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.