Shutterfly Announces Preliminary Results of Annual Meeting of Stockholders

REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Shutterfly, Inc. (NASDAQ: SFLY) today announced that, based on the preliminary vote count provided by its proxy solicitor following the Company’s 2015 Annual Meeting, stockholders have voted to elect Jeffrey T. Housenbold, Mario Cibelli and Thomas D. Hughes to the Shutterfly Board of Directors.

Commenting on the preliminary results, Shutterfly issued the following statement:

The outcome of today’s vote provides stockholders with both continuity and new perspectives. We appreciate the consideration and support of our stockholders as well as the valuable insights they have provided throughout this process. We would like to take this opportunity to thank Stephen J. Killeen and James N. White for their service on the Shutterfly Board and their many contributions to the Company.

As we move forward, the Shutterfly Board and management team intend to work cooperatively with our new directors, Mario Cibelli and Thomas D. Hughes, to successfully execute on the Company’s vision for growth and continue driving value for all stockholders.

The Shutterfly Board also acknowledged the voting results of the advisory say-on-pay proposal, and noted that it has received positive feedback from stockholders about the changes to compensation that are being made going forward.

Shutterfly noted that the preliminary vote count following the Annual Meeting also indicates that stockholders voted AGAINST, on an advisory basis, the compensation of the Company’s named executive officers; and FOR the ratification of the selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2015.

The proposal to amend the Company’s 2006 Equity Incentive Plan, as set out in the proxy statement, was withdrawn at the meeting. The Company intends to explore alternative compensation arrangements in order to continue to motivate and attract high quality employees, executives and directors.

Final results of the election will be published once they are certified by the independent inspector of elections, IVS Associates, Inc., which may be preceded by a review process.

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; MyPublisher, one of the pioneers in the photo book industry and creator of easy-to-use photo book-making software; ThisLife, a private, cloud-based solution that makes it easy for consumers to find, share and enjoy their photos and videos, all in one place; and BorrowLenses, the premier online marketplace for photographic and video equipment rentals. For more information about Shutterfly, Inc. (NASDAQ: SFLY), visit www.shutterflyinc.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150612005790/en/

Shutterfly Inc.
Media Relations:
Gretchen Sloan, 650-610-5276
[email protected]
or
Investor Relations:
Jeff Majtyka, 646-759-3635
[email protected]
or
Joele Frank, Wilkinson Brimmer Katcher
Eric Brielmann, 415-869-3950
Jed Repko, 415-869-3950

Source: Shutterfly Inc.

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