Exhibit 10.1

[IHOP RESTAURANT LOGO]

Executive Incentive Plan
2003
CONFIDENTIAL

The information contained within this document is highly sensitive and
confidential and must be handled with utmost discretion and integrity.

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Effective Date

        The Executive Incentive Plan is effective January 1, 2003 and supersedes
all previously implemented plans.

Modification of the Plan

        IHOP Corp. and its subsidiaries reserve the right to modify, terminate
or make exceptions to the Executive Incentive Plan ("Plan") at any time without
prior notice. The Plan will be reviewed on an annual basis allowing for updates
or revisions to be considered. The Plan and this Plan Document do not constitute
or imply an employment contract, and participants accrue no interest, right or
any benefit in the Plan, except as specifically set forth in this document.

Eligibility

        The Plan includes the Chief Executive Officer & President, other Chief
Officers, Vice Presidents/Executive Officers, and Vice Presidents/Non-executive
Officers. Participants must be actively employed with IHOP Corp. and its
subsidiaries through the end of the Plan Year. The Company's Plan Year is based
on IHOP's fiscal year. The last day worked is the last day an employee is
considered active. In the case of termination, vacation or other payments can
not be used to extend the last day worked.

New Hires/Re-Hires

        Incentive eligibility begins with the first complete calendar month
worked in an eligible position.

        For participant's that begin work with IHOP Corp. during the Plan Year,
the incentive will be paid on a prorated basis. The prorated percentage is
determined based on when the employee begins work. If the employee begins work
during the first full workweek of the month, they will be credited for a whole
month worked. However, if the employee begins work after the first full workweek
of the month, he/she will not be entitled to receive an incentive for that
month.

Promotions

        Any employee promoted to an eligible position covered under this plan
during the incentive period will have a prorated incentive based on the number
of whole months worked in the incentive period. If the participant is promoted
during the first full workweek of the month, credit will be for a full month
worked. The effective date of the promotion will be used to determine the number
of whole months worked.

Short-Term or Long-Term Disability, Workers' Compensation and other Leaves of
Absence

        Any participant on leave of absence or otherwise not actively working
during the incentive period may be eligible for a prorated incentive excluding
the period on leave. The date the leave is effective and the date ending leave
will be used to calculate the number of whole months worked in the incentive
period.

Termination Due to Death or Retirement

        Any incentive earned will be prorated for the incentive period based
upon the actual number of whole months worked and paid simultaneously with the
normal distribution of incentives.

Plan Description

        The Executive Incentive Plan is an annual incentive.

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        For all participants, the Corporate Performance Measure is based on EPS
and the achievement of specific individual business objectives of the
participants.

        For Division Vice Presidents, the Plan is based on a combination of
Corporate Performance (EPS), Division Performance (see discussion below), and
the achievement of specific individual business objectives of the participants.

Target Incentive & Weighting

        The target incentive is expressed as a percentage of base salary and is
based on the position of the participant (see "Incentive Allocation Table"). The
Target Payout % multiplied by the participant's base salary on the last day of
the fiscal year is the Target Incentive in dollars. Target Incentive Table

 
  Chief Executive
Officer & President

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  Chief Officers

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  Vice Presidents/
Executive Officers

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  Vice Presidents/
Non-Executive
Officers

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  TARGET PAYOUT AS A % OF BASE SALARY   75 % 50 % 40 % 35 %

        The incentive weighting for the Chief Executive Officer & President is
solely based on Corporate Performance (EPS).

        The incentive weighting for Vice Presidents is 30% Individual Business
Objectives and 70% Corporate Performance (EPS).

        The incentive weighting for Division Vice Presidents is 30% Individual
Business Objectives, 35% Corporate Performance (EPS), and 35% Division
Performance (see Division Sales & Profit Payout Matrix).

Corporate Performance

        The Corporate Performance is based on EPS (Earnings Per Share). For
calculating payouts for the 2003 Executive Incentive Plan, the EPS calculation
will include the following adjustments:

•Budgeted shares outstanding will be used to exclude the impact of any share
buyback. For 2003, the number of budgeted shares will be 21,260,000.

•Budgeted bonus expenses will be excluded from the net income calculation.

