Why is Stratton D. Sclavos leaving the Board of Directors?

Mr. Sclavos is leaving the Board of Directors to focus on his extensive responsibilities at his investment firm, Radar Partners, and the increasing time demands of his other board memberships.

What are the Rule 10b5-1 trading plans adopted by Mr. Campbell and Mr. Goodarzi?

These are pre-arranged plans that allow company executives to buy or sell company stock at a future date, based on predetermined prices or other factors. They are adopted when the individual is not in possession of material, non-public information, and are designed to comply with SEC regulations for insider trading.

How many shares are involved in Mr. Campbell's and Mr. Goodarzi's trading plans?

Mr. Campbell's plan involves up to 160,000 shares of Intuit common stock, while Mr. Goodarzi's plan involves up to 120,000 shares of Intuit common stock.

When will the stock transactions under these plans occur?

For Mr. Campbell, the exercise and sale of shares will occur periodically before the options expire in July and August 2010. For Mr. Goodarzi, the transactions will occur periodically before the plan expires in July 2012, provided certain limit prices are reached. Specific transaction dates and prices will be disclosed via Form 4 filings.

INTU 8-K: Leadership Changes

Summary

Intuit Inc. (INTU) filed an 8-K on February 26, 2010, primarily detailing changes in its board of directors and executive stock trading plans. Stratton D. Sclavos will be departing the Board of Directors effective March 1, 2010, citing a need to focus on his other business commitments, including his investment firm, Radar Partners. Mr. Sclavos has served as a director since 2001. The filing also disclosed stock trading plans adopted by two key executives. William V. Campbell, Chairman of the Board, has adopted a plan to exercise and sell up to 160,000 shares of Intuit common stock from options granted in 2000 and 2003, with options expiring in July and August 2010. Additionally, Sasan K. Goodarzi, Senior Vice President and president of the Intuit Financial Institutions Division, adopted a plan in December 2009 to exercise and sell up to 120,000 shares from options granted in 2004 and 2005, with the plan expiring in July 2012. These plans are structured under Rule 10b5-1, allowing for pre-arranged stock transactions during periods when executives may not possess material non-public information.

Key Highlights

1Director Stratton D. Sclavos is departing the Intuit Board of Directors effective March 1, 2010.
2Mr. Sclavos is leaving to focus on his responsibilities at Radar Partners and other board commitments.
3Chairman of the Board, William V. Campbell, adopted a Rule 10b5-1 trading plan for up to 160,000 shares.
4Sasan K. Goodarzi, SVP and President of Financial Institutions Division, has a Rule 10b5-1 trading plan for up to 120,000 shares.
5These executive stock trading plans are designed to comply with SEC Rule 10b5-1.
6Transactions under these plans will be publicly disclosed via Form 4 filings.
7Mr. Sclavos has been a director since 2001.

INTUIT INC. 8-K Report, Executive Changes (Feb 26, 2010)

Summary

Key Highlights

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