Exhibit 10.1
AUTODESK, INC.
2005 NON-QUALIFIED
DEFERRED COMPENSATION
PLAN
As Amended and
Restated
Effective as of January 1,
2008
TABLE OF CONTENTS
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Page
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ARTICLE I TITLE AND DEFINITIONS
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2
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1.1
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Title
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2
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1.2
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Definitions
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2
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ARTICLE II PARTICIPATION
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5
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2.1
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Eligibility
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5
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2.2
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Change of
Employment Category
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5
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2.3
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Participation
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5
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ARTICLE III DEFERRAL ELECTIONS
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6
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3.1
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Elections to
Defer Compensation
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6
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3.2
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Discretionary
Contributions by the Company
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6
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3.3
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Investment
Elections
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7
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ARTICLE IV ACCOUNTS
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7
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4.1
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Participant
Accounts
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7
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ARTICLE V VESTING
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8
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ARTICLE VI GENERAL DUTIES
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8
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6.1
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Trustee
Duties
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8
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6.2
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Discretionary
Contributions
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8
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6.3
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Department of
Labor Determination
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8
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ARTICLE VII DISTRIBUTIONS AND
WITHDRAWALS
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9
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7.1
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Distributions.
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9
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7.2
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Unforeseeable
Emergency Withdrawal
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10
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7.3
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Inability To
Locate Participant
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10
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ARTICLE VIII ADMINISTRATION
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10
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8.1
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Committee
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10
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8.2
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Committee
Action
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10
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8.3
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Powers and
Duties of the Committee
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11
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8.4
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Construction
and Interpretation
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11
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8.5
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Information
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12
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8.6
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Compensation,
Expenses and Indemnity
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12
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8.7
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Quarterly
Statements
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12
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ARTICLE IX MISCELLANEOUS
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12
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9.1
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Unsecured
General Creditor
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12
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9.2
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Restriction
Against Assignment
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12
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9.3
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Withholding
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13
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9.4
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Amendment,
Modification, Suspension or Termination
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13
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i
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9.5
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Governing
Law
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13
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9.6
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Receipt or
Release
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13
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9.7
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Payments on
Behalf of Persons Under Incapacity
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13
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9.8
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No Employment
Rights; No Undertakings
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13
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9.9
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Headings, etc.
Not Part of Agreement
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13
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ii
AUTODESK, INC. 2005 NON-QUALIFIED
DEFERRED COMPENSATION PLAN
Autodesk, Inc. (the “
Company, ” as further defined in Section 1.2(h))
maintains the Autodesk, Inc. 2005 Non-Qualified Deferred
Compensation Plan (the “ Plan ”), as amended
and restated effective January 1, 2008, consisting of the
following provisions, for the exclusive benefit of the participants
and their beneficiaries. The Plan is effective with respect to
amounts subject to deferral elections made in 2004 and thereafter
which would otherwise have been payable on or after January 1,
2005 (the “ Effective Date ”).
RECITALS
1. The Company wishes to maintain
this supplemental retirement plan for the benefit of a select group
of management or highly compensated employees of the
Company.
2. The Company wishes to provide
that the supplemental retirement plan shall be designated the
Autodesk, Inc. 2005 Non-Qualified Deferred Compensation
Plan.
3. The Company wishes to provide
under the Plan for the payment of accrued vested benefits to Plan
participants and their beneficiaries.
4. Under the Plan, the Company is
obligated to pay vested accrued benefits to the Plan participants
and their beneficiaries from the Company’s general
assets.
5. The Company has entered into an
agreement (the “ Trust Agreement ”) with
Vanguard Fiduciary Trust Company dated November 29, 2002, as
amended, appointing a trustee (the “ Trustee ”)
under an irrevocable trust (the “ Trust ”) to be
used in connection with the Plan.
6. The Company intends to make
contributions to the Trust so that such contributions will be held
by the Trustee and invested, reinvested and distributed, all in
accordance with the provisions of the Plan and the Trust
Agreement.
7. The Company intends that amounts
contributed to the Trust and the income thereon shall be used by
the Trustee to satisfy the liabilities of the Company under the
Plan with respect to each Plan participant for whom an Account has
been established and such utilization shall be in accordance with
the procedures set forth herein.
8. The Company intends that the
Trust be a “grantor trust” with the principal and
income of the Trust treated as assets and income of the Company for
Federal and state income tax purposes.
9. The Company intends that the
assets of the Trust shall at all times be subject to the claims of
the general creditors of the Company, as provided in the Trust
Agreement.
10. The Company intends that the
existence of the Trust shall not alter the characterization of the
Plan as “unfunded” for purposes of the Employee
Retirement Income Security Act of 1974, as amended (“
ERISA ”), and shall not be construed to provide income
to Plan participants under the Plan prior to actual payment of the
vested accrued benefits thereunder.
