Document:

Exhibit 10.10

 

EXHIBIT 10.10

PO Box 7850, MS 2550

Mountain View, CA 94039-7850

Via Overnight Delivery

February 13, 2002

Michael L. Hrastinski

____________________

____________________

Re: Separation Terms

Dear Mike:

     This letter confirms the terms of your separation from the employment of
Intuit Inc. (your “Employer”) and offers you a transition package in exchange
for your waiver and release of claims in favor of your Employer its officers,
directors, employees, agents, representatives, subsidiaries, divisions,
affiliated companies, successors, and assigns (collectively, “The Company”).

	1.	  	Termination Date. Your resignation from employment with the Company will
be effective February 15, 2002 (the “Termination Date”).
	 
	2.	  	Acknowledgment of Payment of Wages. On the Termination Date, we will
deliver to you a final paycheck that includes payment for all accrued
wages, salary, accrued and unused vacation time, reimbursable expenses,
and any similar payments due and owing to you from the Company as of the
Termination Date. By accepting this final payment, you will acknowledge
and agree that the Company does not owe you any other amounts.
	 
	3.	  	Consideration For Release. In consideration of the waiver and release
of claims set forth in Paragraphs 8 and 9 below, and by your signing this
Separation Agreement (“the Agreement”), the Company agrees to provide you
with the following. You understand that if you do not sign the Agreement
or if you revoke the signed Agreement as described in Paragraph 18 below,
the Company has no obligation to provide you with any of the following:

	 	 	 
	a.	 	
Severance Package. The Company will provide
you with a lump sum payment in the amount of One Hundred
Seventy-five Thousand Dollars and No Cents ($175,000.00).
All normal and appropriate withholding and deductions will be
applied.

	4.	  	COBRA Continuation Coverage. Your Company provided health coverage will
continue through the last day of the month in which your Termination Date
occurs. If you are eligible for continued health coverage benefits and
timely elect COBRA continuation, you may continue health coverage pursuant
to the terms and conditions of COBRA at your own expense. Our COBRA
administrator will contact you shortly. All other insured benefit
coverage (e.g. life insurance, disability insurance, etc.) will end on the
Termination Date.

 

 

	5.	  	Stock Options. You hold an option granted to you on August 13,
2001 to purchase 200,000 shares of Intuit Common Stock at $30.6600 per
share. As of the Termination Date, none of these shares will be vested
and all 200,000 option shares will then expire never having become
exercisable. Please contact Sharon Savatski at Intuit for more
information on your options. Her direct dial is 650-944-6504.
	 
	6.	  	Return of Company Property. By signing below, you represent and
warrant to the Company that you have returned to the Company any and all
property or data of the Company of any type whatsoever that may have been
in your possession or control. You may keep your laptop, and you agree to
remove all Intuit confidential information from it immediately.
	 
	7.	  	Confidential Information. You hereby acknowledge that as a result of
your employment with the Company you have had access to the Company’s
Confidential Information, and that you will hold all such Confidential
Information in strictest confidence and that you may not make any use of
such Confidential Information on behalf of any third party. You further
confirm that you have delivered to the Company all documents and data of
any nature containing or pertaining to such Confidential Information and
that you have not taken with you any such documents or data or any copies
thereof.
	 
	8.	  	Waiver of Claims. The payments and agreements set forth in this
Agreement fully satisfy any and all accrued salary, vacation pay, bonus
pay, profit-sharing, termination benefits or other compensation to which
you may be entitled by virtue of your employment with the Company or your
termination of employment. You acknowledge that you have no claims and
have not filed any claims against the Company based on your employment
with or the separation of your employment with the Company. You hereby
release and forever discharge the Company, its successors, subsidiaries
and affiliates, current and former officers, agents and employees, from
any and all existing claims, demands, causes of action, damages and
liabilities, known or unknown, that you ever had, now have or may claim to
have had against the Company relating to any oral or written employment
agreement (including, but not limited to, your July 3, 2001 As Amended
employment offer letter) or relating in any way to your employment or
non-employment with the Company including, without limitation, claims for
wages, bonuses (including, but not limited to, Company’s Incentive Plan
for Leaders), expense reimbursement, and any claims that the terms of your
employment with the Company, or the circumstances of your separation, were
wrongful, in breach of any obligation of the Company or in violation of
any of your rights, contractual, statutory or otherwise.
	 
