Document:

Visa Incentive Plan for fiscal 2006 (for employees of Visa U.S.A.)

 Exhibit 10.8 
 

 
 Visa Incentive Plan (VIP) 
 For Fiscal Year 2006 
 (For Employees of Visa USA) 
 Plan Document 

			
	 VISA INCENTIVE PLAN (VIP) for FY 2006
 Plan Document
	  	

  

	Section 1:	OBJECTIVE 

  

	1.1	The Visa Incentive Plan (VIP) is an annual incentive program designed to reward those employees whose performance during the year enabled Visa USA to achieve excellent
business results. The VIP focuses employee efforts on the achievement of specific goals in support of Visa USA’s business strategy and provides for an opportunity to receive annual payouts based on individual performance.

  

	Section 2:	ELIGIBILITY 

  

	 	2.1	Eligibility to participate in the Plan is automatic for all regular employees of Visa USA hired or rehired by July 1, 2006 of the current Plan Year ending
September 30, 2006, who are not covered by any other recognized annual incentive program at Visa USA, and continues for the current fiscal year until they are otherwise employed or assigned. Participants in the Plan who transfer to Inovant,
Visa International or one of its operating divisions after July 1 will remain in the Plan provided they meet all other eligibility requirements noted in Section 2.2. 

  

	 	2.2	To be eligible for consideration for an award, a participant must be employed at Visa USA and actively performing his or her job for a minimum of three months during the Plan
Year and be actively working at Visa USA, Inovant or Visa International at the close of the Plan Year ending September 30, 2006, except as provided below in the event of death, disability or retirement. If a participant retires under the terms
of the Visa Retirement Plan, dies or terminates employment due to disability during the Plan Year, the employee is eligible for a prorated payout based on eligible earnings to date at 100% of target. A participant not actively at work during a
severance warning period or while on military leave will be treated as actively at work for purposes of this Section 2.2 to the extent required by applicable law. 

  

	 	2.3	Eligibility to participate in this Plan for all or any portion of the fiscal year does not establish eligibility for participation in any successor plan or for any form of
incentive, bonus or other compensation with respect to any period following the end of the 2006 fiscal year. 

  

	Section 3:	AWARD AMOUNTS 

 Eligible Earnings: Incentive award amounts are
expressed as a percentage of a participant’s Plan Year eligible earnings. Eligible earnings include actual base pay earned, paid time off, holiday pay, overtime, shift differential and leave with pay that is paid during the Plan Year by Visa
USA, Inovant or Visa International. The following are not included in eligible earnings: tuition reimbursement, relocation allowances, short term and long term disability payments, bonuses or any other allowances. 
  

	3.1	Target Awards 

 Each participant has a target
incentive award, which is expressed as a percentage of eligible earnings. The targets are determined by job classification or level, market pay levels, and Visa USA’s overall compensation philosophy. Participants whose target award percent is
changed during the Plan Year will have their final target award percent prorated for the portion of time spent at each target award percent. 
  

 1 

			
	 VISA INCENTIVE PLAN (VIP) for FY 2006
 Plan Document
	  	

  

	Section 4:	VIP PAYOUT DETERMINATION 

 Final incentive award payouts are based
on individual performance results as evaluated against predetermined goals and Visa USA’s values as well as each participant’s relative contribution in comparison to peers. Performance results are summarized by a performance level as
depicted in the FY2006 VIP Payout Guidelines below. After approval of all ratings by the EMC (see Section 6.2) a participant’s manager will determine the participant’s incentive payout based upon the recommended payout ranges for the
Participant’s level of performance. Incentive payouts outside of the guidelines require the approval of the divisional Executive Vice President as referenced in Section 6.3. 
 FY2006 VIP Payout Guidelines 
  

										
	 Performance Level
	  	Payout % (of Target Award)	 
	 Exceptional
	  	150	%	 	to	 	 	200	%
	 High Contributor
	  	125	%	 	to	 	 	175	%
	 Successful Contributor
	  	75	%	 	to	 	 	150	%
	 Inconsistent Contributor
	  	25	%	 	to	 	 	75	%
	 Action Required
	  			 	0	%	 		

 At the end of the Plan Year, the Payout Guidelines may be adjusted if necessary and appropriate based on the
amount of the total bonus pool at the sole discretion of the CEO. 
  

	Section 5:	PERFORMANCE GOALS 

  

	5.1	Corporate Goals 

 Corporate goals for Visa USA
include measures of Financial Performance, Growth, Member Satisfaction and other member chosen parameters. Performance against these goals is used to determine the overall funding for the VIP pool. Other aspects of performance may also be taken into
account in determining funding for the VIP pool at the discretion of the CEO and the Board of Directors. 
  

