Summary
This 8-K filing from Intuit Inc. (INTU) primarily announces the establishment of the threshold performance goal for its Senior Executive Incentive Plan (SEIP) for fiscal year 2009. The goal is based on a specified revenue target that must be achieved for executive officers to be eligible for bonuses. This action aligns executive compensation with company performance, a practice approved by stockholders in December 2007, aiming to motivate, reward, and retain top talent. The SEIP allows for a maximum bonus payout of $5 million per participant. If the revenue threshold is met, the Compensation Committee will determine individual bonus amounts based on other appropriate performance criteria. This filing provides transparency on how executive compensation is structured and linked to the company's financial objectives, particularly in anticipation of the fiscal year ending July 31, 2009.
Key Highlights
- 1Intuit Inc. established the threshold performance goal for its Fiscal Year 2009 Senior Executive Incentive Plan (SEIP).
- 2The performance goal is tied to a specific revenue target for the fiscal year ending July 31, 2009.
- 3Executive officers are eligible for bonuses under the SEIP only if the established revenue threshold is met.
- 4The SEIP was previously approved by Intuit stockholders in December 2007.
- 5The Compensation Committee of the Board of Directors is responsible for setting and evaluating performance goals.
- 6The maximum bonus payout per participant under the SEIP is $5 million.
- 7Individual bonus amounts, if the threshold is met, will be determined by the Compensation Committee based on additional performance criteria.