exv10w16






Exhibit 10.16




Award No.




INTUIT INC. 2005 EQUITY INCENTIVE PLAN GRANT AGREEMENT

Restricted Stock Unit

(Performance-Based Vesting: Operating Performance Goals)



Intuit Inc., a Delaware corporation (the “Company”), hereby grants you a restricted stock unit
award (“Award”) pursuant to the Company’s 2005 Equity Incentive Plan (the “Plan”), of the Company’s
common stock, $0.01 par value per share (“Common Stock”). The maximum number of Shares that are
subject to the Award and may be earned by you (“Maximum Shares”) is set forth below. All
capitalized terms in this Grant Agreement (“Agreement”) that are not defined herein have the
meanings given to them in the Plan. This Award is subject to the terms and conditions of the Plan,
which is incorporated herein by reference. This Agreement is not meant to interpret, extend, or
change the Plan in any way, or to represent the full terms of the Plan. If there is any
discrepancy, conflict or omission between this Agreement and the provisions of the Plan, the
provisions of the Plan will apply.




Name of Participant:

Address:

Maximum Shares:

Target Shares:

Date of Grant:

First Vesting Date:

Second Vesting Date:



Vesting Based on Achievement of 3-Year Goals and Service-Based Vesting. Vesting of this
Award is based on Intuit’s level of achievement of the revenue and operating income performance
goals set forth on Exhibit A (the “3-Year Goals”). Actual performance against the 3-Year
Goals is measured over the period beginning on [•] and ending on [•] (the “Performance Period”) and
must be certified by the Compensation and Organizational Development Committee (“Committee”) in
order for any portion of this Award to vest. The Committee will certify the results of the 3-Year
Goals as soon as reasonably possible (the date of such certification the “Certification Date”)
after the Performance Period. Any portion of this Award that is eligible to vest based on the
Committee’s certification will vest as to 50% on [•] (the “First Vesting Date”), and as to the
remaining 50% on [•] (the “Second Vesting Date”) subject to your continuous service through such
Second Vesting Date. Any portion of this Award that is not eligible to vest based on the
Committee’s certification will terminate on the Certification Date. Notwithstanding the foregoing,
Sections 1(c) through 1(e) provide certain circumstances in which you may vest in this Award before
the First or Second Vesting Dates, respectively, and/or without certification of the 3-Year Goals
by the Committee. If any of Sections 1(c) through 1(e) apply, then any portion of the Award that
does not vest pursuant to those sections will terminate.





	1.	 	In the event of your Termination before the Second Vesting Date, the following provisions
will govern the vesting of this Award:






	 	(a)	 	Termination Generally. In the event of your Termination before the
Second Vesting Date for any reason other than as expressly set forth in the other
subsections of this Section 1, including, without limitation, your Termination by the
Company for Cause or your resignation for Good Reason (each as defined in Section
1(c)), this Award will terminate immediately and you will have no further right or
claim to anything under this Award other than Shares already distributed to you, if
any.
	 
	 	(b)	 	Death or Total Disability. In the event of your death or Total
Disability before the Second Vesting Date, this Award will vest immediately as to the
greater of 100% of the Target Shares or, if the death or Total Disability occurs after
the Certification Date, 100% of the Shares actually earned based on the level of
achievement of the 3-Year Goals, and all further service-based vesting conditions will
be waived. “Total Disability” is defined in Section 5.6(a) of the Plan.




 









 






