X0306 4 2012-07-02 0 0001125920 SHUTTERFLY INC SFLY 0001196578 KELLER ERIC J C/O SHUTTERFLY INC 2800 BRIDGE PARKWAY REDWOOD CITY CA 94065 1 0 0 0 Common Stock 2012-07-02 4 M 0 2500 10.39 A 20476 D Common Stock 2012-07-02 4 S 0 2500 30.7866 D 17976 D Employee Stock Option (right to buy) 10.39 2012-07-02 4 M 0 2500 0 D 2016-05-09 Common Stock 2500 37986 D The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 2, 2011. Represents a weighted average sales price per share. These shares were sold in multiple transactions at prices ranging from $30.76 to $30.91. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Securities and Exchange Commission or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range. The option became fully vested and exercisable as of March 16, 2009. Charlotte Falla, Attorney in Fact 2012-07-02