INTU » Topics » Brad D. Smith

This excerpt taken from the INTU DEF 14A filed Oct 30, 2009.
Brad D. Smith
 
On October 1, 2007, Intuit entered into a new employment agreement with Mr. Smith, which superseded Mr. Smith’s prior September 6, 2005 employment agreement and provided that Mr. Smith became the President and Chief Executive Officer of Intuit, effective January 1, 2008. On December 1, 2008, Intuit amended Mr. Smith’s employment agreement in order to satisfy the technical documentary requirements of Section 409A (“Section 409A”) of the Code.
 
Mr. Smith can terminate his employment agreement at any time upon written notice to the Board of Directors. Intuit may terminate Mr. Smith’s employment upon the written recommendation of the Board of Directors. Under the circumstances described below, Mr. Smith is entitled to receive severance benefits subject to his execution of a valid and binding release agreement.
 
If Intuit terminates Mr. Smith other than for “Cause” (which includes gross negligence, willful misconduct, fraud and certain criminal convictions) or if Mr. Smith terminates his employment for “Good Reason” (which includes relocation or a reduction in duties, title or compensation), Mr. Smith is entitled to (1) a single lump sum severance payment equal to 12 months of his then-current salary and 100% of his then-current target bonus, (2) vesting of a pro rata portion of the shares issuable under the 260,000 stock options granted in 2008, based on the portion of time he has provided services over the full five year vesting period, and (3) vesting of a pro rata portion of the shares issuable under the 130,000 restricted stock units granted in 2008, based on the portion of time he has provided services over the full four year vesting period.


38


Table of Contents

The estimated payments or benefits which would have been paid to Mr. Smith in the event of his termination on July 31, 2009 under the specified circumstances are as follows:
 
                         
Brad D. Smith
  Involuntary Termination
    Termination
       
Incremental Amounts Payable
  or Termination without
    Without Cause
    Death or
 
Upon Termination Event
  Cause ($)     After CIC ($)     Disability ($)  
 
Total Cash Severance
    1,760,000       1,760,000        
Total Benefits & Perquisites
                 
                         
Total Severance
    1,760,000       1,760,000        
Gain on Accelerated Stock Options
                373,700  
Value of Accelerated Restricted Stock/ RSUs
    2,994,295       3,417,371       7,961,144  
                         
Total Value of Accelerated Long-Term Incentives
    2,994.295       3,417,371       8,334,844  
                         
Total Severance, Benefits & Accelerated Equity
    4,754,295       5,177,371       8,334,844  
 
This excerpt taken from the INTU DEF 14A filed Oct 31, 2008.
Brad D. Smith
 
On October 1, 2007, Intuit entered into a new employment agreement with Mr. Smith, which superseded Mr. Smith’s prior September 6, 2005 employment agreement and provided that Mr. Smith became the President and Chief Executive Officer of Intuit, effective January 1, 2008.
 
Mr. Smith can terminate the employment agreement at any time upon written notice to the Board of Directors. Intuit may terminate Mr. Smith’s employment upon the written recommendation of the Board of Directors. Under the circumstances described below, Mr. Smith is entitled to receive severance benefits subject to his execution of a valid and binding release agreement.
 
If Intuit terminates Mr. Smith other than for “Cause” (which includes gross negligence, willful misconduct, fraud and certain criminal convictions) or if Mr. Smith terminates his employment for “Good Reason” (which includes relocation or a reduction in duties, title or compensation), Mr. Smith is entitled to (1) severance pay equal to 12 months of his then-current salary and 100% of his then-current target bonus, (2) vesting of a pro rata portion of the shares issuable under the 260,000 stock options granted in 2008, based on the portion of time he has provided services over the full five year vesting period, and (3) vesting of a pro rata portion of the shares issuable under the 130,000 restricted stock units granted in 2008, based on the portion of time he has provided services over the full four year vesting period.
 
The estimated payments or benefits which would have been paid to Mr. Smith in the event of his termination on July 31, 2008 under the specified circumstances are as follows:
 
                         
    Involuntary
             
    Termination or
             
    Termination
    Termination
       
Brad D. Smith
  Without
    Without Cause
    Death or
 
Incremental Amounts Payable Upon Termination Event
  Cause ($)     after CIC ($)     Disability ($)  
 
Total Cash Severance
    1,760,000       1,760,000        
Total Benefits & Perquisites
                 
                         
Total Severance
    1,760,000       1,760,000        
Gain on Accelerated Stock Options
                 
Value of Accelerated Restricted Stock/ RSUs
    1,292,500       1,331,156       5,494,806  
                         
Total Value of Accelerated Long-Term Incentives
    1,292,500       1,331,156       5,494,806  
                         
Total Severance, Benefits & Accelerated Equity
    3,052,500       3,091,156       5,494,806  
 
This excerpt taken from the INTU DEF 14A filed Nov 1, 2007.
Brad D. Smith
 
On September 6, 2005, Intuit entered into an employment agreement with Mr. Smith, which amended his original May 10, 2005 offer letter. This agreement did not provide for any specialized severance provisions.
 
