Document:

Registrants 2000 Directors' Option Plan, as amended

 Exhibit 10.3 
 AUTODESK, INC. 
 2000 DIRECTORS’ OPTION
PLAN1 
 1. Purposes of the
Plan. The purposes of this Directors’ Option Plan are to attract and retain highly skilled individuals as Directors of the Company, to provide additional incentive to the Outside Directors of the Company to serve as Directors, and to
encourage their continued service on the Board. 
 All options granted hereunder shall be “non-statutory stock options.”

 2. Definitions. As used herein, the following definitions shall apply: 
 (a) “Board” means the Board of Directors of the Company. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder shall include such section or regulation, any valid regulation
promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 
 (c) “Common Stock” means the Common Stock of the Company, par value $0.01 per share. 
 (d)
“Company” means Autodesk, Inc., a Delaware corporation, or any successor thereto. 
 (e) “Director” means a
member of the Board. 
 (f) “Employee” means any person, including officers and Directors, employed by the Company or any
Parent or Subsidiary of the Company. The payment of a Director’s fee or consulting fee by the Company shall not be sufficient in and of itself to constitute “employment” by the Company unless the Director and the Company agree that,
as a result of payment of such fees in connection with services rendered, such Director should not be considered an Outside Director. 
 (g)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such
section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 
 (h) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 
 (i) If the
Common Stock is listed on any established stock exchange or national market system, including without limitation the Nasdaq National Market, the Fair Market Value of a Share of Common Stock shall be the closing sale price for such stock (or the
closing bid, if no sales were reported), as quoted on such system or exchange (or, if more than one, on the exchange with the greatest volume of trading in the Company’s Common Stock) on the day of determination, as reported in The Wall
Street Journal or such other source as the Board deems reliable; 
 (ii) If the Common Stock is quoted on Nasdaq (but not on the
National Market) or regularly quoted by a recognized securities dealer, but selling prices are not reported, the Fair Market Value of a Share of Common Stock shall be the mean between the high and low asked prices for the Common Stock on the date of
determination, as reported in The Wall Street Journal or such other source as the Board deems reliable, or; 
  

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	 As amended by the Board of Directors on March 13, 2008 and approved by the stockholders on
        , 2008. 

  

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 (iii) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall
be determined in good faith by the Board. 
 (i) “Option” means an option to purchase Common Stock granted pursuant to the
Plan. 
 (j) “Optioned Stock” means the Common Stock subject to an Option. 
 (k) “Outside Director” means a Director who is not an Employee. 
 (l) “Parent” means a “parent corporation”, whether now or hereafter existing, as defined in Section 424(e) of the Code.

 (m) “Participant” means the holder of an outstanding Option or Restricted Stock Award granted under the Plan. 

(n) “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and
therefore, the Shares are subject to a substantial risk of forfeiture. 
 (o) “Plan” means this 2000 Directors’ Option
Plan, as set forth in this instrument and as hereafter amended from time to time. 
 (p) “Qualified Retirement” means a
retirement from the Board after the retiring Director either (i) has attained 62 years of age and has served on the Board for at least five (5) years, or (ii) has served on the Board for at least ten (10) years. 
 (q) “Restricted Stock” means an award granted to an Outside Director in accordance with Section 4(c) of this Plan. 
 (r) “Restricted Stock Award” means the Company’s grant of Restricted Stock pursuant to Section 4(c) of the Plan. 

(s) “Share” means a share of the Common Stock, as adjusted in accordance with Section 11 of the Plan. 
 (t) “Subsidiary” means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the
Code. 
 3. Stock Subject to the Plan. Subject to the provisions of Section 11 of the Plan, the maximum aggregate number of
Shares which may be issued under the Plan is 3,300,2842 Shares (the “Pool”) of Common Stock. The Shares may be authorized, but unissued,
or reacquired Common Stock. Effective as of September 2, 2005, the number of Shares that may be issued hereunder after such date as Restricted Stock shall not exceed 124,300 Shares. 
 If an Option expires or becomes unexercisable without having been exercised in full, the unpurchased Shares which were subject thereto shall become
available for future grant or sale under the Plan (unless the Plan has terminated). If Shares are forfeited to the Company pursuant to a Restricted Stock agreement, such Shares shall be returned to the Plan and shall become available for reissuance
under the Plan, unless the Plan shall have been terminated. However, such Shares shall not return to the Plan if the persons to whom they were originally issued receive the benefits of ownership of such Shares (other than voting), as such concept is
interpreted from time to time by the Securities and Exchange Commission in the context of Rule 16b-3. Shares used to pay the exercise price of an Option or to satisfy tax withholding obligations shall not become available for future grant or
sale under the Plan. 
  

	2	As amended by the Board of Directors on March 13, 2008. If not approved by the Company’s stockholders on June 12, 2008, this number will remain as 2,700,284.

  

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 4. Administration of and Grants under the Plan. 
 (a) Administration. Except as otherwise required herein, the Plan shall be administered by the Board. All grants of Options and Restricted Stock to
Outside Directors under this Plan shall be automatic and nondiscretionary and shall be made strictly in accordance with the following provisions: 
 (b) Option Grants. 
 (i) No person shall have any discretion to select which Outside Directors shall be granted Options or
to determine the number of Shares to be covered by Options granted to Outside Directors. 
 (ii) Each Outside Director who joins the Board
on or after March 16, 2000 shall be automatically granted an Option to purchase 50,000 Shares (the “Initial Option”) upon the date of the first meeting of the Board at which such person first serves as a Director (which shall be
(i) in the case of a Director elected by the stockholders of the Company, the first meeting of the Board after the meeting of stockholders at which such Director was elected or (ii) in the case of a Director appointed by the Board to fill
a vacancy, the meeting of the Board at which such Director is appointed); provided, however, that no Option shall become exercisable under the Plan until stockholder approval of the Plan has been obtained in accordance with Section 17 hereof.

 (iii) On the date of each annual stockholder meeting (an “Annual Meeting”) during the term of this Plan, each Outside Director
shall automatically receive an additional Option to purchase 20,000 Shares (the “Annual Option”), provided that (1) the Annual Option shall be granted only to an Outside Director who has served on the Board for at least six full
months prior to the date of grant and (2) the grant of an Annual Option shall be subject to the person’s continued service as an Outside Director. 
 (iv) The terms of each Option granted hereunder shall be as follows: 
 (1) Each Option shall terminate, if
not previously exercised or otherwise terminated, on a date six (6) years after the date of grant. 
 (2) Each Option shall be
exercisable only while the Outside Director remains a Director of the Company, except as set forth in Section 8 hereof. 
 (3) The
exercise price per Share of each Option shall be 100% of the Fair Market Value per Share on the date of grant of the Option. 
 (4) Each
Initial Option shall become exercisable in installments cumulatively as 34%, 33% and 33%, respectively, of the Optioned Stock, on each of the three (3) succeeding years on the anniversary of such Option’s date of grant, for a total vesting
period of approximately three (3) years, provided that the Director continues to serve on the Board on such dates. 
 (5) Each Annual
Option shall become fully exercisable on the date of the Company’s next Annual Meeting for a total vesting period of approximately one (1) year, provided that the Director continues to serve on the Board on such date. 
 (v) In the event that any Option granted under the Plan would cause the number of Shares subject to outstanding Options plus the number of Shares
previously purchased upon exercise of Options and the number of Shares issued pursuant to Restricted Stock Awards to exceed the Pool, then each such automatic grant shall be for that number of Shares determined by dividing the total number of Shares
remaining available for grant by the number of Outside Directors on the automatic grant date. No further grants shall be made until such time, if any, as additional Shares become available for grant under the Plan through action of the stockholders
to increase the number of Shares which may be issued under the Plan or through cancellation or expiration of Options previously granted hereunder. 
  

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 (c) Restricted Stock Awards. 
 (i) No person shall have any discretion to select which Outside Directors shall receive Restricted Stock Awards or to determine the number of Shares to
be covered by Restricted Stock awarded to Outside Directors; provided, however, that nothing in this Plan shall be construed to prevent an Outside Director from irrevocably declining to receive a Restricted Stock Award under this Plan. 

