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INTUIT INC. PERFORMANCE INCENTIVE PLAN FOR FISCAL YEAR 2010

Equity Incentive Plan Agreement

INTUIT INC. PERFORMANCE INCENTIVE PLAN FOR FISCAL YEAR 2010 | Document Parties: INTUIT INC You are currently viewing:
This Equity Incentive Plan Agreement involves

INTUIT INC

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Title: INTUIT INC. PERFORMANCE INCENTIVE PLAN FOR FISCAL YEAR 2010
Date: 8/3/2009
Industry: Software and Programming     Sector: Technology

INTUIT INC. PERFORMANCE INCENTIVE PLAN FOR FISCAL YEAR 2010, Parties: intuit inc
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Exhibit 10.01

INTUIT INC. PERFORMANCE INCENTIVE PLAN
FOR FISCAL YEAR 2010

1.

 

Overview: Intuit Inc.’s Performance Incentive Plan (IPI) is a program under which Intuit Inc. (“Intuit”) pays discretionary cash bonus awards to select employees located in the United States of America. Bonus awards under the IPI are paid annually. The amount of a bonus award is based upon the employee’s bonus target and performance during the fiscal year and the bonus pool made available for payments under the IPI for the applicable fiscal year. The IPI is intended to provide employees with “performance-based compensation” within the meaning of Section 409A of the Internal Revenue Code (“Code”).

 

2.

 

Purposes : The IPI is a component of Intuit’s overall strategy to pay its employees for performance. The purposes of IPI are to: (i) attract and retain top performing employees; (ii) motivate employees by tying compensation to Intuit’s performance; and (iii) reward exceptional individual performance that supports overall Intuit objectives.

 

3.

 

Effective Date : The terms of this IPI document will be applicable to bonuses for services during Intuit’s 2010 fiscal year that begins August 1, 2009.

 

4.

 

Eligibility : All employees of Intuit are eligible to participate in the IPI, except for employees who (i) are classified as seasonal employees, (ii) are classified as interns/project employees, (iii) participate in Intuit’s Senior Executive Incentive Plan, unless such employee is specifically approved by the Compensation and Organizational Development Committee (“Compensation Committee”) to also participate in the IPI, (iv) participate in other Intuit incentive compensation plans that specifically exclude an employee’s participation in the IPI, including, but not limited to, the sales incentive compensation plans and the contact center incentive compensation plans, (v) participate in an incentive compensation plan sponsored by Intuit or an Intuit subsidiary for international employees that was designed to provide a cash incentive benefit to such employees comparable to or in lieu of the IPI, (vi) work for Intuit on a purely commission basis, (vii) participate in the Performance Incentive Plan for Employees of International Subsidiaries of Intuit Inc. or (viii) commence employment pursuant to (AA) an acquisition which becomes effective following August 1, 2009 and (BB) an offer letter which provides for participation in future Intuit compensation plan(s) only. Those employees who are determined to be eligible for bonus awards under the IPI are called “Participants.” Participants in the IPI (other than Senior Officers, which term means the Chief Financial Officer, any Executive Vice President or Senior Vice President, the Vice President of Internal Audit and any other officer who is a Section 16 officer or any other officer who reports to the President and Chief Executive Officer) are not eligible to simultaneously participate in any other bonus or cash incentive plan, unless the Vice President responsible for Total Rewards otherwise specifically approves such participation. Senior Officers who are Participants in the IPI are not eligible to

 


 

 

 

simultaneously participate in any other bonus or cash incentive plan, unless the Compensation Committee otherwise specifically approves such participation. An employee must commence employment or otherwise become eligible to participate in the IPI no later than April 1 to be eligible for a bonus award under the IPI for that fiscal year. Being a Participant does not entitle the individual to receive a bonus award. Bonus awards are payable to Participants that meet the criteria set forth in Paragraph 6 below.

 

5.

 

Plan Year : The IPI operates on a fiscal year basis, August 1 through July 31.

 

6.

 

Bonus Awards : Bonus awards are discretionary payments. A Participant must be an active employee in good standing and on Intuit’s or an approved subsidiary’s payroll on the day the bonus award is paid to receive any portion of the bonus payment. A Participant who is not actively employed or on an approved payroll for whatever reason on the date a bonus award is paid is not entitled to a partial or pro rata bonus award. Intuit may make exceptions in its sole discretion, provided, however, that exceptions must be made by the Compensation Committee or its delegate. There is no minimum award or guaranteed payment. Bonus awards are paid based on the fiscal year. A bonus award is calculated at the discretion of the Compensation Committee after considering Intuit’s performance, the Participant’s bonus target and performance for the fiscal year and the bonus pool made available for bonus awards under the IPI for the fiscal year.

 

a.

 

Bonus Targets :

 

 

i.

 

For each Participant that is paid an annual salary, his or her bonus target is established as a percentage of the Participant’s base salary. For each Participant that is paid hourly, his or her bonus target is established as a percentage of the Participant’s base pay. In accordance with the Fair Labor Standards Act, for each Participant that is paid hourly, Intuit will either (a) add overtime earnings to base pay in the calculation of the IPI award or (b) add the amount of the IPI award to base pay and recalculate the Participant’s hourly rate for overtime pay.

 

 

ii.

 

When an employee becomes a Partic


 
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