1
NOW THEREFORE
, the Company hereby adopts the Plan
as follows:
ARTICLE I
TITLE AND
DEFINITIONS
1.1 Title . This Plan shall be known as the
Autodesk, Inc. 2005 Non-Qualified Deferred Compensation
Plan.
1.2 Definitions . Whenever the following
words and phrases are used in this Plan, with the first letter
capitalized, they shall have the meanings specified
below:
(a) “ Account ”
means, for each Participant, the bookkeeping account maintained by
the Committee that is credited with amounts equal to (1) the
Participant’s Compensation Deferrals, (2) Discretionary
Contributions, if any, made to the Plan for the Participant’s
benefit, and (3) adjustments to reflect Income, and reduced by
distributions or withdrawals, if any, made by the
Participant.
(b) “ Annual Enrollment
Period ” means the period approximately one month prior
to the beginning of each Plan Year, in which Eligible Employees are
able to enroll in the Plan for the upcoming Plan Year by submitting
an Enrollment Form. The actual Annual Enrollment Period for each
Plan Year shall be determined by the Committee in accordance with
applicable law and rules promulgated under the Code.
(c) “ Beneficiary
” or “ Beneficiaries ” means the
beneficiary last designated in writing by a Participant in
accordance with procedures established by the Committee from time
to time to receive the benefits specified hereunder in the event of
the Participant’s death. No Beneficiary designation shall
become effective until it is filed with the Committee. In the event
that a proper Beneficiary designation is not on file with the
Committee or is otherwise not legally effective, the Beneficiary
shall be the Participant’s surviving spouse, if any, or if
there is no surviving spouse, the Participant’s
estate.
(d) “ Board of
Directors ” or “ Board ” means the
Board of Directors of the Company.
(e) “ Change Form
” means such hard copy and/or electronic form as may be
provided by the Committee to permit an Eligible Employee to change
certain Distribution Elections in accordance with
Section 7.1(c), herein, applicable law and rules promulgated
under the Code.
2
(f) “ Code ”
means the Internal Revenue Code of 1986, as amended. Reference to a
section of the Code includes such section and any comparable
section or sections of any future legislation that amends,
supplements or supersedes such section.
(g) “ Committee ”
shall mean those individuals selected by the Board to administer
the Plan as defined in Section 8.1.
(h) “Company ”
means Autodesk, Inc., any successor corporation by merger,
consolidation or otherwise, any entity that is directly or
indirectly controlled by the Company, any entity in which the
Company has a significant equity or investment interest, or any
subsidiary of the Company, as determined by the
Committee.
(i) “ Compensation
” means the Salary, Commissions and Bonus earned by the
Participant for services rendered to the Company. “
Salary ” means the Eligible Employee’s base
salary for the Plan Year, and excludes any other form of
compensation such as restricted stock, proceeds from stock options,
stock appreciation rights or a stock purchase plan, severance
payments, moving expenses, car or other special allowance, or any
other amounts included in an Eligible Employee’s taxable
income that is not compensation for services. “
Commissions ” means any cash-based commission earned
by an Eligible Employee during the Plan Year. “ Bonus
” means any cash-based incentive compensation (other than
Commissions) paid to an Eligible Employee in addition to Salary
during the Plan Year.
(j) “ Compensation
Deferrals ” means the amount of Compensation deferred
under the Plan pursuant to Section 3.1.
(k) “ Deferral Election
” shall mean a Participant’s Compensation Deferrals
specified on the Enrollment Form provided by the Committee during
an Enrollment Period for a given Plan Year as set forth in
Section 3.1.
(l) “ Disability
” means the occurrence of the following event: A Participant
has, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve
(12) months, received income replacement benefits of not less
than 3 months under the Company’s long-term disability plan.
This definition shall be interpreted consistent with Code
Section 409A (a)(2)(C).
(m) “ Discretionary
Contributions ” are contributions made to an Account or
specific Plan Year Account(s) by the Company, if any, as defined in
Section 3.2.
(n) “ Distributable
Amount ” means the entire amount credited to a
Participant’s Account or Plan Year Account. Such amount shall
be valued on the date the distribution is made to the Participant
under Article VII.
3
(o) “ Distribution
Election ” shall mean a Participant’s selected
Distribution Event (s) and form of distribution of his or
her Account or one or more Plan Year Account(s) as specified on his
or her Enrollment Form or Change Form in accordance with the
provisions of Article 7.
(p) “ Distribution
Event ” means, with respect to each Participant, the
applicable date or event specified by the Participant on his or her
Enrollment Form pursuant to Section 7.1 (a ) , or the
death or Disability of the Participant .
