Summary
Intuit Inc. (INTU) filed an 8-K report on July 25, 2010, detailing executive compensation decisions made by its Compensation and Organizational Development Committee on July 21, 2010. The committee certified that performance goals for the Senior Executive Incentive Plan (SEIP) for Fiscal Year 2010 were achieved, leading to the approval of performance bonuses for several senior executives, including CEO Brad D. Smith. Bonus amounts were determined based on individual performance and the company's Fiscal 2010 revenue and non-GAAP operating income. The report also outlines the approved base salaries for these executives for Fiscal Year 2011. Furthermore, the filing confirms the funding of the broader Intuit Inc. Performance Incentive Plan (IPI) for Fiscal Year 2010, with an aggregate of $124 million allocated for performance bonuses to eligible employees. The committee also approved the framework for the Fiscal Year 2011 IPI, a discretionary cash bonus plan contingent on individual targets, performance, and overall company results, underscoring a continued commitment to performance-based compensation across the organization.
Key Highlights
- 1Fiscal Year 2010 performance goals for the Senior Executive Incentive Plan (SEIP) were achieved, as certified by the Compensation Committee.
- 2Performance bonuses were approved for key executives, including CEO Brad D. Smith, with amounts determined by individual performance and company financial results (revenue and non-GAAP operating income) for FY2010.
- 3Brad D. Smith, President and CEO, received a FY2010 bonus of $1,428,000 and a FY2011 base salary of $950,000.
- 4R. Neil Williams, CFO, received a FY2010 bonus of $600,000 and a FY2011 base salary of $625,000.
- 5The Intuit Inc. Performance Incentive Plan (IPI) for FY2010 was funded with $124,000,000 for bonuses to eligible employees outside the SEIP.
- 6The Compensation Committee approved the Intuit Inc. Performance Incentive Plan for Fiscal Year 2011, a discretionary cash bonus plan for employees.
- 7Additional discretionary bonuses were awarded to Kiran M. Patel ($100,000) and Sasan K. Goodarzi ($35,000) to help cover travel costs.