	 	  	Such rights include, but are not limited to, your rights under the
following Federal and state statutes: the Employee Retirement Income
Security Act (ERISA) (Pension and employee benefits); the Federal
Railroad Safety Act (45 U.S.C. Section 421 et. seq.); the Occupational
Safety and Health Act (safety matters); the Family and Medical Leave Act
of 1993; and Federal Common Law; tort; wrongful discharge; workers’
compensation retaliation; tortious interference with contractual
relations, misrepresentation, fraud, loss of consortium; slander, liable,
defamation, intentional or negligent infliction of emotional distress;
claims for bonuses or fringe benefits; vacation pay; sick pay; insurance
reimbursement, medical expenses, and the like.
	 
	 	  	You expressly waive any benefits of Section 1542 of the Civil Code of the
State of California, which provides: “A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS
FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST
HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”
	 
	9.	  	Waiver of Discrimination Claims. You understand that various federal,
state and local laws prohibit age, sex, race, disability, benefits,
pension, health and other forms of discrimination and that these laws can
be enforced through the U.S. Equal Employment Opportunity Commission,

Page 2 of 4

Intuit Confidential

 

	 	  	state and local human rights agencies and federal and state courts. You
understand that if you believe your treatment by the Company was
discriminatory, you have the right to consult with these agencies and to
file a charge with them or file a lawsuit. You have decided voluntarily
to enter into this Agreement, and waive the right to recover any amounts
to which you may have been entitled under such laws, including but not
limited to, any claims you may have based on age or under the Age
Discrimination in Employment Act or Older Workers Benefit Protection Act,
Title VII of the Civil Rights Act of 1964 (race, color, religion,
national origin or sex); the 1991 Civil Rights Act; the Age
Discrimination in Employment Act of 1967 (age); the Older Workers Benefit
Protection Act (“OWBPA”) (age); the Vocational Rehabilitation Act of 1973
(handicap); The Americans with Disabilities Act of 1990 (Handicap); 42
U.S.C. Section 1981, 1986 and 1988 (race); the Equal Pay Act of 1963
(prohibits pay differentials based on sex); the Immigration Reform and
Control Act of 1986; Executive Order 11246 (race, color, religion, sex or
national origin); Executive Order 11141 (age); Vietnam Era Veterans
Readjustment Assistance Act of 1974 (Vietnam era veterans and disabled
veterans); and California state statutes of similar effect.
	 
	10.	  	Non-disparagement. You agree that you will not disparage the Company or
its products, services, agents, representatives, directors, officers,
shareholders, attorneys, employees, vendors, affiliates, successors or
assigns, or any person acting by, through, under or in concert with any of
them, with any written or oral statement.
	 
	11.	  	Re-Employment. You understand and agree that your employment with the
Company ends on the Termination Date, that you will not be re-employed by
the Company, and will not seek employment with the Company at any time.
Also, you agree to not reapply in the future for any position with Intuit
as a consultant or contractor.
	 
	12.	  	Legal and Equitable Remedies. You agree that the Company shall have the
right to enforce this Agreement and any of its provisions by injunction,
specific performance or other equitable relief without prejudice to any
other rights or remedies the Company may have at law or in equity for
breach of this Agreement.
	 
	13.	  	Arbitration of Disputes. You and the Company agree to submit to
mandatory binding arbitration from any claim arising out of or relating to
this Agreement. By signing below, you and the Company waive any rights
you and the Company have to trial by jury in regard to any such claims.
You agree that the American Arbitration Association will administer any
such arbitration(s) under its National Rules for the Resolution of
Employment Disputes, fees to be borne by the Company, subject to the
provisions of Paragraph 14 (regarding attorney’s fees). This Agreement
does not extend or waive any statutes of limitations or other provisions
of law that specify the time within which a claim must be brought.
	 
	14.	  	Attorney’s Fees. If any legal action is brought to enforce the terms of
this Agreement, the prevailing party shall be entitled to recover its
reasonable attorneys’ fees, costs and expenses from the other party, in
addition to any other relief to which such prevailing party may be
entitled.
	 
	15.	  	Confidentiality. You agree to keep the contents, terms and conditions of
this Agreement confidential and not disclose them except to your attorneys
or as required by subpoena or court order. Any breach of this
confidentiality provision will be deemed a material breach of this
Agreement.
	 
	16.	  	No Admission of Liability. This Agreement is not and will not be
construed or contended by you to be an admission or evidence of any
wrongdoing or liability on the part of the Company, its representatives,
attorneys, agents, partners, officers, shareholders, directors, employees,
subsidiaries, affiliates, divisions, successors or assigns. This
Agreement will be afforded the

Page 3 of 4

Intuit Confidential

 

	 	  	maximum protection allowable under California Evidence Code Section 1152
and/or any other state or Federal provisions of similar effect.
	 
	17.	  	Review of Agreement. You may not sign this Agreement prior to your
Termination Date. You may take up to twenty-one (21) days to consider
this Agreement and release and, by signing below, affirm that you were
advised to consult with an attorney before signing this Agreement and were
given ample opportunity to do so. You understand that this Agreement will
not become effective and the amounts to be given to you, identified in
paragraph three (3) above, in exchange for your agreement, will not be
paid until the next payroll cycle seven (7) days after Company receives
the original properly signed agreement.
	 
	18.	  	Revocation of Agreement. You acknowledge and understand that you may
revoke this Agreement any time up to seven (7) days after you sign it.
After the revocation period has passed, however, you may no longer revoke
your Agreement.
	 
	19.	  	Entire Agreement. This is the entire agreement between you and the
Company with respect to the subject matter of this letter and supersedes
all prior negotiations and agreements, whether written or oral (including,
but not limited to, the July 3, 2001 As Amended employment offer letter),
relating to this subject matter. You acknowledge that neither the Company
nor its agents or attorneys, made any promise or representation, express
or implied, written or oral, not contained in this Agreement to induce you
to execute this Agreement. You acknowledge that you have signed this
Agreement voluntarily and without coercion, relying only on such promises,
representations and warranties as are contained in this document and
understand that you do not waive any right or claim that may arise after
the date this Agreement becomes effective.
	 
	20.	  	Modification. By signing below, you acknowledge your understanding that
this Agreement may not be altered, amended, modified, or otherwise changed
in any respect except by another written agreement that specifically
refers to this Agreement, executed by your and the Company’s authorized
representatives.
	 
	21.	  	Governing Law. This Agreement is governed by, and is to be interpreted
according to, the laws of the State of California. If any term of this
Agreement is deemed invalid or unenforceable, the remainder of the
agreement will remain in full force and effect.
	 
	 	  	If this Agreement accurately sets forth the terms of your separation from
the Company and if you voluntarily agree to accept the terms of the separation
package offered please sign below no earlier than February 15, 2002 and return
it to Sherry Whiteley.
	 