(ii) On the date of each Annual Meeting during the term of this Plan, each Outside Director shall automatically receive a Restricted Stock Award for
that number of Shares determined by dividing (1) the product of (a) fifty percent (50%) of the cash value of his or her annual retainer as a Director multiplied by (b) 1.2, by (2) the Fair Market Value of a Share on that
date, rounded to the nearest whole Share, provided that on the date of grant of any such Restricted Stock Award such person is an Outside Director; and provided further that sufficient Shares are available under the Plan for the grant of such
Restricted Stock Award. 
 (iii) On or before December 31 of the calendar year prior to each Annual Meeting during the term of this
Plan, each Outside Director may make an election (the “Election”) to receive any or all of the remaining cash balance of his or her annual retainer that will be earned for services performed as a Director in calendar years after the
calendar year in which the election is made in the form of a Restricted Stock Award. The Election must be in writing and delivered to the Secretary of the Company on or prior to December 31 of the calendar year prior to such Annual Meeting. Any
Election made by an Outside Director pursuant to this subsection 4(c)(iii) shall be irrevocable and shall comply with Section 409A of the Code to the extent applicable unless otherwise determined by the Board. Effective as of the Annual
Meeting, the Outside Director shall receive a Restricted Stock Award for that number of Shares determined by dividing (1) the product of (a) the amount of his or her annual retainer as a Director covered by the Election, multiplied by
(b) 1.2, by (2) the Fair Market Value of a Share on that date, rounded to the nearest whole Share, provided that on the date of grant of any such Restricted Stock Award such person is an Outside Director; and provided further that
sufficient Shares are available under the Plan for the grant of such Restricted Stock Award. 
 (iv) The terms of a Restricted Stock Award
granted hereunder shall be as follows: 
 (1) the purchase price shall be $.01 per Share (the par value of the Company’s Common Stock)
and shall be deemed paid by services rendered by the Director (except as otherwise determined by the Board and set forth in the applicable Restricted Stock agreement); and 
 (2) Subject to Sections 9(d) and 11(c), Restricted Stock shall vest on the date of the following year’s Annual Meeting of Stockholders of the
Company, provided that the Participant is an Outside Director on such date. 
 (d) Powers of the Board. Subject to the provisions and
restrictions of the Plan, the Board shall have the authority, in its discretion: (i) to determine, upon review of relevant information and in accordance with Section 2(h) of the Plan, the Fair Market Value of the Common Stock; (ii) to
construe and interpret the terms of the Plan and Options and Restricted Stock Awards granted hereunder; (iii) to prescribe, amend and rescind rules and regulations relating to the Plan; (iv) to approve forms of agreement for use under the
Plan; (v) to authorize any person to execute on behalf of the Company any instrument required to effectuate the grant of an Option or Restricted Stock Award previously granted hereunder; (vi) to modify or amend each Option or Restricted
Stock Award (not inconsistent with the terms of the Plan), including the discretionary authority to extend the post-termination exercisability period of Options; and (vii) to make all other determinations deemed necessary or advisable for the
administration of the Plan. 
 (e) Effect of Board’s Decision. All decisions, determinations and interpretations of the Board
shall be final and binding on all Participants and any other holders of Options or Restricted Stock Awards and shall be given the maximum deference permitted by law. 
  

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 5. Eligibility. Options and Restricted Stock Awards may be granted only to Outside Directors. All
Options shall be automatically granted in accordance with the terms set forth in Section 4(b) and all Restricted Stock Awards shall be automatically granted in accordance with the terms set forth in Section 4(c). 
 The Plan shall not confer upon any Participant any right with respect to continuation of service as a Director or nomination to serve as a Director, nor
shall it interfere in any way with any rights which the Director or the Company may have to terminate his or her directorship at any time. 
 6. Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the Board or its approval by the stockholders of the Company as described in Section 17 of the Plan. It shall continue in effect for a
term of ten (10) years unless sooner terminated under Section 12 of the Plan. 
 7. Option Exercise Price and Consideration.

 (a) Exercise Price. The per Share exercise price for Optioned Stock shall be 100% of the Fair Market Value per Share on the date of
grant of the Option. 
 (b) Form of Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option
may consist of (i) cash, (ii) check, (iii) other Shares which, in the case of Shares acquired upon exercise of an Option, either have been owned by the Participant for more than six (6) months on the date of surrender or were not
acquired, directly or indirectly, from the Company, and have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised, (iv) any combination of the foregoing
methods; or (vi) such other consideration and method of payment for the issuance of Shares to the extent permitted by applicable law; provided however, that in no case will loans be permitted as consideration for exercising an Option hereunder.

