Summary
This 8-K filing from Intuit Inc. (INTU) on July 30, 2010, primarily details the granting of stock options and restricted stock units (RSUs) to executive officers as part of their annual performance review. These awards are structured with varying vesting schedules and performance conditions, including operating income and revenue targets, as well as relative total shareholder return. The filing also announces the date for the Company's 2011 Annual Meeting of Stockholders and provides updated deadlines for submitting shareholder proposals for inclusion in proxy materials and for nominations/proposals not intended for proxy inclusion.
Key Highlights
- 1Intuit granted stock options and restricted stock units (RSUs) to executive officers on July 22, 2010.
- 2Vesting schedules for these awards vary, with some tied to performance goals (operating income, revenue) and relative shareholder return.
- 3The CEO's stock options and RSUs have longer vesting periods, extending to the fifth anniversary for some awards.
- 4The 2011 Annual Meeting of Stockholders is scheduled for January 19, 2011.
- 5The deadline for submitting shareholder proposals for inclusion in proxy materials is August 31, 2010.
- 6The deadline for submitting proposals or nominations directly to the company (outside proxy materials) is between September 1, 2010, and October 1, 2010.
Frequently Asked Questions
The primary compensation change is the granting of stock options and restricted stock units (RSUs) to executive officers on July 22, 2010. These awards have performance-based vesting conditions tied to operating income, revenue targets, and relative total shareholder return, with unique vesting schedules for the CEO.
Intuit's next Annual Meeting of Stockholders is scheduled for January 19, 2011.
For proposals intended for inclusion in Intuit's proxy materials, the deadline is August 31, 2010. For proposals or nominations not intended for proxy inclusion, shareholders must provide notice between September 1, 2010, and October 1, 2010.
The stock options generally vest over three years. The RSUs have different vesting structures: some vest annually over three years based on operating income goals; others vest based on specific operating income and revenue targets over a three-year performance period; and a third type vests based on relative total shareholder return. The CEO's awards have extended vesting periods, with some options and RSUs vesting 50% on the third and 50% on the fifth anniversaries of the grant date.