	 	  	PLEASE REVIEW CAREFULLY. THIS AGREEMENT CONTAINS A

RELEASE OF KNOWN AND UNKNOWN CLAIMS
	 
	 	 	
Sincerely,
	 
	 
	 	
/s/ STEPHEN M. BENNETT

	 
	 	

	 
	 	 	
Stephen M. Bennett

President and Chief Executive Officer	 

       REVIEWED, UNDERSTOOD AND AGREED:

	 	 	 
	/S/ MICHAEL L. HRASTINSKI	Date:	
  February 15, 2002
	
	 	

	Michael L. Hrastinski	 	 

Page 4 of 4

Intuit ConfidentialExhibit 10.11

 

Exhibit 10.11

AMENDED AND RESTATED SECURED FULL RECOURSE

BALLOON PAYMENT PROMISSORY NOTE

	 	 	 
	$1,066,400.44	 	February 19, 2002

     This Amended and
Restated Secured Full Recourse Balloon Payment Promissory Note (the
“Note”) documents the amendment of the Secured Full Recourse Balloon Payment
Promissory Note dated as of March 30, 2001 to increase the original principal
amount of the Note which was FOUR HUNDRED SIXTY TWO THOUSAND THREE HUNDRED
NINETY ONE AND 13/100 DOLLARS ($462,391.13) by an additional SIX HUNDRED FOUR
THOUSAND NINE AND 31/1000 DOLLARS ($604,009.31) to a new principal amount of
ONE MILLION SIXTY SIX THOUSAND FOUR HUNDRED AND 44/100 DOLLARS ($1,066,400.44)
as contemplated by Section 9 of the March 30, 2001 note and further to reduce
the original maturity date of March 30, 2011 to February 18, 2005 and provide
that effective February 19, 2002, interest shall accrue on the principal
balance outstanding from time to time at the rate of two and
seventy-two one-hundredths percent (2.72%) per annum, compounded semiannually.

     1. Borrower’s Promise to Pay. FOR VALUE RECEIVED, the undersigned STEPHEN
M. BENNETT (“Borrower”) hereby promises to pay to the order of INTUIT INC., a
Delaware corporation (“Intuit”), at 2550 Garcia Avenue, Mountain View,
California 94043, Attention: Corporate Comptroller, in lawful money of the
United States of America, without offset or deduction, on or before February
19, 2005 (the “Maturity Date”), the principal amount of ONE MILLION SIXTY SIX
THOUSAND FOUR HUNDRED AND 44/100 DOLLARS ($1,066,400.44), with interest as set
forth herein. The address for receipt of payments hereunder may be changed at
any time by the Note holder upon ten (10) days’ written notice to Borrower.
Borrower acknowledges that the benefits of this loan are not transferable.

     2. Payments of Interest and Principal.

          a. Accrual of Interest. This Note shall accrue interest from March 30,
2001 through November 25, 2001 on the principal balance outstanding from time
to time at the rate of five and fifty one-hundredths percent (5.50%) per annum,
compounded semiannually. This note shall accrue from November 26,
2001 through February 18, 2002 on the principal balance outstanding
from time to time at the rate of five and twenty-four-hundredths
percent (5.24%) per annum, compounded semiannually. Thereafter, from February 19, 2002 to the date this
Note is paid in full, this Note shall accrue interest on the principal balance
outstanding from time to time at the rate of two and seventy-two one-hundredths
percent (2.72%) per annum, compounded semiannually.

          b. Payment of Interest. Subject to the terms of Paragraphs 5 and 6 below,
Borrower shall pay to the Note holder, on March 30, 2002 and on February 19,
2003 and on each anniversary of such latter date, all interest then accrued and
unpaid.

          c. Payment of Principal. Subject to the terms of Paragraphs 5 and 6
below, Borrower shall pay to the Note holder, on the Maturity Date, the entire
then-outstanding principal balance of the loan.

 

 

          d. General. Subject to the foregoing, the entire then-outstanding
principal balance, all interest then accrued and unpaid, plus any other sums
then due hereunder, shall be due and payable to the Note holder on the Maturity
Date set forth herein. In the event any sum due hereunder is not paid when
due, interest shall be payable on the unpaid amount, commencing at the date
payment was due and continuing until paid. Payments shall be applied first to
interest accrued and then to the principal balance. However, in no event shall
the rate of interest payable under this Note exceed the maximum rate permitted
by applicable law, and if any payment in the nature of interest shall cause the
maximum rate to be exceeded, the portion of the payment in excess of the
maximum rate shall be applied to reduce the principal balance. Interest
payments for periods less than a year shall be prorated based on a 360-day
year.

