate services provider traded on the London Stock Exchange. Ms. Hubka 
holds a Bachelor of Arts in philosophy from Harvard University and a Master of Arts in international relations from 
Johns Hopkins University.

DONALD LEBLANC, Executive Vice President and President, Vistaprint Corporate Solutions

Mr. LeBlanc, age 48, has served as our President, Vistaprint Corporate Solutions since October 2015 and as 
Executive Vice President since July 2016. Mr. LeBlanc previously served as our Chief Marketing Officer for the 
Vistaprint brand from May 2011 to October 2015. Before joining Cimpress, Mr. LeBlanc held various senior roles at 
Staples, including Senior Vice President of Retail Marketing and Vice President of Strategy. Mr. LeBlanc holds a 
Bachelor of Science from Worcester Polytechnic Institute and a Masters of Business Administration from the Tuck 
School at Dartmouth College.

SEAN E. QUINN, Executive Vice President and Chief Financial Officer

Mr. Quinn, age 37, has served as our Chief Financial Officer since October 2015 and as Executive Vice President 

since July 2016. Mr. Quinn previously served as Senior Vice President from October 2015 to July 2016, as Chief 
Accounting Officer from November 2014 to October 2015, as Vice President, Corporate Finance from January 2014 
to October 2015, as Global Controller from April 2012 to November 2014, as Director, External Reporting & 
Accounting from July 2010 to April 2012, and as Senior Manager, External Reporting & Accounting from October 
2009 to July 2010. Before joining Cimpress, Mr. Quinn was a Certified Public Accountant with KPMG LLP from 
September 2001 to October 2009 in the firm’s Philadelphia, London, and Boston offices, most recently as an Audit 
Senior Manager. Mr. Quinn holds a Bachelor of Science in accounting from Saint Joseph’s University. 

26

There are no family relationships among any of the Supervisory Board members and executive officers of 
Cimpress. No arrangements or understandings exist between any Supervisory Board member or any person 
nominated for appointment as a Supervisory Board member and any other person pursuant to which such person is 
to be selected as a Supervisory Board member or nominee for appointment to the Supervisory Board.

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Board Structure

CORPORATE GOVERNANCE

We have a two-tiered board structure consisting of a Supervisory Board and a separate Management Board. The 

Supervisory Board consists of our independent, non-employee directors, and the Management Board consists of 
members of our senior management team. The principal responsibility of the Supervisory Board is to oversee the 
Management Board and its management of Cimpress and, in so doing, serve the best interests of Cimpress and its 
stakeholders. The Supervisory Board is accountable to our shareholders. The principal responsibility of the 
Management Board is to manage Cimpress' operations, business, and strategy. The Management Board is 
accountable to both the Supervisory Board and our shareholders.

Each of our Supervisory Board and Management Board has its own chairman. The Chairman of our Supervisory 

Board is Mr. Riley, an independent, non-employee director, and the Chairman of our Management Board is 
Mr. Keane, who is also our Chief Executive Officer and President.

Governance Guidelines

We believe that good corporate governance is important to ensure that Cimpress is managed for the long-term 
benefit of our stakeholders, including but not limited to our shareholders. The Management Board and Supervisory 
Board have adopted Rules to assist each Board in the exercise of its duties and responsibilities and to serve the 
best interests of Cimpress and our stakeholders. The Rules for each Board provide a framework for the conduct of 
each Board’s business.

Among other things, the Rules for the Supervisory Board provide that: 

•  a majority of the members of the Supervisory Board must be independent directors, except as permitted by 

Nasdaq rules;

•  the Supervisory Board must meet at least twice a year in executive session;

•  the Supervisory Board has full and free access to management and employees and, as necessary and 

appropriate, to hire and consult with independent advisors;

•  all members of the Supervisory Board are expected to participate in a mandatory orientation program and 

continuing director education on an ongoing basis; and

•  at least annually the Nominating and Corporate Governance Committee is required to oversee a self-

evaluation of the Supervisory Board to determine whether the Supervisory Board and its committees are 
functioning effectively.

Among other things, the Rules for the Management Board provide that: 

•  the Management Board is responsible for managing Cimpress, including implementing Cimpress' goals and 
strategy, managing risks, operating the business on a day-to-day basis, and addressing corporate social 
responsibility issues that are relevant to the enterprise;

•  the Management Board is responsible for determining that effective systems are in place for the periodic and 
timely reporting to the Supervisory Board on important matters concerning Cimpress and its subsidiaries; and

•  at least annually the Supervisory Board is required to conduct an evaluation of the Management Board to 

determine whether the Management Board is functioning effectively.

You can find our Rules for the Supervisory Board, our Rules for the Management Board, our Code of Business 

Conduct, our current articles of association, and the current charters for our Audit Committee, Compensation 
Committee and Nominating and Corporate Governance Committee on the Corporate Governance Page in the 
Investor Relations section of www.cimpress.com, or you can request copies of these documents by emailing us at 
IR@cimpress.com or writing to Investor Relations, c/o Cimpress USA Incorporated, 275 Wyman Street, Waltham, 
MA 02451 USA.

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In addition, the Dutch Corporate Governance Code, or Dutch Code, applies to Cimpress. The Dutch Code 
emphasizes the principles of integrity, transparency, and accountability as the primary means of achieving good 
corporate governance. The Dutch Code includes certain principles of good corporate governance, supported by 
“best practice” provisions, and our Management Board and Supervisory Board agree with the fundamental 
principles of the Dutch Code. However, as a company whose ordinary shares are traded on Nasdaq, we are also 
subject to the corporate governance rules of the Nasdaq Stock Market and U.S. securities laws, and we may also 
choose to follow certain market practices that are common for Nasdaq-traded companies. Some of the 
U.S. corporate governance rules and market practices that we are required to or choose to follow conflict, in whole 
or in part, with the best practice provisions of the Dutch Code. As a result, we do not apply some of the Dutch best 
practice provisions. In accordance with the Dutch Code’s compliance principle of “apply or explain,” which permits 
Dutch companies to be fully compliant with the Dutch Code either by applying the Dutch best practices or by 
explaining why the company has chosen not to apply certain of the best practices, we are disclosing in our Dutch 
annual report that accompanies our Annual Accounts to what extent we do not apply provisions of the Dutch Code, 
together with the reasons for those deviations.

Code of Business Conduct 

We have adopted a written code of business conduct that applies to our Supervisory Board, officers, and 

employees, a current copy of which is posted on the Corporate Governance Page in the Investor Relations section 
of our website, www.cimpress.com. In addition, we intend to post on our website all disclosures that are required by 
law or Nasdaq stock market listing standards concerning any amendments to, or waivers from, any provision of the 
code.

Determination of Independence

Under Nasdaq rules, members of our Supervisory Board qualify as “independent directors” only if, in the opinion 

of our Supervisory Board, they do not have a relationship that would interfere with the exercise of independent 
judgment in carrying out the responsibilities of a director. The Supervisory Board has determined that none of its 
members or Ms. Gasperment has a relationship that would interfere with the exercise of independent judgment in 
carrying out the responsibilities of a director and that all of its members during our fiscal year ended June 30, 2016, 
and Ms. Gasperment if our shareholders appoint her to the Supervisory Board, are “independent directors” as 
defined under Nasdaq's Marketplace Rules.

In addition, all members of our Supervisory Board satisfy the criteria for independence under the Dutch Code, 
other than Scott Vassalluzzo, who is a Managing Member of Prescott General Partners LLC, a major shareholder of 
Cimpress.

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Oversight of Risk

Under the Rules for the Supervisory Board, our Supervisory Board is responsible for reviewing the integrity of our 

internal control and management information systems, the main risks of our business, and the design and 
effectiveness of our internal risk management and control systems. As set forth in its charter, our Audit Committee 
assists the Supervisory Board in its review and oversight of risk by reviewing our policies with respect to risk 
assessment and risk management, including the guidelines and policies that govern the process by which our 
exposure to risk is handled. The Supervisory Board and Audit Committee regularly discuss with management our 
major risk exposures, their potential impact on Cimpress, and the steps we take to manage them.

In addition, based on an internal risk assessment, we believe that any risks arising from our compensation 

programs for our employees are not reasonably likely to have a material adverse effect on Cimpress.

Supervisory Board Nomination Process

The process that our Nominating and Corporate Governance Committee follows to identify and evaluate 

candidates for members of our Supervisory Board includes requests to its members and others for 
recommendations, meetings from time to time to evaluate biographical information and background material relating 
to potential candidates, and interviews of selected candidates by members of the Committee and the Supervisory 
Board.

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In considering whether to recommend any particular candidate for inclusion in the Supervisory Board’s slate of 

nominees, the Nominating and Corporate Governance Committee applies, among other things, the criteria for 
Supervisory Board members set forth as an attachment to the Rules for the Supervisory Board. These criteria 
include among others the candidate’s integrity, business acumen, knowledge of our business and industry, 
experience, diligence, absence of any conflicts of interest, and ability to act in the interests of all of Cimpress' 
stakeholders. In addition, the Rules for the Supervisory Board specify that nominees shall not be discriminated 
against on the basis of race, religion, national origin, sex, sexual orientation, disability, or any other basis proscribed 
by law and that the Nominating and Corporate Governance Committee and Supervisory Board should consider the 
value of diversity on the Supervisory Board. The Committee does not assign specific weights to particular criteria, 
and no particular criterion other than integrity and good character is a prerequisite for each prospective nominee.

We believe that the backgrounds and qualifications of the members of our Supervisory Board, considered as a 
group, should provide a composite mix of experience, knowledge and abilities that will allow the Supervisory Board 
to fulfill its responsibilities. Accordingly, the Nominating and Corporate Governance Committee seeks nominees with 
a broad diversity of experience, professions, skills and backgrounds. During fiscal 2016, the Committee engaged 
MWM Consulting, an international recruiting firm, to assist the Committee in identifying, evaluating, and reaching 
out to potential candidates for the Supervisory Board.

Shareholders may recommend individuals to the Nominating and Corporate Governance Committee for 

consideration as potential candidates for the Supervisory Board by submitting their names, together with 
appropriate biographical information and background materials and a statement as to whether the shareholder or 
group of shareholders making the recommendation has beneficially owned more than 5% of our ordinary shares for 
at least a year as of the date such recommendation is made, to Nominating and Corporate Governance Committee, 
c/o Chief Legal Officer, Cimpress USA Incorporated, 275 Wyman Street, Waltham, MA 02451 USA. If appropriate 
biographical and background material has been provided on a timely basis, the Nominating and Corporate 
Governance Committee will evaluate shareholder-recommended candidates by following substantially the same 
process, and applying substantially the same criteria, as it follows for candidates submitted by others.

If the Supervisory Board does not submit a binding nomination for a Supervisory Board position, then the 
shareholders represented at the general meeting may select a nominee. The shareholders may appoint such a 
nominee as a member of the Supervisory Board by the vote of at least two thirds of the votes cast at the meeting 
representing more than half of our share capital.

