Summary
This 8-K filing from Intuit Inc. (INTU) on February 28, 2007, primarily details a share repurchase transaction involving the company's President and CEO, Stephen M. Bennett. Intuit repurchased 5,362 shares of its common stock from Mr. Bennett at the closing market price on February 27, 2007. The total value of the repurchase was approximately $158,071.76. The primary purpose of this transaction was to facilitate the satisfaction of Mr. Bennett's federal, state, and Medicare tax withholding obligations. These obligations arose from the vesting of 15,000 shares of Intuit Common Stock previously awarded to him under a new-hire restricted stock award from January 2000. The funds from the repurchase were directly remitted to the taxing authorities to cover these withholding requirements.
Key Highlights
- 1Intuit Inc. repurchased 5,362 shares of its common stock from CEO Stephen M. Bennett.
- 2The repurchase price was $29.48 per share, equivalent to the closing market price on February 27, 2007.
- 3The aggregate repurchase price amounted to $158,071.76.
- 4The transaction was to satisfy Mr. Bennett's tax withholding obligations.
- 5The shares repurchased were related to the vesting of 15,000 restricted stock awards granted in January 2000.
- 6The full repurchase amount was used to cover federal, state, and Medicare tax withholdings.
- 7The Share Repurchase Agreement between Intuit and Stephen M. Bennett is filed as an exhibit.