Summary
Intuit Inc. (INTU) filed an 8-K on June 24, 2010, to disclose a pre-arranged stock trading plan adopted by Kiran M. Patel, Executive Vice President of the Small Business Group. This plan allows for the exercise and sale of up to 850,000 shares of Intuit common stock, originally granted under a 2005 stock option that expires in October 2012. The trading plan is designed to comply with Rule 10b5-1 of the Exchange Act, enabling Mr. Patel to sell shares periodically before the plan's September 2012 expiration, contingent on reaching specified limit prices. This type of plan is typically adopted by executives to diversify their holdings or manage liquidity without trading on material non-public information.
Key Highlights
- 1Kiran M. Patel, EVP Small Business Group, adopted a Rule 10b5-1 trading plan.
- 2The plan allows for the exercise and sale of up to 850,000 Intuit common stock shares.
- 3The shares are issuable under a stock option granted in 2005, expiring in October 2012.
- 4The plan enables periodic exercise and sale of shares before its September 2012 expiration.
- 5Sales are subject to reaching certain pre-defined limit prices.
- 6The plan complies with SEC Rule 10b5-1, permitting pre-scheduled trades when not in possession of material non-public information.
- 7Transactions under the plan will be reported on Form 4 filings.