Supervisory Board Meetings and Committees

During our fiscal year ended June 30, 2016, our Supervisory Board met four times, and each of the members of 

our Supervisory Board attended at least 94% of the total number of meetings of the Supervisory Board and the 
committees of which such director was a member during the period of time he or she served on such committee. In 
addition, it is our policy that one or more of the members of our Supervisory Board should attend annual general 
meetings of shareholders to the extent practicable. Seven of the eight directors then serving on our Supervisory 
Board attended our 2015 annual general meeting of shareholders.

The Supervisory Board has standing Audit, Compensation, and Nominating and Corporate Governance 

Committees. Each committee has a charter that has been approved by the Supervisory Board, and each committee 
must review the appropriateness of its charter at least annually. All members of all committees are non-employee 
directors, and the Supervisory Board has determined that all of the members of our three standing committees are 
independent as defined under Nasdaq's Marketplace Rules.

Audit Committee

The current members of our Audit Committee are Messrs. Gavin (Chair), Riley, and Thomas. Our Supervisory 
Board has determined that Mr. Gavin qualifies as an “audit committee financial expert” under SEC rules, and all 
three Audit Committee members meet the SEC’s independence criteria for audit committee members. The Audit 
Committee met seven times during fiscal 2016. The Audit Committee’s responsibilities include:

•  retaining our independent registered public accounting firm, subject to shareholder ratification and approval;

•  approving the compensation of, and assessing (or recommending that the Supervisory Board assess) the 

independence of, our registered public accounting firm;

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•  overseeing the work of our independent registered public accounting firm, including the receipt and 

consideration of certain reports from the firm;

•  coordinating the Supervisory Board’s oversight of our internal control over financial reporting and disclosure 

controls and procedures;

•  overseeing our internal audit function;

•  establishing procedures for the receipt, retention, and treatment of accounting-related complaints and 

concerns;

•  reviewing and approving any related person transactions; 

•  meeting independently with our independent registered public accounting firm and management; and

•  preparing the Audit Committee report included in this proxy statement.

Compensation Committee

The current members of the Compensation Committee are Messrs. Vassalluzzo (Chair), Olsen, and Thomas, and 

all three Compensation Committee members meet Nasdaq's independence criteria for compensation committee 
members. The Compensation Committee met four times during fiscal 2016. The Compensation Committee’s 
responsibilities include:

•  reviewing and approving, or making recommendations to the Supervisory Board with respect to, the 

compensation of our Chief Executive Officer and our other executive officers;

•  overseeing and administering our cash and equity incentive plans;

•  reviewing and making recommendations to the Supervisory Board with respect to Supervisory Board 

compensation;

•  reviewing and discussing with management the Compensation Discussion and Analysis section of the proxy 

statement and considering whether to recommend to the Supervisory Board that the Compensation Discussion 
and Analysis be included in the proxy statement; and

•  preparing the Compensation Committee report included in this proxy statement.

Nominating and Corporate Governance Committee

The current members of the Nominating and Corporate Governance Committee are Messrs. Thomas (Chair), De 
Cesare, and Riley and Ms. Shouraboura. The Nominating and Corporate Governance Committee met twice during 
fiscal 2016. The responsibilities of the Nominating and Corporate Governance Committee include:

•  identifying individuals qualified to become Supervisory Board members;

•  recommending to the Supervisory Board the persons to be nominated for appointment as members of the 

Supervisory Board and the Management Board and to each of the Supervisory Board’s committees;

•  overseeing an annual evaluation of the Supervisory Board, the Management Board and all committees of the 

Supervisory Board to determine whether each is functioning effectively; 

•  overseeing succession planning for the Supervisory Board; and

•  reviewing and assessing the adequacy of the Rules of the Supervisory Board and of the Management Board.

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Report of the Audit Committee

The Audit Committee has reviewed Cimpress' audited consolidated financial statements for the fiscal year ended 

June 30, 2016 and has discussed these financial statements with Cimpress' management and 
PricewaterhouseCoopers LLP, our independent registered public accounting firm for fiscal 2016.

The Audit Committee has also received from, and discussed with, PwC various communications that PwC is 
required to provide to the Audit Committee, including the matters required to be discussed by Public Company 
Accounting Oversight Board Auditing Standard No. 16, Communications with Audit Committees, as in effect for 
Cimpress' fiscal year 2016.

PwC also provided the Audit Committee with the written disclosures and the letter required by PCAOB Rule 3526 

(Communicating with Audit Committees Concerning Independence), as modified or supplemented. The Audit 
Committee has discussed with the independent registered public accounting firm its independence from Cimpress. 
The Audit Committee also considered whether the provision of other, non-audit related services referred to under 
the heading “Independent Registered Public Accounting Firm Fees and Other Matters” under Proposal 11 is 
compatible with maintaining the independence of our registered public accounting firm.

Based on its discussions with, and its review of the representations and information provided by, management 
and PwC, the Audit Committee recommended to the Supervisory Board that the audited financial statements be 
included in Cimpress' Annual Report on Form 10-K for the fiscal year ended June 30, 2016. 

This Audit Committee Report is not incorporated by reference into any of our previous or future filings with the 

SEC, unless any such filing explicitly incorporates this Report.

Audit Committee of the Supervisory Board
John J. Gavin, Jr., Chairman
Richard T. Riley
Mark T. Thomas

Certain Relationships and Related Transactions

Policies and Procedures for Related Person Transactions

We have a written related person transaction policy that sets forth the policies and procedures for the review and 

approval or ratification of related person transactions. This policy covers any transaction, arrangement or 
relationship, or any series of similar transactions, arrangements or relationships in which we are a participant, the 
amount involved exceeds $25,000, and a related person has a direct or indirect material interest, including, without 
limitation, purchases of goods or services by or from the related person or entities in which the related person has a 
material interest, indebtedness, guarantees of indebtedness, and employment by us of a related person. A related 
person is any person who is or was a Cimpress executive officer or member of our Management Board or 
Supervisory Board at any time since the beginning of our most recently completed fiscal year, the beneficial holder 
of more than 5% of any class of our voting securities, or an immediate family member of anyone described in this 
sentence.

All potential related person transactions that we propose to enter into must be reported to our Chief Legal Officer 

(CLO) or Chief Accounting Officer (CAO, who is currently our Chief Financial Officer), who will determine whether 
each reported transaction qualifies as a related person transaction. If so, then the CLO and CAO will submit the 
transaction for review and approval by our Audit Committee. If our CLO and CAO determine that advance approval 
of a related person transaction by the full Audit Committee is not practicable under the circumstances, then they will 
submit the transaction to the Audit Committee chair for review and approval, and the full Audit Committee will review 
and ratify the related person transaction at the next Committee meeting. 

In addition, the Audit Committee will review annually any previously approved or otherwise already existing 

related person transaction that is ongoing in nature to ensure that such related person transaction has been 
conducted in accordance with the Audit Committee’s previous approval, if any, and that all required disclosures 
regarding the related person transaction are made.

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When considering a proposed related person transaction, the Audit Committee will review and consider, to the 

extent appropriate for the circumstances:

•  the related person’s interest in the related person transaction;

•  the approximate dollar value of the amount involved in the related person transaction;

•  the approximate dollar value of the amount of the related person’s interest in the transaction without regard to 

the amount of any profit or loss;

•  whether the transaction was undertaken in the ordinary course of business;

•  whether the transaction with the related person is entered into on terms no less favorable to us than terms that 

could have been reached with an unrelated third party;

•  the purpose of, and the potential benefits to us of, the transaction; and

•  any other information regarding the related person transaction or the related person that would be material to 

investors in light of the circumstances of the particular transaction.

The Audit Committee will review all relevant information available to it about the related person transaction. The 
Audit Committee may approve or ratify the related person transaction only if the Committee determines that, under 
all of the circumstances, the transaction is in or is not inconsistent with our best interests. The Committee may, in its 
sole discretion, impose conditions as it deems appropriate on us or the related person in connection with approval 
of the related person transaction.

In addition, under Dutch law, any member of our Supervisory Board or Management Board who has a conflict of 
interest is required to disclose that conflict to the Chairman of the Supervisory Board and to abstain from voting on 
any resolution involving, or participating in any board discussion of, the conflict.

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Related Person Transaction

During fiscal 2016, there was one related person transaction, as defined under SEC rules: Katryn Blake’s 

brother-in-law has been an employee of Cimpress since 2007, and he received cash compensation of $185,426 for 
fiscal 2016. The Audit Committee has reviewed this relationship and concluded that it is consistent with our best 
interests and does not constitute a conflict of interest.

Communicating with the Supervisory Board

Our Supervisory Board will give appropriate attention to written communications that are submitted by 

shareholders, and will respond if and as appropriate. The chair of the Nominating and Corporate Governance 
Committee, with the assistance of Cimpress' Chief Legal Officer, is primarily responsible for monitoring 
communications from shareholders and for providing copies or summaries to the other directors as its members 
consider appropriate.

The chair of the Nominating and Corporate Governance Committee will forward communications to the full 
Supervisory Board if the communications relate to substantive matters and include suggestions or comments that 
he considers to be important for the directors to know. In general, the chair is more likely to forward communications 
relating to corporate governance and corporate strategy than communications relating to ordinary business affairs, 
personal grievances, and matters as to which Cimpress may receive repetitive or duplicative communications.

Shareholders who wish to send communications on any topic to our Supervisory Board should address such 

communications to:

Supervisory Board
c/o Corporate Secretary, Cimpress N.V.
Hudsonweg 8
5928 LW Venlo
The Netherlands

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EXECUTIVE COMPENSATION

Compensation Discussion and Analysis 

Executive Overview

Our success depends on our ability to attract and retain top talent in a competitive marketplace, and to motivate 

that talent to achieve outstanding performance. In determining the compensation of our executive officers, our 
Compensation Committee begins with an analysis of the competitiveness of our executive compensation program 
and, as a starting point, seeks to pay our executives total compensation (including base salary, annual cash 
incentive, and long-term incentive awards) at the 75th percentile of our peer group for extraordinary performance by 
Cimpress. The Compensation Committee then applies its own discretion to take into account any other factors it 
may deem relevant in any given fiscal year, such as general economic conditions, the internal equity of 
compensation among our executives, each executive’s experience and role, and individual performance. The 
Committee does not assign specific weights to particular factors but considers them together in determining 
compensation. 

Incentive compensation redesign.  In fiscal year 2016, under the leadership of our Compensation Committee and 

with input from our shareholders, we significantly redesigned our compensation program for executives and 
employees. Beginning with fiscal year 2017, we will use the following two new long-term incentive compensation 
vehicles:

1.  Performance share units, or PSUs, granted under our new 2016 Performance Equity Plan approved by our 
shareholders in May 2016. Each PSU represents a right to receive between 0 and 2.5 ordinary shares of 
Cimpress N.V. upon the satisfaction of both service-based vesting over time and performance conditions 
relating to the compound annual growth rate of the three-year moving average of the daily closing share 
price of Cimpress’ ordinary shares over a 6- to 10-year period. 

