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Press release from Business Wire

Shutterfly Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Tuesday, January 15, 2013

Shutterfly Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)16:05 EST Tuesday, January 15, 2013 REDWOOD CITY, Calif. (Business Wire) -- Shutterfly, Inc. (NASDAQ:SFLY), the market leader in digital personalized products and services announced today that on January 15, 2013 the Compensation Committee of its Board of Directors granted inducement awards to 12 new employees. The inducement grants consist of restricted stock unit awards representing the right to receive up to 141,824 shares of Shutterfly's common stock. The awards will vest over three years, with 33 percent of the underlying shares vesting on each of the first, second, and third anniversaries of the vesting commencement date. The right to receive up to 27,822 of the shares is subject to the additional condition that certain performance-based milestones be met on or before the vesting commencement date. Vesting of all of the awards is subject to each employee's continuous service through each vesting date. The restricted stock unit awards were all granted as inducements material to the new employees entering into employment with Shutterfly in accordance with NASDAQ Listing Rule 5635(c)(4). About Shutterfly, Inc. Shutterfly, Inc. is the leading manufacturer and digital retailer of high-quality personalized products and services offered through a family of lifestyle brands. Founded in 1999, the Shutterfly, Inc. family of brands includes: Shutterfly, where your photos come to life in photo books, cards and gifts; Tiny Prints, premium cards and stationery for all life's occasions; Wedding Paper Divas, wedding invitations and stationery for every step of the planning process; and Treat, personalized greeting cards that really stand out. For more information about Shutterfly, Inc. (NASDAQ:SFLY), visit www.shutterfly-inc.com. Shutterfly, Inc.Michael Look, 650-610-5910 (Investors)mlook@shutterfly.comGretchen Sloan, 650-610-5276 (Media)gsloan@shutterfly.com