     3. Right to Prepay. Provided Borrower is not then in default hereunder,
Borrower shall have the right to prepay all or any part of the outstanding
unpaid principal at any time without notice and without any prepayment charge.

     4. Collateral. This Note is secured by a Stock Pledge Agreement dated as
of February 19, 2002 executed by Borrower and attached hereto as Exhibit A (the
“Pledge Agreement”) in favor of Intuit covering 75,000 vested shares of common
stock of Intuit evidenced by certificate numbers 12121, 12122, 11504 and 11514
(the “Collateral”). Borrower agrees that all terms, covenants and conditions
of the Pledge Agreement are made a part of this Note.

     5. Events Triggering Immediate Repayment. In the event any or all of the
Collateral is sold, conveyed, assigned or otherwise transferred, by operation
of law or otherwise, then, the entire principal balance of this Note and all
accrued interest, and irrespective of the Maturity Date set forth herein, shall
become immediately due and payable.

     6. Additional Events Triggering Acceleration. In the event Borrower
ceases for any reason to be employed by Intuit Inc. or any of its subsidiary
companies by virtue of an Involuntary Termination, a Voluntary Termination, a
Termination for Cause, a Termination without Cause, or a Termination for Death
or Disability, then the entire principal balance of this Note and all accrued
interest shall become due and payable on the earlier to occur of (i) two (2)
years from the date of the Involuntary Termination, the Termination without
Cause, or the Termination for Death or Disability, or ninety (90) days from the
date of the Termination for Cause or the Voluntary Termination, as applicable,
or (ii) the Maturity Date. All capitalized terms used in this Paragraph 6 and
not otherwise defined in this Note shall have the meanings ascribed to them in
that certain employment agreement entered into by and between Intuit and
Borrower dated January 21, 2000 and amended as of January 17, 2001 and October
23, 2001.

     7. Default.

          a. Events of Default. Borrower shall be in default under this Note if any
of the following happen:

	     	
	 	          (i) Borrower does not pay the full amount of each payment required
under this Note within five (5) days of the date when due, or fails to
comply with any terms or conditions set forth in this Note; or

2

 

	     	
	 	          (ii) Borrower fails to comply with any terms or conditions set forth
in the Pledge Agreement; or

	     	
	 	          (iii) Borrower voluntarily files bankruptcy or seeks legal relief
from any debts under any state or federal law or if someone brings an
involuntary petition in bankruptcy against him.

          b. Rights of Note Holder Upon Default. If Borrower is in default, then
the entire balance of this Note, including all accrued interest, and
irrespective of the Maturity Date set forth herein, at the option of the Note
holder, shall become immediately due and payable and the Note holder shall have
all rights and remedies in this Note, the Pledge Agreement, and at law and in
equity. Borrower promises to pay to the Note holder all costs, charges and
expenses, including attorneys’ fees, incurred in collection of the amounts due
under this Note.

          c. Full Recourse Against Borrower. Recourse may be had against any and
all assets of Borrower.

     8. Borrower’s Waivers. Acceptance of any payment after default shall not
constitute a waiver of any such default. Any extension of time of payment of
any amounts due hereunder shall not affect the liability of Borrower, who
hereby waives demand, presentment for payment, notice of nonpayment, protest
and notice of protest.

     9. Entire Agreement; Amendments. This Note contains the entire agreement
between the parties hereto concerning the subject matter hereof and supersedes
all prior written or oral agreements between the parties with respect to the
subject matter hereof, and no addition to or modification of any term or
provision shall be effective unless set forth in writing, signed by both of the
parties hereto. Without limiting the generality of the foregoing, Borrower
expressly agrees that the loan amount may be increased from time to time by
written amendment to this Note executed by both Borrower and Intuit in the
event additional sums are loaned, which the parties anticipate may occur in
conjunction with the vesting in Borrower of additional shares of Intuit stock
purchased by Borrower pursuant to certain Restricted Stock Purchase Agreements
between Borrower and Intuit dated as of January 24, 2000 and amended as of
January 17, 2001.