	5.2	Individual Goals 

 Goals, statements of deliverables
and measures of success are determined and documented at the beginning of the Plan Year, or within one month after participation in the Plan begins. The participant and his or her direct supervisor jointly develop individual and/or team goals.

 Individual goals are revised when a participant changes jobs or supervisors, as appropriate. The new supervisor obtains input on
performance against the original goals at the time of transfer for incorporation into the year-end rating. 
 Individual goals can also be
revised after the beginning of the Plan Year to reflect changing business priorities. The participant’s manager makes the final decision on the goals for the Plan Year. 
  

	5.3	Review Guidelines 

 Performance against objectives
will be reviewed throughout the Plan Year, and formally at least twice during the Plan Year: once at midyear and again at the end of the year (September 30). 
  

 2 

			
	 VISA INCENTIVE PLAN (VIP) for FY 2006
 Plan Document
	  	

 Evaluations of individual performance are
determined after the end of the Plan Year based on the following scale: 
 Exceptional 
 High Contributor 
 Successful Contributor 
 Inconsistent Contributor 
 Action Required 
  

	Section 6:	AWARD ADMINISTRATION 

  

	6.1	The Plan Year is October 1 through September 30. 

  

	6.2	The overall individual/team rating and corporate results are determined at the end of the review period. The participant’s direct supervisor determines individual
ratings, and the results are reviewed by the EMC for fairness. 

  

	6.3	Final award amounts must be approved by the divisional Executive Vice President and the CEO except those requiring Board approval. 

  

	6.4	Target award amounts are based on the participant’s eligible earnings for all or the portion of the Plan Year during which they participated in the Plan. Final amounts
are at the discretion of management within the provisions of the plan. 

  

	6.5	Any awards to individuals on disability with at least 3 months of active work at Visa during the Plan Year will be paid out based on performance and eligible earnings during
the portion of the Plan Year they were actively performing their job. 

  

	6.6	Awards are paid as soon as practical, after the year-end measures upon which the final award is based are available, generally by early December following the Plan Year end.

  

	6.7	Participants generally must be actively working at the close of the Plan Year (September 30, 2006) to be eligible for consideration of payment of an award. However,
participants on unpaid leaves of absence are eligible to receive an award based upon the eligible earnings they were paid during the Plan Year, if they have been employed for at least three months during the Plan Year. Payouts to those on unpaid
leave at the time of payout are at the discretion of the participant’s supervisor. 

  

	6.8	Participants who are reassigned from one Region to another during the first nine months of a plan year will participate in the reassigned Region’s annual incentive plan,
if any, for that plan’s full plan year. If the reassignment occurs during the last three months of a plan year, the participants will continue participating in the prior Region’s annual incentive plan for that plan’s full plan year
and may begin participating in the reassigned Region’s annual incentive plan, if any, at the beginning of the next plan year. Solely for purposes of this provision, “Region” shall mean (i) one of the following regional operating
companies, divisions or affiliates of Visa International: Worldwide Services, Asia Pacific Region, Central Europe, Middle East Africa Region, European Union Region, Latin American and Caribbean Region and Visa Canada; (ii) Inovant; and
(iii) Visa USA. 

  

	6.9	Participation in the Plan does not guarantee the participant the payment of an award. All awards under the Plan are discretionary and subject to approval by the Board of
Directors and the CEO. 

  

	6.10	The payment of all or any portion of the VIP award may be deferred, in accordance with eligibility and terms of the Visa Deferred Compensation Plan. 

 

	6.11	Extraordinary occurrences may be considered by the Board of Directors of Visa USA when assessing performance results, and adjustments may be made to the performance measures
to ensure that the purpose of the Plan is served and that the best interests of Visa USA and eligible participants are protected and not brought into conflict with one another. 

  

 3 

			
	 VISA INCENTIVE PLAN (VIP) for FY 2006
 Plan Document
	  	

  

	6.12	Awards payable under the Plan may not be assigned, transferred or subjected to liens except as otherwise provided by law. 

  

	6.13	Except as provided in Section 6.14, if employment at Visa USA, Inovant or Visa International is terminated before September 30, 2006 for reasons other than
retirement under the terms of the Visa Retirement Plan, disability or death, the participant shall not be paid any award for the Plan Year in which employment terminates. If such employment is terminated for reasons of such retirement, disability or
death, a prorated VIP payment based upon Plan Year eligible earnings at incentive target (100%) may be made to the participant or, in the event of death, to the participant’s estate. 

