Document:

EX-10.1

 Exhibit 10.1 

ADOPTED PURSUANT TO THE FRAMEWORK AGREEMENT 

TO BE EFFECTIVE AS OF THE DISTRIBUTION DATE 

AMENDED AND RESTATED CHARTER OF THE 

STRATEGIC COUNCIL 

Originally made on 21 December 1994, as amended and restated with effect on and from the Distribution Date and in accordance with, the
agreement entitled “Framework Agreement” between Alumina Limited (formerly known as Western Mining Corporation Holdings Limited) (formerly defined as “WMC” and now defined as “Alumina”), Alcoa Corporation (formerly
known as Alcoa Upstream Corporation) (formerly defined as “ACOA” and now defined as “Alcoa”) and other parties dated August 31, 2016. 

DEFINITIONS 
 References to
“WMC” for or in connection with this Charter are taken to be references to “Alumina”. 
 References to “ACOA”
for or in connection with this Charter are taken to be references to “Alcoa”. 
 Unless otherwise defined herein, all capitalised
terms used in this Restated Charter will have the meaning set out in Schedule 1.01 of the Restated Formation Agreement unless the context requires otherwise. In the event of inconsistency, the meaning set out in Schedule 1.01 of the
Restated Formation Agreement will prevail. For the avoidance of doubt, the definitions set out in the Schedule of Definitions attached to this Restated Charter are incorporated into Schedule 1.01 of the Restated Formation Agreement with effect from
the date of this Restated Charter. 
 AMENDMENT 

The portions of this Agreement specified in Exhibit B shall be deemed to be automatically amended and revised as set forth in
Exhibit B (“Exclusivity and Sole Risk Amendments”), upon and from the occurrence of a Change of Control in respect of either Alumina or Alcoa. 

INTRODUCTION 
 Alcoa and Alumina have
agreed to combine their interests in bauxite mining, alumina refining and non-metallurgical alumina operations as well as certain integrated aluminum fabricating and smelting operations to form a worldwide Enterprise. The operations of the
Enterprise shall be conducted by and through the coordinated activity of several affiliated Enterprise Companies. 
 This Charter sets forth
certain principles and policies for the management of the Enterprise Companies and for the rights and obligations of Alcoa and Alumina with regard to their respective interests in the Enterprise Companies. Alcoa and its affiliates shall have a 60%
interest in the Enterprise. Alumina and its affiliates shall have a 40% interest in the Enterprise. It is the intention of Alcoa and 

 
Alumina that their ownership interests in the Enterprise shall be 60/40 respectively and the parties shall act and exercise rights such that this 60/40 ratio will be achieved or maintained in any
future acquisitions of minority interests in any Enterprise Company, joint ventures or new assets or companies. 
 SECTION
1.    PURPOSE 
 (a) Strategic Council. The Strategic Council will be the principal forum for Alcoa and
Alumina to provide direction and counsel to the Enterprise Companies within the worldwide Enterprise regarding strategic and policy matters. As of August 31, 2016, the Enterprise Companies include the following entities and their respective
subsidiaries: 
  

	 	(i)	Alcoa World Alumina LLC (USA); 

  

	 	(ii)	Alcoa of Australia Limited (Australia); 

  

	 	(iii)	Alúmina Española S.A. (Spain); 

  

	 	(iv)	AWA Saudi Limited (Hong Kong); 

  

	 	(v)	Alcoa World Alumina Brasil Ltda. (Brazil); and 

  

	 	(vi)	Alcoa Caribbean Alumina Holdings LLC. 

 Alcoa and Alumina shall direct and cause their
representatives on any Enterprise Company Boards, entities or operations to carry out the direction established by and implement the decisions of the Strategic Council. This Restated Charter is not intended to create or imply the creation of any
other partnership or company. 
 (b) Industrial Leadership. Under the general direction of and consistent with the decisions of the
Strategic Council, Alcoa shall be the industrial leader of the Enterprise and Alcoa shall provide the operating management of the Enterprise and of all Enterprise Companies. If Alumina contributes any of its operations to the Enterprise it shall
retain operating management thereof unless the parties otherwise agree. 
 (c) Other Alumina Representation. Alumina will have
proportional representation on the Board of Directors of Alcoa of Australia and on the board of AWA LLC. Alumina will also have the right to proportional representation on the board of directors of any Enterprise Company. 

(d) Secondment by Alumina. It is expected that Alumina will from time to time second to the Enterprise or Enterprise Companies
employees whose skills or experience are necessary for the support of the operations of the Enterprise. The extent of such secondment shall be as determined by the management of each of the Enterprise Companies, subject to the review and advice of
the Strategic Council. These seconded employees will be employed by the Enterprise Companies. Alcoa will advise Alumina of all available positions within the Enterprise for which Alumina has indicated it may have qualified candidates. Alcoa will
determine if the Alumina candidate is the best person for the position, acknowledging Alumina’s interest in having certain of its employees gain experience in the bauxite and alumina businesses. 

  
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 SECTION 2.    MEMBERSHIP OF THE STRATEGIC COUNCIL 

(a) Membership. The Strategic Council will have five (5) members, three (3) appointed by Alcoa, of which one (1) will be
Chairman, and two (2) by Alumina, of which one (1) will be Deputy Chairman. Members of the Strategic Council shall serve until they resign or are removed by the party that originally appointed that member to the Council. Resignation or
removal shall be effected by written notice to all other members of the Council. 
 (b) Vacancies. Any vacancy on the Strategic
Council, whether arising out of death, disability, removal, resignation, or otherwise, shall be filled by the party that had originally appointed that member to the Council. 

SECTION 3.    MEETINGS 

(a) Quorum. The presence, in person or by proxy, of not less than a majority of the total number of members of the Strategic Council,
including at least one Alumina representative, or the presence of both the Chairman and the Deputy Chairman shall constitute a quorum for the transaction of business by the Council. If any member does not attend despite proper notice, the Chairman
may reconvene the meeting in 10 days upon notice to the non-attending member. The meeting may proceed even if said member does not attend. 

(b) Meetings. The Strategic Council shall meet as frequently as the Chairman, after consultation with the Deputy Chairman, deems
necessary and appropriate and not less than two times per year. The Deputy Chairman may request a meeting and the Chairman must call a meeting within 3 months of the request or within two weeks, if the Deputy Chairman declares that a serious
situation exists. In the case of any such declaration, the notice provisions of Section 3(c) are waived for such meeting. Meetings may be held by telephone or videoconferencing. 

(c) Notice. At least fifteen (15) days prior to the date of each meeting of the Strategic Council, the Chairman of the Council
shall send each member a notice of such meeting, the location, an agenda, and all necessary documentation. A written waiver of notice signed by a majority of the members of the Council including at least one Alumina member, whether before or after
the time of the meeting, shall be deemed equivalent to such notice. Items not on the agenda cannot be decided at a Strategic Council meeting without the unanimous consent of the Chairman and Deputy Chairman. Attendance by a member of the Council at
a meeting shall also constitute waiver of notice of such meeting by that Member. 
 (d) Advisors and Other Committees. From time to
time as they deem necessary, the Strategic Council may request the assistance and advice of experts and advisors from Alcoa or Alumina. Such experts or advisors may attend the meetings of the Strategic Council, as appropriate. Employee

  
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advisors of either member may attend the Strategic Council meetings. Non-employee advisors of either member may attend Strategic Council meetings at the discretion of the Chairman. Prior notice
by the member planning to bring non-employee advisors, including the advisor’s identity and role, must be given to the Chairman. While the Strategic Council will principally look to the operating management of the Enterprise Companies for
information about the businesses of the Enterprise, the Strategic Council, if either the Chairman or Deputy Chairman so request, shall also from time to time form advisory committees of representatives of both Alcoa and Alumina as required to assist
the Strategic Council and its members with the activities of the Enterprise and so that Alumina may make an appropriately informed contribution to the proceedings of the Strategic Council. The scope of the responsibilities and activities vested in
such committees shall be established by the Strategic Council. 
 (e) Minutes. Minutes of the meetings of the Strategic Council shall
be prepared and circulated to each member of the Council within thirty (30) days after each meeting. 

SECTION 4.    VOTING 

(a) Decisions Requiring a Super-Majority Vote. The following matters shall be decided by the vote of 80% of the members appointed to the
Strategic Council: 
 (i) Change of Scope of the Enterprise. 

(ii) Change in the dividend policy. 

(iii) Equity requests on behalf of the Enterprise totalling in any one year more than US$1 billion. 

(iv) Sale of all or a majority of the assets of the Enterprise or the Enterprise Companies taken as a whole (such assets
to be valued for this purpose at the Enterprise book value). 
 (v) Loans to Alcoa or an Affiliate or Alumina or an
Affiliate by any of the Enterprise Companies, subject to the relevant provisions of Sections 8 and 9 below. 
 (vi)
Any Expansions, acquisitions, divestitures, closures or curtailments of the operations of the Enterprise which are likely to result in a change in production: 

1. in excess of 2 million tonnes per annum of bauxite for any Enterprise Mine; or 

2. 0.5 million tonnes per annum of alumina for any Enterprise Refinery, 

or which have a sale price, acquisition price, or project total capital cost of US$50 million or greater for any one transaction or US$50
million in aggregate for a series of related transactions. 
 In relation to curtailments of operations of the Enterprise or the closure of
any Enterprise Mine or Enterprise Refinery, this 80% voting threshold: 
 1. only applies to a full curtailment of the production from
Enterprise operations or an Enterprise Mine or Enterprise Refinery production; and 

  
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 2. does not apply with respect to an Enterprise operation, Enterprise Mine or Enterprise
Refinery that has had losses in the two consecutive quarters immediately preceding such curtailment or closure (calculated on the basis of Cash Flow from Operating Activities). 

(vii) Without affecting any other existing rights at law, and in particular without prejudice to any related party
transaction laws, for any Enterprise Company to enter into any related-party transaction with a total value of $50 million or greater; provided, however, that the requirements of this Section 4 shall not apply with respect to (w) any
transactions solely between Enterprise Companies, (x) any transaction which is otherwise approved under, or is taken in accordance with an agreement or arrangement previously approved (and still operative) pursuant to, this Section 4,
(y) any offtake or supply agreement the pricing methodology of which is the same as that set forth in the Alumina Limited AWAC Offtake Agreements (as amended from time to time) and that complies with all applicable requirements of
Section 5(a)(iii) or (z) any Sole Risk Project or any Sole Risk Project Management Agreement that is entered into pursuant to Exhibit C of this Restated Charter; 

(viii) For any Enterprise Company to enter into any financial derivatives, hedges or swaps, including, but not limited
to, any currency, interest rate or commodity price loss protection mechanism. 
 (ix) Any decision by an Enterprise
Company to file for insolvency (or similar) status, protection or proceedings (including any filing for, or making any resolution in respect of liquidation, administration, receivership, reorganisation or other similar arrangement). 

(x) A decision to amend, update or replace any pricing formula set out in the Alumina Limited AWAC Offtake Agreements
(as amended from time to time) or any method or formula for pricing for any other supply of bauxite or alumina from the Enterprise to Alcoa or Alumina (or any Affiliate of Alcoa or Affiliate of Alumina). 

All other decisions of the Strategic Council will be decided by majority vote. 

SECTION 5.    SCOPE 

Within the Scope of the Enterprise as defined in this Section, Alcoa and Alumina agree to operate to avoid commercial conflict among Alcoa,
Alumina and the Enterprise. To accomplish this, Alcoa agrees that the Enterprise shall be the exclusive vehicle for its investments, operations or participation in the Bauxite and Alumina business (as specifically defined below in
Sections 5(a)(i) and (b) respectively) included within the Scope of the Enterprise except as noted for the activities of Alcoa Aluminio SA and 

  
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Alcoa shall not compete with the Enterprise in those businesses. Alumina agrees that the Enterprise shall be the exclusive vehicle for its investments, operations or participation in the
Bauxite and Alumina business (as specifically defined below in Section 5(a)(i)) and Alumina shall not compete with the Enterprise in those businesses. Alumina agrees that it will not compete with the businesses of the Integrated
Operations of the Enterprise (as defined below but excluding necessary and ancillary activities) and acknowledges that Alcoa has non-Enterprise facilities in these businesses which Alcoa will operate and manage independently of the Enterprise.
For purposes of this Section 5 references to Alcoa and Alumina shall respectively include any Affiliate of Alcoa or Affiliate of Alumina. The Scope of the Enterprise shall be: 

(a) Bauxite and Alumina. 

(i) The Enterprise shall be involved in the worldwide exploration, searching and prospecting for, and the mining of
bauxite and any other minerals and/or ores from which alumina or aluminum can or may be commercially produced. The Enterprise shall also engage in the refining and other processing of these minerals and/or ores into alumina. 

(ii) The Enterprise may also engage in the exploitation and development of minerals discovered in the course of bauxite
mining at Enterprise facilities, however, these minerals shall not be considered to be within the definition of the Bauxite and Alumina business unless the Members unanimously agree. The Enterprise will engage in any necessary or ancillary activity
that the majority of the Members of the Strategic Council determine may be carried on with the above described activities. Alcoa Aluminio shall continue to produce alumina for the Brazilian market including for Alcoa Aluminio’s own smelting
needs. 
 (iii) The Enterprise shall be responsible for selling alumina and bauxite to Alcoa at arm’s length
prices and terms, as well as to third parties, provided that Alcoa and Alumina shall also have certain entitlements described in the remainder of this Section 5(a)(iii) that come into effect only upon election by Alumina after a Change of
Control in respect of Alumina has occurred. In the event of such election by Alumina, Alcoa and Alumina shall cooperate to ensure that their activities following Alumina’s election may be conducted in compliance with applicable law, including
relevant competition laws. 
 Alcoa and Alumina (or any Acquirer of Alcoa or Alumina) shall be entitled to purchase from the Enterprise, on
an evergreen basis, alumina and bauxite on market based terms and conditions, and otherwise on the terms and conditions, and subject to the limitations, set forth in the Umbrella Offtake Agreement. 

Sales of products to Alcoa and Alumina shall be made pursuant to the terms of any offtake agreements entered into between either Alcoa or
Alumina and the Enterprise (or any Enterprise Company) that may exist from time to time. 

  
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 (iv) The parties have agreed to a sole risk regime as provided in
Exhibit C that comes into effect only after a Change of Control in respect of Alumina or Alcoa. Alcoa and Alumina shall cooperate to ensure that the sole risk regime may be conducted in compliance with applicable law, including relevant
competition laws. 
 (b) Non-Metallurgical Alumina. The Enterprise shall be involved in the research and development, production
marketing and sale of certain non-metallurgical alumina products. 
 (c) Integrated Operations. The Enterprise shall also own and
operate certain primary aluminum smelting facilities that existed as of the formation of the Enterprise and are run as part of an integrated operation at certain of the locations included within the Enterprise. The Enterprise will engage in any
necessary or ancillary activity that the majority of the Members of the Strategic Council determine may be carried on with the above described activities. These operations and any future expansions thereof will be included within the Scope of the
Enterprise at existing Enterprise locations only. The Enterprise shall also be responsible for selling aluminum to ACOA or its Affiliates at arm’s length prices as well as to third parties. 

(d) Shipping. The Enterprise shall also operate a shipping line, the main function of which is to support the operations of the
Enterprise. The shipping line shall carry bauxite, alumina, raw materials and other goods used in the alumina refining process, production and sale of industrial chemicals and other goods and materials for the Enterprise. The Enterprise will engage
in any necessary or ancillary activity that the majority of the Members of the Strategic Council determine may be carried on with the above described activities. The shipping line, however, may carry goods and materials for other parties. 

(e) Coordination with Alcoa. As the industrial leader of the Enterprise, Alcoa shall act in a manner that is fair and reasonable to the
Enterprise and to Alumina and to Alcoa in managing the related activities of Alcoa within the Enterprise with those outside the Enterprise. The operations of the primary metals facility of the Enterprise will be closely coordinated with the primary
metals business of Alcoa. Alcoa will provide necessary services to the Enterprise pursuant to the terms of a master services agreement. Alcoa shall ensure that any dealings between the Enterprise and Alcoa shall be conducted on an arm’s length
basis. 
 SECTION 6.    NEW BUSINESSES 

It is acknowledged that Alumina and Alcoa may from time to time pursue business opportunities outside the Bauxite and Alumina
businesses. If Alumina or Alcoa acquires any businesses which include as a secondary line of business the Bauxite and Alumina business as specifically defined above in Section 5(a)(i), Alumina or Alcoa shall offer this new Bauxite and
Alumina business to the Enterprise at the cost of acquisition or, if this business was not separately valued at the time of acquisition by Alumina or Alcoa, a value based on an independent appraisal of the business. If all of the Enterprise
Companies and the Strategic Council elect not to accept the offer, Alumina or Alcoa shall divest itself of the secondary 

  
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Bauxite and Alumina business to a non-Affiliate. Alumina or Alcoa shall not independently pursue any opportunities whose principal line of business is the Bauxite and Alumina
business as specifically defined above in Section 5(a)(i). Competition between Alumina and the Enterprise shall not prevent Alumina, Alcoa and the Enterprise from exploring and utilizing any synergies that may exist as between any competing
operations or products. These synergies may include: 
 1) Different ownership interests in the new opportunity or 

2) Supply, processing, distribution or other marketing arrangements with the Enterprise. 

For purposes of this Section 6 references to Alcoa and Alumina shall respectively include any Affiliate of Alcoa or Affiliate of Alumina. 

SECTION 7.    ENTERPRISE COMPANY INFORMATION 

(a) Alumina shall have access during normal business hours, upon reasonable advance notice (with the intention that the Enterprise will
provide access within 28 days of receiving such notice), to all information produced or held by the Enterprise, including all information produced or held by any Enterprise Company and all information produced or held by Alcoa or Affiliates of Alcoa
acting in the capacity of Manager of the Enterprise and any Enterprise Company. Such information will be produced and held jointly on behalf of the Enterprise and each of Alumina and Alcoa, and will be freely available to each of them subject to and
in accordance with these terms. Such information rights are without prejudice to, and in no way limit the parties’ respective rights to access information regarding any Enterprise Company under any Enterprise agreement or at law (“General
Information Rights”). For the avoidance of doubt, this Section 7 does not apply to any information relating to any businesses or interests held by either Alcoa or Alumina that are not part of the Enterprise. 

(b) Alumina will have reasonable access to the head of each Business Unit within the Enterprise through the Alumina Strategic Council
members and other nominated Alumina representatives. 
 (c) Notwithstanding anything to the contrary in this Section 7, Alcoa,
its Affiliates and the Enterprise Companies shall not be required to (i) violate any legal requirements (including with respect to employee data privacy laws) or any obligation of confidentiality to any third parties, or (ii) provide
access to or disclose information where such access or disclosure would jeopardize the attorney-client privilege of such party. Any access to or provision of information pursuant to this Section 7 shall be conducted in such a manner as not to
interfere unreasonably with the operation of the Enterprise or any Enterprise Company; provided that this sentence shall not derogate from the rights to information set out in this Section 7. 

(d) In addition, notwithstanding anything to the contrary in this Section 7, with respect to a request by Alumina that relates to
any Enterprise customer sales contract (“Customer Contracts”), (i) Alumina’s access right shall be limited to two employees of Alumina who shall be nominated by 

  
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Alumina, (ii) such Customer Contracts shall be kept strictly confidential and may not be disclosed by them to other personnel or representatives of Alumina except for the purposes of
enforcing legal rights of the Enterprise or obtaining legal advice in connection with such enforcement, and Alcoa or an Enterprise Company may require such employees to sign customary and appropriate confidentiality undertakings, (iii) Alcoa or
any Enterprise Company may provide access to Customer Contracts by means of an electronic data room or other protocol designed to preserve confidentiality, (iv) upon the occurrence of a Change of Control with respect to Alumina, all rights of
Alumina or any of its nominated employees to access or receive Customer Contracts shall terminate, and they shall return or destroy any Customer Contracts previously provided to them, and (v) in the event that Customer Contracts cannot be
disclosed due to an obligation of confidentiality to any third parties, the applicable Enterprise Company will use its commercially reasonable efforts to seek a waiver of such confidentiality obligations or to otherwise permit such disclosure. 

(e) Alcoa shall adopt reasonable protocols to ensure that only those Alcoa employees that are engaged in the day-to-day operations and
management of the Enterprise will be entitled to receive Customer Contracts and only to the extent that is reasonably necessary for the management and operation of AWAC. 

(f) Prior to providing access to any information under this Section 7, but without in any way restricting any General Information
Rights, the Enterprise may require Alcoa and/or Alumina to provide a customary and appropriate undertaking containing confidentiality and use restrictions consistent with this Section 7 and allowing (x) use of such information in
connection with its investment in the Enterprise and the operation of the Enterprise’s business and (y) disclosure to the extent required by law. Alcoa and Alumina shall take reasonable measures to ensure that their access to Enterprise
information is consistent with applicable laws, including competition laws. 
 (g) Alumina will also receive prompt notice of events
known to Alcoa which may affect the earnings or dividends of the Enterprise Companies or which may lead to a significant change in the amount of leveraging within the Enterprise. 

(h) The various Enterprise Companies will prepare annual operating plans and capital budgets (or follow any other planning/budgeting
process that may be used by Alcoa from time to time). Alcoa will keep Alumina informed of the progress in formulating such plans and budgets and will specifically advise Alumina if the consolidated effect of these plans and budgets appears likely to
require any equity call from Alumina in the year for which the plans and budgets are being prepared. The operating plans and capital budgets will be approved by the Members or Boards (as appropriate) of the various Enterprise Companies. 

(i) Any individual Request for Authorization for more than US$10 million shall be sent for information to the members of the Strategic
Council at the same time it is submitted to Alcoa corporate management. 

  
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 (j) In the event of a proposed Change of Control of Alumina or Alcoa, the other party
agrees to provide commercially reasonable cooperation, at the expense of the party undergoing the Change of Control, with respect to (i) filings and notifications with any governmental authority that reasonably may be necessary, proper or
advisable under the relevant competition laws to consummate and make effective the proposed acquisition; and (ii) supplying any additional information and documentary material that may be requested by any governmental authority under applicable
law (provided, however, that neither party shall be required to supply non-Enterprise information or documentary material). 

SECTION 8.    EQUITY CALLS 

(a) Equity Calls. The cash flow of the Enterprise and borrowings shall be the preferred source of funding for the needs of the
Enterprise. Should the aggregate annual capital budget of the Enterprise require an equity contribution from Alcoa and Alumina, an equity call can only be made upon 30 days’ notice and, if appropriate, a payment schedule shall be included.
Subject to any duties at law or in equity to which a director may be bound, Alcoa and Alumina must procure that their representatives on the Board of the relevant Enterprise Company resolve to give effect to any equity call made under this section.
The following limits apply to equity calls: 
 (i) With respect to amounts up to $500 million in annual equity
requested to be contributed in total by Alcoa and Alumina to the Enterprise (including amounts requested pursuant to subsections (ii) and (iii) below), each party shall contribute its proportionate share based on its current ownership in
the Enterprise. Each party is required to make its proportional equity contribution for amounts up to $500 million of the equity requested regardless of the arrangements with respect to any further capital requirements of the Enterprise. If either
party does not contribute all or part of its proportionate share, then the other party may contribute its own share and the share of the non-contributing party not contributed and, if it does so, the non-contributing party will thereby be diluted on
the basis of the formula attached as Exhibit A. The dilution shall be proportional among all the Enterprise Companies. 

(ii) With respect to amounts in excess of $500 million but less than $1 billion in annual equity requested to be
contributed in total by Alcoa and Alumina to the Enterprise, each party shall declare within thirty days of when the equity request is made if it has the ability to fund its share of the request and if so each party shall contribute its
proportionate share based on its current ownership in the Enterprise. Should Alumina be unable to contribute the full amount of the equity in the year required, the parties will work together, to find alternative interim external financing
arrangements reasonably acceptable to Alumina for the Enterprise or for Alumina. If alternative external financing is not acceptable to Alumina, Alumina may choose to be diluted or Alcoa may fund the Alumina proportionate share in U.S. dollars and
this contribution shall be deemed to be an unsecured loan by Alcoa to Alumina. If Alumina issues an encumbrance or encumbrances over substantially all of its assets (other than the Enterprise Assets) to a third party

  
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creditor, it shall, to secure any loan from Alcoa under this section, grant to Alcoa, subject to any necessary consents (and notwithstanding Section 9(c)), a like encumbrance over its
interest in the Enterprise. Alumina shall repay the amount contributed on its behalf plus interest in a period not to exceed one (1) year. The interest rate applied to this amount shall equal the then current one year T-bill rate plus a margin
reflecting market spreads for companies having the same credit rating as Alumina as well as commercial underwriting and commitment fees to the extent that such fees are incurred by Alcoa as a result of Alcoa funding Alumina’s proportionate
share of the equity call under this paragraph. If either party does not contribute all or part of its proportionate share pursuant to such alternative financing arrangements or if the Alcoa loan is not repaid, the other party may contribute its own
share and the share of the non-contributing party not contributed and if it does the non-contributing party shall be diluted in the amount of its unmet share of the equity call in accordance with the formula set forth on Exhibit A, provided,
however, if Alcoa does not fund Alumina’s proportionate share when the other conditions above have been met, Alumina will not be diluted in the amount of its unmet share of the equity call. 

(iii) With respect to amounts in excess of $1 billion in annual equity requested to be contributed in total by Alcoa and
Alumina to the Enterprise and approved pursuant to Section 4(a)(iii) above, each party shall contribute its proportionate share, however, the parties will work together, should Alumina be unable to contribute the full amount of the equity in
the year required, to find alternative financing arrangements reasonably acceptable to Alumina for the Enterprise or Alumina. If Alumina does not contribute the balance of its full proportionate share, Alcoa may make, and shall be compensated for,
all or part of the remaining contribution in Alumina’s place; however, Alumina shall not be diluted to the extent of Alcoa’s contribution to the capital requirements in excess of US$1 billion. If Alcoa elects to proceed, Alcoa shall review
with Alumina the mechanism to compensate Alcoa for its excess contribution, which may include, but is not limited to, a disproportionate allocation of the return associated with the excess contribution. 

SECTION 9.    LEVERAGING POLICY. 

(a) Procuring of Debt funding. Alcoa must procure that long term Debt funding is provided to the Enterprise Companies by appropriate
external lenders on an ongoing basis for the purposes of Enterprise Growth Projects (whether or not those Enterprise Growth Projects are related to the Enterprise Company that receives such long-term Debt funding) within 12 months following the
first time after the Distribution Date that obtaining such Debt becomes permissible under the Revolving Facility, so that: 

(i) the aggregate Debt of the Enterprise Companies taken as a whole is the Target Enterprise Debt Level; and 

(ii) the aggregate Debt of the Enterprise Companies taken as a whole is maintained at the Target Enterprise Debt Level
thereafter, 

  
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 provided that, if Alcoa’s credit rating would reasonably be expected to be downgraded by Moody’s and/or
Standard & Poors due to the level of Debt raised or maintained pursuant to this Section 9(a), the aggregate Debt of the Enterprise Companies must not exceed the level of Debt that is consistent with avoiding such downgrade. 

(b) Debt limit. Notwithstanding Section 9(a), Alcoa and Alumina agree that the Enterprise Companies will maintain a limit of Debt
(net of cash) in the aggregate equalling 30% of total capital where total capital is defined as the sum of Debt (net of cash) plus any minority interest plus shareholder equity. 

(c) Enterprise cash management procedures. Alcoa and Alumina agree that: 

(i) subject to Sections 4(v) and 9(c)(iii), each Enterprise Company may not lend to either Alcoa or Alumina,
including any Affiliate of Alcoa or Affiliate of Alumina; 
 (ii) each Enterprise Company may not deposit money with
Alcoa for cash management purposes; and 
 (iii) notwithstanding Section 4(a)(v) and 9(c)(i), an Enterprise
Company may grant a loan to another Enterprise Company, by using: 
  

	 	(A)	Debt to fund the loan, provided that any such loan is only provided to fund any Enterprise Growth Project; or 

  

	 	(B)	its Cash Available for Loans to fund the loan, provided that any such loan (1) is only provided for the purposes of meeting the working capital needs of that Enterprise Company and (2) has a term of no longer
than six months. 

 (iv) subject to Sections 4(v) and 9 and unless otherwise agreed, loans to
either Alcoa or Alumina by the Enterprise will bear interest at LIBOR plus a margin reflecting market spread for similar credit ratings as well as commercial underwriting and commitment fees. 

SECTION 10.    DISTRIBUTION POLICY. 

Alcoa and Alumina agree that each Enterprise Company must, by the 20th day of the month
immediately following the relevant Calculation Date, make a Distribution of: 
 (a) 50% of the net income, if positive, of such
Enterprise Company in respect of the Quarter ending on or about the relevant Calculation Date as determined in accordance with United States generally accepted accounting principles; and 

(b) the Available Cash in respect of such Enterprise Company. 

  
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 SECTION 11.    DISPUTE RESOLUTION. 

(a) Designated Senior Executive. All disputes, differences, controversies or claims between any of the parties and related to the
Enterprise, if unable to be resolved, shall be referred by either party for resolution by written notice addressed to a senior executive officer of Alcoa and Alumina designated for such purpose from time to time by the Chief Executive Officers of
Alcoa and Alumina, respectively. The designated officers shall meet and discuss the matter during a period of not more than 14 days from the date of receipt of such written notice. 

(b) Chief Executive Officers. If the designated officers of Alcoa and Alumina cannot reach an agreement resolving the dispute within
the 14 days of the receipt of such written notice, either party may refer the dispute for resolution by further written notice addressed to the Chief Executive Officers of Alcoa and Alumina. The Chief Executive Officers shall meet and discuss the
matter during a period of not more than 21 days from the date of receipt of such further written notice. 
 (c) Final Resolution. If
the Chief Executive Officers of Alcoa and Alumina are unable to resolve the dispute by unanimous consent within 21 days of receipt of such further written notice, each party may seek all remedies available to it at law and equity. 

SECTION 12.    TRANSFER OF INTERESTS. 

(a) Proportionate Reduction. Any increase or decrease by Alcoa or Alumina in their respective ownership share in the Enterprise, unless
otherwise agreed, must be proportionate among all the Enterprise Companies except in the circumstance where governmental action results in an involuntary divestiture in which event the parties will consult about appropriate responses to such action.

 (b) Alcoa Transfers. Alcoa may reduce its proportionate ownership share in the affiliated companies in the Enterprise from 60% to
51% at its election. If the proposed buyer is a passive investor who will not have representation on the Strategic Council nor any of the boards of the affiliated companies, Alumina’s consent to the sale is not required. A passive investor
shall receive business information about the Enterprise only to the extent required by the law governing each of the affiliated companies, as reflected in its individual governance document, plus additional information as is believed reasonable and
appropriate (including under any competition law) by Alcoa as being appropriate for the particular investor and consented to by Alumina, which consent shall not be unreasonably withheld. If the proposed buyer is an active investor who is intended by
Alcoa to have representation on any of the boards of the affiliated companies or the Strategic Council, Alcoa must obtain the consent of Alumina to the sale, which consent shall not be unreasonably withheld. 

(c) Non-seller’s Rights. Each of the governance documents for the Enterprise Companies includes provisions regarding a first
option in respect of the transfer of interests, subject to Section 12(b) above, addressing; the transferability of interests, maximization of market value of the interest for sale, ensuring a fair chance for the non-selling party to purchase
the interest for sale and concerns of the non-selling party regarding the identity of potential buyers (e.g., direct competitors). 

  
 -13- 

 SECTION 13.    GENERAL 

Applicable Law. This Restated Charter shall be construed and enforced in accordance with the laws of the State of Delaware, without
regard to its conflicts of laws doctrine. 
 ORIGINALLY EXECUTED THIS 21st DAY OF December, 1994.

 THIS AMENDED AND RESTATED DOCUMENT IS ADOPTED PURSUANT TO THE FRAMEWORK AGREEMENT AND IS TO BE EXECUTED AND EFFECTIVE UPON THE DISTRIBUTION DATE.

  

					
	 ALCOA INC.
	 		 	 ALUMINA LIMITED

			
	  
	 		 	  

  
 -14- 

 Exhibit A 

Dilution Formula 
 Dilution shall be
calculated proportionately among all Enterprise Companies on the basis of the value of the Enterprise Companies before and after the equity call. The formula for determining the extent of dilution shall be as follows: 

Alcoa share of the new equity = {(A x Z) + (P x Y)} ÷ M 

Alumina share of the new equity = {(B x Z) + (Q x Y)} ÷ M 

where: 
  

	 	Y	= Amount of Equity call actually paid 

  

	 	P	= Alcoa’s share of the Equity call actually paid expressed as a percentage of Y 

  

	 	Q	= Alumina’s share of the Equity call actually paid expressed as a percentage of Y 

  

	 	Z	= Fair Market Value of the Enterprise, pre-dilution (as defined below) 

  

	 	M	= New value of the Enterprise, giving effect to the equity call which equals (Y + Z) 

  

	 	A	= Alcoa’s pre-dilution interest expressed as a percentage 

  

	 	B	= Alumina’s pre-dilution interest expressed as a percentage 

 The “Fair Market Value” of
the Enterprise Companies, pre-dilution, will be the fair market value of the Enterprise Companies as agreed by the parties at the time of dilution. If the parties cannot agree upon a fair market value, the parties will mutually select an independent
expert to establish a pre-dilution fair market value. The expert’s determination of fair market value of the Enterprise Companies shall be final. The parties acknowledge that while the above formula reflects the intent of the parties if
dilution is required, the actual mechanisms chosen to effect the dilution may vary among the Enterprise Companies depending upon their particular circumstances. 

  
 A-1 

 Exhibit B 

Exclusivity and Sole Risk Amendments 
  

	(1)	Amendments to “Introduction” 

 The section of the Charter headed
“Introduction” is taken to be replaced with a new Introduction as follows: 
 ‘INTRODUCTION. 

Alcoa and Alumina have agreed to combine their interests in certain bauxite mining, alumina refining and non-metallurgical alumina operations
as well as certain integrated aluminum fabricating and smelting operations to form a worldwide Enterprise. The operations of the Enterprise shall be conducted by and through the coordinated activity of several affiliated Enterprise Companies. 

This Charter sets forth certain principles and policies for the management of the Enterprise Companies and for the rights and obligations of
Alcoa and Alumina with regard to their respective interests in the Enterprise Companies. Alcoa and its affiliates shall have a 60% interest in the Enterprise. Alumina and its affiliates shall have a 40% interest in the Enterprise. It is the
intention of Alcoa and Alumina that their ownership interests in the Enterprise shall be 60/40 respectively and the parties shall act and exercise rights such that this 60/40 ratio will be achieved or maintained in respect of the businesses,
operations, ventures, facilities, assets, mines or refineries that are within the scope of the Enterprise, but excluding any Sole Risk Project. 
  

	(2)	Amendments to section 1 (“Purpose”) 

 Clause (a) of the section of
the Charter headed Section 1 “Purpose” is taken to be replaced with a new section 1(a) as follows: 
 ‘(a)
Strategic Council. The Strategic Council will be the principal forum for Alcoa and Alumina to provide direction and counsel to the Enterprise Companies within the worldwide Enterprise regarding strategic and policy matters. As of August 31,
2016, the Enterprise Companies include the following entities and their respective subsidiaries: 
  

	 	(i)	Alcoa World Alumina LLC (USA); 

  

	 	(ii)	Alcoa of Australia Limited (Australia); 

  

	 	(iii)	Alúmina Española S.A. (Spain); 

  

	 	(iv)	AWA Saudi Limited (Hong Kong); 

  

	 	(v)	Alcoa World Alumina Brasil Ltda. (Brazil); and 

  

	 	(vi)	Alcoa Caribbean Alumina Holdings LLC. 

  
 B-1 

 Alcoa and Alumina shall direct and cause their representatives on any Enterprise Company Boards,
entities or operations to carry out the direction established by and implement the decisions of the Strategic Council or, in the case of a Sole Risk Project, the entity conducting the Sole Risk Project as elected under clause 3.2 of
Exhibit C. This Restated Charter is not intended to create or imply the creation of any other partnership or company.’ 
 Clause
(b) of the section of the Charter headed Section 1 “Purpose” is taken to be replaced with a new section 1(b) as follows: 

‘(b) Industrial Leadership. Under the general direction of and consistent with the decisions of the Strategic Council, Alcoa shall
be the industrial leader of the Enterprise and Alcoa shall provide the operating management of the Enterprise and of all Enterprise Companies, except with respect to (i) the consumption and marketing of outputs to which Alumina has
then-effective offtake and marketing rights under the Alumina Limited AWAC Offtake Agreements or the governing documents of the Enterprise and (ii) Sole Risk Projects subject to Exhibit C of this Restated Charter. If Alumina contributes
any of its operations to the Enterprise it shall retain operating management thereof unless the parties otherwise agree.’ 
  

	(3)	Amendments to section 5 (“Scope”) 

 The preamble of the section of the
Charter headed Section 5 “Scope” is taken to be replaced with a new preamble to section 5 as follows: 

‘Alcoa and Alumina agree that, notwithstanding anything to the contrary in Section 5, the Enterprise is no longer the
exclusive vehicle for their respective investments, operations or participation in any business, operations, ventures, facilities, assets, mines or refineries within the bauxite and alumina industry or business or any other industry or business. To
the extent permissible under applicable competition laws, each of Alcoa and Alumina may compete with any business, operation, venture, facility, mine or refinery of the Enterprise or in which the Enterprise has an interest.’ 

In addition, for the avoidance of doubt, the references in Sections 5(a)(iii) and 5(a)(iv) to a Change of Control are inclusive of the Change
of Control that causes these amendments to Section 5 to take effect. 
  