	 	(c)	 	Involuntary Termination. In the event of your Involuntary
Termination before the Second Vesting Date, a pro rata portion of this Award will vest
immediately on the First Vesting Date (or, will vest immediately on your Termination
Date if the First Vesting Date has passed) based on the actual level of achievement of
the 3-Year Goals as certified by the Committee, and all further service-based vesting
conditions will be waived. The pro rata portion will be a percentage equal to your
number of full months of service since the Date of Grant divided by thirty-six
months, minus any Shares already distributed to you on or after the First
Vesting Date, rounded down to the nearest whole share. Shares will be distributed to
you as soon as reasonably possible after the effective date of a waiver and general
release of claims executed by you in favor of the Company and certain related
persons determined by the Company in the form presented by the Company (“Release”). If
you do not execute the Release within forty-five (45) days following your Termination
Date, then you will not be entitled to the receipt of any Shares under this Section
1(c). Involuntary Termination means, for purposes of this Agreement, either (A) your
Termination by the Company without Cause, or (B) your resignation for Good Reason.
“Cause” means, for purposes of this Agreement, (i) gross negligence or willful
misconduct in the performance of your duties to the Company (other than as a result of
a Total Disability) that has resulted or is likely to result in material damage to the
Company, after a written demand for substantial performance is delivered to you by the
Board which specifically identifies the manner in which you have not substantially
performed your duties and you have been provided with a reasonable opportunity of not
less than 30 days to cure any alleged gross negligence or willful misconduct; (ii)
commission of any act of fraud with respect to the Company; or (iii) conviction of a
felony or a crime involving moral turpitude. No act or failure to act by you will be
considered “willful” if done or omitted by you in good faith with reasonable belief
that your action or omission was in the best interests of the Company. “Good Reason”
means, for the purposes of this Agreement, your resignation within sixty (60) days
after the occurrence any of the following events without your consent: (i) a material
reduction in your duties that is inconsistent with your position at the time of the
Date of Grant, (ii) any material reduction in your base annual salary or target annual
bonus (other than in connection with a general decrease in the salary or target bonuses
for all officers of Intuit), or (iii) a requirement by Intuit that you relocate your
principal office to a facility more than 50 miles from your principal office on the
Date of Grant; provided however, that with regard to (i) through (iii) you must provide
Intuit with written notice of the event allegedly constituting “Good Reason,” and
Intuit will have 15 days from the date it receives such written notice to cure such
event.
	 
	 	(d)	 	Termination on or Within One Year After Corporate Transaction. In the
event of your Involuntary Termination (including your Termination without Cause by the
Company’s successor) on or within one year following the date of a Corporate
Transaction and before the Second Vesting Date, this Award will vest immediately on
your Termination Date as to a pro rata portion of the Shares you otherwise would have
been entitled to earn under Section 1(e), and all further service-based vesting
conditions will be waived. The pro rata portion will be a percentage equal to your
number of full months of service since the Date of Grant divided by thirty-six
months minus any Shares already distributed to you on or after the First
Vesting Date, rounded down to the nearest whole Share.
	 
	 	(e)	 	Corporate Transaction. In the event of a Corporate Transaction before
the Certification Date, the 3-Year Goals will be deemed to be achieved at 100% of the
Target level as set forth in Exhibit A. For the avoidance of doubt, in the
event of a Corporate Transaction on or after the Certification Date, the 3-Year Goals
will be treated as achieved at the level certified by the Committee. In both cases,
the First and Second Vesting Dates still will apply, and Shares will be distributed as
soon as reasonably possible after the First and Second Vesting Dates, respectively. In
the event of an intervening Termination before the Second Vesting Date, the applicable
provisions of Sections 1(a) through 1(d) will govern.
	 
	 	(f)	 	Recoupment. In the event that the Company issues a restatement of its
financial results after the distribution of Shares, which restatement decreases the
level of achievement of the 3-Year Goals from the level(s) previously certified by the
Committee, then you will be required to deliver to the Company, within 30 days after
your receipt of written notification by the Company, an amount in cash or equivalent
value in Shares (or a combination of the two) equal to the net proceeds realized by you




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	 	 	 	on the issuance and, if applicable, subsequent sale of any Shares that would not have
vested or been issued based on the restated financial results. This section 1(f) only
will apply to you if it is determined by the Committee in good faith that fraud or
misconduct engaged in by you (directly or indirectly) was a significant contributing
factor to this restatement of financial results.






	2.	 	Issuance of Shares. Except as described in the next sentence, Shares will be
distributed as soon as reasonably possible after the First or Second Vesting Dates occur (but
in no event later than March 15th after the calendar year in which the First or Second Vesting
Dates occur). In the event of a Termination pursuant to Sections 1(b) or 1(d), Shares will be
distributed as soon as reasonably possible after the Termination Date, and in the event of a
Termination pursuant to Section 1(c), Shares will be distributed as soon as reasonably
possible after the date that the Release becomes effective in accordance with Section 1(c)
(but in no event later than March 15th after the calendar year in which the Termination Date
or the effective date of the Release occurs).






