Exhibit 10.01



 



Exhibit 10.01


INTUIT INC.

INCENTIVE PLAN FOR LEADERS

Effective August 1, 2001



	1.	  	Overview: Intuit’s Incentive Plan for Leaders (IPL) is Intuit’s
cash bonus incentive program for key employees. It replaces the Annual
Variable Bonus Plan (AVP). The IPL is a program under which Intuit
pays discretionary cash bonus awards to select employees. Bonus awards
under the IPL 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 IPL for the
applicable fiscal year.
	 
	2.	  	Purposes: The IPL is a component of Intuit’s overall strategy to
pay its employees for performance. The purposes of IPL are to: (a)
motivate key employees by tying compensation to performance; (b) reward
exceptional performance that supports overall Intuit objectives; and
(c) attract and retain top performing employees.
	 
	3.	  	Effective Date: The IPL is effective with Intuit’s 2002 fiscal
year that begins August 1, 2001.
	 
	4.	  	Eligibility: Intuit’s Director of Total Rewards, in consultation
with Intuit’s President and Chief Executive Officer and other senior
management, determines which employees are eligible to participate in
the IPL. Those employees who are determined to be eligible for bonus
awards under the IPL are called “Participants.” Participants in the
IPL are not eligible to simultaneously participate in Intuit’s
Performance Sharing Plan or any other bonus or cash incentive plan,
unless the Director of Total Rewards otherwise specifically approves
such participation in writing. An employee must be hired or otherwise
become eligible for a bonus award under the IPL for that fiscal year.
	 
	5.	  	Plan Year: The IPL operates on a fiscal year basis, August 1
through July 31.
	 
	6.	  	Bonus Awards: Bonus awards are discretionary payments. There is
no minimum award or guaranteed payment. Bonus awards are paid based on
the fiscal year. A bonus award is calculated with reference to the
Participant’s bonus target and performance for the fiscal year and the
bonus pool made available for bonus awards under the IPL for the fiscal
year.





	       	a.	  	Bonus Targets: Bonus targets are established as a
percentage of a Participant’s base salary.




	i.	  	When an employee becomes a
Participant he or she is advised of his or her bonus
target for the fiscal year.



 








 




	ii.	  	Following the beginning of each
fiscal year, each Participant is advised of his or her
bonus target by the executive leader of the
Participant’s business or functional unit or the executive
leader’s designee.
	 
	iii.	  	The Compensation Committee
establishes individual bonus targets for Executive
Officers (as defined in the Charter of the Compensation
Committee of the Board of Directors) and other Intuit
officers. Bonus targets for other employees are
established by the Director of Total Rewards in
consultation with Intuit’s President and Chief Executive
Officer, the employee’s manager and the individual
responsible for the business unit or division thereof or
functional unit or division thereof in which the
employee works and that unit or division’s HR director.
	 
	iv.	  	Intuit may establish bonus target
guidelines for each fiscal year. A Participant’s bonus
target for a fiscal year may be based upon a variety of
factors, including but not limited to, his or her
salary, position or level. A bonus target does not
guarantee that a bonus award will be made at that rate.




	       	b.	  	Determination of a Bonus Award Amount




	i.	  	The amount of a bonus award to a
Participant who is an Executive Officer (as defined in
the Charter of the Compensation Committee of the Board
of Directors) or other Intuit officer is determined by
the Compensation Committee. The amount of a bonus award
to a Participant who is not an officer is determined by the executive
leader of the Participant’s business or functional unit and
Intuit’s President and Chief Executive Officer in consultation
with the Participant’s direct manager and the Director of Total Rewards.
	 
	ii.	  	A Participant’s bonus award is linked
to an assessment of the Participant’s total job
performance for the fiscal year. Factors that may be
considered, include but are not limited to, what the
Participant does to advance Intuit’s success and how the
Participant does it, especially leadership, balance of
short-term actions with long-term goals, resource
allocation and maintenance by the Participant of focus
on Intuit while prioritizing the needs of customers,
employees and stockholders.
	 
	iii.	  	There is neither a minimum nor
maximum amount of a bonus award that may be paid to a
Participant for a fiscal year. A bonus award amount may
be prorated for those Participants who are eligible to
participate in the IPL for less than a full fiscal year.



 








 




	       	c.	  	When Bonus Awards are Paid: The timing for payment
of a bonus award is determined by Intuit’s Director of Total
Rewards in consultation with Intuit’s President and Chief
Executive Officer and other senior management. A Participant
must be on Intuit’s or an approved subsidiary’s payroll on the
day the bonus award is paid to receive a bonus payment. Intuit
may make exceptions to this requirement in its sole discretion.
A Participant has no right to a bonus award until it is paid.
Notwithstanding the foregoing, in the event of an administrative
error in the calculation or payment of a bonus award to a
Participant, Intuit reserves the right to seek recovery from a
Participant of an erroneously paid excessive bonus amount.




	7.	  	Unfunded: The IPL is not funded. Bonus awards, if any, are made
from the general assets of Intuit. Intuit determines the amount of
funds it would like to make available for bonus awards based on
Intuit’s performance for the fiscal year. Intuit’s performance for
this purpose may be measured in a number of ways, including but not
limited to: financial measures, such as revenue and operating income;
qualitative measures, such as accomplishments to position Intuit for
the future; the year’s market conditions; stockholder returns and
progress of Intuit’s business model. Intuit is not be bound to pay any
part of such funds in bonus awards.
	 
	8.	  	Amendment: Intuit may amend the IPL at any time and from time to
time.
	 
	9.	  	Administration and Discretion: Intuit through its Compensation
Committee or President and Chief Executive Officer and the Director of
Total Rewards has the sole discretion to: (a) adopt such rules,
regulations, agreements and instruments as it deems necessary to
administer the IPL; (b) interpret the terms of the IPL; (c) determine
an employee’s eligibility under the IPL; (d) determine whether a
Participant is to receive a bonus award under the IPL; (e) determine
the amount of any bonus award to a Participant; (e) determine when a
bonus award is to be paid to a Participant and whether any such bonus
award should be prorated based on the Participant’s service or other
factors; (f) determine whether a bonus award will be made in
replacement of or as an alternative to any other incentive or
compensation plan of Intuit or acquired business unit or corporation;
(f) grant waivers of IPL standard procedures and policies; (g) correct
any defect, supply any omission, or reconcile any inconsistency in the
IPL, any bonus award or any notice to Participants or a Participant
regarding bonus awards; and (h) take any and all other actions it deems
necessary or advisable for the proper administration of the IPL.
	 
	10.	  	Participation Provides No Guarantee of Employment: Employment at
Intuit and its subsidiaries is at-will. Participation in the IPL in no
way constitutes an employment contract conferring either a right or
obligation of continued employment.



 








 




	11.	  	Governing Law: The IPL will be governed by and construed in
accordance with the laws of the State of California.



Established pursuant to the authority of the Compensation Committee of the
Board of Directors at its August 6, 2001 meeting.