	(4)	Amendments to section 6 (“New Businesses”) 

 The section of the Charter
headed Section 6 “New Businesses” is taken to be replaced with a new section 6 as follows: 
 ‘SECTION
6:    RIGHTS OF FIRST OFFER (over proposed non-Enterprise projects) 
 If Alumina or Alcoa (or an Acquirer of Alcoa
or Alumina) intend to proceed with a new bauxite or alumina project (excluding any Expansion Project or New Project (in each case as defined in 

  
 B-2 

 
clause 2 of Exhibit C) or any other project within the Enterprise), Alcoa or Alumina (as applicable) must first grant the other party a right of first offer to participate in such
project on terms proposed by the proposing party. If such other party wishes to participate in the project and the terms for participation are agreed within 180 days of the proposing party giving notice of its proposed terms for participation, the
project shall be conducted and operated by the Enterprise and the relevant interests in the project will be held within the Enterprise by an Enterprise Company. If the other party does not wish to participate, or the terms for participation cannot
be agreed within 180 days of the proposing party giving notice of its proposed terms for participation, the proposing party is free to proceed with the project outside the Enterprise. This right of first offer shall not apply to any assets or
projects which are in existence or under construction or which have existing capital commitments as at the date of Alcoa or Alumina’s Change of Control and which are not held within the Enterprise on terms determined by it (in its absolute
direction). Alcoa or Alumina or an Acquirer of Alcoa or Alumina (as applicable) are permitted to continue to hold and operate any such assets or projects outside the Enterprise. For the avoidance of doubt, this section 6 does not apply in
relation to any Sole Risk Project. 
  

	(5)	Amendments to section 8 (“Equity Calls”) 

 The introduction to
clause (a) of the section of the Charter headed Section 8 “Equity Calls” is taken to be replaced with a new introduction to section 8(a) as follows: 

‘(a) Equity Calls. The cash flow of the Enterprise and borrowings shall be the preferred source of funding for the needs of the
Enterprise (excluding the needs of any Sole Risk Projects, which will be funded in accordance with the sole risk regime set out at Exhibit C). Should the aggregate annual capital budget of the Enterprise require an equity contribution from
Alcoa and Alumina, the Strategic Council may only make an equity call upon 30 days’ notice and, if appropriate, a payment schedule shall be included. In the case of Sole Risk Projects that are being conducted by an Enterprise Company in
accordance with clause 3.4 of Exhibit C, equity calls with respect to that Sole Risk Project must be made in accordance with clause 3.4 of Exhibit C. Subject to any duties at law or in equity to which a director may be bound,
Alcoa and Alumina must procure that their representatives on the Board of the relevant Enterprise Company resolve to give effect to any equity call made under this section. The following limits apply to equity calls:’ 

  
 B-3 

 Exhibit C 

Sole Risk Regime 
  

	1.	Definitions 

 Capitalised terms have the meaning given in the Schedule of Definitions (Restated)
unless defined below. 
 Affiliate means, with respect to any entity, any other entity controlling, controlled by, or under common
control with such first entity, provided that for the purposes of this definition, “control” of an entity shall mean the ownership of 50% or more of the voting securities of such entity (and “controlled” and
“controlling” shall have correlative meanings). 
 Enterprise Project means a project undertaken within the Enterprise and
includes normal operations. 
 Enterprise Facilities means the operational facilities of an Enterprise Company, including but not
limited to mining and refinery infrastructure, and including any related services required to be provided by the relevant Enterprise Company to operate those facilities and any services to support and facilitate the development, construction and
operation of the Sole Risk Project. 
 Expansion Project means a project of a type within the scope of the Enterprise undertaken
within the Enterprise involving the expansion of an existing Enterprise operation, facility or venture, including any mine or refinery. 

New Project means a project of a type within the scope of the Enterprise undertaken within the Enterprise involving the development of a
new mine, refinery or other operation or facility on Enterprise land, tenements or otherwise within Enterprise concession rights. 

Non-Proposing Party has the meaning given in clause 2.2. 

Proposing Party has the meaning given in clause 2.1. 

Relevant Existing Project means any Enterprise Project or another Sole Risk Project, which at the relevant time: 

 

	 	(a)	is in existence; 

  

	 	(b)	is approved to be undertaken within the Enterprise (in the case of an Enterprise Project); or 

  

	 	(c)	a Proposing Party has proposed under clause 2.1 and has not declined, under clause 2.2, to conduct (in the case of another Sole Risk Project). 

Sole Risk Project has the meaning given in clause 2.1. 

Sole Risk Project Management Agreement has the meaning given in clause 2.2(d). 

 

	2.	Sole risk 

  

	2.1	Proposal for an Expansion Project or New Project 

 If Alcoa or Alumina or any of their
respective Affiliates wish to develop, construct, operate or otherwise implement an Expansion Project or New Project, it (“Proposing Party”) may by written notice propose that the relevant Enterprise Company implement, or
participate in, the Expansion Project or New Project (as applicable), in which case the Proposing Party must provide such detail in relation to the Expansion Project or New Project as is reasonably necessary to enable the other party
(“Non-Proposing Party”) to assess the merits of the project. 

	2.2	Sole Risk Project 

 If: 

 

	 	(a)	the proposed Expansion Project or New Project has not been approved by the Non-Proposing Party within 180 days of written notice of the proposal being given under clause 2.1; and 

 

	 	(b)	the proposed Expansion Project or New Project does not materially interfere with any Relevant Existing Project, 

the Proposing Party (“Proposing Party”) may, by giving written notice to the other party (“Non-Proposing
Party”), elect to conduct the proposed Expansion Project or New Project (as applicable) as a sole risk project, in which case the Proposing Party: 
  

	 	(c)	in the case of a New Project, where it is feasible, shall conduct the project itself or through a nominated subsidiary (including, in either case without limitation, by the appointment of a manager); or

  

	 	(d)	in the case of an Expansion Project relating to an Enterprise Refinery, shall enter into an agreement with the relevant Enterprise Company to conduct the project under the direction of the Proposing Party (a
“Sole Risk Project Management Agreement”); or 

  

	 	(e)	in all other cases, may elect to: 

  

	 	(i)	conduct the project itself or through a nominated subsidiary (including, in either case without limitation, by the appointment of a manager); or 

 

	 	(ii)	enter into a Sole Risk Project Management Agreement with the relevant Enterprise Company. 

(each a “Sole Risk Project”). 
  

	 	(f)	Subject to paragraph (g), the construction and operation of all Sole Risk Projects must comply with all applicable law and the standards adopted by the relevant Enterprise Company in place immediately prior to
commencement of construction or operation of the Sole Risk Project. Where there are changes to those standards after commencement of the operations of such Sole Risk Project, these standards will be adopted for conduct of the Sole Risk Project to
that same extent. 

  

	 	(g)	Where a Sole Risk Project is not the subject of a Sole Risk Project Management Agreement, and is functionally and operationally separate from the Enterprise Facilities, the Proposing Party may seek the approval of the
relevant Enterprise Company to apply a standard (other than the standard adopted by the relevant Enterprise Company) that is a reasonably acceptable industry standard, such approval not to be unreasonably withheld. 

 

	2.3	Conduct of Sole Risk Project operated by Proposing Party or nominated Affiliate 

  

	 	(a)	If the Sole Risk Project is conducted in accordance with clause 2.2(c) or clause 2.2(e)(i), the Proposing Party or its nominated Affiliate will develop, operate and manage the Sole Risk Project independently
of the Enterprise’s operations in accordance with this clause 2.3, except to the extent that the Proposing Party utilises Enterprise Facilities as agreed or determined in accordance with clause 2.3(b). 

	 	(b)	A Proposing Party may utilise Enterprise Facilities in connection with a Sole Risk Project provided: 

  

	 	(i)	the Enterprise Facilities are not required or utilised, and are not reasonably expected to be required or utilised, for any Relevant Existing Project or reasonably expected projects, or have capacity in excess of that
which is required or utilised, or expected to be required or utilised, for Relevant Existing Projects or reasonably expected projects; and 

  

	 	(ii)	to the extent a Proposing Party may utilise Enterprise Facilities in accordance with clause 2.3(b)(i), the Proposing Party and the relevant Enterprise Company must negotiate in good faith with a view to entering
into a shared services agreement (“Shared Services Agreement”) with the Proposing Party pursuant to which the relevant Enterprise Company will allow utilisation of the Enterprise Facilities on reasonable arms’ length terms. The
amount payable for use of the Enterprise Facilities should take into account the latent capacity of some or all of the Enterprise Facilities proposed to be used (including loss of option value) and any coordination costs. 

 

	 	(c)	The operation and management of the Sole Risk Project by the Proposing Party or its nominated subsidiary will be conducted such that: 

 

	 	(i)	the Proposing Party shall be the sole decision maker in respect of the Sole Risk Project, and will bear all risks associated with the Sole Risk Project; 

 

	 	(ii)	the Non-Proposing Party and the Strategic Council are not entitled to participate in any decision making regarding the Sole Risk Project except such decisions as may affect the Enterprise Facilities or that arise in
connection with the Sole Risk Project Management Agreement; 

  

	 	(iii)	during the period of construction and operation of the Sole Risk Project, the Proposing Party or its nominated subsidiary will use reasonable endeavours to minimise interference with, or disruption to, the Enterprise
and any Enterprise Project; 

  

	 	(iv)	the Non-Proposing Party is not entitled to receive any offtake arising from the Sole Risk Project in accordance with clause 2.7; and 

 

	 	(v)	the cost of the Sole Risk Project, including any payments under a Shared Services Agreement, will be borne by the Proposing Party in accordance with clause 2.8. 

 

	2.4	Conduct of Sole Risk Project operated by an Enterprise Company 

  

	 	(a)	If the Sole Risk Project is conducted in accordance with clause 2.2(d) or clause 2.2(e)(ii), the relevant Enterprise Company will operate and manage the Sole Risk Project in accordance with this
clause 2.4 subject to the applicable Sole Risk Project Management Agreement, which must include a requirement that during the period of construction and operation of the Sole Risk Project, the Enterprise Company will use reasonable endeavours
to minimise interference with, or disruption to, the Enterprise and any Enterprise Project; 

  

	 	(b)	The Enterprise Facilities may be utilised to conduct the Sole Risk Project to the extent that the Enterprise Facilities are not required or utilised, and are not reasonably expected to be required or utilised, for any
Relevant Existing Project or reasonably expected projects, or have capacity in excess of that which is required or utilised, or expected to be required or utilised, for Relevant Existing Projects or reasonably expected projects; 

 

	 	(c)	the Non-Proposing Party shall not be entitled to receive any offtake arising from the Sole Risk Project in accordance with clause 2.7; and 

 

	 	(d)	the cost of the Sole Risk Project will be borne by the Proposing Party in accordance with clause 2.8. 

	2.5	Obligation to proceed with Sole Risk Project within certain period 

 If a Sole Risk Project has
not commenced construction within 18 months of the time period specified in the proposed project terms, the Proposing Party cannot proceed without the approval of the Non-Proposing Party. 

 

	2.6	Rights to Enterprise tenement or concession rights 

  

	 	(a)	If the Sole Risk Project that is a New Project is conducted in accordance with clause 2.2(c) or clause 2.2(e)(i), the relevant Enterprise Company will use commercially reasonable endeavours to grant to the
Proposing Party or its subsidiary, or secure the grant to that party of, a right to use the Enterprise land, tenement or concession rights, to the extent reasonably necessary to undertake the Sole Risk Project. 

 

	 	(b)	The Enterprise Company will, at the request of the Proposing Party, use commercially reasonable endeavours to excise the portion of the tenement or concession on customary terms, including by creation of a sublease,
reasonably expected to contain the reserves and resources required for the Sole Risk Project. 

  

	 	(c)	If the existence of additional reserves or resources is established in the area that is the subject of a Sole Risk Project through further exploration (Additional Tonnes), the Proposing Party or Enterprise
Company, as the case may be, will notify Alcoa and Alumina as soon as reasonably practicable. For the avoidance of doubt, any such Additional Tonnes will be assets of the Enterprise Company. 

 

	2.7	Rights to production arising from a Sole Risk Project 

  

	 	(a)	If the Sole Risk Project is conducted in accordance with clause 2.2(d) or clause 2.2(e)(ii), the Proposing Party may exclusively purchase all offtake, including any bauxite or alumina, produced from the Sole
Risk Project at cost and the Non-Proposing Party shall not be entitled to receive any production from the Sole Risk Project and the Enterprise Company must enter into an offtake agreement with the Proposing Party to give effect to the offtake rights
of the Proposing Party. 

  

	 	(b)	If the Sole Risk Project in accordance with clause 2.2(c) or clause 2.2(e)(i), the Proposing Party will exclusively hold the legal title to all production resulting from the Sole Risk Project in accordance
with clause 2.7(a) and the Non-Proposing Party shall not be entitled to receive any production from the Sole Risk Project, and the Proposing Party will have the exclusive benefit of all property, plant and equipment built or acquired for the
Sole Risk Project. 

  

	 	(c)	If the production from an Enterprise Project (including an Expansion Project) reduces following completion of construction of that Enterprise Project then, to the extent that such reduction occurs as a result of actions
taken at the direction of: 

  

	 	(i)	the Proposing Party in connection with a Sole Risk Project, the offtake available to the Proposing Party will reduce; and 

  

	 	(ii)	an Enterprise Company in connection with an Enterprise Project, the offtake available to the Enterprise Company will reduce, 

and to the extent that reduction occurs as a result of an event that neither the Proposing Party and Enterprise contribute to or which the
Proposing Party and Enterprise each materially contribute to, then the offtake available to the Proposing Party and the Enterprise Company will reduce in proportion to the entitlement to offtake of each party. 

 

	 	(d)	The Proposing Party will have the exclusive benefit of all fixtures built or acquired for the Sole Risk Project with ownership of those fixtures residing with Enterprise Company. 

	 	(e)	The Enterprise will be entitled to use any unused capacity in infrastructure created by a Sole Risk Project, and the Proposing Party and the relevant Enterprise Company must negotiate in good faith with a view to
entering into a shared infrastructure agreement (“Infrastructure Sharing Agreement”) with the Proposing Party pursuant to which the Proposing Party will allow utilisation of the infrastructure by the relevant Enterprise Company on
reasonable arms’ length terms. 

  

	2.8	Allocation of costs of Sole Risk Project 

  

	 	(a)	The Proposing Party must: 

  

	 	(i)	bear the entire cost and liability of developing, conducting, operating, closing and remediating the Sole Risk Project; 

  

	 	(ii)	pay the relevant Enterprise Company a fair market value amount (“Fair Market Value”) for any resources consumed; 

  

	 	(iii)	pay any costs in connection with any proposed excising of a portion of the land, tenements or concession rights following a request by the Proposing Party under clause 2.6, including the costs to the Enterprise
Company seeking and obtaining any Government consent required and any duty or tax payable; 

  

	 	(iv)	pay the relevant Enterprise Company its costs, including reasonably allocated overhead and any other agreed payments, for use of the relevant Enterprise Facilities; 

 

	 	(v)	if the construction or operation of the Sole Risk Project results or is likely to result in a temporary decrease in the output or capacity of the Enterprise, which would result in an unavoidable loss of sales of bauxite
or alumina by the Enterprise Company, the Proposing Party must reimburse the Non-Proposing Party for such loss; and 

  

	 	(vi)	keep the relevant Enterprise Company and the Non-Proposing Party whole in respect of costs and liabilities arising from the Sole Risk Project, including any cost of bringing forward the closure date of an Enterprise
Mine or Enterprise Refinery or otherwise reducing the value of the Enterprise Facilities (whether or not directly utilised for the Sole Risk Project). 

  

	 	(b)	For the purposes of this Exhibit D, Fair Market Value will be agreed by the Proposing Party and the Enterprise Company or, failing agreement, will be determined by the average of three valuations determined by three
independent experts (“Valuers”): 

  

	 	(i)	based on the fact that the scheduled reserves and resources will be developed using the infrastructure assets available to the Enterprise; 

 

	 	(ii)	based on the quantity of scheduled reserves and resources, and other reasonably anticipated bauxite prospectivity, that the applicable feasibility study identifies as being scheduled for delivery to the Proposing Party
as part of the Sole Risk Project and the timing for delivery of those tonnes in accordance with the delivery schedule set out in the applicable feasibility study, taking into account any reduction in mine life arising from the consumption of those
reserves and resources; and 

  

	 	(iii)	each Valuer will value the transaction as between a willing but not anxious seller and a willing but not anxious buyer at arms length and have regard to all relevant matters including: 

 

	 	(A)	current and projected demand and supply conditions in the global bauxite market; 

	 	(B)	likely trends in bauxite quality specifications and pricing; 

  

	 	(C)	likely timing and scale of development and/or expansion of all relevant bauxite deposits; 

  

	 	(D)	quantum and nature of all relevant bauxite reserves and resources, including grade; 

  

	 	(E)	projected capital and operating costs of development (taking into account the location of the bauxite and in particular its proximity to relevant Enterprise Facilities) and/or expansion over project life;

  

	 	(F)	the global competitiveness of relevant bauxite product; and 

  

	 	(G)	the party that will bear any stamp duty or equivalent duty arising in connection with the transaction concerned and the amount of that duty 

 

	2.9	Allocation of benefits of Sole Risk Project 

 Any production economies (including reductions in
fixed and variable cost on a per unit basis) which result from the Sole Risk Project with respect to the Enterprise shall accrue to the Enterprise Company. 
  

	2.10	Sale or closure of Enterprise Mine or Enterprise Refinery 

  

	 	(a)	Subject to paragraph (b), if the Strategic Council or the relevant Enterprise Company proposes to sell, curtail or close an Enterprise Mine or Enterprise Refinery: 

 

	 	(i)	a related continuing Sole Risk Project will not be forced to close or curtail; and 

  

	 	(ii)	the sale of those assets, to the extent they relate to a Sole Risk Project, is not permitted without the consent of the Proposing Party, 

unless there has been consultation with the Proposing Party in good faith to determine whether the Proposing Party could assume operation of
the Enterprise Mine or Enterprise Refinery with the Proposing Party having the exclusive benefit of the operations, including the offtake and bearing the entire operating cost and liability of conducting the Enterprise Mine or Enterprise Refinery.
If in this scenario, the Proposing Party does assume operation of the Enterprise Mine or Enterprise Refinery, liability for the closure costs will be borne by: 
  

	 	(iii)	the Enterprise, to the extent of the closure costs attributable to the Enterprise Mine or Enterprise Refinery (in each case, excluding any Sole Risk Project) in respect of the period prior to the date on which the
Proposing Party assumed operation of the Enterprise Mine or Enterprise Refinery; and 

  

	 	(iv)	the Proposing Party, as regards the Sole Risk Project and to the extent of the closure costs attributable to the Enterprise Mine or Enterprise Refinery in respect of the period on and after the time from which the
Proposing Party assumed control of the Enterprise Mine or Enterprise Refinery. 

  

	 	(b)	Any sale by the Enterprise Company of an Enterprise Mine or Enterprise Refinery that contains a Sole Risk Project must be subject to the purchaser recognising and agreeing to honour the rights and
interests of the Proposing Party in respect of the Sole Risk Project and pursuant to these terms. 