2.  Cash retention bonus awards for employees other than Robert Keane, who will receive 100% of his long-
term incentive compensation in the form of PSUs. These bonus awards are focused on retention and will 
pay the employee a fixed amount in equal payments over several years (typically four years) so long as 
Cimpress continues to employ the recipient.

In addition, beginning in fiscal year 2017, we are incorporating the annual bonus component of our current 

compensation program into base salary for our executive officers and broader employee population, in order to shift 
employees' focus away from short-term goals and support a culture of long-termism. 

Pay for performance.  The total compensation package for our executive officers is weighted heavily toward 
compensation based on Cimpress' operating and share price performance. Cimpress performed well in our fiscal 
year ended June 30, 2016, and accordingly our executive officers earned above-market compensation for the year. 
Below are some highlights of our performance over the last three fiscal years. 

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* Please see the non-GAAP reconciliations at the end of this proxy statement 

Our fiscal year 2016 operating income declined due to the negative impact of non-cash impairment charges that 

were excluded from our adjusted net operating profit after tax (NOPAT), which is the measure we use to evaluate 
our performance for executive compensation purposes.

Shareholder engagement.  We believe that our collaboration with shareholders on executive compensation 
design and our emphasis on long-term, performance-based compensation are major contributors to our executive 
compensation program's receiving more than 97% approval from our shareholders at each of our last four annual 
general meetings of shareholders. When our Compensation Committee redesigned our compensation program for 
executives and employees during fiscal year 2016, we reached out to our major shareholders during the planning 
phase, and the Compensation Committee took shareholders' feedback into account in the design process. When 
we sought shareholder approval of our new 2016 Performance Equity Plan that is the lynchpin of the redesigned 
compensation program, we listened to the constructive feedback of our major, long-term shareholders and made 
several changes to the compensation program to address shareholders' concerns, which we believe contributed to 
our shareholders' voting to approve the plan at our Extraordinary General Meeting of Shareholders on May 27, 
2016.

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Premium-priced share options.  Fiscal year 2016 was the final year of the long-term incentive compensation 

program our Compensation Committee instituted in 2012, and beginning with fiscal year 2017, our executive 
officers will receive PSUs and cash retention awards as described above and in the proxy statement and proxy 
solicitation materials we filed with the SEC in connection with our May 27, 2016 Extraordinary General Meeting of 
Shareholders. As part of the 2012 design of our long-term incentive compensation program, we granted to our 
executive officers in 2012 multi-year, premium-priced share options designed to emphasize Cimpress' long-term 
performance and our growth strategy using share price as the primary performance metric. The Compensation 
Committee believes that the premium-priced share options provide strong alignment of performance-based 
compensation with long-term shareholder value creation, significant downside risk for the executives if Cimpress 
performs poorly, and significant upside potential if Cimpress performs well. The options have an exercise price of 
$50.00 per share, which was at least 33% higher than the closing price of Cimpress' ordinary shares on Nasdaq on 
the grant dates. The options granted to Robert Keane, our Chief Executive Officer, have an additional share price 
hurdle before he can realize any returns from his premium-priced options, which is that he can exercise his options 
only on dates when the high price per share of Cimpress' ordinary shares on Nasdaq is at least $75.00, which was 
nearly double the closing price of Cimpress' ordinary shares on the grant dates. In addition, to emphasize long-term 
performance, the options vest over seven years and have an eight-year term.

Discontinuation of certain pay practices.  We no longer include excess parachute payment tax gross-up 
provisions in any executive retention agreements we enter into with new executives after August 1, 2012, and 
accordingly Sean Quinn, who was promoted to the position of Chief Financial Officer in October 2015, does not 
have such a provision in his executive retention agreement.

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Compensation Committee Approach

In determining the competitiveness of our executive compensation program, our Compensation Committee takes 

into account the analysis and recommendations of the Committee’s independent compensation consultant 
(currently Willis Towers Watson), data from the comparison peer group described below, published compensation 
survey data, and detailed tally sheets summarizing our executive officers’ current and historical compensation. 

Each year, our Compensation Committee works with Willis Towers Watson to update its comparison peer group 

consisting of publicly traded companies that have characteristics that are currently comparable to Cimpress or 
comparable to where Cimpress expects to be in the near future. Through a multi-step process, the Committee 
considers a robust number of companies for inclusion in our peer group, including the consideration of, among 
other attributes, each company’s ownership structure, industry groupings (including Global Industry Classification 
Standards), annual revenue, and other financial metrics, as well as comparable companies identified on the Dow 
Jones and Institutional Shareholder Services lists. For the comparison peer group our Compensation Committee 
used in determining our executive officers' fiscal 2016 compensation, the financial criteria included annual revenue 
in the range of $1.3 billion to $3.5 billion and market capitalization between $1.5 billion and $4.0 billion. The 
Compensation Committee also considered companies with high growth and in the same general industry as 
Cimpress. For fiscal 2016, the peer group consisted of the 24 companies listed below. Because the Compensation 
Committee determined the peer group in November 2014, before the beginning of our fiscal year 2016, the 
Committee used the most recent information that was available at that time for each peer group company.

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The Compensation Committee engages an independent compensation consultant and manages the relationship 

with that firm. During fiscal 2016, Willis Towers Watson, the Committee's compensation consultant, provided the 
following services to Cimpress and the Compensation Committee:

•  Competitive analysis and recommendations to the Compensation Committee with respect to the 

compensation of our executive officers; 

•  Competitive analysis and recommendations to our Compensation Committee and Chief Executive Officer 

with respect to the compensation of some of our senior employees who are not executive officers;  

•  Review of and feedback on our proposed long-term incentive compensation design featuring PSUs; and

•  Detailed pay-for-performance assessment which reviewed the pay-for-performance relationship among our 

executive officers.

The Compensation Committee took into account the above services as well as the fees paid to Willis Towers 

Watson when assessing the firm's independence and determined that Willis Towers Watson was independent 
during fiscal 2016.

Compensation Components for Executives

For fiscal year 2016, the principal elements of our compensation program for our executive officers were the 

following:

•  Base salary
•  Annual cash incentive awards, which rewarded executives based on Cimpress' achievement of financial 

• 

performance goals for fiscal year 2016 
Long-term incentive awards, which may include long-term cash incentives, share options, and restricted 
share units, which reward executives based on Cimpress' achievement of longer term financial objectives 
and the creation of value for our shareholders as reflected in our share price

•  Standard health and welfare benefits that are applicable to all of our employees in each executive’s 

geographic location

In addition, we have severance and change in control arrangements with our executives, and from time to time 

we provide expatriate benefits for executives who are assigned to work in geographic locations outside of their 
home countries.

Under our pay-for-performance philosophy, the compensation of our executives and other employees at higher 
levels in the organization is more heavily weighted towards variable compensation based on our performance, and 
base salary generally accounts for a smaller portion of these employees’ total compensation packages. The 
percentiles below are designed to ensure that our executive officers will receive compensation significantly below 
the median of our peer group if Cimpress does not perform well and significantly above the median for Cimpress' 
extraordinary performance. In accordance with this philosophy, the Compensation Committee initially allocates the 
compensation of our executive officers within the percentiles listed below, and then may use its discretion to adjust 
each executive officer’s compensation to reflect other factors such as general economic conditions, the internal 
equity of compensation among our executives, and the executive’s experience, role, and performance. 

•  Base salary of Mr. Keane, our Chief Executive Officer, at the 25th percentile of our peer group 
•  Base salaries of our other executive officers at the 35th percentile of our peer group and published 

compensation surveys

•  Annual cash compensation (base salary and annual cash incentive) of all executive officers including Mr. 

Keane at the 50th percentile of our peer group and published compensation surveys

•  Total compensation (base salary, annual cash incentive, and long-term incentive awards) of all executive 
officers including Mr. Keane at the 75th percentile of our peer group and published compensation surveys

Base Salary

For fiscal 2016, the Compensation Committee increased the base salaries of Messrs. Keane and Nelson and Ms. 

Blake by 3 to 4% to maintain their salaries at the percentiles described above and also to reflect each executive’s 

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performance and internal equity with other Cimpress executives. We paid Mr. Keane's salary in Euros in fiscal years 
2014 and 2015, and in fiscal 2016, we changed his compensation to US dollars; therefore, his compensation in the 
Summary Compensation Table of this proxy statement, which is reported in US dollars, is not directly comparable 
year-over-year because of currency fluctuations. Mr. Quinn's salary increased by 14% in connection with his 
promotion to Chief Financial Officer in October 2015.

Annual Cash Incentive Awards

In fiscal year 2016, the Compensation Committee granted annual cash incentive awards to our executive officers 

to provide an incentive to achieve financial goals that were tied to the current fiscal year. For our fiscal year ended 
June 30, 2016, the annual cash incentive awards were based 50% on Cimpress' achievement of a full-year 
constant currency adjusted NOPAT goal and 50% on Cimpress' achievement of a full-year constant currency 
revenue goal determined by the Compensation Committee based on our annual budget approved by the 
Supervisory Board. For purposes of calculating these annual incentives, the Compensation Committee defines 
“constant currency revenue” as consolidated net revenue for Cimpress and its subsidiaries for the fiscal year, 
adjusted to use the same currency exchange rates as set forth in Cimpress' budget for the fiscal year. “Constant 
currency adjusted net operating profit after tax,” or adjusted NOPAT, is defined as, in constant currency, GAAP 
operating income less cash taxes attributable to the applicable period and excluding amounts for the following to 
the extent included in GAAP operating income:

• 
• 

• 
• 

• 

• 

the impact of contingent consideration and option arrangements from acquisitions 
transition and integration costs from acquisitions including compensation expense from earn outs 
or other deal consideration
amortization of acquired intangible assets
the results of acquired businesses if such acquisition was not included in arriving at the fiscal year 
2016 NOPAT goal
non-recurring or unusual items such as discontinued operations, restructurings meeting the GAAP 
definition of restructuring costs, and certain asset impairments 
any variance between actual and target for major organic long-term investments and realized gains 
or losses on currency hedging contracts

The fiscal 2016 performance goals set by the Compensation Committee for our executive officers' annual cash 
incentive awards were adjusted NOPAT of $112,191,000 and constant currency revenue of $1,757,835,000. The 
Compensation Committee believed that the fiscal 2016 goals were highly challenging but achievable. As set forth in 
the fiscal 2016 annual award agreements with our executive officers, the actual amount payable for the annual cash 
incentives was a percentage of the fiscal 2016 target award for each executive, listed in the table below, where the 
payout percentage equals the greater of: 

(x) 
(y) 

-4.4545 + (2.7273 X Revenue Percentage) + (2.7273 X Adjusted NOPAT Percentage); or
-7.0000 + (4.0000 X Revenue Percentage) + (4.0000 X Adjusted NOPAT Percentage)

The Revenue Percentage and Adjusted NOPAT Percentage were calculated by dividing the actual amounts 
for the fiscal year by the constant currency revenue and adjusted NOPAT goals described above. If either 
(1) Cimpress' actual constant currency revenue for fiscal 2016 were less than 92.5% of the goal, or 
(2) actual adjusted NOPAT for fiscal 2016 were less than 80% of the goal, then the total annual cash 
incentive payout would be zero even if the other goal were achieved. The fiscal 2016 payout percentage 
was capped at a maximum of 200%. 