 (c) No Repricing. The per Share exercise price for Optioned Stock may not be reduced without the consent of the Company’s
stockholders. This shall include, without limitation, a repricing of the Optioned Stock as well as an Option exchange program whereby the Participant agrees to cancel an existing Option in exchange for an Option, a Restricted Stock Award, cash, or a
combination thereof. 
 8. Exercise of Option. 
 (a) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder shall be exercisable at such times as are set forth in Section 4(b) hereof. 
 An Option may not be exercised for a fraction of a Share. 
 An Option shall be deemed to be exercised when the Company receives: (i) written or electronic notice of such exercise (in accordance with the Option agreement) from the person entitled to exercise the Option and
(ii) full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method of payment allowable under Section 7(b) of the Plan. Until the issuance (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect
to the Optioned Stock, notwithstanding the exercise of the Option. A share certificate for the number of Shares so acquired shall be issued to the Participant as soon as practicable after exercise of the Option. No adjustment will be made for a
dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 11 of the Plan. 
 Except as otherwise provided in Section 3, exercise of an Option in any manner shall result in a decrease in the number of Shares which thereafter may be available, both for purposes of the Plan and for sale
under the Option, by the number of Shares as to which the Option is exercised. 
  

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 (b) Rule 16b-3. Options granted to Outside Directors must comply with the applicable provisions of
Rule 16b-3 promulgated under the Exchange Act or any successor thereto and shall contain such additional conditions or restrictions as may be required thereunder to qualify for the maximum exemption from Section 16 of the Exchange Act with
respect to Plan transactions. 
 (c) Termination of Status as a Director. If an Outside Director ceases to serve as a Director, he
may, but only within seven (7) months after the date he ceases to be a Director of the Company, exercise his Option to the extent that he was entitled to exercise it at the date of such termination; provided, however, that if an
Outside Director ceases to serve as a Director upon a Qualified Retirement, then he may, but only within three (3) years after the date he ceases to be a Director of the Company, exercise his Option to the extent he was entitled to exercise it
at the date of such Qualified Retirement. Notwithstanding the foregoing, in no event may the Option be exercised after its term has expired. To the extent that the Director was not entitled to exercise an Option at the date of such termination, or
if he does not exercise such Option (which he was entitled to exercise) within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 (d) Disability of Participant. Notwithstanding the provisions of Section 8(c) above, in the event a Participant is unable to continue his
service as a Director as a result of his total and permanent disability (as defined in Section 22(e)(3) of the Code), he may, but only within twelve (12) months from the date of termination, exercise his Option to the extent he was
entitled to exercise it at the date of such termination. Notwithstanding the foregoing, in no event may the Option be exercised after its term has expired. To the extent that he was not entitled to exercise the Option at the date of termination, or
if he does not exercise such Option (which he was entitled to exercise) within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
 (e) Death of Participant. In the event of the death of a Participant during the term of an Option, the Option shall become fully exercisable,
including as to Shares for which it would not otherwise be exercisable and may be exercised, at any time within twelve (12) months following the date of death, by the Participant’s estate or by a person who acquired the right to exercise
the Option by bequest or inheritance. Notwithstanding the foregoing, in no event may the Option be exercised after its term has expired. To the extent the Option is not exercised within the time specified herein, the Option shall terminate, and the
Shares covered by such Option shall revert to the Plan. 
 9. Restricted Stock. 
 (a) Restricted Stock Agreement. Following the grant of a Restricted Stock Award in accordance with Section 4(c), the Board shall provide the
Participant with a Restricted Stock agreement, in such form as the Board shall approve, specifying the number of Shares granted, the Period of Restriction, and such other terms, conditions and restrictions relating to the Restricted Stock Award.
Unless the Board determines otherwise, Shares of Restricted Stock shall be held by the Company as escrow agent until the restrictions on such Shares have lapsed. 
 (b) Rights as a Stockholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing
Restricted Stock, no right to vote or to receive dividends or any other rights as a stockholder shall exist with respect to Shares of Restricted Stock. A share certificate for the number of Shares of Restricted Stock granted shall be issued to the
Participant as soon as practicable after the date of grant of the Restricted Stock Award. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in
Section 11 of the Plan. 
 (c) Removal of Restrictions. Shares of Restricted Stock covered by each Restricted Stock Award made
under the Plan shall be released from escrow as soon as practicable after the last day of the Period of Restriction. The Board, in its discretion, may accelerate the time at which any restrictions shall lapse or be removed. After the 

  

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restrictions have lapsed, the Participant shall be entitled to have any legends removed from his or her Share certificate, and the Shares shall be freely
transferable by the Participant. The Board (in its discretion) may establish procedures regarding the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on the Company.

