Summary
Intuit Inc. (INTU) filed an 8-K on January 22, 2008, to disclose stock trading plans adopted in December 2007 by Scott D. Cook, founder, board member, and Chairman of the Executive Committee, and the Scott Cook and Signe Ostby Charitable Foundation. These plans, effective February 2008 through December 2008, are designed to comply with Rule 10b5-1 of the Exchange Act, allowing for pre-arranged stock sales and charitable contributions by Mr. Cook's family trust without violating insider trading regulations. Specifically, Mr. Cook's family trust intends to sell up to 2,000,000 shares and contribute up to 400,000 shares to the charitable foundation over the period. The foundation itself also plans to sell the contributed shares. These transactions will be publicly reported via Form 4 filings. Investors should note that these sales are part of a pre-planned strategy and not necessarily indicative of a negative outlook on Intuit's future performance.
Key Highlights
- 1Scott D. Cook, Intuit's founder and Chairman of the Executive Committee, adopted a stock trading plan for his family trust.
- 2The family trust plans to sell up to 2,000,000 shares of Intuit common stock.
- 3The family trust also plans to contribute up to 400,000 shares to the Scott Cook and Signe Ostby Charitable Foundation.
- 4Both the family trust's selling plan and the foundation's selling plan commence in February 2008 and continue through December 2008.
- 5The plans involve quarterly sales and contributions of 500,000 and 100,000 shares, respectively.
- 6These plans are intended to comply with Rule 10b5-1, allowing for pre-scheduled stock transactions.
- 7All transactions will be publicly disclosed through Form 4 filings with the SEC.