	3.	 	Withholding Taxes. This Award is generally taxable for purposes of United States
federal income and employment taxes on vesting based on the Fair Market Value on the First or
Second Vesting Dates, as applicable. To the extent required by applicable federal, state or
other law, you will make arrangements satisfactory to the Company for the payment and
satisfaction of any income tax, social security tax, payroll tax, payment on account or other
tax related to withholding obligations that arise under this Award and, if applicable, any
sale of Shares. The Company will not be required to issue Shares pursuant to this Award or to
recognize any purported transfer of Shares until such obligations are satisfied. Unless
otherwise agreed to by the Company and you, these obligations will be satisfied by the Company
withholding a number of Shares that would otherwise be issued under this Award that the
Company determines has a Fair Market Value sufficient to meet the tax withholding obligations.
“Fair Market Value” is defined in Section 26(n) of the Plan.






	 	 	You are ultimately liable and responsible for all taxes owed by you in connection with this
Award, regardless of any action the Company takes or any transaction pursuant to this section
with respect to any tax withholding obligations that arise in connection with this Award. The
Company makes no representation or undertaking regarding the treatment of any tax withholding in
connection with the grant, issuance, vesting or settlement of this Award or the subsequent sale
of any of the Shares. The Company does not commit and is under no obligation to structure this
Award to reduce or eliminate your tax liability.






	4.	 	Disputes. Any question concerning the interpretation of this Agreement, any
adjustments to made thereunder, and any controversy that may arise under this Agreement, will
be determined by the Committee in accordance with its authority under Section 4 of the Plan.
Such decision by the Committee will be final and binding.




5. Other Matters.





	 	(a)	 	The Award granted to an employee in any one year, or at any time, does not
obligate the Company or any subsidiary or other affiliate of the Company to grant an
award in any future year or in any given amount and should not create an expectation
that the Company (or any subsidiary or other affiliate) might grant an award in any
future year or in any given amount.
	 
	 	(b)	 	Nothing contained in this Agreement creates or implies an employment contract
or term of employment or any promise of specific treatment on which you may rely.
	 
	 	(c)	 	Notwithstanding anything to the contrary in this Agreement, the Company may
reduce your Award if you change classification from a full-time employee to a part-time
employee.
	 
	 	(d)	 	This Award is not part of your employment contract (if any) with the Company,
your salary, your normal or expected compensation, or other remuneration for any
purposes, including for purposes of computing benefits, severance pay or other
termination compensation or indemnity.
	 
	 	(e)	 	Because this Agreement relates to terms and conditions under which you may be
issued shares of Common Stock of Intuit Inc., a Delaware corporation, an essential term
of this Agreement is that it will be governed by the laws of the State of Delaware,
without regard to choice of law principles of Delaware or other jurisdictions. Any
action, suit, or proceeding relating to this Agreement or the




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	 	 	 	Award granted hereunder will be brought in the state or federal courts of competent
jurisdiction in Santa Clara County in the State of California.
	 
	 	(f)	 	This Award, and any issuance of Shares thereunder, is intended to comply and
will be interpreted in accordance with Section 409A of the Code.




This Agreement (including the Plan, which is incorporated by reference) constitutes the entire
agreement between you and the Company with respect to this Award, and supersedes all prior
agreements or promises with respect to the Award. Except as provided in the Plan, this Agreement
may be amended only by a written document signed by the Company and you. Subject to the terms of
the Plan, the Company may assign any of its rights and obligations under this Agreement, and this
Agreement will be binding on, and inure to the benefit of, the successors and assigns of the
Company. Subject to the restrictions on transfer of an Award described in Section 14 of the Plan,
this Agreement will be binding on your permitted successors and assigns (including heirs,
executors, administrators and legal representatives). All notices required under this Agreement or
the Plan must be mailed or hand-delivered, (1) in the case of the Company, to the Company at 2632
Marine Way, Mountain View, CA, 94043, or at such other address designated in writing by the Company
to you, and (2) in the case of you, at the address recorded in the books and records of the Company
as your then current home address.







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The Company has signed this Award Agreement effective as the Date of Grant.




	 	 	 	 	 
	 	INTUIT INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 




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