Summary
Intuit Inc. (INTU) announced an agreement on October 12, 2009, with Relational Investors LLC and certain affiliates and individuals, collectively referred to as the 'Relational Group.' This agreement resolves a proxy contest and aims to bring stability to the company's board of directors. The key outcome of this agreement is the nomination of David H. Batchelder, a representative from Relational Investors, for election to Intuit's Board of Directors at the upcoming 2009 Annual Meeting of Shareholders. Upon election, Mr. Batchelder is slated to join the Board's Acquisition Committee and Compensation and Organizational Development Committee. In return, the Relational Group has withdrawn its director nominations and agreed to support Intuit's slate of nominees for the 2009 meeting, along with entering into customary standstill provisions.
Key Highlights
- 1Intuit reached an agreement with Relational Investors LLC and associated parties, resolving a director nomination dispute.
- 2David H. Batchelder will be nominated for election to Intuit's Board of Directors at the 2009 Annual Meeting.
- 3Mr. Batchelder will serve on the Board's Acquisition Committee and Compensation and Organizational Development Committee upon election.
- 4The Relational Group has withdrawn its director nominations for the 2009 Annual Meeting.
- 5The Relational Group has agreed to support Intuit's nominated directors for the 2009 Annual Meeting.
- 6Customary standstill provisions have been agreed upon, limiting certain actions by the Relational Group until 30 days prior to the notice period for the 2011 Annual Meeting.
- 7These standstill provisions include limitations on proxy solicitations, shareholder proposals, and seeking control or influence over the company's management and board.