 (d) Termination of Status as a Director. In the event a Participant ceases to be a Director prior to vesting (other than by reason
of the Participant’s death), any unvested Shares of Restricted Stock shall be forfeited by the Participant without any consideration therefor. 
 (e) Death. In the event a Participant ceases to be a Director by reason of the Participant’s death, the Participant’s Restricted Stock shall become fully vested as of the date of death. 
 (f) Shares Available Under the Plan. Except as otherwise provided in Section 3 hereof, the grant of a Restricted Stock Award as provided
hereunder shall result in a decrease in the number of Shares that thereafter shall be available under the Plan, by the number of Shares of Restricted Stock subject thereto. On the date set forth in the Restricted Stock agreement, the Restricted
Stock for which restrictions have not lapsed shall revert to the Company and again shall become available for grant under the Plan. 
 (g)
Rule 16b-3. Restricted Stock Awards to Outside Directors must comply with the applicable provisions of Rule 16b-3 of the Exchange Act and shall contain such additional conditions or restrictions as may be required thereunder to qualify Plan
transactions, and other transactions by Outside Directors that could be matched with Plan transactions, for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions. 
 10. Non-Transferability of Options and Restricted Stock Awards. Unless otherwise determined by the Board, Options and Restricted Stock Awards may
not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution. Options may be exercised, during the lifetime of the Participant, only by the Participant. If the
Board makes an Option or Restricted Stock Award transferable, such award shall contain such additional terms and conditions as the Board deems appropriate; provided, however, that such award shall in no event be transferable for value.
Notwithstanding the foregoing, a Participant may, if the Board (in its discretion) so permits, transfer an Option or Restricted Stock Award granted on or after March 13, 2008 to an individual or entity other than the Company. Any such transfer
shall be made in accordance with such procedures as the Board may specify from time to time. 
 11.
Adjustments Upon Changes in Capitalization, Dissolution, Merger, Asset Sale or Change of Control. 
 (a) Changes
in Capitalization. Subject to any required action by the stockholders of the Company, the number of Shares covered by each outstanding Option and Restricted Stock Award, the number of Shares which have been authorized for issuance under the Plan
but as to which no Options or Restricted Stock Awards have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option or forfeiture of Restricted Stock, as well as the price per Share covered by each such
outstanding Option, as applicable, shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a stock split, spin off, reverse stock split, stock dividend, combination or reclassification of the
Common Stock, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been
“effected without receipt of consideration.” Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by
reason thereof shall be made with respect to, the number or price of Shares subject to an Option or Restricted Stock Award. 
 (b)
Dissolution or Liquidation. In the event of a proposed dissolution or liquidation of the Company, Options and Restricted Stock (other than Restricted Stock granted in accordance with Section 4(c)(iii) on or after 

  