  

	6.14	Upon termination of employment under a Visa Redeployment Plan or a Visa severance benefits plan or agreement, a prorated payment may be made. Such payment will be made based
on the incentive target (100%) as a percentage of Plan Year eligible earnings, unless otherwise provided by Visa USA. 

  

	6.15	Participation in the Plan does not confer any right to employment nor create an employment contract or agreement of any sort with any participant. 

 

	Section 7:	FUNDING 

 The Plan will be budgeted for by Visa USA
and will be approved in advance by the CEO of Visa USA and its Board of Directors or the Executive Committee thereof for the Plan Year. Total incentive awards may not exceed the spending range determined by the CEO and the Human Resources Committee
of the Board. 
  

	Section 8:	GENERAL 

  

	8.1	By delegation of the Visa USA Board of Directors, the Head of Human Resources, in consultation with the Head of Compensation, has the sole responsibility for interpreting,
administering, and modifying the Plan as necessary. The decisions of the Head of Human Resources regarding the construction, interpretation, and administration of the Plan are final and binding on all parties. 

  

	8.2	Maintenance of financial information relevant to the measurement of performance during the Plan Year will be the responsibility of an administrative committee or a senior
executive of Visa USA. 

  

	8.3	All awards to be paid under the Plan shall be subject to all applicable withholding taxes, including federal and state income taxes and employment taxes. The
participant’s employer will withhold such taxes in accordance with applicable tax regulations. 

  

	8.4	The Plan may be amended or terminated for Visa USA employees at any time for any reason by the Board of Directors of Visa USA or the Executive Committee thereof.

 The laws of the State of California shall control all matters relating to the Plan. 
  

 4Visa Excess Retirement Plan, amended & restated effective as of June 1, 2005

 Exhibit 10.9 
 VISA 
 EXCESS RETIREMENT BENEFIT PLAN 
 (Amended and Restated Effective as of June 1, 2005) 
 This amendment and
complete restatement of the Visa Excess Retirement Benefit Plan (hereinafter called the “Excess Plan”) is effective as of June 1, 2005. 
 1.
Purpose. As the result of the Employee Retirement Income Security Act of 1974 (“ERISA”), a maximum has been placed on the pension benefits that may be paid from the Visa Retirement Plan (the “Retirement Plan”). In
addition, because of amendments to the Retirement Plan attributable to subsequent tax legislation, pension benefits accruing under the Retirement Plan after September 30, 1989 may in certain cases be reduced. The purpose of the Excess Plan is
therefore to provide for the payment of benefits with respect to certain of those Participants in the Retirement Plan who may be (i) limited by the limits imposed by Sections 401(a)(17) and 415 of the Internal Revenue Code of 1986, as amended
from time to time (the “Code”), on a basis consistent with the Retirement Plan without regard to the restriction of such provisions of the Code, or (ii) adversely affected by the amendments to the Retirement Plan that were effective
as of October 1, 1989. Effective as of October 1, 2002, the Retirement Plan is comprised of two components as follows: the Visa Retirement Plan, as amended and restated effective October 1, 2000 (the “Pre-2002 Plan”) and the
Visa 2002 Retirement Plan effective October 1, 2002 (the “2002 Plan”). 
 2. Eligibility to Participate in the Excess Plan. 

(a) Any Participant in the Retirement Plan whose Retirement Income is limited by reason of the limitations imposed on compensation and benefits under
Section 401(a)(17) and Section 415 of the Code, respectively; and 
 (b) Any Participant in the Pre-2002 Plan who is adversely
affected by the amendments to the Retirement Plan that were effective as of October 1, 1989. 
 3. Amount of Benefit. Subject to any separate
written agreement with a Participant, the amount of benefits payable to each eligible Participant or his Beneficiary under the Excess Plan shall be as described below. 
 (a) Participant in the Pre-2002 Plan Only. The benefit payable under the Excess Plan to an eligible Participant in the Pre-2002 Plan only or his Beneficiary shall equal (A) or (B), whichever is
greater, minus (C), as described below: 
 (A) The Retirement Income which would be payable to the Participant or his Beneficiary under the
Pre-2002 Plan (without regard to Appendix A) if 

