X0306 4 2018-02-28 0 0001125920 SHUTTERFLY INC SFLY 0001651687 BLACKWOOD-KAPRAL LISA C/O SHUTTERFLY, INC. 2800 BRIDGE PARKWAY REDWOOD CITY CA 94065 0 1 0 0 Chief Accounting Officer Restricted Stock Units 2018-02-28 4 A 0 7106 0 A Common Stock 7106 7106 D Each of these restricted stock units (the "RSUs") represents a contingent right to receive one (1) share of Issuer common stock upon settlement for no consideration. The RSUs vest in 4 equal annual installments, subject to the Reporting Person's continuous service to the Issuer through each such vesting date, with the first installment to vest on February 28, 2019. Vested shares shall be settled within 30 days of the vesting date as set forth in the RSU Award Agreement. These RSUs will expire upon the earlier of the date: (i) when all are settled or (ii) when the Reporting Person ceases to provide services to the Issuer. /s/ Jason Sebring, Attorney-in-Fact 2018-03-02