As calculated in accordance with the fiscal 2016 annual cash incentive awards, Cimpress' adjusted NOPAT was 
$139,900,000. The Compensation Committee then used negative discretion to reduce the adjusted NOPAT used for 
calculating the annual incentive payouts by subtracting the following amounts because the Committee believed that 
the executives should not benefit from the following items:

• 
• 

• 
• 

$11,300,000 to remove NOPAT adjustments relating to impairments
$6,100,000 to exclude the impact of the acquisition and operations of WIRmachenDRUCK, which we 
acquired during fiscal 2016
$4,100,000 to remove budget errors or overlays
$1,500,000 to remove the benefit of certain headcount reductions

38

As reduced by the Compensation Committee, the adjusted NOPAT used for calculating the annual incentive 

payouts was $116,900,000, which was an overachievement of the fiscal 2016 adjusted NOPAT goal of 
$112,191,000. 

As calculated in accordance with the fiscal 2016 annual cash incentive awards, Cimpress' constant currency 
revenue was $1,807,900,000, and the Compensation Committee used negative discretion to reduce the constant 
currency revenue to eliminate the benefit of revenue from WIRmachenDRUCK GmbH, which Cimpress acquired in 
February 2016, because the Committee believed that the executives should not benefit from revenue acquired 
during the fiscal year. As reduced by the Compensation Committee, the constant currency revenue used for 
calculating the annual incentive payouts was $1,735,700,000, which was below the fiscal 2016 constant currency 
revenue goal of $1,757,835,000. 

Based on the 50/50 weighting of our adjusted NOPAT and constant currency revenue goals and in accordance 
with the formula set forth above, this level of achievement yielded a payout percentage of 111.8% of the executives’ 
targets, which is the same as the payout percentage we used for our non-executive employees' fiscal 2016 annual 
cash incentive awards. 

The Compensation Committee set Mr. Keane’s fiscal 2016 target annual incentive at a level to maintain his 
annual cash compensation (base salary plus annual cash incentive) at the 50th percentile of our peer group. For 
our other executive officers, the Compensation Committee initially determined the fiscal 2016 target annual 
incentives that would maintain their annual cash compensation at the 50th percentile of our peer group and 
published compensation surveys and then applied its own discretion to reflect each executive’s performance and 
internal equity with other Cimpress executives. As a result of this process, the Compensation Committee increased 
the 2016 target annual incentives of Messrs. Keane and Nelson and Ms. Blake by 11% on average over their 2015 
target annual incentives. We increased Mr. Quinn's 2016 target annual incentive from $90,000 to $250,000 in 
October 2015 due to his promotion to Chief Financial Officer.

The following table sets forth the target annual cash incentive awards for our named executive officers and the 
actual payouts on those awards for fiscal 2016.  Mr. Quinn's target annual incentive reflects a weighted average 
target bonus pre and post his promotion to Chief Financial Officer.

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Name

Robert S. Keane

Katryn S. Blake

Donald R. Nelson

Sean E. Quinn

Ernst J. Teunissen(1)

Target Annual
Incentive

Actual Annual
Incentive Paid

$

$

$

$

$

1,034,000

$ 1,156,012

390,000

250,000

198,852

362,500

$

$

$

$

436,020

279,500

222,317

—

(1) Because Mr. Teunissen resigned as an executive officer in October 2015, he was not eligible receive any payout 
on his annual incentive award.

Long-Term Incentive Program

Our long-term incentive program is designed to focus our executives and employees on long-term performance 
and value creation for the company and our shareholders. The Compensation Committee, with recommendations 
from our independent compensation consultant, determines the mix among our long-term incentive vehicles for our 
executives and employees. During fiscal year 2016, the Compensation Committee redesigned our long-term 
executive compensation program for fiscal 2017 and beyond, and accordingly, we did not grant any long-term 
incentive awards to our executive officers other than Sean Quinn, who became an executive officer in October 
2015. Beginning with fiscal year 2017, the Compensation Committee will grant PSUs and cash retention awards as 
described in the Executive Overview above and in the proxy statement and proxy solicitation materials we filed with 
the SEC in connection with our May 27, 2016 Extraordinary General Meeting of Shareholders.

The Compensation Committee believes that granting equity awards is an effective way to motivate our 

executives to manage the company in a manner that is consistent with the long-term interests of both the company 
and our shareholders, with equity awards generating greater returns for our executives and employees as our share 

39

price increases. The share options and restricted share units we have granted in the past also provide us with an 
important retention tool, as the equity grants vest over a multiple-year period only if the executive continues to be 
employed by us on each vest date. In the past, we generally granted equity awards to our executive officers 
annually at the regularly scheduled meetings of the Compensation Committee and Supervisory Board held in the 
fourth quarter of each fiscal year. Going forward under the new long-term incentive program, we will grant PSU 
awards to our executive officers at the same time that we grant awards to our non-executive employees, which is 
during our first fiscal quarter after the conclusion of our annual performance review cycle.

Because Sean Quinn was promoted to Chief Financial Officer in October 2015 and was not an executive officer 

at the beginning of fiscal year 2016, he participated in our long-term incentive program for non-executive 
employees. Under this program, Mr. Quinn received restricted share units and a four-year cash incentive award in 
fiscal year 2016 and also received payouts under the four-year cash incentive awards he received in previous fiscal 
years. For fiscal years 2016 and before, we granted long-term cash incentive awards to our non-executive 
employees to reflect our pay-for-performance culture and philosophy, enhance our ability to manage the number of 
shares available under our equity compensation plans, and balance the focus on share price appreciation created 
through equity awards with cash awards based on the achievement of financial metrics that drive long-term 
company and shareholder value creation. Each long-term cash incentive award has a performance cycle of four 
fiscal years, and each employee is eligible to receive 25% of his or her total award for each fiscal year in the 
performance cycle based on Cimpress' achievement of adjusted NOPAT performance goals. We use the same 
definition of adjusted NOPAT for purposes of the long-term cash incentive awards as we do for the annual cash 
incentive awards described above. We measure performance on an annual basis and make payments for each 
fiscal year in the performance cycle based on the level of goal achievement for that fiscal year. 

Under the long-term cash incentive awards granted to our non-executive employees, our adjusted NOPAT for 
fiscal 2016 was $116,900,000, calculated in the same way as our adjusted NOPAT for the annual cash incentive 
awards as described above. This adjusted NOPAT was above the lower threshold NOPAT goal of $95,362,350 for 
fiscal 2016 and below the upper threshold NOPAT goal of $129,019,650 for fiscal 2016, so we paid 107.9% of 
target levels for the fiscal 2014 - 2017 long-term cash awards, 106.0% of target levels for the fiscal 2015 - 2018 
long-term cash awards, and 103.0% of target levels for the fiscal 2016 - 2019 long-term cash awards to our 
employees who participated in this long-term cash incentive plan, including Mr. Quinn, based on the formula for 
each four-year period set forth in the plan. 

Benefit Programs

The Compensation Committee believes that all employees based in the same geographic location should have 
access to similar levels of health and welfare benefits, and therefore our executive officers receive the same health 
and welfare benefits, including medical, dental, vision, and disability plans, group life and accidental death and 
disability insurance and other benefit plans, as those offered to other employees in their location. We do, however, 
from time to time enter into arrangements with some of our named executive officers to reimburse them for living 
and relocation expenses relating to their work outside of their home countries.

U.S. based employees may participate in a 401(k) plan that provides a company match of up to 50% on the first 

6% of the participant’s eligible compensation that is contributed, subject to certain limits under the United States 
Internal Revenue Code of 1986, or US Tax Code, with company matching contributions vesting over a four-year 
period. We also provide customary pension plans to our European employees.

Perquisites

In general, executives are not entitled to benefits that are not otherwise available to all other employees who 

work in the same geographic location. 

Executive Retention and Other Agreements

We have entered into executive retention agreements with all of our executive officers. Under the executive 

retention agreements, if we terminate an executive officer’s employment without cause (as defined in the 
agreements) or the executive terminates his or her employment for good reason (as defined in the agreements) 
before a change in control of Cimpress or within one year after a change in control (as defined in the agreements), 
then the executive is entitled to receive:

40

•  A lump sum severance payment equal to two years’ salary and bonus, in the case of Mr. Keane, or one year’s 
salary and bonus, in the case of the other executive officers. These severance payments are based on the 
executive’s then current base salary plus the greater of (1) the target bonus for the then current fiscal year, or 
(2) the target bonus for the then current fiscal year multiplied by the average actual bonus payout percentage 
for the previous three fiscal years.

•  With respect to any outstanding annual cash incentive award under our Performance Incentive Plan, a pro rata 

portion, based on the number of days from the beginning of the then current fiscal year until the date of 
termination, of his or her target incentive for the fiscal year multiplied by the average actual payout percentage 
for the previous two fiscal years. If there is no change in control of Cimpress during the fiscal year, this pro rata 
portion is capped at the actual amount of annual cash incentive that the executive would have received had he 
or she remained employed by Cimpress through the end of the fiscal year.

•  With respect to any outstanding multi-year cash incentive award under our Performance Incentive Plan, a pro 
rata portion, based on the number of days from the beginning of the then current performance period until the 
date of termination, of his or her mid-range target incentive for the then current performance period multiplied 
by the average actual payout percentage for the previous two fiscal years. If there is no change in control of 
Cimpress during the applicable performance period, this pro rata portion is capped at the actual amount of 
cash incentive for the performance period that the executive would have received had he or she remained 
employed by Cimpress through the end of the performance period.

•  The continuation of all other employment-related health and welfare benefits for two years after the termination 

in the case of Mr. Keane, or one year after the termination in the case of our other executive officers.

The executive retention agreements also provide that, upon a change in control of Cimpress, all equity awards 

(other than performance share units granted under our new 2016 Performance Equity Plan) granted to each 
executive officer will accelerate and become fully vested; each executive’s multi-year cash incentive awards under 
our Performance Incentive Plan will accelerate such that the executive will receive the mid-range target bonus for 
the then current performance period and each performance period after the change in control; and each executive 
will receive a pro rata portion, based on the number of days in the fiscal year before the change in control, of his or 
her target annual cash incentive award for that fiscal year. In addition, if after a change in control Cimpress' 
successor terminates the executive without cause, or the executive terminates his or her employment for good 
reason (as defined in the agreements), then each of the executive’s equity awards remains exercisable until the 
earlier of one year after termination or the original expiration date of the award. 