 
the limitations imposed by Sections 401(a)(17) and 415 of the Code did not apply. The Pre-2002 Plan provides that a Participant’s Retirement Income with
payments commencing at his Normal Retirement Date is equal to 46.25% of his Final Average Earnings if he has completed 25 years of Benefit Service. If the Participant has completed less than 25 years of Benefit Service, the Participant’s
Retirement Income is reduced based on his age and service at his Termination Date. 
 (B) The Retirement Income which would have been payable
to such Participant or his Beneficiary under the Retirement Plan as in effect on September 30, 1989 if the limitations imposed by Sections 401(a)(17) and 415 of the Code did not apply. The Retirement Plan as in effect on September 30, 1989
provided that a Participant’s Retirement Income with payments commencing at his Normal Retirement Date was equal to 50% of the Participant’s Final Average Earnings less 50% of his social security amount if he had completed 25 years of
Benefit Service. If the Participant had completed less than 25 years of Benefit Service, the Participant’s Retirement Income was reduced based on his age and service at his Termination Date. In addition, if the Participant retired on his Early
Retirement Date and began receiving Retirement Income for the rest of his life, the Participant received a “temporary social security supplement.” The meanings of “social security amount” and “temporary social security
supplement” are set forth in Attachment A hereto. A Participant’s Excess Plan benefit shall include the value of a temporary social security supplement only if the Participant retires on his Early Retirement Date and commences receipt
of his Retirement Income for the rest of his life by the date on which his Excess Plan benefits are paid pursuant to Section 4 hereof. 
 (C) The Retirement Income which is payable to the Participant or his Beneficiary under the Pre-2002 Plan. 
 (b) Participant in
the 2002 Plan Only. The benefit payable under the Excess Plan to an eligible Participant in the 2002 Plan only or his Beneficiary shall equal (A) minus (B), as described below: 
 (A) The Retirement Income which would be payable to the Participant or his Beneficiary under the 2002 Plan (without regard to Appendix A) if the
limitations imposed by Sections 401(a)(17) and 415 of the Code did not apply. The 2002 Plan provides that a Participant’s Retirement Income with payments commencing at his Normal Retirement Date is equal to 1.25% per year of his Benefit
Service (up to a maximum of 35 full years), multiplied by his Final Average Earnings. 
  

 2 

 (B) The Retirement Income which is payable to the Participant or his Beneficiary under the 2002 Plan.

 (c) Participant in the 2002 Plan and the Pre-2002 Plan. The benefit payable under the Excess Plan to an eligible Participant
in the 2002 Plan and the Pre-2002 Plan or his Beneficiary shall equal the sum of the benefits that would have been payable with respect to the Participant under subparagraphs (a) and (b) of this Section 3 determined as if
(i) both of those subparagraphs had applied to the Participant and (ii) subparagraph (b)(A) of this Section 3 stated that the Participant’s Retirement Income under the 2002 Plan with payments commencing at his Normal Retirement
Date is equal to 1.25% per year of his Benefit Service (up to a maximum of 35 full years) multiplied by his Final Average Earnings, minus the Participant’s Retirement Income commencing at his Normal Retirement Date under the Pre-2002 Plan,
but never less than zero. 
 Notwithstanding the preceding provisions of this Section 3, if a Participant has received or commenced receiving benefits
under the Retirement Plan or the Excess Plan prior to accruing additional benefits under either such plan, his Excess Plan benefit shall be actuarially adjusted to the extent necessary and appropriate to take into account the amount of such benefits
previously received. 
 4. Timing and Form of Benefit Payments. Benefits under the Excess Plan shall be paid in the form of a single lump sum payment
as soon as administratively practicable following the date a Participant ceases to be an Employee and incurs a “separation from service” within the meaning of Section 409A of the Code, provided the payment is made by the
December 31 next following such date or, if later, by the 15th day of the third calendar month following such date. 
 5. Funding and Payment
Obligation. Benefits under the Excess Plan shall be payable from the general assets of Visa USA, Inc. and/or Visa International Service Association. No specific assets shall be set aside for the purpose of making payments under the Excess Plan.
Benefits under the Excess Plan payable with respect to a Participant shall be paid by the entity employing the Participant immediately prior to his Termination Date or Retirement Date, as applicable. If such benefits are not paid when due, then Visa
USA, Inc. and Visa International Service Association shall each be obligated to make such payments only in proportion to the Participant’s aggregate Benefit Service credited under the Retirement Plan while an Employee of that entity (and any
other Participating Company owned thereby). 
 6. Administration. The Excess Plan shall be construed, interpreted and administered by the Committee in
a manner consistent with Article XI of the Pre-2002 Plan and Article X of the 2002 Plan. Any construction, interpretation and administrative action shall be final and binding on all Participants and their Beneficiaries. 
  

