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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1125920	Shutterfly Inc	SFLY	Services-Photofinishing Laboratories (7384)	000000000

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1464429	Neil Day	C/O Shutterfly, Inc. 2800 Bridge Parkway Redwood City CA 94065	Svp, Chief Technology Officer	No	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Acquisiton	2010-06-15	66,667	$0.00	66,667	No	4	M	Direct
Common Stock	Disposition	2010-06-15	4,000	$23.92	62,667	No	4	S	Direct
Common Stock	Disposition	2010-06-16	27,366	$24.31	35,301	No	4	F	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	M	Direct
No	4	S	Direct
No	4	F	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Restricted Stock Unit	Disposition	2010-06-15	66,667	$0.00	66,667	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
133,333			No	4	M	Direct

Footnotes

Vesting of restricted stock units granted to the Reporting Person on June 15, 2009.
Exempt transaction pursuant to Section 16b-3(e) payment of tax liability by withholding securities incident to the vesting of a security issued in accordance with Rule 16b-3. All of the shares reported as disposed of in this Form 4 were relinquished by the reporting person in exchange for the Issuers agreement to pay federal and state tax withholding obligations of the Reporting Person resulting from the vesting of restricted stock units. The reporting person did not sell or otherwise dispose of any of the shares reported on this Form 4 for any reason other than to cover required taxes.
Each restricted stock unit represents a contingent right to receive one share of Issuer's common stock.
The restricted stock units vest in three equal annual installments beginning June 15, 2010.
The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 13, 2010.
Represents the weighted average sales price per share. The prices actually received ranged from $23.66 to $24.02. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.