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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 Kiu3NOP2Hy+uDZvOmm/O/A==

<SEC-DOCUMENT>0001005477-08-004011.txt : 20080605
<SEC-HEADER>0001005477-08-004011.hdr.sgml : 20080605
<ACCEPTANCE-DATETIME>20080605194033
ACCESSION NUMBER:		0001005477-08-004011
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080602
FILED AS OF DATE:		20080605
DATE AS OF CHANGE:		20080605

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHUTTERFLY INC
		CENTRAL INDEX KEY:			0001125920
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PHOTOFINISHING LABORATORIES [7384]
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		2800 BRIDGE PARKWAY
		STREET 2:		STE 101
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94065

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RUBASH MARK J
		CENTRAL INDEX KEY:			0001209186

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33031
		FILM NUMBER:		08884154

	BUSINESS ADDRESS:	
		STREET 1:		EBAY INC
		STREET 2:		2145 HAMILTON AVE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95125
		BUSINESS PHONE:		4083765301
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-06-02</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001125920</issuerCik>
        <issuerName>SHUTTERFLY INC</issuerName>
        <issuerTradingSymbol>SFLY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001209186</rptOwnerCik>
            <rptOwnerName>RUBASH MARK J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SHUTTERFLY, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>2800 BRIDGE PARKWAY</rptOwnerStreet2>
            <rptOwnerCity>REDWOOD CITY</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94065</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Financial Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-06-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>56000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>56000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>56000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each restricted stock unit represents a contingent right to receive one share of SFLY common stock.</footnote>
        <footnote id="F2">The restricted stock units vest in three equal annual installments beginning June 2, 2009.</footnote>
    </footnotes>

    <remarks>This Statement confirms that the undersigned, Mark J. Rubash, has authorized and designated John A. Kaelle and Douglas Appleton to execute and file on the undersigned's behalf all Forms 3, 4, and 5 (including any amendments thereto) that the undersigned may be required to file with the U.S. Securities and Exchange Commission as a result of the undersigned's ownership of or transactions in securities of Shutterfly, Inc.  The authority of John A. Kaelle and Douglas Appleton under this Statement shall continue until the undersigned is no longer required to file Forms 3, 4, and 5 with regard to the undersigned's ownership of or transactions in securities of Shutterfly, Inc., unless earlier revoked in writing.  The undersigned acknowledges that John A. Kaelle and Douglas Appleton are not assuming any of the undersigned's responsibilities to comply with Section 16 of the Securities Exchange Act of 1934.

/s/ Mark J. Rubash

Date:  December 4, 2007</remarks>

    <ownerSignature>
        <signatureName>/s/ Douglas Appleton, Attorney-In-Fact</signatureName>
        <signatureDate>2008-06-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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