What are the main decisions announced in this 8-K filing?

This 8-K primarily announces the approval of fiscal year 2012 bonus awards and fiscal year 2013 base salaries for Intuit's senior executives. It also details amendments to equity incentive plans and the approval of a new performance incentive plan for fiscal year 2013. Additionally, it notes a stock trading plan adopted by the General Counsel.

How were the executive bonuses and salaries determined?

The fiscal year 2012 bonuses were determined by the Compensation and Organizational Development Committee based on the achievement of performance goals for the Senior Executive Incentive Plan (SEIP), individual executive performance, and the company's revenue and non-GAAP operating income for fiscal year 2012. The fiscal year 2013 base salaries were also approved by the Committee for the upcoming year.

What is the significance of the amendment to the 2005 Equity Incentive Plan?

The amendment allows for the granting of 'dividend equivalents' with respect to restricted stock units (RSUs) awarded after the amendment date. This means that holders of these new RSUs will receive dividends paid by Intuit on the shares underlying their RSUs, aligning their interests more closely with shareholders and potentially increasing the value of their awards.

What is the new Intuit Inc. Performance Incentive Plan (IPI) for Fiscal Year 2013?

The IPI is a discretionary cash bonus plan for fiscal year 2013. Bonus awards under this plan will be determined by individual bonus targets, the employee's performance during the fiscal year, and the overall performance of Intuit, which will dictate the size of the aggregate bonus pool available.

INTU 8-K: Leadership Changes

Summary

Intuit Inc. (INTU) filed an 8-K on July 26, 2012, primarily detailing executive compensation decisions made by its Compensation and Organizational Development Committee on July 24, 2012. The committee certified the achievement of performance goals for the Senior Executive Incentive Plan (SEIP) for the fiscal year ending July 31, 2012. This certification led to the approval of annual performance bonuses for key senior executives, including CEO Brad D. Smith, CFO R. Neil Williams, and others. The bonus amounts were determined based on individual performance and the company's fiscal 2012 revenue and non-GAAP operating income. In addition to bonuses, the committee approved annual base salaries for these executive officers for fiscal year 2013, reflecting adjustments to their compensation structure moving forward. The filing also announced amendments to the company's equity incentive plans, specifically adding provisions for dividend equivalents on restricted stock units granted after the amendment date. Furthermore, Intuit introduced a new discretionary cash bonus plan for fiscal year 2013, the "Intuit Inc. Performance Incentive Plan" (IPI), which will base awards on individual targets, performance, and the company's overall financial results.

Key Highlights

1Intuit's Compensation Committee certified achievement of fiscal year 2012 performance goals for the Senior Executive Incentive Plan (SEIP).
2Annual performance bonuses were approved for key executives, including CEO Brad D. Smith ($1,647,750) and CFO R. Neil Williams ($544,219), based on company and individual performance.
3The company approved fiscal year 2013 annual base salaries for its executive officers, with CEO Brad D. Smith's salary set at $1,000,000 and CFO R. Neil Williams' at $700,000.
4An amendment to the 2005 Equity Incentive Plan was approved to include dividend equivalents for new restricted stock unit grants.
5A new discretionary cash bonus plan, the Intuit Inc. Performance Incentive Plan (IPI) for Fiscal Year 2013, was approved.
6Laura A. Fennell, SVP, General Counsel, adopted a Rule 10b5-1 trading plan to sell up to 29,232 shares of Intuit common stock.

INTUIT INC. 8-K Report, Executive Changes (Jul 27, 2012)

Summary

Key Highlights

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