Our Compensation Committee decided that we would no longer include any excise tax gross-up provisions in 
any executive retention agreements we enter into with new executives after August 1, 2012, and accordingly, Sean 
Quinn's agreement does not have an excise tax gross-up provision. If an executive other than Mr. Quinn is required 
to pay any excise tax pursuant to Section 280G of the US Tax Code as a result of compensation payments made to 
him or her, or benefits obtained by him or her (including the acceleration of equity awards), resulting from a 
termination or change in ownership or control of Cimpress, we are required to pay the executive an amount, 
referred to as a gross-up payment, equal to the amount of such excise tax plus any additional taxes attributable to 
such gross-up payment. However, if reducing the executive’s compensation payments by up to $50,000 would 
eliminate the requirement to pay an excise tax under Section 280G of the US Tax Code, then Cimpress has the 
right to reduce the payment by up to $50,000 to avoid triggering the excise tax and thus avoid providing gross-up 
payments to the executive. 

The following table sets forth information on the potential payments to named executive officers upon their 
termination or a change in control of Cimpress, assuming that a termination or change in control took place on 
June 30, 2016, except for Ernst Teunissen, who resigned as Chief Financial Officer in October 2015 and did not 
receive any compensation in connection with his resignation.

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41

Name

Robert S. Keane

•

Termination Without Cause or With
Good Reason

• Change in Control

• Change in Control w/ Termination

Without Cause or With Good Reason

Katryn S. Blake

•

Termination Without Cause or With
Good Reason

• Change in Control

• Change in Control w/ Termination

Without Cause or With Good Reason

Donald R. Nelson

•

Termination Without Cause or With
Good Reason

• Change in Control

• Change in Control w/ Termination

Without Cause or With Good Reason

Sean E. Quinn

•

Termination Without Cause or With
Good Reason
• Change in Control
• Change in Control w/ Termination

Without Cause or With Good Reason

Cash Payment
($)(1)

Accelerated
Vesting of
Share Options
($)(2)

Accelerated
Vesting of
Restricted
Share Units
($)(3)

Welfare
Benefits
($)(4)

Tax
Gross-Up
Payment
($)(5)

Total
($)

3,581,560

—

— 57,991

—

3,639,551

—

19,505,712

—

—

— 19,505,712

3,581,560

19,505,712

— 57,991

— 23,145,263

836,300

—

— 23,748

—

2,369,662

2,587,775

—

836,300

2,369,662

2,587,775

23,748

642,500

—

— 23,474

—

3,077,506

1,798,274

—

642,500

3,077,506

1,798,274

23,474

612,500

141,000

753,500

—

— 19,730

— 1,427,059

—

— 1,427,059

19,730

—

—

—

—

—

—

—

—

—

860,048

4,957,437

5,817,485

665,974

4,875,780

5,541,754

632,230

1,568,059

2,200,289

_____________

(1) Amounts in this column represent severance amounts payable under the executive retention agreements. For Mr. Quinn,
the amounts in this column for Change in Control and Change in Control with Termination include the acceleration of his
long-term cash incentive awards.

(2) Amounts in this column represent the value of unvested, in-the-money share options that would vest upon the triggering
event described in the first column. The value of share options is based on the difference between the exercise price of
the options and $92.48 per share, which was the closing price of our ordinary shares on Nasdaq on June 30, 2016, the
last trading day of our fiscal year 2016.

(3) Amounts in this column represent the value of unvested restricted share units that would vest upon the triggering event
described in the first column, based on $92.48 per share, which was the closing price of our ordinary shares on Nasdaq
on June 30, 2016, the last trading day of our fiscal year 2016.

(4) Amounts reported in this column represent the estimated cost of providing employment related benefits (such as 

insurance for medical, dental, and vision) during the period the named executive officer is eligible to receive those benefits 
under the executive retention agreements, which is two years for Mr. Keane and one year for the other named executive 
officers. Some of the amounts would be payable to Mr. Keane in Euros.  For purposes of this table, we converted these 
payments from Euros to U.S. dollars at a currency exchange rate of 1.12394 based on the 30-day average currency 
exchange rate for June 1-30, 2016, which was the end of our most recent fiscal year.

(5) Amounts in this column are estimates based on a number of assumptions and do not necessarily reflect the actual
amounts of tax gross-up payments that the named executive officers would receive. Our Compensation Committee
decided that we would no longer include such tax gross-up provisions in the executive retention agreements we enter into
with new executives after August 1, 2012. Mr. Quinn's executive retention agreement does not have a tax gross-up
provision.

We have also entered into indemnification agreements with our executive officers that provide the executives 

with indemnification for actions they take in good faith as members of our management team. 

42

The Role of Company Executives in the Compensation Process

Although the Compensation Committee manages and makes decisions about the compensation process, the 
Committee also takes into account the views of our Chief Executive Officer, who makes initial recommendations 
with respect to executive officers other than himself. Other employees of Cimpress also participate in the 
preparation of materials presented to or requested by the Compensation Committee for use and consideration at 
Compensation Committee meetings.

Share Ownership Guidelines

We have share ownership guidelines for all of our executive officers and members of our Supervisory Board. The 

guidelines require our executive officers and Supervisory Board members to hold Cimpress equity, including 
ordinary shares they hold directly or indirectly, unvested restricted share units, vested and unvested performance 
share units, and vested, unexercised, in-the-money share options, with a value, based on the two-year trailing 
average of the closing prices of Cimpress' ordinary shares on Nasdaq, equal to or greater than a multiple of the 
executive officer’s annual base salary or the Supervisory Board member's annual retainer, as follows:

•  Chief Executive Officer: 5 times annual base salary
•  Other executive officers: 3 times annual base salary
•  Supervisory Board: 5 times Supervisory Board annual cash retainer

We give each executive officer and Supervisory Board member four years from his or her initial appointment as a 

Cimpress officer or director to comply with the share ownership guidelines. As of June 30, 2016, all executive 
officers and Supervisory Board members had satisfied their ownership guideline requirement, other than Dr. 
Shouraboura who has until January 2019 to increase her share ownership to the level described above.

Section 162(m)

The United States Internal Revenue Service, pursuant to Section 162(m) of the US Tax Code, generally disallows 

a tax deduction for compensation in excess of $1.0 million paid to our Chief Executive Officer and to each other 
named executive officer (other than the Chief Financial Officer) whose compensation is required to be reported to 
our shareholders pursuant to SEC rules by reason of being among our three most highly paid executive officers. 
This deduction limitation can apply to compensation paid by U.S. subsidiaries of Cimpress. Qualifying performance-
based compensation is not subject to the deduction limitation if certain requirements are met.

The Compensation Committee reserves the right to use its judgment to authorize compensation payments that 
may be subject to the Section 162(m) limitation when it believes that such payments are appropriate and in the best 
interests of Cimpress and its shareholders, after taking into account business conditions or the officer’s 
performance. Although the Compensation Committee considers the impact of Section 162(m) when administering 
Cimpress' compensation plans, it does not make decisions regarding executive compensation based solely on the 
expected tax treatment of such compensation. As a result, the Compensation Committee has deemed it appropriate 
at times to forego awarding compensation that may qualify as performance-based compensation under Section 162
(m) in favor of awards that may not be fully tax-deductible by Cimpress' subsidiaries.

Compensation Committee Report

The Compensation Committee has reviewed and discussed with management the Compensation Discussion and 

Analysis contained in this proxy statement. Based on the Compensation Committee’s review and discussions with 
management, the Compensation Committee recommended to the Supervisory Board that the Compensation 
Discussion and Analysis be included in this proxy statement.

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Compensation Committee of the
Supervisory Board
Scott Vassalluzzo, Chair
Eric C. Olsen
Mark T. Thomas

43

Summary Compensation Table

SUMMARY COMPENSATION TABLES

The following table summarizes the compensation earned in each of the last three fiscal years by:

(i) our principal executive officer,

(ii) our principal financial officer, 

(iii) our other two executive officers as of June 30, 2016, and

(iv) our former principal financial officer who served in that position during a portion of our fiscal year 2016.

Throughout this proxy statement, we refer to the individuals listed in (i) through (iv) above as our named 

executive officers. 

Name and Principal Position

Robert S. Keane
President and Chief

Executive Officer

Katryn S. Blake
Executive Vice President and
President, Vistaprint Business
Unit

Donald R. Nelson
Executive Vice President and
President, Mass Customization 
Platform

Sean E. Quinn(6)
Executive Vice President and 
Chief Financial Officer

Year

2016

2015

2014

2016

2015
2014

Salary
($)

579,735

494,804

581,430

379,596

365,000
364,231

Share
Awards
($)(1)

—

—

—

—

1,205,954
937,986

2016

2015

349,731

340,000

—

799,930

Non-Equity
Incentive Plan
Compensation
($)(2)

1,156,012

1,481,285

1,161,505

436,020

612,344
428,814

279,500

411,875

All Other
Compensation
($)

Total
($)

10,766(3)

1,746,513

6,200

3,109

1,982,289

1,746,044

973,985(4)

1,789,601

1,104,617(4)
546,535

3,287,915
2,277,566

7,713(5)

636,944

7,800

1,559,605

2014

339,808

699,981

295,915

7,800

1,343,504

2016

305,885

924,917

284,900

6,924(5)

1,522,626

Ernst J. Teunissen(7)
Former Executive Vice

2016

2015

122,697

310,683

—

—

—

122,697

799,930

550,988

35,067

1,696,668

President and Chief Financial 
Officer

_____________

2014

360,706

699,981

453,788

40,804

1,555,279

(1)

(2)

The amounts reported in this column represent a dollar amount equal to the grant date fair value of the share awards as
computed in accordance with FASB ASC Topic 718. You can find the assumptions we used in the calculations for these
amounts in Note 12 to our audited financial statements included in our Annual Report on Form 10-K for the fiscal year
ended June 30, 2016.

The amounts reported in this column represent the aggregate amounts earned for each such fiscal year under each
named executive officer’s annual cash incentive award for that fiscal year and the component of each officer’s long-term
cash incentive award that is attributable to that fiscal year. You can find more information about the amounts paid for
fiscal 2016 to each executive officer under his or her annual and long-term cash incentive awards in the Compensation
Discussion and Analysis section of this proxy statement.

44

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(3)

(4)

(5)

(6)

(7)

This amount represents the reimbursement of business travel expenses for Mr. Keane's attendance at meetings of 
Cimpress' Management Board, tax preparation fees, and associated tax gross-up payments. Although the 
reimbursement of business travel expenses would not be taxable to Mr. Keane in the United States and although Mr. 
Keane is not a resident of the Netherlands, under his ruling with the Dutch tax authorities, this reimbursement is 
considered taxable income to Mr. Keane. Because Mr. Keane should not be financially penalized as a result of taxation 
by the country in which Cimpress is incorporated, we gross up the reimbursement payments to offset the increased tax 
liability to him.

For fiscal year 2016, $621,325 of this amount represents tax payments for 2014 and 2015 and associated tax gross-up 
amounts relating to Ms. Blake's expatriate payments for her assignment in Paris, $344,554 of this amount represents 
French taxes paid and associated tax-gross up amounts relating to the vesting of restricted share units and exercise of 
share options attributable to Ms. Blake's assignment in Paris, and $8,106 of this amount represents our matching 
contributions under Cimpress USA’s 401(k) deferred savings plan. For fiscal year 2015, $860,604 of this amount 
represents a lump sum payment of taxes for 2013 and 2014 and associated tax gross-up amounts relating to Ms. 
Blake's expatriate payments for her assignment in Paris, $236,213 of this amount represents French taxes paid relating 
to the vesting of restricted share units during Ms. Blake's assignment in Paris, and $7,800 of this amount represents our 
matching contributions under Cimpress USA’s 401(k) deferred savings plan.

This amount represents our matching contributions under Cimpress USA’s 401(k) deferred savings retirement plan.

Mr. Quinn was appointed an executive officer in October 2015.

Mr. Teunissen resigned as an executive officer in October 2015.

Grants of Plan-Based Awards in the Fiscal Year Ended June 30, 2016 

The following table contains information about plan-based awards granted to each of our named executive 

officers during the fiscal year ended June 30, 2016.

Name
Robert S. Keane

Katryn S. Blake

Donald R. Nelson

Sean E. Quinn

Grant Date
9/28/2015

9/28/2015

9/28/2015

7/1/2015

7/1/2015

8/14/2015

11/17/2015

Estimated Possible Payouts
Under Non-Equity Incentive Plan Awards
Target
($)

Threshold
($)(1)

— 1,034,000(4)

Maximum
($)
2,068,000(5)

—

—

—

—

390,000(4)

780,000(5)

250,000(4)

500,000(5)

198,852(4)

397,704(5)

125,000(6)

209,375(7)

Ernst J. Teunissen(8)

9/28/2015

—

362,500(4)

725,000(5)

_____________

All Other
Share Awards:
Number of
Shares or
Share Units

Grant Date
Fair Value of
Share Awards

(#)(2)

($)(3)

—

—

—

—

—

1,773

9,813

—

—

—

—

124,961

799,956

—

(1)

(2)

(3)

(4)

The amounts reported in this column represent the amounts that would have been payable under our named executive
officers’ annual cash incentive awards, and under Mr. Quinn's long-term cash incentive award, if we did not achieve our
minimum constant currency revenue and adjusted NOPAT goals.

The amounts reported in this column represent restricted share units granted under our 2011 Equity Incentive Plan that
vest over a period of four years: 25% one year after they are granted and 6.25% per quarter thereafter. As the
restricted share units vest, we automatically issue the vested shares to the employee; the employee does not need to
exercise them or pay any amount to us for the purchase of the shares.

The amounts reported in this column represent the grant date fair value for Mr. Quinn's share-based awards computed
in accordance with FASB ASC Topic 718. You can find the assumptions we used in the calculations for these amounts
in Note 12 to our audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended
June 30, 2016.

These amounts represent payments that our named executive officers would have received under their fiscal 2016
annual cash incentive awards for 100% achievement of our constant currency revenue and adjusted NOPAT goals for
fiscal 2016. You can find more information on the amounts actually paid to our executive officers under their fiscal 2016
annual cash incentive awards above in the Compensation Discussion and Analysis section of this proxy statement.

45

(5)

(6)

(7)

These amounts represent the maximum amounts that would have been payable under our named executive officers’
annual cash incentive awards for our fiscal year ended June 30, 2016. The payout under each executive officer's
annual cash incentive is capped at 200% of the executive officer’s target amount. In fact, based on our achievement of
our goals for fiscal 2016, our executive officers received payments that were less than these amounts, and Mr.
Teunissen did not receive any payment under his award due to his resignation as an executive officer in October 2015.
You can find more information on the amounts actually paid to our executive officers under their annual cash incentive
awards above in the Compensation Discussion and Analysis section of this proxy statement.

Because Mr. Quinn was not an executive officer at the beginning of fiscal year 2016, he participated in our long-term
incentive program for non-executive employees and received a long-term cash incentive award. Mr. Quinn is eligible to
receive 25% of his total award for each of our fiscal years ending June 30, 2016, 2017, 2018 and 2019 based on our
achievement of adjusted NOPAT targets for each fiscal year. The adjusted NOPAT targets are expressed as dollar
values in the low, medium and upper ranges. This amount represents the potential aggregate payments that Mr. Quinn
would be eligible to receive over four years under this long-term performance award if we were to achieve the medium
range of our adjusted NOPAT targets in each of the four fiscal years covered by the award.

This amount represents the maximum amount payable under Mr. Quinn’s long-term cash incentive award. This amount
represents potential aggregate payments that Mr. Quinn would be eligible to receive over four years under this award if
we were to achieve the upper range of our adjusted NOPAT target in each of the four fiscal years covered by the
award.

(8)

Mr. Teunissen resigned as an executive officer in October 2015.

Outstanding Equity Awards at June 30, 2016 

The following table contains information about unexercised share options and unvested restricted share units as 

of June 30, 2016 for each of our named executive officers.

Option Awards

Share Awards

Number of
Securities
Underlying
Unexercised
Options

Name
Robert S. Keane(4)

(#) Exercisable
130,050

(#) Unexercisable
—

Option
Exercise
Price
($)(1)

23.31

37.51

34.87

34.25

47.91

54.02

Option
Expiration
Date
8/4/2016

5/15/2017

5/2/2018

5/7/2019

5/6/2020

5/5/2021

—

—

—

—

—

459,174(5)

50.00(6)

5/4/2020(6)

143,618

333,318

146,028

96,800

105,240

765,288

Katryn S. Blake

48,811

55,783

50.00(6)

5/4/2020(6)

Donald R. Nelson

6,646

120,743

—

54.02

5/5/2021

72,446

50.00(6)

5/4/2020(6)

Number
of Shares
or Share
Units
That
Have Not
Vested
(#)(2)

Market
Value of
Shares or
Share
Units That
Have Not
Vested
($)(3)

—

—

27,982

2,587,775

19,445

1,798,274

Sean E. Quinn

Ernst J. Teunissen(7)

—

—

—

—

—

—

—

15,431

1,427,059

—

—

—

46

_____________

(1)

(2)

(3)

Except as set forth in footnote 6 below, each share option has an exercise price equal to the fair market value of our
ordinary shares on the date of grant and is fully exercisable as of June 30, 2016. Except as set forth in footnote 6, each
share option expires 10 years after the date on which it was granted.

So long as the named executive officer continues to be employed with us, each restricted share unit vests, and the
vested shares are issued to the named executive officer, over a period of four years: 25% of the shares subject to the unit
after one year and 6.25% per quarter thereafter.

The market value of the restricted share units is determined by multiplying the number of restricted share units by $92.48
per share, which was the closing price of our ordinary shares on Nasdaq on June 30, 2016, the last trading day of our
fiscal year 2016.

(4)

All of Mr. Keane’s awards are held by his Trusts.

(5) Mr. Keane may not exercise his premium-priced options unless our share price on Nasdaq is at least $75.00 on the

exercise date.

(6)

These awards are premium-priced share options with an exercise price that is significantly higher than the closing price
of Cimpress' ordinary shares on Nasdaq on the grant dates. The Compensation Committee chose this exercise price in
part because it is higher than the highest of the three-, six-, and twelve-month trailing averages of Cimpress' share price
on Nasdaq as of the July 28, 2011 public announcement of our growth strategy. The premium-priced share options vest
over seven years and have an eight-year term.

(7) Mr. Teunissen resigned as an executive officer in October 2015.

Option Exercises and Shares Vested in the Fiscal Year Ended June 30, 2016 

The following table contains information about option exercises and vesting of restricted share units on an 

aggregated basis during fiscal 2016 for each of our named executive officers.

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Name

Robert S. Keane

Katryn S. Blake

Donald R. Nelson

Sean E. Quinn

Ernst J. Teunissen(3)

_____________

Option Awards

Share Awards

Number of Shares
Acquired on
Exercise
(#)

Value Realized
on Exercise
($)(1)

Number of Shares
Acquired on
Vesting
(#)

Value Realized
on Vesting
($)(2)

—

17,309

11,333

—

—

861,273

547,596

—

23,387

699,365

—

22,709

15,277

2,496

5,018

—

1,901,599

1,278,269

200,235

361,870

(1)

  Represents the net amount realized from all option exercises during fiscal 2016. In cases involving an exercise and
immediate sale, the value was calculated on the basis of the actual sale price. In cases involving an exercise without
immediate sale, the value was calculated on the basis of our closing sale price of our ordinary shares on Nasdaq on the
date of exercise.

(2)

  The value realized on vesting of restricted share units is determined by multiplying the number of shares that vested by
the closing sale price of our ordinary shares on Nasdaq on the vesting date.

(3)

Mr. Teunissen resigned as an executive officer in October 2015.

47

COMPENSATION OF SUPERVISORY BOARD MEMBERS

We use a combination of cash and share-based incentive compensation to attract and retain qualified candidates 

to serve on our Supervisory Board. When considering the compensation of our Supervisory Board, our 
Compensation Committee considers the significant amount of time that directors expend in fulfilling their duties to 
Cimpress, the skill level that we require of members of our Supervisory Board, and competitive compensation data 
from our peer group. 

As described in Proposal 12 of this proxy statement, we are asking our shareholders to approve a new 

Supervisory Board compensation program to replace the compensation program described below. If our 
shareholders do not approve the proposed compensation, then the compensation program described below will 
remain in place.

Fees

Under the current compensation program, we pay the members of our Supervisory Board the following fees for 

their service on our Supervisory Board:

All members of the Supervisory Board

$34,000 retainer per fiscal year

$10,000 retainer per fiscal year for each committee of the
Supervisory Board on which the director serves

$3,000 for each regularly scheduled Supervisory Board meeting that
the director physically attends

Chairman of the Supervisory Board

$15,000 retainer per fiscal year

Chairman of our Audit Committee

$15,000 retainer per fiscal year

Chairmen of our Compensation Committee and
Nominating and Corporate Governance
Committee

$10,000 retainer per fiscal year

We also reimburse our Supervisory Board for reasonable travel and other expenses incurred in connection with 

attending meetings of our Supervisory Board and its committees, and we pay for their tax preparation fees and 
filings for their Dutch income tax returns.

