Summary
This Form 8-K filing by Intuit Inc. on January 4, 2011, primarily reports on stock trading plans adopted by key executives and related entities in December 2010. Specifically, Chairman William V. Campbell adopted a plan to exercise and sell up to 100,000 shares of Intuit common stock under options granted in 2001, which are set to expire in April 2011. These transactions are intended to be executed by a brokerage firm at predetermined minimum prices. Additionally, Scott D. Cook, founder and board member, along with his family trust and related annuity trusts, adopted a comprehensive trading plan. This plan allows for the sale of up to 2,018,360 shares and the contribution of up to 400,000 shares to the Valhalla Charitable Foundation between February and December 2011, contingent upon reaching certain price limits. The Valhalla Charitable Foundation also has a separate plan to sell up to 400,000 shares contributed by Mr. Cook's trusts. All these plans are structured to comply with Rule 10b5-1 of the Exchange Act, ensuring that trades are executed when the individuals are not in possession of material non-public information.
Key Highlights
- 1Chairman William V. Campbell adopted a Rule 10b5-1 trading plan to sell up to 100,000 Intuit shares through option exercises before April 2011 expiration.
- 2Founder Scott D. Cook, his family trust, and grantor annuity trusts adopted a Rule 10b5-1 plan.
- 3The Cook-related plans allow for the sale of up to 2,018,360 Intuit shares between February and December 2011.
- 4Up to 400,000 Intuit shares will be contributed to the Valhalla Charitable Foundation by Mr. Cook's trusts.
- 5The Valhalla Charitable Foundation has a separate plan to sell up to 400,000 contributed shares.
- 6All plans are designed to comply with SEC Rule 10b5-1, allowing trading without possessing material non-public information.
- 7Transactions under these plans will be publicly disclosed via Form 4 filings.