	2.11	Indemnity 

 The Proposing Party must indemnify and keep indemnified the Non-Proposing Party and
the relevant Enterprise Company against all claims and liabilities arising out of the existence, development and operation of any and all of its Sole Risk Projects, including any tax liability arising as a result of the transfer or sale of any
offtake from the Enterprise Company to the Proposing Party and all claims and liabilities in connection with liability assumed by the Proposing Party under clause 2.10(a). 

 

	2.12	Transfer of Sole Risk Project 

 If a Proposing Party transfers all of its interest in the
Enterprise Company to a person other than an affiliate, it will also transfer, to the acquirer of that interest, each Sole Risk Project. 

 SCHEDULE 1.01 

DEFINITIONS 
 Any reference to a document
also includes any variation, restatement, replacement or novation of that document. 
 “2004 Side Letter to the Charter” means the
side letter to the Restated Charter dated December 30 1994 regarding Alcoa Aluminio S.A. bauxite and alumina and inorganic industrial chemicals interests and related matters. 

“AAC” means Alcoa Alumina & Chemicals, L.L.C. (now known as Alcoa World Alumina, LLC). 

“ACAH” means Alcoa Caribbean Alumina Holdings, L.L.C.  

“ACAP-A” means ACAP Australia Pty Ltd. 

“ACAP-S” means ACAP Singapore Pty Ltd. 

“Affiliate of Alcoa” means any entity, directly or indirectly, controlling, controlled by, or under common control with Alcoa. Without
limiting the generality of the foregoing, an entity shall be deemed to be in control of or to be controlled by another entity if such entity holds 50% or more of the outstanding voting equity interest in such other entity or such other entity holds
50% or more of its outstanding voting equity interest. 
 “Affiliate of Alumina” means any entity, directly or indirectly,
controlling, controlled by, or under common control with Alumina. Without limiting the generality of the foregoing, an entity shall be deemed to be in control of or to be controlled by another entity if such entity holds 50% of more of the
outstanding voting equity interest in such other entity or such other entity holds 50% or more of its outstanding voting equity interest. 

“AIHC” means Arconic International Holding Company LLC. 

“Alcoa” means Alcoa Inc., which was formerly known as Aluminum Company of America and formerly defined herein as “ACOA”. Any
references to “ACOA” for or in connection with this Schedule 1.01 are taken to be references to “Alcoa”. 

“Alcoa Distribution” means the “Distribution” as defined in the Settlement Agreement. 

“Alcoa Distribution Date” means the “Distribution Date” as defined in the Settlement Agreement. 

“Alumina” means Alumina Limited (A.C.N.004 820 419), which was formerly known as Western Mining Corporation Holdings Limited and
formerly defined herein as “WMC.” Any references to “WMC” for or in connection with this Schedule 1.01 are taken to be references to “Alumina.” 

“Alumina-D” means Alumina (USA) Inc. 

“Alumina-F” means Westminer International Holdings Limited (A.C.N.006 840 731). 

“Alumina Limited AWAC Offtake Agreements” means the Umbrella Offtake Agreement, the Alumina Limited – AWAC Bauxite Supply
Agreement, dated as of September 1, 2016, by and among Alcoa of Australia Limited, Alcoa World Alumina LLC and Alumina Limited, and the Alumina Limited – AWAC Alumina Supply Agreement, dated as of September 1, 2016, by and among Alcoa
of Australia Limited, Alcoa World Alumina LLC and Alumina Limited. 
 “AMJ” means Alcoa Minerals of Jamaica, Inc. or Alcoa
Minerals of Jamaica, as required by the context in which they are used.  
 “A of A” means Alcoa of Australia, Ltd. 

 “ASCA” means ASC Alumina, Inc. 

“Available Cash” means, in respect of an Enterprise Company other than Alcoa World Alumina LLC (unless such exclusion is mutually
agreed by Alumina and Alcoa to be modified following significant portfolio changes), on the relevant Calculation Date the amount of the Cash Balances and Cash Equivalents of an Enterprise Company, less any projected negative Free Cash Flow of such
Enterprise Company for the three months immediately following the relevant Calculation Date as reasonably and in good faith mutually estimated and agreed by Alcoa and Alumina under United States generally accepted accounting principles, less the
Cash Threshold for such Enterprise Company. 

 “Bauxite and Alumina” means the worldwide exploration, searching and prospecting for, and
the mining of bauxite and any other minerals and/or ores from which alumina or aluminum can or may be commercially produced.  

“Business Day” means a day on which banks are open for general banking business in Melbourne, Australia and New York, New York (not
being a Saturday, Sunday or public holiday in that place). 
 “Calculation Date” means, in respect of: 

 

	 	(a)	section 10(a) of the Restated Charter, the last Business Day of each Quarter; and 

  

	 	(b)	section 10(b) of the Restated Charter, each of January 31, April 30, July 31 and October 31. 

“Cash Available for Loans” means cash on hand, demand deposits and financial investments that are convertible into cash, provided that this
amount should be adjusted for expected cash requirements of such Enterprise Company for the one-month period immediately following the loan. 

“Cash Balances and Cash Equivalents” means cash on hand, demand deposits and financial investments that are convertible in cash, less
at call borrowings. 
 “Cash Flow from Operating Activities” means cash flow from operating activities, as determined in
accordance with United States generally accepted accounting principles. 
 “Cash Threshold” means, in the case of:

  

	 	(a)	A of A, US $85 million; 

  

	 	(b)	Alcoa World Alumina Brasil Ltda, US $35 million; 

  

	 	(c)	Alumina Espanola S.A., US $10 million; 

  

	 	(d)	AWA Saudi Limited, US $5 million; 

  

	 	(e)	Suralco, US $5 million, 

 or, in each case, such other amount as may be mutually agreed by Alumina and Alcoa in
respect of the relevant Enterprise Company following an annual review, or in the case of Alcoa World Alumina LLC, significant portfolio changes. 

“CBG” means Compagnie des Bauxites de Guinee 

“C&L” means Coopers & Lybrand accounting firm.  

“CEO’s” means Chief Executive Officers 

“CERCLA” means Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.Sec. 9601 et
seq. 
 “Change of Control” of a party (the “Target”) means the acquisition of beneficial
ownership, by any person or group of persons acting in concert with respect to the Target’s securities (the “Acquirer(s)”), in a single transaction or series of related transactions, by way of merger, scheme of
arrangement, takeover or other business combination or purchase, of securities that result in the Acquirer(s) having beneficial ownership of more than 50% of the Target’s voting equity securities (an “Acquisition
Transaction”); provided, however, that a Change of Control will be deemed not to have occurred if, immediately following such Acquisition Transaction: 

 

	 	(a)	the Original Target Shareholders continue to have an aggregate amount of beneficial ownership of at least 50% (“50% threshold”) of the voting equity securities of the Target (or the surviving company or
Acquirer(s), as applicable), and 

  

	 	(b)	such beneficial ownership is solely attributable to the beneficial ownership of Target voting securities that they had as of immediately prior to the Acquisition Transaction (for example, if a shareholder holds shares
of both the Target and the Acquirer(s), any beneficial ownership in the relevant post-transaction entity that is attributable to its pre-transaction ownership of the Acquirer(s) shall not count toward the 50% threshold). 

 “Competitor” means any person or entity engaged in the mining of bauxite or in the
processing of alumina, inorganic chemicals, or production of primary aluminum, whether directly or indirectly through any company in which it holds, whether legally or beneficially, 10% or more of the issued capital or such number of shares in the
issued capital or any class of shares in the issued capital which entitles it to 10% or more of the voting power of the shares in that company. 

“Control” of a party means a party or group of parties acting in concert with respect to such first party’s securities:

  

	 	(a)	directly or indirectly, more than 50% of the votes eligible to be cast at a general meeting of that party; or 

  

	 	(b)	the direct or indirect capacity to control the composition of that party’s board or similar governing body, 

whether or not based on statutory, legal or equitable rights, and whether or not arising by means of a trust, agreement or the ownership of any interest
in shares or stock of that entity, and “Controlled” has a corresponding meaning. 
 “Debt” means
indebtedness for borrowed money owed to financial institutions, or evidenced by bills, bonds or notes issued to investors. 

“Distribution” means a distribution by an Enterprise Company as determined under section 10 of the Restated Charter and payable
to each Shareholder in respect of their shares in the Enterprise Company (and in equal amount per share for all of the Shareholders). All Distributions will be in the form of a dividend unless the Enterprise Company is prohibited by law from paying
dividends, in which case the Distribution will be in the form of a capital return or other form as agreed by the relevant Shareholders. 

“Distribution Date” has the meaning set forth in the Framework Agreement. 

“EBDIAT” means earnings before depreciation, interest, amortization and taxes, including pre-tax income from the Enterprise Companies
accounted for on an equity basis. 
 “Enterprise” means the contractual arrangement by which Alumina and Alcoa shall cause
the Enterprise Companies to take actions in a coordinated manner, through which Alumina and Alcoa will combine their respective current interests in bauxite mining, alumina refining and the Alcoa non-metallurgical alumina operations as well as
Alcoa’s shipping operations and certain integrated aluminum fabricating and smelting operations. 
 “Enterprise
Companies” means those Affiliates of Alcoa or Alumina that own and operate the combination of Alcoa’s and Alumina’s respective current interests in bauxite mining, alumina refining and the Alcoa non-metallurgical alumina
operations as well as Alcoa’s shipping operations and certain integrated aluminum fabricating and smelting operations, as more particularly described on Schedules 2.02 (a) to (d) of the Restated Formation Agreement. 

“Enterprise Growth Project” means any proposed or potential growth project within the Enterprise, including, but not limited to, any
acquisition of assets or interests, any Expansion, or any other project within the Enterprise that is reasonably expected to benefit the Enterprise or any Enterprise Company.  

“Enterprise Mine” means all bauxite mines which the Enterprise Controls, directly or indirectly, including but not limited to Huntly,
Willowdale, and Juruti. 
 “Enterprise Refinery” means all alumina refineries which the Enterprise Controls, directly or
indirectly, including but not limited to the Kwinana, Pinjarra, Wagerup, Sao Luis, San Ciprian, Paranam/Suralco, and Point Comfort refineries. 

“EST” means Eastern Standard Time. 

“Exclusivity End Date” means the date on which the amendments set out at Exhibit B of the Restated Charter commence. 

 “Expansion” means any project within the Enterprise, the purpose of which is: 

  

	 	(a)	the expansion of an existing Enterprise operation, facility or venture, including any mine or refinery; or 

  

	 	(b)	the development of a new mine, refinery or other operation or facility. 

 “Financial
Protocol” means Schedule 2.06 to the Restated Formation Agreement. 
 “Financial Year” means the period from
1 January to 31 December in each year. The first half of the Financial Year means the period from 1 January to the next 30 June in each year, and the second half of the Financial Year means the period from 1 July to the next
31 December in each year. 
 “Formation Date” means the date the Enterprise is formed.  

“Framework Agreement” means the Framework Agreement entered into between, amongst others, Alcoa and Alumina and executed on or around
the date of execution of this restated document. 
 “Free Cash Flow” means Cash Flow from Operating Activities, less
Sustaining Capital Expenditure. 
 “GAAP” means generally accepted accounting principles of the United States.  

“Heads of Agreement” or “HOA” means the Heads of Agreement dated July 6, 1994 between Alcoa and Alumina, as
supplemented by a Supplemental Agreement to Heads of Agreement. 
 “ICD” means the Industrial Chemicals Division. 

“Integrated Operations” means those certain primary aluminum smelting, aluminum fabricating, gold mining and refining operations Alcoa
facilities that exist as of the formation of the Enterprise and are run as part of an integrated operation at certain of the locations included within the Enterprise. 

“Insolvency Event” means the happening of any of the following events in respect of a person or entity: 

 

	 	(a)	it is unable to pay its debts as and when they become due and payable; 

  

	 	(b)	a meeting is convened by its directors or equity holders to place it into voluntary liquidation or to appoint an administrator; 

  

	 	(c)	(i) it makes an application to a court of competent jurisdiction for its winding up or (ii) any other person makes an application to a court of competent jurisdiction for its winding up and such application is not
stayed, withdrawn or dismissed within forty-five (45) days; 

  

	 	(d)	an order by a court of competent jurisdiction is made for it to be wound up; 

  

	 	(e)	the appointment of a controller for a substantial portion of its assets; 

  

	 	(f)	it proposes to enter into or enters into any form of compromise or arrangement (formal or informal) with, or assignment for the benefit of, its creditors or any of them, including a filing for Chapter 11 protection
under US law or a deed of company arrangement; 

  

	 	(g)	an involuntary proceeding shall be commenced seeking relief in respect of it, or of a substantial portion of its assets, under Chapter 11 of the Bankruptcy Reform Act of 1978 or any other applicable debtor relief
law and such proceeding shall continue undismissed for forty-five (45) days; or 

  

	 	(h)	it files for protection under Chapter 11 of the Bankruptcy Reform Act of 1978 or any other applicable debtor relief law; or 

  

	 	(i)	anything having a substantially similar effect to any of the events specified in paragraphs (a) to (h) above inclusive happens to it under the law of any jurisdiction. 

“LIBOR” means the rate expressed as a percentage per annum, which is the arithmetic mean of the respective rates quoted as at 11:00
a.m. London time on the date a payment is due to be paid, on the page designated LIBOR on the Reuters Monitor Money rate service for U.S. dollar deposits for 30 days. 

 “Licensed Technology” means Alcoa technology related to the development, processing,
manufacture, application or use of the products and services related in any way to the scope of Enterprise Companies and granted to AAC & ACAH. 

“Liquidating Events” means those events identified in Section 14.2 of the LLC Agreement. 

“LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of AAC, unless the context indicates otherwise.

 “Manager” means Alcoa, any Affiliate of Alcoa, or nominees of Alcoa acting as manager and/or operator of an Enterprise
Company from time to time. 
 “MRN” means Mineracao Rio do Norte S.A. 

“Net Profits” means the profits of the applicable Enterprise Company after making reasonable and adequate provisions for depreciation,
bad debts and local taxes. 
 “Original Target Shareholders” means the individual beneficial owners of voting equity
securities of Target as of immediately prior to the relevant Acquisition Transaction; provided, however, that Acquirer(s) (including any of their Related Bodies Corporate) in the Acquisition Transaction shall not constitute Original
Target Shareholders. 
 “Permitted Subsidiary Debt Basket” means the maximum aggregate amount of Debt permitted to be incurred by
the AWAC entities and other subsidiaries of Alcoa that are not loan parties under the Revolving Facility pursuant to the terms thereof. 

“Property” means all real and personal property acquired by AAC and any improvements thereto, and shall include both tangible and
intangible property. 
 “Quarter” means each period of three months ending on 31 March, 30 June, 30 September
and 31 December in each Financial Year (or such lesser period ending on the date of termination of this document in accordance with its terms). 

“Related Bodies Corporate” has the meaning given in the Corporations Act 2001 (Cth). 

“Restated Charter” means the Charter of the Strategic Council of the Alcoa/Alumina Worldwide Alumina/Chemicals Enterprise originally
dated December 21, 1994 between Alcoa and Alumina, as amended and restated with effect on and from the Alcoa Distribution Date pursuant to the Framework Agreement.  

“Restated Formation Agreement” means the Worldwide Alumina/Chemicals Enterprise Formation Agreement originally dated December 21,
1994 among Alcoa, Alumina, ASCA, AIHC, Alumina-D and Alumina-F, as amended and restated with effect on and from the Alcoa Distribution Date pursuant to the Framework Agreement. 

“Restated May 1995 Letter” means the letter agreement between Alcoa (formerly known as “Aluminum Company of America”) and
Alumina (formerly known as “Western Mining Corporation Holdings Limited”) dated 16 May 1995 regarding certain restrictions on the transfer of interests in the Enterprise Companies, as amended and with effect on and from the Alcoa
Distribution Date pursuant to the Framework Agreement. 
 “Revolving Facility” means the revolving credit facility of Alcoa
Nederland Holding B.V. (the “Revolving Facility Borrower”) in place from time to time, as it may be amended, amended and restated, supplemented, modified, replaced or refinanced, pursuant to which the Revolving Facility Borrower may obtain
revolving borrowings from the lenders party thereto. 
 “Scope of Company” means the object and purpose for which the limited
liability company was formed.  
 “Scope of the Enterprise” means those businesses and related activities identified in
Section 5 of the Restated Charter.  
 “Settlement Agreement” means the Settlement and Release Agreement entered into
between Alcoa, Alcoa Australian Holdings Pty. Ltd, Arconic International Holding Company, ASCA, Reynolds Metals Company, Reynolds Metals Exploration, Inc. Alcoa, Alcoa Upstream Corporation, Alumina, Alumina (USA) Inc., and Alumina International
Holdings Pty. Limited dated September 1, 2016. 

 “Shareholder” means a holder of common shares, ordinary shares, limited liability company
interests or similar equity interests in an Enterprise Company. 
 “Sole Risk Project” has the meaning given in clause 3.2 of
Exhibit F of the Restated Charter.  
 “Stock Exchange” means New York Stock Exchange. 

“Strategic Council” means the council formed by Alcoa and Alumina to coordinate the activities of the Enterprise. 

“Suralco” means both Suriname Aluminum Company LLC (USA) and N.V. Alcoa Minerals of Suriname (Netherlands). 

“Sustaining Capital Expenditure” means any capital expenditure excluding capital expenditure for the purpose of any Enterprise Growth
Project.  
 “Target Enterprise Debt Level” means 50% of the Permitted Subsidiary Debt Basket applicable as at the
commencement of the Revolving Facility, provided that: 
  

	 	(a)	if the Permitted Subsidiary Debt Basket is increased for any reason, including in connection with any renewal, replacement or amendment to the Revolving Facility, this amount is increased to 50% of that increased
Permitted Subsidiary Debt Basket; 

  

	 	(b)	if the Revolving Facility expires, terminates or ceases for any reason, the Target Enterprise Debt Level applicable immediately prior to the time the Revolving Facility expires, terminates or ceases, will continue to
apply, subject to (as applicable) paragraphs (a) and (c); or 

  

	 	(c)	if Alcoa achieves an investment grade credit rating from either Moody’s and/or Standard & Poors, the Target Enterprise Debt Level is taken to be the greater of: 

 

	 	(i)	the Target Enterprise Debt Level, applicable immediately prior to Alcoa achieving such a credit rating; and 

  

	 	(ii)	US $200 million, when permissible under the Revolving Facility. 

 “Tax Protocol” means
the Tax Protocol attached to the LLC Agreement as Exhibit A, as such Tax Protocol may be revised by the Members from time to time, which outlines the tax accounting procedures and related information for AAC. 

“Total Capital” means the sum of debt (net of cash) plus any minority interest plus shareholder equity. 