Equity Grants

Share Options. Upon his or her initial appointment to the Supervisory Board, each director receives a share 

option to purchase a number of ordinary shares having a fair value equal to $150,000, up to a maximum of 
50,000 shares. On the date of each annual general meeting, each incumbent Supervisory Board member receives 
a share option to purchase a number of ordinary shares having a fair value equal to $50,000, up to a maximum of 
12,500 shares. We grant options to our Supervisory Board under our 2005 Non-Employee Directors’ Share Option 
Plan, as amended, with an exercise price equal to the fair market value of our ordinary shares on the date of grant. 
The Supervisory Board's options vest at a rate of 8.33% per quarter over a period of three years from the date of 
grant, so long as the director continues to serve as a director on each such vesting date, and expire upon the earlier 
of ten years from the date of grant or 90 days after the director ceases to serve as a director.

Restricted Share Units. On the date of each annual general meeting, in addition to the share option described 

above, each incumbent Supervisory Board member receives restricted share units having a fair value equal to 
$110,000 granted under our 2011 Equity Incentive Plan. The Supervisory Board's restricted share units vest at a 
rate of 12.5% per quarter over a period of two years from the date of grant, so long as the director continues to 
serve as a director on each such vesting date. 

For the purposes of determining the number of share options and restricted share units to be granted, we use the 

fair value of each share option and restricted share unit using a generally accepted equity pricing valuation 
methodology, such as the Black-Scholes model or binomial method for share options, with such modifications as it 

48

P
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m
m
e
e
n
n
t
t

may deem appropriate to reflect the fair market value of the equity awards. In fiscal 2016, we used the Black-
Scholes model to determine fair market value of share options.

Summary Compensation Table 

The following contains information with respect to the compensation earned by our Supervisory Board members 

in the fiscal year ended June 30, 2016:

Name

Paolo De Cesare 

John J. Gavin, Jr. 

Eric C. Olsen 

Richard T. Riley

Nadia Shouraboura

Mark T. Thomas

Scott Vassalluzzo

Peter Gyenes(2)

_____________

Fees
Earned or
Paid in
Cash
($)

Share
Awards
($)(1)

Option
Awards
($)(1)

Total
($)

56,000

109,970

49,984

215,954

71,000

109,970

49,984

230,954

56,000

109,970

49,984

215,954

81,000

109,970

49,984

240,954

51,000

109,970

49,984

210,954

86,000

109,970

49,984

245,954

66,000

109,970

49,984

225,954

26,520

—

—

26,520

(1)

The value of the share awards equals their grant date fair value as computed in accordance with FASB ASC Topic 718.
You can find the assumptions we used in the calculations for these amounts in Note 12 to our audited financial
statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2016. All share options
referenced in this table were granted with an exercise price equal to the closing price of our ordinary shares on Nasdaq
on the date of grant.

(2)

Mr. Gyenes' term as a director expired in November 2015.

Outstanding Equity Awards Held by Supervisory Board members at June 30, 2016 

The following table contains information about unexercised share options and unvested restricted share units as 

of June 30, 2016 for each member of our Supervisory Board. 

Name

Paolo De Cesare 

John J. Gavin, Jr. 

Option Awards

Share Awards

Number of
Securities
Underlying
Unexercised
Options

(#) Exercisable

(#) Unexercisable

Option
Exercise
Price
($)(1)

Option
Expiration
Date

Number
of Shares
or Share
Units
That
Have Not
Vested
(2)(#)

Market
Value of
Shares or
Share
Units That
Have Not
Vested
(3)($)

1,413

130,674

—

296

726

40.80

54.08

4/30/2023

11/7/2023

68.38

11/12/2024

1,091

81.52

11/17/2025

—

—

—

—

—

—

46.18

15.94

11/2/2017

11/7/2018

54.46

11/17/2019

40.99

11/12/2020

35.77

30.30

11/3/2021

11/8/2022

7,004

1,480

725

218

2,269

9,548

1,919

2,443

2,690

3,175

49

 
1,480

725

218

7,004

1,480

725

218

2,269

9,548

1,919

2,443

2,690

3,175

1,480

725

218

1,662

218

5,758

2,443

1,480

725

218

1,662

218

296

726

54.08

11/7/2023

68.38

11/12/2024

1,091

81.52

11/17/2025

—

296

726

40.80

54.08

4/30/2023

11/7/2023

68.38

11/12/2024

1,091

81.52

11/17/2025

—

—

—

—

—

—

296

726

46.18

15.94

11/2/2017

11/7/2018

54.46

11/17/2019

40.99

11/12/2020

35.77

30.30

54.08

11/3/2021

11/8/2022

11/7/2023

68.38

11/12/2024

1,091

81.52

11/17/2025

2,327

1,091

79.52

2/3/2025

81.52

11/17/2025

—

—

296

726

54.46

11/17/2019

40.99

11/12/2020

54.08

11/7/2023

68.38

11/12/2024

1,091

81.52

11/17/2025

2,327

1,091

79.52

2/3/2025

81.52

11/17/2025

1,413

130,674

1,413

130,674

1,413

130,674

1,011

93,497

1,413

130,674

1,011

93,497

Eric C. Olsen 

Richard T. Riley

Nadia Shouraboura

Mark T. Thomas

Scott Vassalluzzo

_____________

(1)

(2)

(3)

Each share option has an exercise price equal to the fair market value of our ordinary shares on the date of grant and 
becomes exercisable at a rate of 8.33% per quarter over a period of three years from the date of grant, so long as the 
Supervisory Board member continues to serve as a director on each such vesting date. Each share option expires 
10 years after the date on which it was granted.

Upon the vesting of each restricted share unit, shares are issued to the director on a one-to-one basis. The restricted 
share units vest as to 12.5% of the shares subject to the unit per quarter over a period of two years, so long as the 
director continues to serve as a director on each such vesting date. 

The market value of the restricted share units is determined by multiplying the number of restricted share units by $92.48 
per share, which was the closing price of our ordinary shares on Nasdaq on June 30, 2016, the last trading day of our 
fiscal year 2016.

50

 
 
 
Compensation Committee Interlocks and Insider Participation

During fiscal 2016, Messrs. Gyenes, Olsen, Thomas, and Vassalluzzo served at various times as members of our 

Compensation Committee. During fiscal 2016, no member of our Compensation Committee was an officer or 
employee of Cimpress or of our subsidiaries or had any relationship with us requiring disclosure under SEC rules.

During fiscal 2016, none of our executive officers served as a member of the board of directors or compensation 
committee (or other committee serving an equivalent function) of any entity that had one or more executive officers 
serving as a member of our Supervisory Board or Compensation Committee.

Securities Authorized for Issuance Under Equity Compensation Plans

The following table provides information as of June 30, 2016 about the securities issued or authorized for future 

issuance under our equity compensation plans. 

Equity Compensation Plan Information

(a)
Number of Securities to be
Issued Upon Exercise of
Outstanding Options,
Warrants and Rights(1)

(b)
Weighted-Average
Exercise Price of
Outstanding
Options, Warrants
and Rights

(c)
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation Plans
(Excluding Securities
Reflected in Column(a)

Plan Category

Equity compensation plans approved by shareholders(1)

3,260,066

$36.89

10,356,264(2)

Equity compensation plans not approved by
shareholders

Total

_____________

—

3,260,066

—

$36.89

—

10,356,264(2)

(1)

(2)

Consists of our Amended and Restated 2005 Equity Incentive Plan, 2005 Non-Employee Directors’ Share Option Plan, 
2011 Equity Incentive Plan, and 2016 Performance Equity Plan. This column includes an aggregate of 600,075 shares 
underlying restricted share units that were unvested as of June 30, 2016. These restricted share units do not have an 
exercise price, and the weighted-average exercise price in column (b) excluding these restricted share units is $45.21.

Includes 8,000,000 shares available for future awards under our 2016 Performance Equity Plan, 2,305,843 shares 
available for future awards under our 2011 Equity Incentive Plan, and 50,421 shares available for future awards under 
our 2005 Non-Employee Directors’ Share Option Plan, as amended. No shares are available for future award under our 
Amended and Restated 2005 Equity Incentive Plan.

P
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51

About Non-GAAP Financial Measures
To supplement Cimpress’ consolidated financial statements presented in accordance with U.S. generally accepted 
accounting principles, or GAAP, Cimpress has used the following measures defined as non-GAAP financial 
measures by SEC rules: constant currency revenue growth excluding acquisitions and joint ventures from the 
trailing twelve month period and adjusted NOPAT. 

•  Constant-currency revenue growth excluding revenue from trailing twelve month acquisitions is estimated 
by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year 
period’s average exchange rate for each currency to the U.S. dollar, and also excludes revenue from 
acquisitions and joint ventures for quarters during which there is no full quarter year-over-year comparison.

•  Adjusted NOPAT is defined as GAAP Operating Income minus cash taxes attributable to the current period 
(see definition below), with the following adjustments: exclude the impact of M&A related items including 
amortization of acquisition-related intangibles, the change in fair value of contingent consideration, and 
expense for deferred payments or equity awards that are treated as compensation expense; exclude the 
impact of unusual items such as discontinued operations, restructuring charges, and impairments; and 
include realized gains or losses from currency forward contracts that are not included in operating income 
as we do not apply hedge accounting. 

•  As part of our calculation of Adjusted NOPAT, we subtract the cash taxes attributable to the current period 

operations, which we define as the actual cash taxes paid or to be paid adjusted for any non-operational 
items and excluding the excess tax benefit from equity awards.

•  Free cash flow is defined as net cash provided by operating activities less purchases of property, plant and 
equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and 
website development costs, plus payment of contingent consideration in excess of acquisition-date fair 
value.

The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute 
for our financial information prepared and presented in accordance with GAAP. For more information on these non-
GAAP financial measures, please see the tables captioned “Reconciliations of Non-GAAP Financial Measures” 
below. The tables have more details on the GAAP financial measures that are most directly comparable to non-
GAAP financial measures and the related reconciliation between these financial measures.  

Cimpress’ management believes that these non-GAAP financial measures provide meaningful supplemental 
information in assessing our performance and liquidity by excluding certain items that may not be indicative of our 
recurring core business operating results, which could be non-cash charges or discrete cash charges that are 
infrequent in nature. These non-GAAP financial measures also have facilitated management’s internal comparisons 
to Cimpress’ historical performance and our competitors’ operating results.  

Reconciliation of Non-GAAP Financial Measures

Year-Over-Year Constant Currency Revenue Growth Excluding TTM Acquisitions and Joint Ventures

Reported Revenue Growth

Currency Impact

Revenue Growth in Constant Currency

Impact of TTM Acquisitions & JVs

Revenue growth in constant currency ex. TTM acquisitions & JVs

2014

2015

2016

9 %

(1)%

8 %

(4)%

4 %

18 %

5 %

23 %

(14)%

9 %

20 %

4 %

24 %

(13)%

11 %

52

Reconciliation of Non-GAAP Financial Measures (cont.)