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March 13, 2008) shall become fully vested and, in the case of Options, fully exercisable, including as to Shares as to which it would not otherwise be
exercisable. To the extent an Option remains unexercised at the time of the dissolution or liquidation, the Option shall terminate. 
 (c)
Merger or Asset Sale. In the event of (i) a merger of the Company with or into another corporation, other than a merger which would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such
surviving entity or its parent outstanding immediately after such merger or (ii) the sale of substantially all of the assets of the Company, Restricted Stock shall fully vest and outstanding Options may be assumed or equivalent options may be
substituted by the successor corporation or a parent or subsidiary thereof (the “Successor Corporation”). If an Option is assumed or substituted for, the Option or equivalent option shall continue to be exercisable as provided in
Section 4 hereof for so long as the Participant serves as a Director or a director of the Successor Corporation. Following such assumption or substitution, if the Participant’s status as a Director or director of the Successor Corporation,
as applicable, is terminated other than upon a voluntary resignation by the Participant, the Option or option shall become fully exercisable, including as to Shares for which it would not otherwise be exercisable. Thereafter, the Option or option
shall remain exercisable in accordance with Sections 8(c) through (e) above. 
 If the Successor Corporation does not assume an
outstanding Option or substitute for it an equivalent option, the Option shall become fully vested and exercisable, including as to Shares for which it would not otherwise be exercisable. In such event the Board shall notify the Participant that the
Option shall be fully exercisable for a period of thirty (30) days from the date of such notice, and upon the expiration of such period the Option shall terminate. 
 For the purposes of this Section 11(c), an Option shall be considered assumed if, following the merger or sale of assets, the Option confers the right to purchase or receive, for each Share of Optioned Stock
subject to the Option immediately prior to the merger or sale of assets, the consideration (whether stock, cash, or other securities or property) received in the merger or sale of assets by holders of Common Stock for each Share held on the
effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares). 
 12. Amendment and Termination of the Plan. 
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend, or discontinue the Plan, but no amendment, alteration, suspension, or discontinuation shall be made which would impair the rights of any Participant
under any grant theretofore made, without his or her consent. In addition, to the extent necessary and desirable to comply with any applicable law or regulation, the Company shall obtain stockholder approval of any Plan amendment in such a manner
and to such a degree as required. 
 (b) Effect of Amendment or Termination. Any such amendment or termination of the Plan shall not
impair the rights of any Participant under Options or Restricted Stock already granted without his or her consent and, in the absence of such consent, such Options and Restricted Stock shall remain in full force and effect as if this Plan had not
been amended or terminated. 
 13. Time of Granting Options or Restricted Stock Awards. The date of grant of an Option or Restricted
Stock Award shall, for all purposes, be the date determined in accordance with Section 4 hereof. Notice of the determination shall be given to each Outside Director to whom an Option or Restricted Stock Award is so granted within a reasonable
time after the date of such grant. 
 14. Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of
an Option or grant of a Restricted Stock Award unless the exercise of such Option or grant of such Restricted Stock Award and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, 

  

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including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, state securities
laws, and the requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 As a condition to the exercise of an Option or receipt of Shares under a Restricted Stock Award, the Company may require the person exercising such Option
or receiving Shares of Restricted Stock to represent and warrant at the time of any such exercise or receipt that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares, if, in the
opinion of counsel for the Company, such a representation is required by any of the aforementioned relevant provisions of law. 
 Inability of
the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability
in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
 15.
Reservation of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 16. Agreements. Options and Restricted Stock Awards shall be evidenced by written agreements in such form as the Board shall approve. 

17. Stockholder Approval. Continuance of the Plan shall be subject to approval by the stockholders of the Company at or prior to the first
annual meeting of stockholders held subsequent to the adoption of the Plan. Such stockholder approval shall be obtained in the degree and manner required under applicable state and federal law. 
 18. Successors. All obligations of the Company under the Plan, with respect to Options and Restricted Stock Awards granted hereunder, shall be
binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company. 

19. Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the
plural shall include the singular and the singular shall include the plural. 
 20. Severability. In the event any provision of the
Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 21. Governing Law. The Plan and all award agreements shall be construed in accordance with and governed by the laws of the State of
California (with the exception of its conflict of laws provisions). 
 22. Captions. Captions are provided herein for convenience
only, and shall not serve as a basis for interpretation or construction of the Plan. 
  

 9Long Term Growth Plan

 Exhibit 10.1 
 

 
 PARTICIPANT MEMORANDUM 
 Universal Orlando 
 Long-Term Growth Plan 
  

	1.	Participants/Eligibility 

  

	 	1.1.	Selected key employees of Universal Orlando (“UO”) or Universal Parks & Resorts (“UPR”) (jointly, the “Company”) are eligible to participate
in the Universal Orlando Long-Term Growth Plan (the “Plan”). Eligibility will be limited to: (a) UO Executive Committee members; (b) UO business unit heads; and (c) select UO and USRG executives who, by nature of their
position, can and do have measurable impact upon the results and growth of UO. The initial list of participants is attached hereto as Attachment B. 

  

	 	1.2.	Plan will not be subject to ERISA, nor qualified under Section 401(a) of the Internal Revenue Code (the “Code”). Plan will commence on January 1, 2008.

  

	2.	Purpose 

 The purpose of the Plan is to provide
selected key employees the opportunity to benefit from the growth in value of Universal Orlando, thus providing an increased incentive for those employees to contribute to the future success and prosperity of UO, enhancing the value of UO for the
benefit of UO’s partners, and increasing the ability of UO to attract and retain key executives of exceptional skill. 
  