“Umbrella Offtake Agreement” means the AWAC Umbrella Offtake Specifications Agreement by and among Alcoa of Australia Limited, Alcoa World
Alumina LLC, Alumina Limited and Alcoa Inc., dated as of September 1, 2016.Exhibit

Exhibit 10.21+
Award No. ***
INTUIT INC. AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN GRANT AGREEMENT
Restricted Stock Unit 
(CEO Vesting)
Intuit Inc., a Delaware corporation (“Intuit” or the “Company”), hereby grants you a restricted stock unit award (“Award”) pursuant to the Company’s Amended and Restated 2005 Equity Incentive Plan (the “Plan”), of the Company’s common stock, $0.01 par value per share (“Common Stock”).  The number of Shares that are subject to the Award and may be earned by you (“Number of Shares”) is set forth below. All capitalized terms in this Grant Agreement (“Agreement”) that are not defined in this Agreement have the meanings given to them in the Plan. This Award is subject to all of the terms and conditions of the Plan, which is incorporated into this Agreement by reference. This Agreement is not meant to interpret, extend, or change the Plan in any way, or to represent the full terms of the Plan. If there is any discrepancy, conflict or omission between this Agreement and the provisions of the Plan, the provisions of the Plan shall apply.

		
	Name of Participant:
	***

		
	Number of Shares:
	***

Date of Grant:        ***
Final Vesting Date:    ***

Vesting Based on Achievement of Threshold Performance and Service.  This Award will be eligible to vest only if the threshold level of performance (“Threshold Goal”) is achieved and is certified by the Compensation and Organizational Development Committee of Intuit’s Board of Directors (the “Committee”).  The Threshold Goal is [ *].  If the Threshold Goal is not achieved and/or certified by the Committee, this Award will immediately terminate and you will not be entitled to receive any Shares.  If the Threshold Goal is achieved and certified by the Committee, then you will have the opportunity to vest in this Award as to 33.3% of the Number of Shares on each of [*] (or, if later, the date that the Threshold Goal is certified), [*], and [*] (each a “Vesting Date,” and [*] the “Final Vesting Date”), provided, in each case, that you have not Terminated before the respective Vesting Date.  Notwithstanding the foregoing, Sections 1(b) through 1(d) provide certain circumstances in which you may vest in all or a portion of this Award without certification of the Threshold Goal and/or before the foregoing Vesting Dates.  Any portion of this Award that does not vest, including pursuant to Sections 1(b) through 1(d), shall be cancelled and you will have no further right or claim thereunder.

1.    In the event of your Termination prior to the Final Vesting Date, the following provisions will govern the vesting of this Award: 

(a)   Termination Generally.  In the event of your Termination prior to a Vesting Date for any reason other than as expressly set forth in the other subsections of this Section 1 of the Agreement, this Award immediately will stop vesting and will terminate, and you will have no further right or claim to anything under this Award (other than with respect to the portion of the Award that has previously vested).

(b)   Termination due to Retirement.  In the event of your Termination prior to the Final Vesting Date due to your Retirement, then, provided that the Threshold Goal is or has been met and certified by the Committee, you will vest pro-rata in a percentage of the Number of Shares equal to your number of full months of service since the Date of Grant divided by thirty-six months minus any Shares in which you already have vested, rounded down to the nearest whole Share of Common Stock. For purposes of this Award, “Retirement” means the Termination of your employment with the Company after you have reached age fifty-five (55) and completed ten full years of service with the Company (including any parent or Subsidiary).

(c)   Termination due to Death or Disability.  In the event of your Termination prior to the Final Vesting Date due to your death or Disability after you have been actively employed by the Company for one year or more, this Award will vest as to 100% of the Number of Shares on your Termination Date, minus any Shares in which you already have vested, regardless of whether the Threshold Goal has been met.  For purposes of this Award, “Disability” is defined in Section 27(i) of the Plan. 

(d)   Termination On or Within One Year Following Corporate Transaction.  In the event of your Termination by the Company or its successor prior to the Final Vesting Date, but on or within one year following the date of a 

Corporate Transaction, you will vest pro-rata in a percentage of the Number of Shares equal to your number of full months of service since the Date of Grant divided by thirty-six months minus any Shares in which you already have vested, rounded down to the nearest whole Share of Common Stock.  For purposes of this Award, “Corporate Transaction” is defined in Section 27(h) of the Plan.

2.    Automatic Deferral; Issuance of Shares under this Award. 

		
	(a)
	Following a Vesting Date, the Company will issue you the Shares that became vested on such Vesting Date as soon as reasonably possible after the earlier of (i) the date that is one year following the applicable Vesting Date, or (ii) the date of your death or termination of employment on account of Disability, or (iii) the occurrence of a Corporate Transaction that is a 409A Change in Control (as defined below).  In the event that the 409A Change in Control precedes such Vesting Date, the Company will issue you the Shares that become vested on such Vesting Date as soon as reasonably possible following such Vesting Date.  For avoidance of doubt, the occurrence of a Corporate Transaction that is not a 409A Change in Control will not trigger the issuance of Shares prior to the date that is one year following the applicable Vesting Date.  

		
	(b)
	Upon the occurrence of an event described in Sections 1(b), 1(c) or 1(d), any Shares that become vested on account of the application of Sections 1(b), 1(c) or 1(d) will be issued to you by the Company as soon as reasonably possible after the occurrence thereof.  In addition, upon the occurrence of an event described in Sections 1(b), 1(c) or 1(d) after a Vesting Date, any Shares that previously became vested on account of the occurrence of such Vesting Date but have not yet been issued to you shall be issued by the Company as soon as reasonably possible after the occurrence of the event described in Section 1(b), 1(c) or 1(d), but in any event in compliance with Section 409A of the Code, including the provisions of Section 6(f) below. 

		
	(c)
	A “409A Change in Control” shall mean a “change in the ownership or effective control” of the Company or “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Treasury Regulations §§1.409A-3(a)(5) and 1.409A-3(i).  

		
	(d)
	For purposes of this Award, each date on which the shares are issued to you in respect of the Award is referred to as a “Settlement Date.”  Until the date the Shares are issued to you, you will have no rights as a stockholder of the Company.  All issuances of Shares will be subject to the requirements of Section 409A of the Code.  

		
	(e)
	Notwithstanding the foregoing, upon your Termination by the Company for Cause (as defined below), any portion of the Award that has not been previously settled will terminate, be forfeited, and you will have no further right or claim to anything under this Award.  “Cause” means, for purposes of this Agreement, (i) gross negligence or willful misconduct in the performance of your duties to the Company (other than as a result of a Disability) that has resulted or is likely to result in material damage to the Company, after a written demand for substantial performance is delivered to you by the Board of Directors which specifically identifies the manner in which you have not substantially performed your duties and you have been provided with a reasonable opportunity of not less than 30 days to cure any alleged gross negligence or willful misconduct; (ii) commission of any act of fraud with respect to the Company; or (iii) conviction of a felony or a crime involving moral turpitude.  No act or failure to act by you will be considered “willful” if done or omitted by you in good faith with reasonable belief that your action or omission was in the best interests of the Company.  If the term “Cause” is defined in a separate agreement between you and the Company setting forth the terms of your employment relationship with the Company, that definition of “Cause” shall apply in lieu of the definition set forth in this Section 2(e).

		
	3.
	Rights as a Stockholder; Dividend Equivalent Rights.  You shall have no voting or other rights as a stockholder with respect to the Shares of Common Stock underlying the Award until such Shares of Common Stock have been issued to you.  Notwithstanding the preceding sentence, you shall be entitled to receive payment of the equivalent of any and all dividends declared by the Company on its Common Stock on each date on which dividends are paid on and after the date of grant of the Award in an amount equal to the amount of such dividends multiplied by the number of Shares of Common Stock underlying the then outstanding portion of the Award.  These dividend equivalents shall be paid upon the later of (a) the date dividends are paid to the common stockholders of the Company, or (b) the date the Restricted Stock Units with respect to which such dividend equivalents are payable become vested and the underlying Shares of Common Stock are issued (it being understood that no dividend equivalents will be paid with respect to Shares underlying any Restricted Stock Units that do not vest, but that dividend equivalent rights equal to the dividends declared on the Company’s Common Stock from and after the date of grant of the unvested Restricted Stock Units shall be paid as and when such Restricted Stock Units vest and the underlying Shares of Common Stock are issued).    

		
	4.
	Withholding Taxes.  This Award is generally taxable for purposes of United States federal income upon a Settlement Date based on the Fair Market Value on such date; provided that this Award may become taxable for purposes of employment taxes upon vesting, if earlier than a Settlement Date. To the extent required by applicable federal, state or other law, you shall make arrangements satisfactory to the Company for the payment and satisfaction of any income tax, social security tax, payroll tax, payment on account or other tax related to withholding obligations that arise under this Award and, if applicable, any sale of Shares.  The Company shall not be required to issue Shares pursuant to this Award or to recognize any purported transfer of Shares until such obligations are satisfied. Unless otherwise agreed to by the Company and you, these obligations will be satisfied by the Company withholding a number of Shares that would otherwise be issued under this Award that the Company determines has a Fair Market Value sufficient to meet the tax withholding obligations, including but not limited to withholding with respect to income and/or employment taxes on this Award, including any dividend equivalent rights paid with respect to any Shares of Common Stock underlying this Award.  For purposes of this Award, “Fair Market Value” is defined in Section 27(l) of the Plan.

You are ultimately liable and responsible for all taxes owed by you in connection with this Award, regardless of any action the Company takes or any transaction pursuant to this section with respect to any tax withholding obligations that arise in connection with this Award. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or settlement of this Award or the subsequent sale of any of the Shares of Common Stock underlying the Shares that vest. The Company does not commit and is under no obligation to structure this Award to reduce or eliminate your tax liability. 

5.     Disputes:  Any question concerning the interpretation of this Agreement, any adjustments to be made thereunder, and any controversy that may arise under this Agreement, shall be determined by the Committee in accordance with its authority under Section 4 of the Plan.  Such decision by the Committee shall be final and binding.

6.     Other Matters:  

(a)   The Award granted to an employee in any one year, or at any time, does not obligate the Company or any Subsidiary or other affiliate of the Company to grant an award in any future year or in any given amount and should not create an expectation that the Company (or any Subsidiary or other affiliate) might grant an award in any future year or in any given amount.

(b)   Nothing contained in this Agreement creates or implies an employment contract or term of employment or any promise of specific treatment upon which you may rely.

(c)   Notwithstanding anything to the contrary in this Agreement, the Company may reduce your Award if you change classification from a full-time employee to a part-time employee.

(d)   This Award is not part of your employment contract (if any) with the Company, your salary, your normal or expected compensation, or other remuneration for any purposes, including for purposes of computing benefits, severance pay or other termination compensation or indemnity.  

(e)   Because this Agreement relates to terms and conditions under which you may be issued Shares of Common Stock of Intuit Inc., a Delaware corporation, an essential term of this Agreement is that it shall be governed by the laws of the State of Delaware, without regard to choice of law principles of Delaware or other jurisdictions. Any action, suit, or proceeding relating to this Agreement or the Award granted hereunder shall be brought in the state or federal courts of competent jurisdiction in Santa Clara County in the State of California.

		
	(f)
	This Award, and any issuance of Shares thereunder, is intended to comply and shall be interpreted in accordance with Section 409A of the Code.  Should any payments made to you in accordance with this Agreement be determined to be payments from a nonqualified deferred compensation plan, as defined by Section 409A of the Code and are payable in connection with your Separation from Service, that are not exempt from Section 409A of the Code as a short-term deferral or otherwise, these payments, to the extent otherwise payable within six (6) months after your date of Separation from Service, will be paid in a lump sum on the earlier of the date that is six (6) months after your date of Separation from Service or the date of your death.  For purposes of this Agreement, a “Separation from Service” means an anticipated permanent reduction in the level of bona fide services to twenty percent (20%) or less of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period.  For purposes of Section 409A of the Code, the payments to be made to you in accordance with this Agreement shall be treated as a right to a series of separate payments.  

		
	(g)
	Communications regarding the Plan and this Award may be made by electronic delivery through an online or electronic system established and maintained by the Company or a third party designated by the Company (currently through the Morgan Stanley StockPlan Connect website, from which you may easily access, review and print the communications posted thereon).  

This Agreement (including the Plan, which is incorporated by reference) constitutes the entire agreement between you and the Company with respect to this Award, and supersedes all prior agreements or promises with respect to the Award. Except as provided in the Plan, this Agreement may be amended only by a written document signed by the Company and you. Subject to the terms of the Plan, the Company may assign any of its rights and obligations under this Agreement, and this Agreement shall be binding on, and inure to the benefit of, the successors and assigns of the Company. Subject to the restrictions on transfer of an Award described in Section 13 of the Plan, this Agreement shall be binding on your permitted successors and assigns (including heirs, executors, administrators and legal representatives). All notices required under this Agreement or the Plan must be mailed or hand-delivered, (1) in the case of the Company, to the Company at 2632 Marine Way, Mountain View, CA, 94043, or at such other address designated in writing by the Company to you, and (2) in the case of you, at the address recorded in the books and records of the Company as your then current home address. You acknowledge and agree that any such notices from the Company to you may also be delivered through the Company’s electronic mail system (prior to your Termination) or at the last email address you provided to the Company (after your Termination).

The Company has signed this Agreement effective as of the Date of Grant. 

INTUIT INC.

By:  /s/  ---------------------                
  [Name of officer executing the award agreement]

Award No. «GrantNumber»
INTUIT INC. AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN GRANT AGREEMENT
Restricted Stock Unit 
(CEO Performance-Based Vesting:  Relative Total Shareholder Return Goals)
Intuit Inc., a Delaware corporation (“Intuit” or the “Company”), hereby grants you a restricted stock unit award (“Award”) pursuant to the Company’s Amended and Restated 2005 Equity Incentive Plan (the “Plan”), of the Company’s common stock, $0.01 par value per share (“Common Stock”).  The maximum number of Shares that are subject to the Award and may become eligible to vest (“Maximum Shares”) is set forth below.  All capitalized terms in this Grant Agreement (“Agreement”) that are not defined herein have the meanings given to them in the Plan. This Award is subject to the terms and conditions of the Plan, which is incorporated herein by reference. This Agreement is not meant to interpret, extend, or change the Plan in any way, or to represent the full terms of the Plan.  If there is any discrepancy, conflict or omission between this Agreement and the provisions of the Plan, the provisions of the Plan will apply.

Name of Participant:
Address:
Maximum Shares: [__] total (200% of the Target Shares)
Target Shares: [__] total ([___] (one-third of the total number of Target Shares) for each of the three overlapping Performance Periods)
Date of Grant:        
Vesting Date:      September 1, 20**    

Vesting Based on Achievement of Total Shareholder Return Goals.  Vesting of this Award is based on Intuit’s percentile rank of total shareholder return (“TSR”) among a group of comparator companies (the “Comparison Group”), as set forth on Exhibit A (the “TSR Goals”).  Actual performance against the TSR Goals is measured as follows: up to one-third of the Maximum Shares will be eligible to vest based on the actual performance against the TSR Goals as measured over the period beginning on August 1, 20[**] and ending on July 31, 20[**] (the “12 Month Performance Period”), up to one-third of the Maximum Shares will be eligible to vest based on the actual performance against the TSR Goals as measured over the period beginning on August 1, 20[**] and ending on July 31, 20[**] (the “24 Month Performance Period”), and up to one-third of the Maximum Shares will be eligible to be vest based on the actual performance against the TSR Goals as measured over the period beginning on August 1, 20[**] and ending on July 31, 20[**] (the “36 Month Performance Period” and together with the 12 Month Performance Period and the 24 Month Performance Period, the “Performance Periods” and each a “Performance Period”).  The actual performance against the TSR Goals for each Performance Period must be certified by the Compensation and Organizational Development Committee of Intuit’s Board of Directors (“Committee”) in order for any portion of this Award to be eligible to vest; provided, however, that if Intuit’s TSR is negative during a Performance Period, then the maximum Shares that the Committee will certify as eligible to vest for that Performance Period will be the Target Shares for that Performance Period.  The Committee will certify the results of the TSR Goals as soon as reasonably possible (the date of such certification for the respective Performance Period, the “Certification Date”) after each Performance Period.  Any portion of this Award that is eligible to vest based on the Committee’s certification will be subject to continued service through the Vesting Date.  Any portion of this Award that is not eligible to vest based on the Committee’s certification for the applicable Performance Period will terminate on the Certification Date of the respective Performance Period.  Notwithstanding the foregoing, Sections 1(b) through 1(e) provide certain circumstances in which you may vest in this Award before the Vesting Date and/or without certification of the TSR Goals by the Committee.  If any of Sections 1(b) through 1(e) apply, then any portion of the Award that does not vest pursuant to those sections will terminate.

Comparison Group.  The Comparison Group will be the companies shown on Exhibit B (each, together with Intuit, a “Member Company”);  provided, however, that a company will be removed from the Comparison Group if, during a Performance Period, it ceases to have a class of equity securities that is both registered under the Securities Exchange Act of 1934 and actively traded on a U.S. public securities market (unless such cessation of such listing is due to any of the circumstances in (i) through (iv) of the following paragraph).

Definition of TSR.  “TSR” as applied to any Member Company means stock price appreciation from the beginning to the end of the applicable Performance Period, plus dividends and distributions made or declared (assuming such dividends or distributions are reinvested in the common stock of the Member Company) during such Performance Period, expressed as a percentage return.  Except as modified in Section 1(e), for purposes of computing TSR, the stock price at the beginning of a Performance Period will be the average price of a share of common stock of a Member Company over the 30 trading days beginning on  August 1, 20[**], and the stock price at the end of the Performance Period will be the average price of a share of common stock of a Member Company over the 30 trading days ending (i) July 31, 20[**], for the 12 Month Performance 

Period, (ii) July 31, 20[**], for the 24 Month Performance Period, and (iii) July 31, 20[**] for the 36 Month Performance Period, adjusted for stock splits or similar changes in capital structure;  provided, however, that TSR for a Member Company will be negative one hundred percent (-100%) if the Member Company:  (i) files for bankruptcy, reorganization, or liquidation under any chapter of the U.S. Bankruptcy Code; (ii) is the subject of an involuntary bankruptcy proceeding that is not dismissed within 30 days;  (iii) is the subject of a stockholder approved plan of liquidation or dissolution;  or (iv) ceases to conduct substantial business operations.

1.    In the event of your Termination before the Vesting Date, the following provisions will govern the vesting of this Award: 

(a)   Termination Generally.  In the event of your Termination before the Vesting Date for any reason other than as expressly set forth in the other subsections of this Section 1, including, without limitation, your Termination by the Company for Cause or your resignation without Good Reason (each as defined in Section 1(d)), this Award will terminate without having vested as to any of the Shares and you will have no right or claim to anything under this Award.  

(b)   Retirement.  In the event of your Retirement before the Vesting Date, then a pro rata portion of this Award will vest immediately on the date of your Retirement by applying the pro rata percentage to the sum of (i) the number of Shares that were to vest on the Vesting Date, subject to your continued employment, based on the actual level of achievement of the TSR Goals, as certified by the Committee, for each completed Performance Period, and (ii) 100% of the Target Shares that remain subject to any incomplete Performance Period, and rounding down to the nearest whole Share.  The pro rata percentage will be a percentage equal to your number of full months of service since the Date of Grant divided by thirty-six months.  Shares that become vested in accordance with this Section 1(b) will be distributed to you as soon as reasonably practicable following the date of your Retirement.  “Retirement” means the Termination of your employment with the Company after you have reached age fifty-five (55) and completed ten full years of service with the Company (including any parent or Subsidiary).  Notwithstanding the foregoing, if at the time of your Retirement you are a “covered employee” within the meaning of Section 162(m) of the Code, then the number of Shares in which you shall vest with respect to any incomplete Performance Period shall be based on the actual level of achievement of the TSR Goals, as certified by the Committee, after applying the pro rata percentage and rounding down to the nearest whole share, and such Shares will be distributed to you at the same time as other Participants after the Vesting Date.

(c)   Death or Disability.  In the event of your Termination before the Vesting Date due to your death or Disability before the Vesting Date, and after you have been actively employed by the Company for one year or more, this Award will vest immediately as to the sum of (i) the number of Shares that were to vest on the Vesting Date, assuming that you had continued employment until the Vesting Date, based on the actual level of achievement of the TSR Goals, as certified by the Committee, for each completed Performance Period, and (ii) 100% of the Target Shares that remain subject to any incomplete Performance Period on your Termination Date.  Shares that become vested in accordance with this Section 1(c) will be distributed to you as soon as reasonably practicable following the date of your Termination due to your death or Disability.  “Disability” is defined in Section 27(i) of the Plan.

(d)  Involuntary Termination.  In the event of your Involuntary Termination before the Vesting Date, a pro rata portion of this Award will vest immediately on your Termination Date by applying the pro rata percentage to the sum of (i) the number of Shares that were to vest on the Vesting Date, assuming that you had continued employment until the Vesting Date, based on the actual level of achievement of the TSR Goals, as certified by the Committee, for each completed Performance Period, and (ii) 100% of the Target Shares that remain subject to any incomplete Performance Period, and rounding down to the nearest whole Share.  The pro rata percentage will be a percentage equal to your number of full months of service since the Date of Grant divided by thirty-six months.  Shares that become vested in accordance with this Section 1(d) will be distributed to you as soon as reasonably possible after the effective date of a waiver and general release of claims executed by you in favor of the Company and certain related persons determined by the Company in the form presented by the Company (“Release”). If you do not execute the Release within forty-five (45) days following your Termination Date, then you will not be entitled to the receipt of any Shares under this Section 1(d).  If the time period to execute and/or revoke the Release spans two calendar years, then, notwithstanding anything contained herein to the contrary, Shares to be distributed to you pursuant to this Section 1(d) will not be distributed to you until the first business day in the second calendar year.  Involuntary Termination means, for purposes of this Agreement, either (A) your Termination by the Company without Cause, or (B) your resignation for Good Reason.  “Cause” means, for purposes of this Agreement, (i) gross negligence or willful misconduct in the performance of your duties to the Company (other than as a result of a Disability) that has resulted or is likely to result in material damage to the Company, after a 

written demand for substantial performance is delivered to you by the Board of Directors which specifically identifies the manner in which you have not substantially performed your duties and you have been provided with a reasonable opportunity of not less than 30 days to cure any alleged gross negligence or willful misconduct; (ii) commission of any act of fraud with respect to the Company; or (iii) conviction of a felony or a crime involving moral turpitude.  No act or failure to act by you will be considered “willful” if done or omitted by you in good faith with reasonable belief that your action or omission was in the best interests of the Company.  “Good Reason” means, for the purposes of this Agreement, your resignation within sixty (60) days after the occurrence any of the following events without your consent:  (i) a material reduction in your duties that is inconsistent with your position at the time of the Date of Grant, (ii) any material reduction in your base annual salary or target annual bonus (other than in connection with a general decrease in the base salaries or target bonuses for all officers of Intuit), or (iii) a requirement by Intuit that you relocate your principal office to a facility more than 50 miles from your principal office on the Date of Grant; provided however, that with regard to (i) through (iii) you must provide Intuit with written notice of the event allegedly constituting “Good Reason,” and Intuit will have 15 days from the date it receives such written notice to cure such event.  Notwithstanding anything in this Section 1(d) to the contrary, if you are a “covered employee” under Section 162(m)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) either on the Date of Grant or at any time during the Performance Period, then your Award will not be treated as described above in this Section 1(d), but instead, you shall vest in a pro rata portion of this Award, calculated by applying the pro rata percentage to the actual level of achievement of the TSR Goals, as certified by the Committee, and rounding down to the nearest whole Share.  The pro rata percentage will be equal to your number of full months of service since the Date of Grant divided by thirty-six months, rounded down to the nearest whole Share.  Shares will be distributed to you at the same time as other Participants after the Vesting Date, provided that the Release has become effective.  If you do not execute the Release before the time that Shares are distributed to other Participants, then you will not be entitled to the receipt of any Shares under this Section 1(d).

(e)   Corporate Transaction.  In the event of a Corporate Transaction before the Vesting Date, the level of achievement of the TSR Goals will be based on the actual level of achievement of the TSR Goals, as certified by the Committee, for each completed Performance Period and will be determined as of the effective date of the Corporate Transaction based on the Comparison Group as constituted on such date (the “CIC Achievement Level”) for any incomplete Performance Period.  In addition, for any incomplete Performance Period, Intuit’s ending stock price will be the sale price of the Shares in the Corporate Transaction and the ending stock price of the other Member Companies will be the average price of a share of common stock of a Member Company over the 30 trading days ending on the effective date of the Corporate Transaction, in each case adjusted for changes in capital structure.  This Award will vest immediately prior to the consummation of such Corporate Transaction based on the CIC Achievement Level.  Shares that become vested in accordance with this Section 1(e) will be distributed as soon as reasonably possible after such determinations are complete.  For avoidance of doubt, with respect to any incomplete Performance Period, this provision is intended to result in you vesting in the number of Shares corresponding to the CIC Achievement Level, without Committee certification, provided that you are employed immediately prior to the consummation of a Corporate Transaction.  
 
2.    Automatic Deferral; Issuance of Shares.  Payment of the Award through the issuance of Shares that become vested as of the Vesting Date shall be automatically deferred until the earliest of:  (a) the date that is one year following the Vesting Date; (b) Termination described in Section 1(c) above; or (c) the occurrence of a Corporate Transaction that constitutes a “change in the ownership or effective control” of the Company or “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Treasury Regulations 1.409A-3(a)(5) and 1.409A-3(i) (“409A Change in Control”) (the earliest such date, the “Settlement Date”). For avoidance of doubt, the occurrence of a Corporate Transaction following the Vesting Date that is not a 409A Change in Control will not trigger the issuance of Shares prior to the date that is one year following the Vesting Date.  In the event of a Termination pursuant to Sections 1(b) through 1(d) prior to the Vesting Date (other than with respect to a “covered employee” under Sections 1(b) or 1(d)), Shares will be distributed as soon as reasonably possible after the Termination Date or, if later, the date that the Release becomes effective in accordance with Section 1(d) (but in no event later than March 15th after the calendar year in which the Termination Date or the effective date of the Release occurs).  In addition, upon the occurrence of an event described in Sections 1(b) through 1(d) after the Vesting Date, any Shares that previously became vested on the Vesting Date but have not yet been issued to you shall be issued by the Company as soon as reasonably possible after the occurrence of the event described in Sections 1(b) through 1(d), but in any event in compliance with Section 409A of the Code, including the provisions of Section 6(f) below.  Until the date the Shares are issued to you, you will have no rights as a stockholder of the Company.  All issuances of Shares will be subject to the requirements of Section 409A of the Code.  Notwithstanding the foregoing, upon your Termination by the Company for Cause, any portion of the Award that has not been previously settled will terminate, be forfeited, and you will have no further right or claim to anything under this Award.  

		
	3.
	Rights as a Stockholder; Dividend Equivalent Rights.  You shall have no voting or other rights as a stockholder with respect to the Shares of Common Stock underlying the Award until such Shares of Common Stock have been issued to you.  Notwithstanding the preceding sentence, you shall be entitled to receive payment of the equivalent of any and all dividends declared by the Company on its Common Stock on each date on which dividends are paid on and after the date of grant of the Award in an amount equal to the amount of such dividends multiplied by the number of Shares of Common Stock underlying the then outstanding portion of the Award.  These dividend equivalents shall be paid upon the later of (a) the date dividends are paid to the common stockholders of the Company, or (b) the date the Restricted Stock Units with respect to which such dividend equivalents are payable become vested and the underlying Shares of Common Stock are issued (it being understood that no dividend equivalents will be paid with respect to Shares underlying any Restricted Stock Units that do not vest, but that dividend equivalent rights equal to the dividends declared on the Company’s Common Stock from and after the date of grant of the unvested Restricted Stock Units shall be paid as and when such Restricted Stock Units vest and the underlying Shares of Common Stock are issued).    

		
	4.
	Withholding Taxes.   This Award is generally taxable for purposes of United States federal income taxes on vesting based on the Fair Market Value on the Settlement Date; provided that this Award may become taxable for purposes of employment taxes upon vesting, if earlier than a Settlement Date. To the extent required by applicable federal, state or other law, you will make arrangements satisfactory to the Company for the payment and satisfaction of any income tax, social security tax, payroll tax, payment on account or other tax related to withholding obligations that arise under this Award and, if applicable, any sale of Shares.  The Company will not be required to issue Shares pursuant to this Award or to recognize any purported transfer of Shares until such obligations are satisfied. Unless otherwise agreed to by the Company and you, these obligations will be satisfied by the Company withholding a number of Shares that would otherwise be issued under this Award that the Company determines has a Fair Market Value sufficient to meet the tax withholding obligations, including but not limited to withholding with respect to income and/or employment taxes on this Award, including any dividend equivalent rights paid with respect to any Shares of Common Stock underlying this Award.  “Fair Market Value” is defined in Section 27(l) of the Plan.

You are ultimately liable and responsible for all taxes owed by you in connection with this Award, regardless of any action the Company takes or any transaction pursuant to this section with respect to any tax withholding obligations that arise in connection with this Award. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or settlement of this Award or the subsequent sale of any of the Shares. The Company does not commit and is under no obligation to structure this Award to reduce or eliminate your tax liability. 

5.     Disputes.   Any question concerning the interpretation of this Agreement, any adjustments to be made thereunder, and any controversy that may arise under this Agreement, will be determined by the Committee in accordance with its authority under Section 4 of the Plan.  Such decision by the Committee will be final and binding.

6.     Other Matters.
(a)   The Award granted to an employee in any one year, or at any time, does not obligate the Company or any Subsidiary or other affiliate of the Company to grant an award in any future year or in any given amount and should not create an expectation that the Company (or any Subsidiary or other affiliate) might grant an award in any future year or in any given amount.

(b)   Nothing contained in this Agreement creates or implies an employment contract or term of employment or any promise of specific treatment on which you may rely.

(c)   Notwithstanding anything to the contrary in this Agreement, the Company may reduce your Award if you change classification from a full-time employee to a part-time employee.

(d)   This Award is not part of your employment contract (if any) with the Company, your salary, your normal or expected compensation, or other remuneration for any purposes, including for purposes of computing benefits, severance pay or other termination compensation or indemnity.  

(e)   Because this Agreement relates to terms and conditions under which you may be issued Shares of Common Stock of Intuit Inc., a Delaware corporation, an essential term of this Agreement is that it will be governed by the laws of the State of Delaware, without regard to choice of law principles of Delaware or other jurisdictions. Any action, 

suit, or proceeding relating to this Agreement or the Award granted hereunder will be brought in the state or federal courts of competent jurisdiction in Santa Clara County in the State of California.

		
	(f)
	This Award, and any issuance of Shares thereunder, is intended to comply and will be interpreted in accordance with Section 409A of the Code.  Should any payments made to you in accordance with this Agreement be determined to be payments from a nonqualified deferred compensation plan, as defined by Section 409A of the Code and are payable in connection with your Separation from Service, that are not exempt from Section 409A of the Code as a short-term deferral or otherwise, these payments, to the extent otherwise payable within six (6) months after your date of Separation from Service, will be paid in a lump sum on the earlier of the date that is six (6) months after your date of Separation from Service or the date of your death.  For purposes of this Agreement, a “Separation from Service” means an anticipated permanent reduction in the level of bona fide services to twenty percent (20%) or less of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period.  For purposes of Section 409A of the Code, the payments to be made to you in accordance with this Agreement shall be treated as a right to a series of separate payments.  

		
	(g)
	Communications regarding the Plan and this Award may be made by electronic delivery through an online or electronic system established and maintained by the Company or a third party designated by the Company (currently through the Morgan Stanley StockPlan Connect website, from which you may easily access, review and print the communications posted thereon).  

This Agreement (including the Plan, which is incorporated by reference) constitutes the entire agreement between you and the Company with respect to this Award, and supersedes all prior agreements or promises with respect to the Award. Except as provided in the Plan, this Agreement may be amended only by a written document signed by the Company and you. Subject to the terms of the Plan, the Company may assign any of its rights and obligations under this Agreement, and this Agreement will be binding on, and inure to the benefit of, the successors and assigns of the Company. Subject to the restrictions on transfer of an Award described in Section 13 of the Plan, this Agreement will be binding on your permitted successors and assigns (including heirs, executors, administrators and legal representatives). All notices required under this Agreement or the Plan must be mailed or hand-delivered, (1) in the case of the Company, to the Company at 2632 Marine Way, Mountain View, CA, 94043, or at such other address designated in writing by the Company to you, and (2) in the case of you, at the address recorded in the books and records of the Company as your then current home address. You acknowledge and agree that any such notices from the Company to you may also be delivered through the Company’s electronic mail system (prior to your Termination) or at the last email address you provided to the Company (after your Termination).

The Company has signed this Agreement effective as of the Date of Grant. 

INTUIT INC.

By:  /s/                  
[Name of officer executing the award agreement]

Award No. ***
INTUIT INC. AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN GRANT AGREEMENT
Restricted Stock Unit 
(Executive Vesting)
Intuit Inc., a Delaware corporation (“Intuit” or the “Company”), hereby grants you a restricted stock unit award (“Award”) pursuant to the Company’s Amended and Restated 2005 Equity Incentive Plan (the “Plan”), of the Company’s common stock, $0.01 par value per share (“Common Stock”).  The number of Shares that are subject to the Award and may be earned by you (“Number of Shares”) is set forth below. All capitalized terms in this Grant Agreement (“Agreement”) that are not defined in this Agreement have the meanings given to them in the Plan. This Award is subject to all of the terms and conditions of the Plan, which is incorporated into this Agreement by reference. This Agreement is not meant to interpret, extend, or change the Plan in any way, or to represent the full terms of the Plan. If there is any discrepancy, conflict or omission between this Agreement and the provisions of the Plan, the provisions of the Plan shall apply.

		
	Name of Participant:
	***

		
	Number of Shares:
	***

Date of Grant:        ***
Final Vesting Date:    ***

Vesting Based on Achievement of Threshold Performance and Service.  This Award will be eligible to vest only if the threshold level of performance (“Threshold Goal”) is achieved and is certified by the Compensation and Organizational Development Committee of Intuit’s Board of Directors (the “Committee”).  The Threshold Goal is [*]  If the Threshold Goal is not achieved and/or certified by the Committee, this Award will immediately terminate and you will not be entitled to receive Shares.  If the Threshold Goal is achieved and certified by the Committee, then you will have the opportunity to vest in this Award as to 33.3% of the Number of Shares on each of July 1, 20[**] (or, if later, the date that the Threshold Goal is certified), July 1, 20[**], and July 1, 20[**] (each a “Vesting Date,” and July 1, 20[**] the “Final Vesting Date”), provided, in each case, that you have not Terminated before the respective Vesting Date.  Notwithstanding the foregoing, Sections 1(b) through 1(d) provide certain circumstances in which you may vest in all or a portion of this Award without certification of the Threshold Goal and/or before the foregoing Vesting Dates.  Any portion of this Award that does not vest, including pursuant to Sections 1(b) through 1(d), shall be cancelled and you will have no further right or claim thereunder.

1.    In the event of your Termination prior to the Final Vesting Date, the following provisions will govern the vesting of this Award: 

(a)   Termination Generally.  In the event of your Termination prior to a Vesting Date for any reason other than as expressly set forth in the other subsections of this Section 1 of the Agreement, this Award immediately will stop vesting and will terminate, and you will have no further right or claim to anything under this Award (other than with respect to the portion of the Award that has previously vested).

(b)   Termination due to Retirement.  In the event of your Termination prior to the Final Vesting Date due to your Retirement, then, provided that the Threshold Goal has been met and certified by the Committee, you will vest pro-rata in a percentage of the Number of Shares equal to your number of full months of service since the Date of Grant divided by thirty-six months minus any Shares in which you already have vested, rounded down to the nearest whole Share of Common Stock. For purposes of this Award, “Retirement” means the Termination of your employment with the Company after you have reached age fifty-five (55) and completed ten full years of service with the Company (including any parent or Subsidiary).

(c)   Termination due to Death or Disability.  In the event of your Termination prior to the Final Vesting Date due to your death or Disability after you have been actively employed by the Company for one year or more, this Award will vest as to 100% of the Number of Shares on your Termination Date, minus any Shares in which you already have vested, regardless of whether the Threshold Goal has been met.  For purposes of this Award, “Disability” is defined in Section 27(i) of the Plan. 

(d)   Termination On or Within One Year Following Corporate Transaction.  In the event of your Termination by the Company or its successor prior to the Final Vesting Date, but on or within one year following the date of a Corporate Transaction, you will vest pro-rata in a percentage of the Number of Shares equal to your number of full months of service since the Date of Grant divided by thirty-six months minus any Shares in which you 

already have vested, rounded down to the nearest whole Share of Common Stock.  For purposes of this Award, “Corporate Transaction” is defined in Section 27(h) of the Plan.

2.    Issuance of Shares under this Award.  The Company will issue you the Shares subject to this Award as soon as reasonably possible after any Vesting Date or any other date upon which this Award vests under Sections 1(a) through 1(d) (but in no case later than March 15th of the calendar year after the calendar year in which the vesting event occurs).  Until the date the Shares are issued to you, you will have no rights as a stockholder of the Company.

		
	3.
	Rights as a Stockholder; Dividend Equivalent Rights.  You shall have no voting or other rights as a stockholder with respect to the Shares of Common Stock underlying the Award until such Shares of Common Stock have been issued to you.  Notwithstanding the preceding sentence, you shall be entitled to receive payment of the equivalent of any and all dividends declared by the Company on its Common Stock on each date on which dividends are paid on and after the date of grant of the Award in an amount equal to the amount of such dividends multiplied by the number of Shares of Common Stock underlying the then outstanding portion of the Award.  These dividend equivalents shall be paid upon the later of (a) the date dividends are paid to the common stockholders of the Company, or (b) the date the Restricted Stock Units with respect to which such dividend equivalents are payable become vested (it being understood that no dividend equivalents will be paid with respect to Shares underlying any Restricted Stock Units that do not vest, but that dividend equivalent rights equal to the dividends declared on the Company’s Common Stock from and after the date of grant of the unvested Restricted Stock Units shall be paid as and when such Restricted Stock Units vest).    

		
	4.
	Withholding Taxes.  This Award is generally taxable for purposes of United States federal income and employment taxes upon vesting based on the Fair Market Value on the date the Award (or portion thereof) vests. To the extent required by applicable federal, state or other law, you shall make arrangements satisfactory to the Company for the payment and satisfaction of any income tax, social security tax, payroll tax, payment on account or other tax related to withholding obligations that arise under this Award and, if applicable, any sale of Shares.  The Company shall not be required to issue Shares pursuant to this Award or to recognize any purported transfer of Shares until such obligations are satisfied. Unless otherwise agreed to by the Company and you, these obligations will be satisfied by the Company withholding a number of Shares that would otherwise be issued under this Award that the Company determines has a Fair Market Value sufficient to meet the tax withholding obligations.  For purposes of this Award, “Fair Market Value” is defined in Section 27(l) of the Plan.

You are ultimately liable and responsible for all taxes owed by you in connection with this Award, regardless of any action the Company takes or any transaction pursuant to this section with respect to any tax withholding obligations that arise in connection with this Award. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or settlement of this Award or the subsequent sale of any of the Shares of Common Stock underlying the Shares that vest. The Company does not commit and is under no obligation to structure this Award to reduce or eliminate your tax liability. 

5.     Disputes:  Any question concerning the interpretation of this Agreement, any adjustments to be made thereunder, and any controversy that may arise under this Agreement, shall be determined by the Committee in accordance with its authority under Section 4 of the Plan.  Such decision by the Committee shall be final and binding.

6.     Other Matters:  

(a)   The Award granted to an employee in any one year, or at any time, does not obligate the Company or any Subsidiary or other affiliate of the Company to grant an award in any future year or in any given amount and should not create an expectation that the Company (or any Subsidiary or other affiliate) might grant an award in any future year or in any given amount.

(b)   Nothing contained in this Agreement creates or implies an employment contract or term of employment or any promise of specific treatment upon which you may rely.

(c)   Notwithstanding anything to the contrary in this Agreement, the Company may reduce your Award if you change classification from a full-time employee to a part-time employee.

(d)   This Award is not part of your employment contract (if any) with the Company, your salary, your normal or expected compensation, or other remuneration for any purposes, including for purposes of computing benefits, severance pay or other termination compensation or indemnity.  

(e)   Because this Agreement relates to terms and conditions under which you may be issued Shares of Common Stock of Intuit Inc., a Delaware corporation, an essential term of this Agreement is that it shall be governed by the laws of the State of Delaware, without regard to choice of law principles of Delaware or other jurisdictions. Any action, suit, or proceeding relating to this Agreement or the Award granted hereunder shall be brought in the state or federal courts of competent jurisdiction in Santa Clara County in the State of California.

		
	(f)
	This Award, and any issuance of Shares thereunder, is intended to comply and shall be interpreted in accordance with Section 409A of the Code. Should any payments made to you in accordance with this Agreement be determined to be payments from a nonqualified deferred compensation plan, as defined by Section 409A of the Code and are payable in connection with your Separation from Service, that are not exempt from Section 409A of the Code as a short-term deferral or otherwise, these payments, to the extent otherwise payable within six (6) months after your date of Separation from Service, will be paid in a lump sum on the earlier of the date that is six (6) months after your date of Separation from Service or the date of your death.  For purposes of this Agreement, a “Separation from Service” means an anticipated permanent reduction in the level of bona fide services to twenty percent (20%) or less of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period.  For purposes of Section 409A of the Code, the payments to be made to you in accordance with this Agreement shall be treated as a right to a series of separate payments.  

		
	(g)
	Communications regarding the Plan and this Award may be made by electronic delivery through an online or electronic system established and maintained by the Company or a third party designated by the Company (currently through the Morgan Stanley StockPlan Connect website, from which you may easily access, review and print the communications posted thereon).  

This Agreement (including the Plan, which is incorporated by reference) constitutes the entire agreement between you and the Company with respect to this Award, and supersedes all prior agreements or promises with respect to the Award. Except as provided in the Plan, this Agreement may be amended only by a written document signed by the Company and you. Subject to the terms of the Plan, the Company may assign any of its rights and obligations under this Agreement, and this Agreement shall be binding on, and inure to the benefit of, the successors and assigns of the Company. Subject to the restrictions on transfer of an Award described in Section 13 of the Plan, this Agreement shall be binding on your permitted successors and assigns (including heirs, executors, administrators and legal representatives). All notices required under this Agreement or the Plan must be mailed or hand-delivered, (1) in the case of the Company, to the Company at 2632 Marine Way, Mountain View, CA, 94043, or at such other address designated in writing by the Company to you, and (2) in the case of you, at the address recorded in the books and records of the Company as your then current home address. You acknowledge and agree that any such notices from the Company to you may also be delivered through the Company’s electronic mail system (prior to your Termination) or at the last email address you provided to the Company (after your Termination).

The Company has signed this Agreement effective as of the Date of Grant. 

INTUIT INC.

By:  /s/  Brad D. Smith                
  Brad D. Smith, President and Chief Executive Officer

Award No. «GrantNumber»
INTUIT INC. AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN GRANT AGREEMENT
Restricted Stock Unit 
(Executive Performance-Based Vesting:  Relative Total Shareholder Return Goals)
Intuit Inc., a Delaware corporation (“Intuit” or the “Company”), hereby grants you a restricted stock unit award (“Award”) pursuant to the Company’s Amended and Restated 2005 Equity Incentive Plan (the “Plan”), of the Company’s common stock, $0.01 par value per share (“Common Stock”).  The maximum number of Shares that are subject to the Award and may become eligible to vest (“Maximum Shares”) is set forth below.  All capitalized terms in this Grant Agreement (“Agreement”) that are not defined herein have the meanings given to them in the Plan. This Award is subject to the terms and conditions of the Plan, which is incorporated herein by reference. This Agreement is not meant to interpret, extend, or change the Plan in any way, or to represent the full terms of the Plan.  If there is any discrepancy, conflict or omission between this Agreement and the provisions of the Plan, the provisions of the Plan will apply.

Name of Participant:
Address:
Maximum Shares: [__] total (200% of the Target Shares)
Target Shares: [__] total ([___] (one-third of the total number of Target Shares) for each of the three overlapping Performance Periods)
Date of Grant:        
Vesting Date:      September 1, 20[**]    

Vesting Based on Achievement of Total Shareholder Return Goals.  Vesting of this Award is based on Intuit’s percentile rank of total shareholder return (“TSR”) among a group of comparator companies (the “Comparison Group”), as set forth on Exhibit A (the “TSR Goals”).  Actual performance against the TSR Goals is measured as follows: up to one-third of the Maximum Shares will be eligible to vest based on the actual performance against the TSR Goals as measured over the period beginning on August 1, 20[**] and ending on July 31, 20[**] (the “12 Month Performance Period”), up to one-third of the Maximum Shares will be eligible to vest based on the actual performance against the TSR Goals as measured over the period beginning on August 1, 20[**] and ending on July 31, 20[**]the “24 Month Performance Period”), and up to one-third of the Maximum Shares will be eligible to be vest based on the actual performance against the TSR Goals as measured over the period beginning on August 1, 20[**} and ending on July 31, 20[**] (the “36 Month Performance Period” and together with the 12 Month Performance Period and the 24 Month Performance Period, the “Performance Periods” and each a “Performance Period”).  The actual performance against the TSR Goals for each Performance Period must be certified by the Compensation and Organizational Development Committee of Intuit’s Board of Directors (“Committee”) in order for any portion of this Award to be eligible to vest; provided, however, that if Intuit’s TSR is negative during a Performance Period, then the maximum Shares that the Committee will certify as eligible to vest for that Performance Period will be the Target Shares for that Performance Period.  The Committee will certify the results of the TSR Goals as soon as reasonably possible (the date of such certification for the respective Performance Period, the “Certification Date”) after each Performance Period.  Any portion of this Award that is eligible to vest based on the Committee’s certification will be subject to continued service through the Vesting Date.  Any portion of this Award that is not eligible to vest based on the Committee’s certification for the applicable Performance Period will terminate on the Certification Date of the respective Performance Period.  Notwithstanding the foregoing, Sections 1(b) through 1(e) provide certain circumstances in which you may vest in this Award before the Vesting Date and/or without certification of the TSR Goals by the Committee.  If any of Sections 1(b) through 1(e) apply, then any portion of the Award that does not vest pursuant to those sections will terminate.

Comparison Group.  The Comparison Group will be the companies shown on Exhibit B (each, together with Intuit, a “Member Company”);  provided, however, that a company will be removed from the Comparison Group if, during a Performance Period, it ceases to have a class of equity securities that is both registered under the Securities Exchange Act of 1934 and actively traded on a U.S. public securities market (unless such cessation of such listing is due to any of the circumstances in (i) through (iv) of the following paragraph).

Definition of TSR.  “TSR” as applied to any Member Company means stock price appreciation from the beginning to the end of the applicable Performance Period, plus dividends and distributions made or declared (assuming such dividends or distributions are reinvested in the common stock of the Member Company) during such Performance Period, expressed as a percentage return.  Except as modified in Section 1(e), for purposes of computing TSR, the stock price at the beginning of a Performance Period will be the average price of a share of common stock of a Member Company over the 30 trading days beginning on August 1, 20[**], and the stock price at the end of the Performance Period will be the average price of a share of common stock of a Member Company over the 30 trading days ending (i) July 31, 20[**], for the 12 Month Performance 

Period, (ii) July 31, 20[**], for the 24 Month Performance Period, and (iii) July 31, 20[**] for the 36 Month Performance Period, adjusted for stock splits or similar changes in capital structure;  provided, however, that TSR for a Member Company will be negative one hundred percent (-100%) if the Member Company:  (i) files for bankruptcy, reorganization, or liquidation under any chapter of the U.S. Bankruptcy Code;  (ii) is the subject of an involuntary bankruptcy proceeding that is not dismissed within 30 days;  (iii) is the subject of a stockholder approved plan of liquidation or dissolution;  or (iv) ceases to conduct substantial business operations.

1.    In the event of your Termination before the Vesting Date, the following provisions will govern the vesting of this Award: 

(a)   Termination Generally.  In the event of your Termination before the Vesting Date for any reason other than as expressly set forth in the other subsections of this Section 1, including, without limitation, your Termination by the Company for Cause or your resignation without Good Reason (each as defined in Section 1(d)), this Award will terminate without having vested as to any of the Shares and you will have no right or claim to anything under this Award.  

(b)   Retirement.  In the event of your Retirement before the Vesting Date, then a pro rata portion of this Award will vest immediately on the date of your Retirement by applying the pro rata percentage to the sum of (i) the number of Shares that were to vest on the Vesting Date, subject to your continued employment, based on the actual level of achievement of the TSR Goals, as certified by the Committee, for each completed Performance Period, and (ii) 100% of the Target Shares that remain subject to any incomplete Performance Period, and rounding down to the nearest whole Share.  The pro rata percentage will be a percentage equal to your number of full months of service since the Date of Grant divided by thirty-six months.  Shares that become vested in accordance with this Section 1(b) will be distributed to you as soon as reasonably practicable following the date of your Retirement.  “Retirement” means the Termination of your employment with the Company after you have reached age fifty-five (55) and completed ten full years of service with the Company (including any parent or Subsidiary).  Notwithstanding the foregoing, if at the time of your Retirement you are a “covered employee” within the meaning of Section 162(m) of the Code, then the number of Shares in which you shall vest with respect to any incomplete Performance Period shall be based on the actual level of achievement of the TSR Goals, as certified by the Committee, after applying the pro rata percentage and rounding down to the nearest whole share, and such Shares will be distributed to you at the same time as other Participants after the Vesting Date.

(c)   Death or Disability.  In the event of your Termination before the Vesting Date due to your death or Disability before the Vesting Date, and after you have been actively employed by the Company for one year or more, this Award will vest immediately as to the sum of (i) the number of Shares that were to vest on the Vesting Date, assuming that you had continued employment until the Vesting Date, based on the actual level of achievement of the TSR Goals, as certified by the Committee, for each completed Performance Period, and (ii) 100% of the Target Shares that remain subject to any incomplete Performance Period on your Termination Date.  “Disability” is defined in Section 27(i) of the Plan.

(d)   Involuntary Termination.  In the event of your Involuntary Termination before the Vesting Date, a pro rata portion of this Award will vest immediately on your Termination Date by applying the pro rata percentage to the sum of (i) the number of Shares that were to vest on the Vesting Date, assuming that you had continued employment until the Vesting Date, based on the actual level of achievement of the TSR Goals, as certified by the Committee, for each completed Performance Period, and (ii) 100% of the Target Shares that remain subject to any incomplete Performance Period, and rounding down to the nearest whole Share.  The pro rata percentage will be a percentage equal to your number of full months of service since the Date of Grant divided by thirty-six months.  Shares that become vested in accordance with this Section 1(d) will be distributed to you as soon as reasonably possible after the effective date of a waiver and general release of claims executed by you in favor of the Company and certain related persons determined by the Company in the form presented by the Company (“Release”).  If you do not execute the Release within forty-five (45) days following your Termination Date, then you will not be entitled to the receipt of any Shares under this Section 1(d).  If the time period to execute and/or revoke the Release spans two calendar years, then, notwithstanding anything contained herein to the contrary, Shares to be distributed to you pursuant to this Section 1(d) will not be distributed to you until the first business day in the second calendar year.  Involuntary Termination means, for purposes of this Agreement, either (A) your Termination by the Company without Cause, or (B) your resignation for Good Reason.  “Cause” means, for purposes of this Agreement, (i) gross negligence or willful misconduct in the performance of your duties to the Company (other than as a result of a Disability) that has resulted or is likely to result in material damage to the Company, after a written demand for substantial performance is delivered to you by the Chief Executive Officer which specifically identifies the manner in which you have not substantially performed your duties and you have been provided with 

a reasonable opportunity of not less than 30 days to cure any alleged gross negligence or willful misconduct; (ii) commission of any act of fraud with respect to the Company; or (iii) conviction of a felony or a crime involving moral turpitude.  No act or failure to act by you will be considered “willful” if done or omitted by you in good faith with reasonable belief that your action or omission was in the best interests of the Company.  “Good Reason” means, for the purposes of this Agreement, your resignation within sixty (60) days after the occurrence any of the following events without your consent:  (i) a material reduction in your duties that is inconsistent with your position at the time of the Date of Grant, (ii) any material reduction in your base annual salary or target annual bonus (other than in connection with a general decrease in the base salaries or target bonuses for all officers of Intuit), or (iii) a requirement by Intuit that you relocate your principal office to a facility more than 50 miles from your principal office on the Date of Grant; provided however, that with regard to (i) through (iii) you must provide Intuit with written notice of the event allegedly constituting “Good Reason,” and Intuit will have 15 days from the date it receives such written notice to cure such event.  Notwithstanding anything in this Section 1(d) to the contrary, if you are a “covered employee” under Section 162(m)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) either on the Date of Grant or at any time during the Performance Period, then your Award will not be treated as described above in this Section 1(d), but instead, a pro rata portion of this Award will vest on the Vesting Date calculated by applying the pro rata percentage to the actual level of achievement of the TSR Goals, as certified by the Committee, and rounding down to the nearest whole Share.  The pro rata percentage will be equal to your number of full months of service since the Date of Grant divided by thirty-six months.  Shares will be distributed to you at the same time as other Participants after the Vesting Date, provided that the Release has become effective.  If you do not execute the Release before the time that Shares are distributed to other Participants, then you will not be entitled to the receipt of any Shares under this Section 1(d).

(e)   Corporate Transaction.  In the event of a Corporate Transaction before the Vesting Date, the level of achievement of the TSR Goals will be based on the actual level of achievement of the TSR Goals, as certified by the Committee, for each completed Performance Period and will be determined as of the effective date of the Corporate Transaction based on the Comparison Group as constituted on such date (the “CIC Achievement Level”) for any incomplete Performance Period.  In addition, for any incomplete Performance Period, Intuit’s ending stock price will be the sale price of the Shares in the Corporate Transaction and the ending stock price of the other Member Companies will be the average price of a share of common stock of a Member Company over the 30 trading days ending on the effective date of the Corporate Transaction, in each case adjusted for changes in capital structure.  This Award will vest immediately prior to the consummation of such Corporate Transaction based on the CIC Achievement Level.  Shares that become vested in accordance with this Section 1(e) will be distributed as soon as reasonably possible after such determinations are complete.  For avoidance of doubt, with respect to any incomplete Performance Period, this provision is intended to result in you vesting in the number of Shares corresponding to the CIC Achievement Level, without Committee certification, provided that you are employed immediately prior to the consummation of a Corporate Transaction.  
 
2.    Issuance of Shares.  Except as described in the next sentence, Shares will be distributed as soon as reasonably possible after the Vesting Date (but in no event later than March 15th after the calendar year in which the Vesting Date occurs).  In the event of a Termination pursuant to Sections 1(b) through 1(d) prior to the Vesting Date (other than with respect to a “covered employee” under Sections 1(b) or (d)), Shares will be distributed as soon as reasonably possible after the Termination Date or, if later, the date that the Release becomes effective in accordance with Section 1(d) (but in no event later than March 15th after the calendar year in which the Termination Date or the effective date of the Release occurs).  Until the date the Shares are issued to you, you will have no rights as a stockholder of the Company.

		
	3.
	Rights as a Stockholder; Dividend Equivalent Rights.  You shall have no voting or other rights as a stockholder with respect to the Shares of Common Stock underlying the Award until such Shares of Common Stock have been issued to you.  Notwithstanding the preceding sentence, you shall be entitled to receive payment of the equivalent of any and all dividends declared by the Company on its Common Stock on each date on which dividends are paid on and after the date of grant of the Award in an amount equal to the amount of such dividends multiplied by the number of Shares of Common Stock underlying the then outstanding portion of the Award.  These dividend equivalents shall be paid upon the later of (a) the date dividends are paid to the common stockholders of the Company, or (b) the date the Restricted Stock Units with respect to which such dividend equivalents are payable become vested (it being understood that no dividend equivalents will be paid with respect to Shares underlying any Restricted Stock Units that do not vest, but that dividend equivalent rights equal to the dividends declared on the Company’s Common Stock from and after the date of grant of the unvested Restricted Stock Units shall be paid as and when such Restricted Stock Units vest).    

		
	4.
	Withholding Taxes.   This Award is generally taxable for purposes of United States federal income and employment taxes on vesting based on the Fair Market Value on the Vesting Date. To the extent required by applicable federal, state or other 

law, you will make arrangements satisfactory to the Company for the payment and satisfaction of any income tax, social security tax, payroll tax, payment on account or other tax related to withholding obligations that arise under this Award and, if applicable, any sale of Shares.  The Company will not be required to issue Shares pursuant to this Award or to recognize any purported transfer of Shares until such obligations are satisfied. Unless otherwise agreed to by the Company and you, these obligations will be satisfied by the Company withholding a number of Shares that would otherwise be issued under this Award that the Company determines has a Fair Market Value sufficient to meet the tax withholding obligations.  “Fair Market Value” is defined in Section 27(l) of the Plan.