 3 

 7. Notification. The Committee shall provide the Participant or Beneficiary entitled to benefits under the Excess
Plan written notice of the terms and conditions of payments from the Excess Plan. 
 8. Amendment and Termination. The Excess Plan may be amended by
the Boards of Directors of Visa USA, Inc. and Visa International Service Association, or the Executive or Compensation Committees thereof, and any amendment must be jointly authorized by both boards or committees, and shall terminate or divide into
two successor plans for the Employees of each corporation and the Employees of any other Participating Company owned by either corporation at the time of the division, when the Retirement Plan terminates or divides. No amendment or termination of
the Excess Plan shall reduce or eliminate the benefits payable thereunder based on a Participant’s Benefit Service credited under the Retirement Plan through the date of the amendment or termination. 
 9. Definitions. Except as specifically set forth in the Excess Plan, capitalized terms shall have the meanings assigned to them in the Pre-2002 Plan or the 2002
Plan, as applicable. 
  

 4 

 ATTACHMENT A TO SECTION 3(a)(B) 
 OF THE VISA EXCESS RETIREMENT BENEFIT PLAN 
 (Amended and Restated Effective as
of October 1, 2003) 
 DEFINITIONS OF “SOCIAL SECURITY AMOUNT” 
 AND 
 “TEMPORARY SOCIAL SECURITY SUPPLEMENT” 
 “Social security amount” means the estimated monthly unreduced primary old age insurance amount which the Participant could expect to receive
commencing on the first day of the month next following his 65th birthday or Postponed Retirement Date, whichever is later (ignoring any earnings in the calendar year of his 65th birthday or Postponed Retirement Date, as applicable) under the Social
Security Act as in effect on the Participant’s Retirement Date, Termination Date, or date of death, whichever occurs first; provided, however, that in making the estimate it will be assumed that: 
  

	 	(a)	if the Participant retires on his Normal or Postponed Retirement Date, covered earnings (wages under Section 3121(a)(1) of the Code) for the calendar year prior to his
Retirement Date will be assumed to be based on 12 times his Monthly Earnings at retirement divided by 1.06 or 12 times his Final Average Earnings, if greater. Covered earnings in each prior year will be based on the assumption that the Participant
received 6% annual increases in his Monthly Earnings (or Final Average Earnings) on each January 1; 

  

	 	(b)	if the Participant retires on his Early Retirement Date or dies and his Spouse is eligible for the pre-retirement death benefit, covered earnings for years prior to his Early
Retirement Date or date of death will be determined as in subparagraph (a) above. Covered earnings in calendar years coincident with and subsequent to this Early Retirement Date or date of death will be assumed to be zero;

  

	 	(c)	if the Participant terminates with a deferred vested accrued benefit, covered earnings for years prior to his Termination Date will be determined as in subparagraph (a) above.
Covered earnings coincident with and subsequent to his Termination Date will be assumed to be equal to the greater of 12 times his Final Average Earnings or 12 times his Monthly Earnings on his Termination Date and to continue through the calendar
year prior to his Normal Retirement Date. 

 Social security amount will be determined on the earliest of the Participant’s
Retirement Date, Termination Date or date of death and shall forever thereafter be fixed in computing the Participant’s Basic Retirement Income unless the Committee shall authorize a change in accordance with future federal regulations.

  

 A-1 

 Notwithstanding the above, a Participant is entitled to provide to the Committee a statement, prepared by
the Social Security Administration, of his actual covered earnings through the end of the calendar year immediately preceding the date the Participant is entitled to a monthly benefit. If the Participant provides such statement of his actual covered
earnings to the Committee within 90 days after the Committee notifies the Participant of the amount of his assumed covered earning, the Participant’s social security amount will be equal to the lesser of (i) an amount calculated taking
into account such actual covered earnings or (ii) an amount determined under subparagraph (a), (b) or (c) above, whichever is appropriate, using his assumed covered earnings. 
 In no event will the effective percentage of the social security amount used in determining a Participant’s benefit be greater than 50% of the actual
unreduced primary old age insurance amount the Participant could receive at his Retirement Date from the Social Security Administration. 
 “Temporary social security supplement” means an additional monthly supplement commencing on a Participant’s elected payment date and terminating on the earlier of his Normal Retirement Date or his date of death. The temporary
social security supplement is the product of (a) times (b) where: 
  

	 	 (a)
	 is  1/2 of his social security amount; and 

  

	 	(b)	is the ratio of the Participant’s actual completed years and months of Benefit Service to 25 years, but in no event greater than 1. 

  

 A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]