	3.	Administration 

  

	 	3.1.	Except as otherwise provided, the UO Park Advisory Board (the “Board”) or such other persons designated by the Board administers the Plan and has full power to grant
participation (“Awards”), construe and interpret the Plan, establish and amend rules and regulations for its’ administration, and perform all other acts relating to the Plan that it believes reasonable and proper.

  

	 	3.2.	After inception, no additional participants may be added to the Plan nor may any additional VARs (as defined below) be granted, except with the unanimous approval of a 3-member
subcommittee of the Board, consisting of one representative of each partner of UO (initially, Michael Chae representing Blackstone and Ron Meyer representing NBCU) and one representative of the participants (Tom Williams). 

 

 Page 1 of 5 

	4.	Awards 

  

	 	4.1.	Participation in the Plan will be granted to selected key executives as defined above. Any such employee who has been selected by the Board to participate is herein referred to as a
“Participant”. 

  

	 	4.2.	Under the Plan, each Participant will be granted value appreciation rights (“VARs”). The value of such VARs will be determined as defined below. All awards under the Plan
will be paid in cash. 

  

	5.	VAR 

  

	 	5.1.	The value of a VAR will, in general, be based upon the growth in market value of the equity ownership interests of the ownership partners (NBCU and the Blackstone Group, the
“Partners”) in UO. A pool will be established for valuing the VARs (the “Pool”). The Pool will be equal to 2% of the growth in Equity Value (defined as total market value of UO less outstanding debt). The initial equity value
(“Initial Equity Value”) will be set as of January 1, 2008 and will be as detailed in Attachment A hereto. 

  

	 	5.2.	The value of a VAR will be determined by the following formula: 

  

							
	VAR $ Value	  	=	  	 Total Pool $ Value
	  	
		  		  	Total Number of VARs outstanding	  	

  

	6.	Exercise 

  

	 	6.1.	Each VAR will be triggered and automatically become exercisable and payable to a Participant upon the earlier of: 

  

	 	(a)	Six months after a change in ownership interest of UO (defined as any event, change, sale, or other activity that results in any ownership structure of UO wherein NBCU (or its’
successor) ceases to hold at least 50% ownership of UO); 

  

	 	(b)	January 1, 2011 (the “Exercise Date”). 

  

	 	6.2.	In the event that payment is triggered under the Plan due to 6.1 (a) above (a change in ownership interest), the value of the Pool shall be equal to 2% of the difference
between: 

  

	 	(a)	Total Market Value of UO realized in such change of ownership, less outstanding debt; and 

  

 Page 2 of 5 

	 	(b)	The Initial Equity Value pursuant to Section 5.1 

 If
less than 100% of the ownership interest of UO changes, then the value of the interest sold shall be used as a proxy to calculate the total market value of UO for purposes of the calculation in Section 6.2. 
  

	 	6.3.	In the event that payment is triggered under the Plan pursuant to Section 6.1(b) above (no change in ownership), then the value of the Pool shall be equal to 2% of the
difference between: 

  

	 	(a)	EBITDA for the 12 month fiscal period ending on or about December 31, 2010 times 9.93, less outstanding debt as of December 31, 2010: and 

  

	 	(b)	The Initial Equity Value pursuant to Section 5.1 

  

	 	6.4.	In the event that VARs become triggered and exercisable pursuant to Section 6.1 (b) above (no change in ownership), then no participant may receive a payout under the Plan
greater than an amount equal to their total compensation (defined as their base salary plus annual incentive plan target award) as of the Exercise Date, multiplied by: 

  

				
	 In the case of:
	  	Factor	 
	 Vice Presidents
	  	50	%
	 Senior Vice Presidents / Executive Vice Presidents
	  	100	%
	 President & above
	  	150	%

  

	 	6.5.	In the event of a change in ownership interest in UO, no participant may receive any payment hereunder unless the participant remains actively employed by UO or any successor entity
for six (6) months after said change in ownership; provided that this provision does not apply to any participant who (a) is involuntarily terminated by UO or any successor entity within said six months period or (b) any participant
covered by the provisions of Sections 7.2 or 7.3 herein. 

  

	7.	Death or Termination of Employment; Assignment 

 Each award is, during a Participant’s lifetime, payable only to the Participant, and neither it nor any right under the Plan is transferable, assignable or subject to attachment, execution or similar process. 
  