The estimated payments or benefits which would have been paid to Mr. Smith under his September 6, 2005 employment agreement in the event of his termination on July 31, 2007 under the specified circumstances are as follows:
 
                         
Brad D. Smith
        Termination
       
Incremental Amounts Payable
  Involuntary Termination or
    w/o Cause
    Death or
 
Upon Termination Event
  Termination w/o Cause ($)     After CIC ($)     Disability ($)  
 
Total Severance(1)
    0       0       0  
Gain on Accelerated Stock Options
    0       536,000       536,000  
Value of Accelerated Restricted Stock/ RSUs
    326,000       349,000       1,025,000  
                         
Total Value of Accelerated Long-Term Incentives
    326,000       885,000       1,561,000  
                         
Total Severance, Benefits & Accelerated Equity
    326,000       885,000       1,561,000  
 
 
(1) Under the terms of Mr. Smith’s new employment agreement dated October 1, 2007, as described further below, in the event of his involuntary termination, termination without cause or termination without cause following a change in control, Mr. Smith would have hypothetically been eligible for cash severance in the amount of $1,050,000, had such agreement been in place on July 31, 2007.
 
On October 1, 2007, we entered into a new employment agreement, which superseded Mr. Smith’s prior September 6, 2005 employment agreement and which provides that Mr. Smith will become the President and Chief Executive Officer of Intuit, effective January 1, 2008. Under this new agreement, Mr. Smith’s base salary is $800,000 and his target bonus is 120% of his base salary. He is paid a bonus only if he attains performance goals established by the Compensation and Organizational Development Committee. We also agreed to reimburse Mr. Smith for up to $20,000 each year for 2007 and 2008 towards the cost of his financial and legal advisors. Pursuant to this agreement, on the seventh business day of February 2008, Mr. Smith will be granted a stock option for 260,000 shares that vests over five years and 130,000 restricted stock units that will vest over four years.
 
Mr. Smith can terminate the employment agreement at any time upon written notice to the Board of Directors. Intuit may terminate Mr. Smith’s employment upon the written recommendation of the Board of Directors. Under the circumstances described below, Mr. Smith is entitled to receive severance benefits subject to his execution of a valid and binding release agreement.
 
If Intuit terminates Mr. Smith other than for “Cause” (which includes gross negligence, willful misconduct, fraud and certain criminal convictions) or if Mr. Smith terminates his employment for “Good Reason” (which includes relocation or a reduction in duties, title or compensation), Mr. Smith is entitled to (1) severance pay equal to 12 months of his then-current salary and 100% of his then-current target bonus, (2) vesting of a pro rata portion of the shares issuable under the 260,000 stock options that will be granted in 2008, based on the portion of time he has provided services over the full five year vesting period, and (3) vesting of a pro rata portion of the shares issuable under the 130,000 restricted stock units that will be granted in 2008, based on the portion of time he has provided services over the full four year vesting period.
 
This excerpt taken from the INTU DEF 14A filed Nov 3, 2006.
Brad D. Smith
 
On May 10, 2005, Intuit entered into a new employment agreement with Mr. Smith, which was subsequently amended on September 6, 2005. Under the terms of this agreement as amended, Mr. Smith’s base salary will be no lower than $500,000, and he is eligible to receive an annual performance bonus with a target of 75% of his base salary. Pursuant to this agreement, Mr. Smith was granted a stock option for 200,000 shares that vests over three years.
 
Additionally, Mr. Smith received relocation assistance pursuant to Intuit’s standard executive relocation policy in order to assist him in his relocation pursuant to his being named Senior Vice President/General Manager of QuickBooks.


28


Table of Contents

Brad D. Smith

On May 10, 2005, Intuit entered into a new employment agreement with Mr. Smith, which was subsequently amended on September 6, 2005. Under the terms of this agreement as amended, Mr. Smith’s base salary will be no lower than $500,000, and he is eligible to receive an annual performance bonus with a target of 75% of his base salary. Pursuant to this agreement, Mr. Smith was granted a stock option for 100,000 shares that vests over three years.

Additionally, Mr. Smith received relocation assistance pursuant to Intuit’s standard executive relocation policy, plus one additional month’s salary and benefits in order is assist him in his relocation pursuant to his promotion to Senior Vice President/ General Manager of QuickBooks. In the event Mr. Smith resigns prior to May 5, 2006, he will be required to reimburse Intuit for a prorated amount of all relocation benefits.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki