8-KLeadership ChangesMaterial AgreementsExhibits & Filings

INTUIT INC. 8-K Report, Material Agreement (May 11, 2005)

Filed May 11, 2005For Securities:INTU

Summary

Intuit Inc. (INTU) filed an 8-K on May 10, 2005, primarily detailing significant changes in executive roles and compensation. The report announces the appointment of Robert B. ("Brad") Henske as Senior Vice President/General Manager of the Consumer Tax Group, while he continues to serve as CFO until a successor is named. This move is accompanied by an amended employment agreement, outlining a base salary of $560,000, a 60% bonus target, and a unique 12-month, tax-grossed-up $5,000 monthly relocation stipend. His severance package remains robust, offering 18 months' salary, 1.5 times target bonus, and accelerated vesting of a significant stock option grant.

Key Highlights

  • 1Robert B. ("Brad") Henske appointed Senior Vice President/General Manager of the Consumer Tax Group, retaining his CFO role temporarily.
  • 2Henske's amended employment agreement includes a base salary of $560,000 and a bonus target of 60% of base salary.
  • 3Intuit will provide Henske a $5,000 monthly relocation stipend for 12 months, tax-grossed up, with a review for the subsequent year.
  • 4Henske's severance package includes 18 months' base salary, 1.5 times target bonus, and accelerated vesting of 400,000 stock options.
  • 5Brad Smith, formerly Senior Vice President/General Manager of Consumer Tax Group, appointed Senior Vice President/General Manager of QuickBooks.
  • 6Smith's new agreement features a $500,000 base salary, 60% bonus target, and a guaranteed minimum bonus of $400,000 for FY2005.
  • 7Smith receives an enhanced relocation package (two months' salary instead of one) and potential future housing assistance negotiations.

Frequently Asked Questions

The filing reports two key executive transitions: Robert B. ("Brad") Henske has been appointed Senior Vice President/General Manager of the Consumer Tax Group, while continuing as CFO. Brad Smith has been appointed Senior Vice President/General Manager of QuickBooks.

Henske's amended employment agreement includes a base salary of $560,000, a bonus target of 60% of his base salary, a 12-month, tax-grossed-up $5,000 monthly relocation stipend, and robust severance benefits including accelerated vesting of his stock options.

Smith's new role comes with a base salary of $500,000, a 60% bonus target, a guaranteed minimum bonus of $400,000 for fiscal year 2005, an enhanced relocation package, and potential future housing assistance.

Yes, Robert B. Henske's severance package includes accelerated vesting of his 400,000 share option grant awarded in January 2003. Brad Smith has been granted a new option to purchase 100,000 shares of common stock.