Summary
This 8-K filing from Intuit Inc. on August 3, 2009, primarily details compensation decisions made by the Compensation and Organizational Development Committee on July 28, 2009. Key actions include the certification of Fiscal Year 2009 performance goals being met, leading to the approval of annual performance bonuses for senior executives under the Senior Executive Incentive Plan (SEIP). The filing also outlines the approval of Fiscal Year 2010 base salaries for these executives, notably with no increase in base pay. Furthermore, the report announces the funding for the Fiscal Year 2009 Intuit Inc. Performance Incentive Plan (IPI) for a broader employee base, totaling $80,000,000. Additionally, the Compensation Committee approved the Intuit Inc. Performance Incentive Plan for Fiscal Year 2010, a discretionary cash bonus plan. This filing provides transparency into executive and employee bonus structures and salary decisions, reflecting the company's performance and forward-looking compensation strategy.
Key Highlights
- 1Fiscal Year 2009 performance goals under the SEIP were achieved, leading to the payout of bonuses to senior executives.
- 2No increase in base salaries for any executive officers for Fiscal Year 2010.
- 3CEO Brad D. Smith received a Fiscal Year 2009 bonus of $828,000 and a Fiscal Year 2010 base salary of $800,000.
- 4CFO R. Neil Williams received a Fiscal Year 2009 bonus of $390,000 and a Fiscal Year 2010 base salary of $600,000.
- 5The Fiscal Year 2009 Intuit Inc. Performance Incentive Plan (IPI) was funded for $80,000,000 for eligible employees (excluding SEIP participants).
- 6The Intuit Inc. Performance Incentive Plan for Fiscal Year 2010 was approved, outlining a discretionary cash bonus structure.
- 7William V. Campbell, Non-Executive Chairman of the Board, received a Fiscal Year 2009 bonus of $270,000 and a Fiscal Year 2010 base salary of $180,000.