	 	7.1.	If a Participant ceases to be employed by UO or UPR, other than by reason of Retirement, Disability, Termination (other than Termination for Cause) (each as defined below) or Death,
any participation in the Plan, and any VARs granted to Participant will be cancelled, and all rights under the Plan will terminate on the date of cessation of employment. 

  

 Page 3 of 5 

	 	7.2.	If a Participant ceases to be employed by reason of Retirement, Disability, or Termination (other than Termination for Cause), any VARs held by Participant shall continue under the
Plan, except that the participant’s service period will be pro-rated by the following pro-ration calculation: 

 Step 1:

 Participants’ active employment (in months) from Jan. 1, 2008 to date of cessation of employment 
 Period between Jan. 1, 2008 and the Exercise Date (in months) 
 Step 2: 
 Final Calculated Non Pro-rated Payout multiplied by Result of Step 1 
 Provided, that in the event of cessation of employment due to Termination (other than Termination for Cause), no Participant will be allowed to continue
under the Plan or receive any payout or award there under unless they have been an active participant in the Plan for at least 9 months. 
  

	 	7.3.	If a Participant dies while employed by the Company, or at any time after cessation of employment by reason of Retirement, Disability or Termination (other than Termination for
Cause), any VARs held by the Participant shall continue under the Plan, except that the participant’s service period will be pro-rated by the following pro-ration calculation: 

 Step 1: 
 Participants’ active
employment (in months) from Jan. 1, 2008 to date of cessation of employment 
 Period between Jan. 1, 2008 and the Exercise Date (in
months) 
 Step 2: 
 Final
Calculated Non Pro-rated Payout multiplied by Result of Step 1 
 Such award will be payable to the person or persons to whom the
Participants’ rights under the Plan shall pass by will or by applicable laws of descent and distributions. 
  

	 	7.4.	If a Participant is added to the Plan after the initial grant of VARs, the value of their VAR’s will be pro-rated by multiplying the value of the VARs held by the following
pro-ration calculations: 

 Participants’ active employment (in months) from date of participation in Plan to Exercise
Date 
 Period between Jan. 1, 2008 and the Exercise Date (in months) 
  

	 	7.5.	If a Participants VAR grants are changed after the initial grant of VAR’s, the number of VAR grants for each period will be pro-rated multiplying the number of grants in each
period by the following pro-ration calculations: 

 Participants’ initial grant period (in months) from date of
participation to new VAR Grant Date 
 Period between Jan. 1, 2008 and the Exercise Date (in months) 
 – and – 
 Participants’ new
VAR Grant Date period (in months) from date of new VAR Grant to Exercise Date 
 Period between Jan. 1, 2008 and the Exercise Date (in
months) 
  

 Page 4 of 5 

	 	7.6.	For purposes hereof, “Retirement” means separation from service with the Company on or after the attainment of age 65 or, with the prior written consent of the Company,
retirement at an earlier age. “Disability” means inability to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that constitutes a permanent and total disability, as defined in
Section 22(e)(3) of the Code. The determination whether a Participant has suffered a Disability shall be made by the Board based upon such evidence as it deems necessary and appropriate. “Termination” means any involuntary termination
of employment other than Termination for Cause. “Termination for Cause” means termination of employment with the Company due to insubordination, willful misconduct, willful failure to implement corrective actions, misappropriation of any
funds or property of the Company, unreasonable neglect or refusal to perform duties assigned during employment or the conviction of a felony. 

  

	8.	Amendment and Termination of the Plan 

 At any time,
or from time to time, the Board may suspend or terminate the Plan in whole or in part or amend it in such respects as it may deem appropriate; provided, however, that no amendment, suspension or termination of the Plan may, without the
Participant’s consent, impair any of the rights or obligations under any VAR previously granted to a Participant. 
  

	9.	Miscellaneous 

 The right of the Company to
terminate at will (whether by dismissal, discharge or otherwise) a Participant’s employment with it at any time is specifically reserved. 
 The Company makes no representations regarding income tax treatment of Participants, and a Participant is solely responsible for any and all taxes or tax penalties arising from Plan participation. Each Participant is urged to consult with
his or her own tax adviser regarding taxation of Plan benefits. 
  

 Page 5 of 5

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