exv10w29



 




EXHIBIT 10.29

[INTUIT LETTERHEAD]




October 23, 1997




Raymond C. Stern




Dear Raymond,




We are thrilled to extend to you this offer of Intuit employment as Senior Vice
President, Finance and Administration reporting to me. Below are the terms of
our offer.



	 	 	 
	Monthly Salary

	 	$22,916.67 ($275,000 annually).
	 
	Performance-Sharing

	 	You will also participate in Intuit’s employee
performance-sharing program. Performance-sharing payments
are made semi-annually to employees in good standing.
Performance sharing depends on the company’s growth and
profitability.
	 
	Annual Variable

Bonus Program

	 	You will also participate in the Annual Variable Bonus
Program. In addition to Performance and Profit Sharing, the
Annual Variable Bonus program will pay 40% of your
cumulative FY98 base salary at target. Payouts are tied to
the achievements of the Company and individual objectives.
(You must be an employee of the company for at least 90 days
of the fiscal year and an employee on the last day of the
fiscal year to be eligible for a bonus payment.)
	 
	Equity

	 	You will receive rights, subject to approval by Intuit’s
Board of Directors, to purchase 100,000 shares of Common
Stock in the form of non-qualified stock options in the
Intuit Inc. at an exercise price not less than the fair
market value of Intuit’s Common Stock on the date of grant
by the Board. Your stock will vest 25% upon hire date and
then monthly until fully vested on the third anniversary of
your start date. Such options shall be subject to the terms
of the Intuit Inc. 1993 Equity Incentive Plan.
	 
	

	 	New hire options are normally approved on the third Monday
of the month in which the employee begins work at Intuit.
The beginning of the vesting period coincides with the first
day of Intuit employment. However, the option price is the
close of market price of Intuit’s publicly traded stock on
the day the option is approved.







 









 





	 	 	 
	401k

	 	Intuit will match $.75 for every $1.00 you contribute, up to
$1,500 per year into a 401k account.
	 
	Signing/Relocation

Bonus

	 	Intuit is pleased to offer you a one time signing and
relocation bonus of $125 000 payable once you commence
employment with us. If you leave Intuit voluntarily, or
involuntarily for reasons of “cause” (breach of Intuit
policy and/or any criminal or fraudulent activity) within
twelve (12) months of your hire date, you agree to reimburse
Intuit 1-12 of your bonus for each month of service less
than 12 months.
	 
	Paid Vacation

	 	You will accrue three (3) weeks vacation. Your vacation will
accrue at the rate of 4.62 hours per pay period (bi-weekly).
	 
	Performance/Salary Reviews

	 	Performance and Salary reviews are conducted at least once
per year.
	 
	Insurance

	 	You will be covered by the company’s group health, life and
dental insurance plans. Coverage will begin the first day of
your employment. Intuit provides life insurance of 2 times
annual salary to a maximum of $500,000. Intuit will pay for
additional coverage up to $1,000,000 coverage, subject to
insurability.
	 
	Start Date

	 	I anticipate that your start date will be as soon as
possible after receipt of this of this offer. Please confirm
the specific date.
	 
	Confidentiality

	 	Compensation information is confidential. Please do not
share these arrangements with others.







This letter confirms our trade standing mat you are not subject to any
employment agreement that would preclude us from offering this position to you
or your joining our organization. This also confirms that you will not be asked
to disclose to us any secrets or your prior places of employment. In addition,
you will agree to execute a non-disclosure agreement as a condition of
employment



This letter also confirms the understanding that employment at Intuit is at the
mutual consent of you and Intuit, and is at will in nature and can be terminated
at anytime by yourself or Intuit.



You will be required to show proof of citizenship, permanent residency in the
United States, or authorization to work in the United States, when you begin
working at Intuit. We will be asking for these documents during the Orientation
on the Monday on or following your first day of work. If you have any questions
regarding benefits or which documents are required, please feel free to contact
Fred Kaseman at 415-944-6605 or Lynette Hamel, Sr. Benefits Specialist at
415-944-3078.



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Please review these terms to make sure they are consistent with your
understanding. If so, please sign and date both copies of this letter and
confirm your planned start date. The original of this letter is for your
records; return the copy to me as soon as you can.



Again, we very much look forward to your joining the Intuit team.



Sincerely,




/s/ WILLIAM V. CAMPBELL






William V. Campbell


President, CEO



	 	 	 
	Accepted:



	 	Date:


	 

	 	 
	Start
Date:


	 	 








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