Adjusted NOPAT

Annual, in $ millions

GAAP operating income
Less: Cash taxes attributable to current period (see below)
Exclude expense (benefit) impact of:
  Acquisition-related amortization and depreciation
  Earn-out related charges¹
  Share-based compensation related to investment consideration
  Certain impairments²
  Restructuring costs
Less: Interest expense associated with Waltham lease
Include: Realized gains on currency forward contracts not included in
operating income
Adjusted NOPAT

Cash taxes attributable to current period (used in NOPAT)
Annual, in $ millions

Cash taxes paid in the current period3
Timing differences4
Less: cash taxes (paid) received and related to prior periods3,4
Plus: cash taxes attributable to the current period but not yet paid4
Plus: cash impact of excess tax benefit on equity awards attributable to
current period

Less: installment payment related to the transfer of IP in a prior year
Cash taxes attributable to current period

2011
$93.1
      (5.3)

2012
$55.2
(6.8)

2013
   $46.1 $
    (14.0)

2014

2015

2016

85.9 $

(20.1)

96.3
(25.0)

$78.2
(32.2)

0.4
0
0
0
0
0

0

6.2
0
4.0
0
0
0

0

10.8
(0.6)
7.9
0
0
0

12.7
2.2
4.4
0
6.0
0

0

(7)

24.3
15.3
3.6
0
3.2
0

7.5

40.8
6.4
4.8
41.8
0.4
(6.3)

5.9

$88.2

$58.6

$50.3 $

84.0

$125.1

$139.8

$4.3
(1.7)
0
0

2.7

0
$5.3

$7.1
2.0
0
0

0.2

(2.5)
$6.8

$13.7
2.3
0
0

1.4

(3.4)
$14.0

$18.5
0
(6.5)
6.0

5.6

(3.4)
$20.1

$14.3
0
(5.5)
6.7

12.9

(3.4)
$25.0

$19.8
0
0.9
9.3

5.6

(3.3)
$32.2

P
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¹Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to 
earn-out mechanisms dependent upon continued employment. 
²Includes the impact of impairments or abandonments of goodwill and other long-lived assets as defined by ASC 350 - 
"Intangibles - Goodwill and Other" or ASC 360 - "Property, plant, and equipment."
³For the fiscal year ended June 30, 2016, cash taxes paid in the current period includes a cash tax refund of $8,479, which is 
subsequently eliminated from cash taxes attributable to the current period as it relates to a refund of a prior years' taxes 
generated as a result of a prior year excess share-based compensation deduction. Therefore, the impact is not included in 
adjusted NOPAT for the full fiscal year.
4Prior to 2014, we show the net impact of cash taxes received and related to prior periods and cash taxes attributable to the 
current period but not yet paid in one line, “Timing differences”.

53

Free Cash Flow
Annual, in $ thousands

Net cash
provided by
operating
activities

Purchase of
property, plant,
and equipment

Purchases of
intangible assets
not related to
acquisitions

Capitalization of
software and
website
development
costs

Payment of
contingent
consideration in
excess of
acquisition-date
fair value

Proceeds from
insurance related
to investing
activities

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

$34,637

$54,240

$ 89,032 $ 129,654

$159,973 $ 165,149 $ 146,749 $ 141,808 $ 153,739

$242,022 $247,356

(24,929)

(62,845)

(62,740)

(76,286)

(101,326)

(37,405)

(46,420)

(78,999)

(72,122)

(75,813)

(80,435)

0

0

(1,250)

0

0

(205)

(239)

(750)

(253)

(250)

(476)

(2,656)

(4,189)

(5,696)

(7,168)

(6,516)

(6,290)

(5,463)

(7,667)

(9,749)

(17,323)

(26,324)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

8,055

8,613

0

3,624

Free Cash Flow

$7,052 ($12,794)

$ 19,346

$ 46,200

$ 52,131 $ 121,249

$ 94,627

$54,392

$71,615 $156,691 $152,358

54

Annual Revenue

Annual Revenue

U.S. Dollars in Millions

U.S. Dollars in Millions

$1,788

$1,788

Selected Profit Measures*

Selected Profit Measures*

U.S. Dollars in Millions

U.S. Dollars in Millions

Management Board

Management Board

Independent Registered Public Accounting Firm

Independent Registered Public Accounting Firm

CORPORATE INFORMATION

CORPORATE INFORMATION

$1,494

$1,494

GAAP Operating Income 

GAAP Operating Income 

Adjusted NOPAT 

Adjusted NOPAT 

$140  

$140  

$1,270

$1,270

$1,167

$1,167

$1,020

$1,020

$817

$817

$670

$670

$516

$516

$401

$401

$256

$256

$152

$152

$125  

$125  

$96  

$96  

$93  

$93  

$88  

$88  

$77  

$77  

$86  

$86  

$84  

$84  

$78  

$78  

$62  

$62  

$41  

$41  

$59  

$59  

$55  

$55  

$50  

$50  

$46  

$46  

$27  

$27  

$19  

$19  

FY06

FY06

FY07

FY07

FY08 FY09

FY08 FY09

FY10

FY10

FY11

FY11

FY12

FY12

FY13

FY13

FY14

FY14

FY15

FY15

FY16

FY16

FY06

FY06

FY07

FY07

FY08 FY09

FY08 FY09

FY10

FY10

FY11

FY11

FY12

FY12

FY13

FY13

FY14

FY14

FY15

FY15

FY16

FY16

Cash Flow Measures*

Cash Flow Measures*

U.S. Dollars in Millions

U.S. Dollars in Millions

GAAP Weighted Average Diluted Shares Outstanding

GAAP Weighted Average Diluted Shares Outstanding

In Millions

In Millions

Cash Flow from Operations 

Cash Flow from Operations 

Free Cash Flow 

Free Cash Flow 

$247  

$247  

$242  

$242  

45.4

45.4

46.0

46.0

44.6 45.3 45.0

44.6 45.3 45.0

42.6

42.6

39.0

39.0

$165  

$165  

$160  

$160  

$154  

$154  

$157  

$157  

$152  

$152  

$147  

$147  

$142  

$142  

$130  

$130  

$121  

$121  

$89  

$89  

$95  

$95  

$72  

$72  

$54  

$54  

$54  

$54  

$52  

$52  

$46  

$46  

$35  

$35  

$7  

$7  

$19  

$19  

($13)  

($13)  

FY07

FY07

* Please see non-GAAP reconciliation at the end of this Annual Report and proxy statement.

* Please see non-GAAP reconciliation at the end of this Annual Report and proxy statement.

FY06

FY06

FY08 FY09

FY08 FY09

FY10

FY10

FY11

FY11

FY12

FY12

FY13

FY13

FY14

FY14

FY15

FY15

FY16

FY16

FY06

FY06

FY07

FY07

FY08 FY09

FY08 FY09

FY10

FY10

FY11

FY11

FY12

FY12

FY13

FY13

FY14

FY14

FY15

FY15

FY16

FY16

Robert Keane
Robert Keane
President & Chief Executive Officer
President & Chief Executive Officer
Chairman, Management Board
Chairman, Management Board

Will Jacobs
Executive Vice President &
Chief Supply Chain Officer

Will Jacobs
Executive Vice President &
Chief Supply Chain Officer

Don Nelson
Executive Vice President &
President, Mass Customization Platform

Don Nelson
Executive Vice President &
President, Mass Customization Platform

Trynka Shineman Blake
Trynka Shineman Blake
Executive Vice President &
Executive Vice President &
President, Vistaprint Business Unit
President, Vistaprint Business Unit

PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
101 Seaport Boulevard
101 Seaport Boulevard
Boston, MA 02110
Boston, MA 02110
USA
USA
Phone: +1-617-530-5000
Phone: +1-617-530-5000

Corporate Counsel

Corporate Counsel

Stibbe N.V.
Stibbe N.V.
Beethovenplein 10
Beethovenplein 10
1077 WM Amsterdam
1077 WM Amsterdam
The Netherlands
The Netherlands
Phone: +31-20-546-06-06
Phone: +31-20-546-06-06

WilmerHale
WilmerHale
60 State Street
60 State Street
Boston, MA 02109
Boston, MA 02109
USA
USA
Phone: +1-617-526-6000
Phone: +1-617-526-6000

Other Executive Officers

Other Executive Officers

Transfer Agent

Transfer Agent

Kees Arends
Executive Vice President &
President, Upload and Print Business 
Units

Kees Arends
Executive Vice President &
President, Upload and Print Business 
Units

Lawrence Gold
Executive Vice President &
Chief Legal, Talent and Sustainability 
Officer

Lawrence Gold
Executive Vice President &
Chief Legal, Talent and Sustainability 
Officer

Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
USA
Phone: +1-800-962-4284

Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
USA
Phone: +1-800-962-4284

Financial Information

Financial Information

Ashley Hubka
Ashley Hubka
Executive Vice President &
Executive Vice President &
Chief Strategy Officer
Chief Strategy Officer

Don LeBlanc
Don LeBlanc
Executive Vice President &
Executive Vice President &
President, Vistaprint Corporate 
President, Vistaprint Corporate 
Solutions
Solutions

Sean Quinn
Sean Quinn
Executive Vice President &
Executive Vice President &
Chief Financial Officer
Chief Financial Officer

To request financial documents such as our 10-K for the 
To request financial documents such as our 10-K for the 
fiscal year ended June 30, 2016, as filed with the 
fiscal year ended June 30, 2016, as filed with the 
Securities and Exchange Commission, please visit 
Securities and Exchange Commission, please visit 
ir.cimpress.com, call our investor relations line at 
ir.cimpress.com, call our investor relations line at 
+1-781-652-6480 or send an email to ir@cimpress.com.
+1-781-652-6480 or send an email to ir@cimpress.com.

General Information

General Information

Members of the media or others seeking information on 
Members of the media or others seeking information on 
the company should contact the public relations 
the company should contact the public relations 
department at mediarelations@cimpress.com
department at mediarelations@cimpress.com

34.5 34.2

34.5 34.2

33.8 33.0

33.8 33.0

Supervisory Board

Supervisory Board

Annual General Meeting of Shareholders

Annual General Meeting of Shareholders

Richard T. Riley
Chairman, Supervisory Board

Richard T. Riley
Chairman, Supervisory Board

Paolo De Cesare

Paolo De Cesare

John J. Gavin, Jr.

John J. Gavin, Jr.

Eric C. Olsen

Eric C. Olsen

Dr. Nadia Shouraboura

Dr. Nadia Shouraboura

Mark T. Thomas

Mark T. Thomas

Scott Vassalluzzo

Scott Vassalluzzo

November 15, 2016
November 15, 2016
Hudsonweg 8
Hudsonweg 8
5928 LW Venlo
5928 LW Venlo
The Netherlands
The Netherlands

Address

Address

Hudsonweg 8
Hudsonweg 8
5928 LW Venlo
5928 LW Venlo
The Netherlands
The Netherlands
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2016 Annual Report

CIMPRESS N.V. | HUDSONWEG 8 | 5928 LW VENLO | THE NETHERLANDS