You are ultimately liable and responsible for all taxes owed by you in connection with this Award, regardless of any action the Company takes or any transaction pursuant to this section with respect to any tax withholding obligations that arise in connection with this Award. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or settlement of this Award or the subsequent sale of any of the Shares. The Company does not commit and is under no obligation to structure this Award to reduce or eliminate your tax liability. 

5.     Disputes.   Any question concerning the interpretation of this Agreement, any adjustments to be made thereunder, and any controversy that may arise under this Agreement, will be determined by the Committee in accordance with its authority under Section 4 of the Plan.  Such decision by the Committee will be final and binding.

6.     Other Matters.
(a)   The Award granted to an employee in any one year, or at any time, does not obligate the Company or any Subsidiary or other affiliate of the Company to grant an award in any future year or in any given amount and should not create an expectation that the Company (or any Subsidiary or other affiliate) might grant an award in any future year or in any given amount.

(b)   Nothing contained in this Agreement creates or implies an employment contract or term of employment or any promise of specific treatment on which you may rely.

(c)   Notwithstanding anything to the contrary in this Agreement, the Company may reduce your Award if you change classification from a full-time employee to a part-time employee.

(d)   This Award is not part of your employment contract (if any) with the Company, your salary, your normal or expected compensation, or other remuneration for any purposes, including for purposes of computing benefits, severance pay or other termination compensation or indemnity.  

(e)   Because this Agreement relates to terms and conditions under which you may be issued Shares of Common Stock of Intuit Inc., a Delaware corporation, an essential term of this Agreement is that it will be governed by the laws of the State of Delaware, without regard to choice of law principles of Delaware or other jurisdictions. Any action, suit, or proceeding relating to this Agreement or the Award granted hereunder will be brought in the state or federal courts of competent jurisdiction in Santa Clara County in the State of California.

		
	(f)
	This Award, and any issuance of Shares thereunder, is intended to comply and will be interpreted in accordance with Section 409A of the Code. Should any payments made to you in accordance with this Agreement be determined to be payments from a nonqualified deferred compensation plan, as defined by Section 409A of the Code and are payable in connection with your Separation from Service, that are not exempt from Section 409A of the Code as a short-term deferral or otherwise, these payments, to the extent otherwise payable within six (6) months after your date of Separation from Service, will be paid in a lump sum on the earlier of the date that is six (6) months after your date of Separation from Service or the date of your death.  For purposes of this Agreement, a “Separation from Service” means an anticipated permanent reduction in the level of bona fide services to twenty percent (20%) or less of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period.  For purposes of Section 409A of the Code, the payments to be made to you in accordance with this Agreement shall be treated as a right to a series of separate payments.  

		
	(g)
	Communications regarding the Plan and this Award may be made by electronic delivery through an online or electronic system established and maintained by the Company or a third party designated by the Company (currently through the Morgan Stanley StockPlan Connect website, from which you may easily access, review and print the communications posted thereon). 

This Agreement (including the Plan, which is incorporated by reference) constitutes the entire agreement between you and the Company with respect to this Award, and supersedes all prior agreements or promises with respect to the Award. Except as provided in the Plan, this Agreement may be amended only by a written document signed by the Company and you. Subject to the terms of the Plan, the Company may assign any of its rights and obligations under this Agreement, and this Agreement will be binding on, and inure to the benefit of, the successors and assigns of the Company. Subject to the restrictions on transfer of an Award described in Section 13 of the Plan, this Agreement will be binding on your permitted successors and assigns (including heirs, executors, administrators and legal representatives). All notices required under this Agreement or the Plan must be mailed or hand-delivered, (1) in the case of the Company, to the Company at 2632 Marine Way, Mountain View, CA, 94043, or at such other address designated in writing by the Company to you, and (2) in the case of you, at the address recorded in the books and records of the Company as your then current home address. You acknowledge and agree that any such notices from the Company to you may also be delivered through the Company’s electronic mail system (prior to your Termination) or at the last email address you provided to the Company (after your Termination).

The Company has signed this Agreement effective as of the Date of Grant. 

INTUIT INC.

By:  /s/  Brad D. Smith                
Brad D. Smith, President and Chief Executive Officer

Award No. ***
INTUIT INC. AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN GRANT AGREEMENT
Restricted Stock Unit 
(Service-Based Vesting)
Intuit Inc., a Delaware corporation (the “Company”), hereby grants you a restricted stock unit award (“Award”) pursuant to the Company’s Amended and Restated 2005 Equity Incentive Plan (the “Plan”), of the Company’s common stock, $0.01 par value per share (“Common Stock”). The number of Shares that are subject to the Award and may be earned by you (“Number of Shares”) is set forth below. All capitalized terms in this Grant Agreement (“Agreement”) that are not defined in this Agreement have the meanings given to them in the Plan. This Award is subject to all of the terms and conditions of the Plan, which is incorporated into this Agreement by reference. This Agreement is not meant to interpret, extend, or change the Plan in any way, or to represent the full terms of the Plan. If there is any discrepancy, conflict or omission between this Agreement and the provisions of the Plan, the provisions of the Plan shall apply.

		
	Name of Participant:
	***

		
	Number of Shares:
	***

Date of Grant:        ***
First Vesting Date:    ***

***This information is as shown in the Restricted Stock Units section of your Morgan Stanley StockPlan Connect website.

Subject to the forfeiture provisions set forth in this Agreement, this Award will vest as to 33 1/3% of the Number of Shares on the First Vesting Date and as to 33 1/3% of the Number of Shares on each of the first and second anniversaries of the First Vesting Date (each a “Vesting Date”), provided you have not Terminated before the respective Vesting Dates. Notwithstanding the foregoing, Sections 1(b) through 1(d) provide certain circumstances in which you may vest in all or a portion of this Award before the foregoing Vesting Dates.  Any portion of this Award that does not vest, including pursuant to Sections 1(b) through 1(d), shall be cancelled and you will have no further right or claim thereunder.

1.    In the event of your Termination prior to the last Vesting Date, the following provisions will govern the vesting of this Award: 

(a)   Termination Generally: In the event of your Termination prior to a Vesting Date for any reason other than as expressly set forth in the other subsections of this Section 1 of the Agreement, this Award immediately will stop vesting and will terminate, and you will have no further right or claim to anything under this Award (other than with respect to the portion of the Award that has previously vested).

(b)   Termination due to Retirement: In the event of your Termination prior to the last Vesting Date due to your Retirement, you will vest pro-rata in a percentage of the Number of Shares equal to your number of full months of service since the Date of Grant divided by thirty-six months, minus any Shares in which you already have vested, rounded down to the nearest whole Share of Common Stock. For purposes of this Award, “Retirement” means the Termination of your employment with the Company after you have reached age fifty-five (55) and completed ten full years of service with the Company (including any parent or Subsidiary).

(c)   Termination due to Death or Disability: In the event of your Termination prior to the last Vesting Date due to your death or Disability after you have been actively employed by the Company for one year or more, this Award will vest as to 100% of the Number of Shares on your Termination Date, minus any Shares in which you already have vested. For purposes of this Award, “Disability” is defined in Section 27(i) of the Plan. 

(d)   Termination On or Within One Year Following Corporate Transaction: In the event of your Termination by the Company or its successor prior to the final Vesting Date but on or within one year following the date of a Corporate Transaction, you will vest pro-rata in a percentage of the Number of Shares equal to your number of full months of service since the Date of Grant divided by thirty-six months, minus any Shares in which you already have vested, rounded down to the nearest whole Share of Common Stock. For purposes of this Award, “Corporate Transaction” is defined in Section 27(h) of the Plan. 
 
2.    Issuance of Shares under this Award: The Company will issue you the Shares subject to this Award as soon as reasonably possible after any Vesting Date or any other date upon which this Award vests under Sections 1(a) through 1(d) (but in no 

case later than March 15 of the calendar year after the calendar year in which the vesting event occurs).  Until the date the Shares are issued to you, you will have no rights as a stockholder of the Company.

3.    Rights as a Stockholder; Dividend Equivalent Rights.  You shall have no voting or other rights as a stockholder with respect to the Shares of Common Stock underlying the Award until such Shares of Common Stock have been issued to you.  Notwithstanding the preceding sentence, you shall be entitled to receive payment of the equivalent of any and all dividends declared by the Company on its Common Stock on each date on which dividends are paid on and after the date of grant of the Award in an amount equal to the amount of such dividends multiplied by the number of Shares of Common Stock underlying the then outstanding portion of the Award.  These dividend equivalents shall be paid upon the later of (a) the date dividends are paid to the common stockholders of the Company, or (b) the date the Restricted Stock Units with respect to which such dividend equivalents are payable become vested (it being understood that no dividend equivalents will be paid with respect to Shares underlying any Restricted Stock Units that do not vest, but that dividend equivalent rights equal to the dividends declared on the Company’s Common Stock from and after the date of grant of the unvested Restricted Stock Units shall be paid as and when such Restricted Stock Units vest).

		
	4.
	Withholding Taxes:  This Award is generally taxable for purposes of United States federal income and employment taxes upon vesting based on the Fair Market Value on the date the Award (or portion thereof) vests. To the extent required by applicable federal, state or other law, you shall make arrangements satisfactory to the Company for the payment and satisfaction of any income tax, social security tax, payroll tax, payment on account or other tax related to withholding obligations that arise under this Award and, if applicable, any sale of Shares.  The Company shall not be required to issue Shares pursuant to this Award or to recognize any purported transfer of Shares until such obligations are satisfied. Unless otherwise agreed to by the Company and you, these obligations will be satisfied by the Company withholding a number of Shares that would otherwise be issued under this Award that the Company determines has a Fair Market Value sufficient to meet the tax withholding obligations.  For purposes of this Award, “Fair Market Value” is defined in Section 27(l) of the Plan.

You are ultimately liable and responsible for all taxes owed by you in connection with this Award, regardless of any action the Company takes or any transaction pursuant to this section with respect to any tax withholding obligations that arise in connection with this Award. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or settlement of this Award or the subsequent sale of any of the Shares of Common Stock underlying the Shares that vest. The Company does not commit and is under no obligation to structure this Award to reduce or eliminate your tax liability. 

5.    Disputes:  Any question concerning the interpretation of this Agreement, any adjustments to be made thereunder, and any controversy that may arise under this Agreement, shall be determined by the Committee in accordance with its authority under Section 4 of the Plan.  Such decision by the Committee shall be final and binding.

6.     Other Matters:  

(a)   The Award granted to an employee in any one year, or at any time, does not obligate the Company or any Subsidiary or other affiliate of the Company to grant an award in any future year or in any given amount and should not create an expectation that the Company (or any Subsidiary or other affiliate) might grant an award in any future year or in any given amount.

(b)   Nothing contained in this Agreement creates or implies an employment contract or term of employment or any promise of specific treatment upon which you may rely.

(c)   Notwithstanding anything to the contrary in this Agreement, the Company may reduce your Award if you change classification from a full-time employee to a part-time employee.

(d)   This Award is not part of your employment contract (if any) with the Company, your salary, your normal or expected compensation, or other remuneration for any purposes, including for purposes of computing benefits, severance pay or other termination compensation or indemnity.  

(e)   Because this Agreement relates to terms and conditions under which you may be issued Shares of Common Stock of Intuit Inc., a Delaware corporation, an essential term of this Agreement is that it shall be governed by the laws of the State of Delaware, without regard to choice of law principles of Delaware or other jurisdictions. Any action, suit, or proceeding relating to this Agreement or the Award granted hereunder shall be brought in the state or federal courts of competent jurisdiction in Santa Clara County in the State of California.

		
	(f)
	This Award, and any issuance of Shares thereunder, is intended to comply and shall be interpreted in accordance with Section 409A of the Code. Should any payments made to you in accordance with this Agreement be determined to be payments from a nonqualified deferred compensation plan, as defined by Section 409A of the Code and are payable in connection with your Separation from Service, that are not exempt from Section 409A of the Code as a short-term deferral or otherwise, these payments, to the extent otherwise payable within six (6) months after your date of Separation from Service, will be paid in a lump sum on the earlier of the date that is six (6) months after your date of Separation from Service or the date of your death.  For purposes of this Agreement, a “Separation from Service” means an anticipated permanent reduction in the level of bona fide services to twenty percent (20%) or less of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period.  For purposes of Section 409A of the Code, the payments to be made to you in accordance with this Agreement shall be treated as a right to a series of separate payments.  

		
	(g)
	Communications regarding the Plan and this Award may be made by electronic delivery through an online or electronic system established and maintained by the Company or a third party designated by the Company (currently through the Morgan Stanley StockPlan Connect website, from which you may easily access, review and print the communications posted thereon).  

This Agreement (including the Plan, which is incorporated by reference) constitutes the entire agreement between you and the Company with respect to this Award, and supersedes all prior agreements or promises with respect to the Award. Except as provided in the Plan, this Agreement may be amended only by a written document signed by the Company and you. Subject to the terms of the Plan, the Company may assign any of its rights and obligations under this Agreement, and this Agreement shall be binding on, and inure to the benefit of, the successors and assigns of the Company. Subject to the restrictions on transfer of an Award described in Section 13 of the Plan, this Agreement shall be binding on your permitted successors and assigns (including heirs, executors, administrators and legal representatives). All notices required under this Agreement or the Plan must be mailed or hand-delivered, (1) in the case of the Company, to the Company at 2632 Marine Way, Mountain View, CA 94043, or at such other address designated in writing by the Company to you, and (2) in the case of you, at the address recorded in the books and records of the Company as your then current home address. You acknowledge and agree that any such notices from the Company to you may also be delivered through the Company’s electronic mail system (prior to your Termination) or at the last email address you provided to the Company (after your Termination).

The Company has signed this Agreement effective as of the Date of Grant. 

INTUIT INC.

By: /S/ BRAD D. SMITH    
Brad D. Smith, President 
and Chief Executive Officer

INTUIT INC. AMENDED AND RESTATED 2005 EQUITY INCENTIVE PLAN GRANT AGREEMENT
Non-Qualified Stock Option
New Hire, Promotion, Retention or Focal Grant
Intuit Inc., a Delaware corporation (the “Company”), hereby grants you a stock option (“Option”), pursuant to the Company’s Amended and Restated 2005 Equity Incentive Plan (the “Plan”), to purchase shares of the Company’s Common Stock, $0.01 par value per share (“Common Stock”), as described below.  All capitalized terms in this Grant Agreement (“Agreement”) that are not defined in this Agreement have the meanings given to them in the Plan.  This Option is subject to all of the terms and conditions of the Plan, which is incorporated into this Agreement by reference.  This Agreement is not meant to interpret, extend or change the Plan in any way, or to represent the full terms of the Plan.  If there is any discrepancy, conflict or omission between this Agreement and the provisions of the Plan, the provisions of the Plan shall apply.  
Name of Participant:    ***
Number of Shares:    ***
Exercise Price Per Share:    *** 
Date of Grant:    ***    
First Vesting Date:    ***
Expiration Date:    ***

*** The above information is as shown in the Stock Options section of your Morgan Stanley StockPlan Connect website.

		
	Vesting Schedule:
	So long as you are providing services to the Company, 33 1/3% of the Shares will vest on the First Vesting Date; then 2.778% of the Shares will vest on each monthly anniversary of the first Vesting Date until 100% vested.

On your Termination, this Option will either cease to vest or, if you have been actively employed by the Company for one year or more and become Disabled or die as provided in Section 5.6 of the Plan, accelerate in full.  Vesting may also be suspended in accordance with Company policies, as described in Sections 5.3 and 5.6 of the Plan.  In the event of your Termination prior to the last Vesting Date due to your Retirement, you will vest pro-rata in a percentage of the Number of Shares equal to your number of full months of service since the Date of Grant divided by thirty-six months minus any Shares in which you already have vested, rounded down to the nearest whole Share of Common Stock. For purposes of this Award, “Retirement” means the Termination of your employment with the Company after you have reached age fifty-five (55) and completed ten full years of service with the Company (including any parent or Subsidiary).
To exercise this Option, you must follow the exercise procedures established by the Company, as described in Section 5.5 of the Plan.  This Option may be exercised only with respect to vested Shares.  Payment of the Exercise Price for the Shares may be made in cash (by check) and/or, if a public market exists for the Company’s Common Stock, by means of a Same-Day-Sale Commitment or Margin Commitment from you and an FINRA Dealer (as described in Section 10.1 of the Plan).  Upon exercise of this Option, you understand that the Company may be required to withhold taxes.
Subject to the exercise procedures established by the Company, the last day this Option may be exercised is seven years from the Date of Grant which is the Expiration Date.  If your Termination Date occurs before the Expiration Date, this Option will expire as to all unvested Shares subject to the Option on your Termination Date.  Following your Termination Date for any reason other than due to your Retirement, this Option may be exercised with respect to vested Shares during the post-termination exercise period as provided in Section 5.6 of the Plan.  Following your Termination Date due to your Retirement, this Option may be exercised with respect to vested Shares no later than twelve months after the Termination Date; provided that no portion of this Option may be exercised after the Expiration Date. To the extent this Option is not exercised before the end of the post-termination exercise period, in accordance with the exercise procedures established by the Company, the Option will expire as to all Shares remaining subject thereto.
This Agreement (including the Plan, which is incorporated by reference) constitutes the entire agreement between you and the Company with respect to this Option, and supersedes all prior agreements or promises with respect to the Option.  Except as provided in the Plan, this Agreement may be amended only by a written document signed by the Company and you.  Subject to the terms of the Plan, the Company may assign any of its rights and obligations under this Agreement, and this Agreement shall be binding on, and inure to the benefit of, the successors and assigns of the Company.   Subject to the restrictions on transfer of the Option described in Section 13 of the Plan, this Agreement shall be binding on your permitted successors and assigns (including heirs, executors, administrators and legal representatives).  Communications regarding the Plan and this Option may 

be made by electronic delivery through an online or electronic system established and maintained by the Company or a third party designated by the Company (currently through the Morgan Stanley StockPlan Connect website, from which you may easily access, review and print the communications posted thereon).  All notices required under this Agreement or the Plan must be mailed or hand-delivered, (1) in the case of the Company, to the Company at 2632 Marine Way, Mountain View, CA 94043, or at such other address designated in writing by the Company to you, and (2) in the case of you, at the address recorded in the books and records of the Company as your then current home address.  You acknowledge and agree that any such notices from the Company to you may also be delivered through the Company’s electronic mail system (prior to your Termination Date) or at the last email address you provided to the Company (after your Termination Date).
Additional information about the Plan and this Option (including certain tax consequences of exercising the Option and disposing of the Shares) is contained in the Prospectus for the Plan.  A copy of the Prospectus accompanies this Agreement and is available on the stock options pages of the Intuit intranet web site or by calling Stock Administration, at (650) 944-6000.
The Company has signed this Agreement effective as of the Date of Grant.
INTUIT INC.
    
By:  /s/  Brad D. Smith    
Brad D. Smith, President and 
Chief Executive Officer

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