Why is Michael R. Hallman leaving the Board of Directors?

Michael R. Hallman has decided to retire from the Board of Directors after almost 20 years of service. He will not stand for re-election at the company's annual meeting in January 2012 and will continue to serve until that time.

How are executive bonuses determined for Fiscal Year 2011?

The bonuses were determined by the Compensation and Organizational Development Committee based on the achievement of performance goals for the Senior Executive Incentive Plan, a review of each eligible individual's performance, and the company's revenue and non-GAAP operating income for Fiscal Year 2011.

What is the purpose of Laura A. Fennell's stock trading plan?

Laura A. Fennell adopted a Rule 10b5-1 trading plan to exercise and sell up to 10,000 shares of Intuit common stock issuable under her 2005 stock options before they expire in July 2012. This plan allows for pre-arranged stock sales by individuals who are not in possession of material, non-public information at the time the plan is adopted.

INTU 8-K: Leadership Changes

Q: What is the Intuit Inc. Performance Incentive Plan for Fiscal Year 2012?

This is a discretionary cash bonus plan for fiscal year 2012. Bonus awards will be based on an individual employee's bonus target, their performance, and the size of the aggregate bonus pool determined by Intuit's overall performance.

Summary

This 8-K filing from Intuit Inc. on July 22, 2011, primarily details compensation-related events. A key event is the departure of a long-serving director, Michael R. Hallman, who will retire from the Board in January 2012. In recognition of his nearly 20 years of service, a portion of his restricted stock units (RSUs) were granted accelerated vesting. The filing also confirms the achievement of performance goals for Intuit's Senior Executive Incentive Plan for Fiscal Year 2011 and announces the approval of annual performance bonuses for several senior executives, including the CEO and CFO. Additionally, it outlines the approved annual base salaries for these executive officers for Fiscal Year 2012, along with the approval of the Intuit Inc. Performance Incentive Plan for Fiscal Year 2012, a discretionary cash bonus plan. Lastly, it discloses a Rule 10b5-1 trading plan adopted by Senior Vice President Laura A. Fennell for the exercise and sale of stock options.

Key Highlights

1Director Michael R. Hallman to retire from the Board in January 2012 after nearly 20 years of service.
2Accelerated vesting of 1,854 restricted stock units for Michael R. Hallman, valued at approximately $88,603.
3Fiscal Year 2011 performance goals for the Senior Executive Incentive Plan were achieved.
4Approval of Fiscal Year 2011 annual performance bonuses for key executives, including CEO Brad D. Smith ($1,852,500) and CFO R. Neil Williams ($621,002).
5Approval of Fiscal Year 2012 annual base salaries for executive officers, with CEO Brad D. Smith's salary set at $975,000 and CFO R. Neil Williams' at $675,000.
6Approval of the Intuit Inc. Performance Incentive Plan for Fiscal Year 2012, a discretionary cash bonus plan.
7Disclosure of a Rule 10b5-1 trading plan by Senior VP Laura A. Fennell for exercising and selling stock options.

INTUIT INC. 8-K Report, Executive Changes (Jul 22, 2011)

Summary

Key Highlights

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