(q) “ Eligible Employee
” means an Employee who is designated by the Board of
Directors as an eligible employee, taking into consideration
applicable regulations, rulings or other pronouncements by the
Internal Revenue Service and Department of Labor regarding
“highly compensated employees.”
(r) “ Employee ”
means a common law employee of the Company as reflected at the
relevant time on the Company’s payroll records,
notwithstanding any later reclassification.
(s) “ Enrollment Form
” shall mean such hard copy and/or electronic enrollment form
as may be provided by the Committee from time to time to Eligible
Employees during the Annual Enrollment Period or the Initial
Enrollment Period.
(t) “ Enrollment Period
” means the Initial Enrollment Period and the Annual
Enrollment Period.
(u) “ Fund ” or
“ Funds ” means one or more of the investment
funds selected by the Committee pursuant to
Section 3.3.
(v) “ Income ”
means the Investment Returns from Fund investments credited to a
Participant’s Account, as defined in
Section 4.1(c).
(w) “ Initial Enrollment
Period ” means, during a Plan Year, the thirty
(30) days following an Eligible Employee’s first receipt
of notification of eligibility to participate in the
Plan.
(x) “ Investment Return
” means, for each Fund, an amount equal to the pre-tax rate
of income or loss on the assets of such Fund (net of applicable
fund and investment charges) during each valuation period, but not
less frequently than monthly.
(y) “ Key Employee
” means a “key employee” as defined in Code
Section 416(i) without regard to paragraph 5
thereof.
(z) “ Participant
” means any Eligible Employee who elects to defer
Compensation in accordance with Section 3.1.
4
(aa) “ Payment Commencement
Date ” means a date that is within ninety (90) days
after the Participant has a Distribution Event.
(bb) “ Plan ”
means the Autodesk, Inc. 2005 Non-Qualified Deferred Compensation
Plan set forth herein, now in effect, or as amended from time to
time.
(cc) “ Plan
Year ” means the twelve (12) consecutive month
period beginning each January 1 st and ending
December 31 st , with the first Plan Year
beginning on the Effective Date.
(dd) “ Plan Year
Account ” means the sub-account of and Account relating
to a specific Plan Year.
(ee) “ Retirement
” means the date of a Participant’s separation from
service (as determined pursuant to Section 409A(2)(A) of the
Code and the Treasury Regulations issued thereunder) with the
Company on or after attainment of age sixty-five (65; provided,
however, that, in the case of a Key Employee who is treated as a
specified employee for purposes of Code Section 409A and the
Treasury Regulations issued thereunder, payment of such
Participant’s benefit upon Retirement shall not be made
before that date that is six (6) months and one day following
the Participant’s separation from service or, if earlier,
upon the death of the Participant.
(ff)
“Termination” means the date of a
Participant’s separation from service (as determined pursuant
to Section 409A(2)(A) of the Code and the Treasury Regulations
issued thereunder) with the Company, other than Retirement;
provided, however , that in the case of a Key Employee who
is treated as a specified employee for purposes of Code
Section 409A and the Treasury Regulations issued thereunder,
payment of such Participant’s benefit upon Termination shall
not be before the date that is six (6) months
and one day following the Participant’s separation from
service or, if earlier, upon the death of the
Participant.
ARTICLE II
PARTICIPATION
2.1 Eligibility . An Eligible Employee shall
be eligible to participate in the Plan during each Enrollment
Period. No individual may become a Participant, however, if he or
she is not an Eligible Employee on the date his or her
participation is to begin.
2.2 Change of Employment Category . During
any Plan Year in which a Participant remains in the employ of the
Company but ceases to be an Eligible Employee, he or she shall not
be eligible to make further Compensation Deferrals hereunder.
Contributions made while an Eligible Employee shall remain in the
Plan until distributed pursuant to a Distribution Event in
accordance with the terms of the Plan.
2.3 Participation . An Eligible Employee
shall become a Participant by completing an Enrollment Form
electing to defer a portion of his or her Compensation in
accordance with Section 3.1.
5
ARTICLE III
DEFERRAL ELECTIONS
3.1 Elections to Defer Compensation
.
(a) Deferral Elections . In
accordance with the rules established by the Committee and subject
to requirements of the Code and Section 7.1 below, a
Participant may make a Deferral Election to defer up to 100% of
Compensation relating to services to be performed in the year(s)
following the end of the taxable year in which the deferral
election is made. A Deferral Election made before the end of a
given calendar year may relate to (1) Salary for services to
be performed in the following Plan Year, (2) Commissions
earned for services to be performed in the following Plan Year
and/or (3) Bonuses relating to services to be performed during
the Company’s fiscal year beginning in the following Plan
Year. Notwithstanding the foregoing, however, the Committee may
permit a deferral election for a Bonus to be made up until 6 months
before the end of the 1