•Any expenses and forgone income related to the execution of the approved
buyback of IHOP Corp. common stock will be added back to the net income
calculation.

        For bonus calculation purposes, EPS will be calculated by using the
following formula:

    Net Income (taking into account any adjustments highlighted above)

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21,260,000 (budgeted shares)    

        No bonus will be paid out if EPS is less than $1.55.    There is no
maximum on the payout matrix. Target bonuses are paid out for EPS between $1.60
and $1.619. For every two cents in EPS achieved at and above $1.62, the payout
increases by 10%.

        Refer to the "Corporate Performance (EPS) Payout Matrix" to determine
the incentive achieved for the Company portion of the incentive.

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Corporate Performance (EPS) Payout Matrix

EPS Range

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  Incentive Payout
(as a % of target)

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Less Than $1.55   0%

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$1.55—$1.559   50% $1.56—$1.569   60% $1.57—$1.579   70% $1.58—$1.589   80%
$1.59—$1.599   90% $1.60—$1.619   100% $1.62—$1.639   110% $1.64—$1.659   120%
$1.66—$1.679   130% $1.68—$1.699   140% $1.70—$1.719   150% $1.72—$1.739   160%
$1.74—$1.759   170% $1.76—$1.779   180% $1.78—$1.799   190% $1.80—$1.819   200%

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Each .02 over 1.82   Additional 10%

        If there are any major changes in Corporate direction, budgets, or
target, the Payout Matrix may be re-evaluated with Board/Compensation Committee
approval.

        In addition to the calculated individual portion of the incentive, an
award may be granted at the discretion of the Chief Executive Officer to
individuals exceeding expected levels of performance.

Individual Business Objectives (IBOs)

        Annually, each participant in the plan sets individual business
objectives in conjunction with his or her immediate supervisor in December of
each year. During this process challenging, measurable objectives that
significantly impact the Company performance are to be mutually determined. No
participant will have more than three IBOs without approval by the Chief
Executive Officer. After the fiscal year, a percentage of achievement is then
established by the immediate supervisor and approved by the Chief Executive
Officer. This amount is used to determine the Individual Business Objectives
portion of the annual payout.

        If EPS is less than $1.55, there will be no payout for Individual
Business Objectives, regardless of individual achievement level.

Division Performance

        Division Performance is based on actual sales and profit achievement
versus original budget, not flex budget.

        The Sales portion is based on actual sales achieved v. budget for both
Company and Franchise units and is weighted at 50% of the Division Performance
portion.

        The Profit portion is actual profit achieved v. budget for Company units
and is weighted at 50% of the Division Performance portion.

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        The following payout matrix is used to determine the incentive achieved
for the Division performance portion of the incentive payout. Any changes to the
original budget due to sales or re-sales will require the CEO & President's
approval. New units are excluded from the Divisional Performance portion of the
plan.

Division Sales & Profit Payout Matrix

Sales/Profit Achieved
vs. Budget

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  % of Incentive Achieved

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Less than 95.0%   0% 95.0—95.9%   50.0% 96.0—96.9%   60.0% 97.0—97.9%   70.0%
98.0—98.9%   80.0% 99.0—99.9%   90.0% 100.0—100.9%   100.0% 101.0—101.9%  
105.0% 102.0—102.9%   110.0% 103.0—103.9%   115.0% 104.0—104.9%   120.0%
105.0—105.9%   125.0% 106.0—106.9%   130.0% 107.0—107.9%   135.0% 108.0%—108.9%
  140.0% Each % over 108.9%   Additional 5%

        If EPS is less than $1.55, there will be no payout for the Division
Performance portion of the bonus.

Payment Distribution

        Incentive payouts will be distributed within 90 days following the close
of the fiscal year for which the incentive was earned. Payouts will be paid in a
separate check from the regular payroll check, and are subject to normal
withholding deductions.

Plan Administration

        The Executive Incentive Plan is administered by the IHOP Corp. Human
Resources Department. This Plan Document and its provisions regulate all plan
guidelines and participant eligibility. Any exception must be submitted in
writing to the Human Resources Department and must be approved by the Chief
Executive Officer.

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