     10. Time of Essence. Time is of the essence for the performance of each
and every covenant of Borrower hereunder.

     11. California Law. This Note shall be governed by and construed in
accordance with the laws of the State of California.

     By executing this Note, Borrower agrees that he has received a fully
completed copy of this Note.

BORROWER:

	 	 	 
	/s/ Stephen M. Bennett

Stephen M. Bennett
	 	
 

3

 

EXHIBIT A

STOCK PLEDGE AGREEMENT

 

 

STOCK PLEDGE AGREEMENT

          This Stock Pledge Agreement (the “Pledge Agreement”) is made and entered
into as of February 19, 2002 between Intuit Inc., a Delaware corporation
(“Intuit”), and Stephen M. Bennett (the “Pledgor”). Capitalized terms that are
not defined herein shall have the meanings ascribed to them in the Amended
and Restated Secured Full Recourse Balloon Payment Promissory Note of even date herewith
delivered by Pledgor to Intuit (the “Note”).

R E C I T A L S

          A. In exchange for delivery of the Note to Intuit and the promises set
forth therein, Intuit has lent Pledgor the principal amount of one million
sixty six thousand four hundred and 44/100 dollars ($1,066,400.44).

          B. Pledgor has agreed that repayment of the Note will be secured by the
pledge of 75,000 shares of Intuit Common Stock (the “Shares”) pursuant to this
Pledge Agreement.

          NOW, THEREFORE, the parties agree as follows:

     1. Creation of Security Interest. Pursuant to the provisions of the
California Commercial Code, Pledgor hereby grants to Intuit, and Intuit hereby
accepts, a first and present security interest in (i) the Shares, (ii) all
Dividends (as defined in Section 5 hereof), and (iii) all Additional Securities
(as defined in Section 6 hereof, to secure payment of the Note and performance
of all Pledgor’s obligations under this Pledge Agreement. Pledgor herewith
delivers to Intuit Common Stock certificates Nos. 12121, 12122, 11504 and 11514
representing all the Shares, together with one stock power for each certificate
so delivered in the form attached as Exhibit B to the Note, duly executed (with
the date and number of shares left blank) by Pledgor. For purposes of this
Pledge Agreement, the Shares, all Dividends and all Additional Securities will
hereinafter be collectively referred to as the “Collateral.” Pledgor agrees
that the Collateral will be deposited with and held by the Secretary of Intuit
or its designee (the “Escrow Holder”) and that, for purposes of carrying out
the provisions of this Pledge Agreement, Escrow Holder will act solely for
Intuit as its agent.

     2. Representations and Warranties and Covenants Regarding Collateral.
Pledgor hereby represents and warrants to Intuit that Pledgor has good title
(both record and beneficial) to the Collateral, free and clear of all claims,
pledges, security interests, liens or encumbrances of every nature whatsoever,
and that Pledgor has the right to pledge and grant Intuit the security interest
in the Collateral granted under this Pledge Agreement. Pledgor further agrees
that, until all sums due under the Note have been paid in full, and all of
Pledgor’s obligations under this Pledge Agreement have been performed, Pledgor
will not, without Intuit’s prior written consent, (i) sell, assign or transfer,
or attempt to sell, assign or transfer, any of the Collateral, or (ii) grant or
create, or attempt to grant or create, any security interest, lien, pledge,
claim or other encumbrance with respect to any of the Collateral or (iii)
suffer or permit to continue upon any of the Collateral during the term of this
Pledge Agreement, an attachment, levy, execution or statutory lien.

 

 

     3. Rights on Default. Upon an occurrence of an Event of Default set forth
in Section 7 of the Note, Intuit will have full power to sell, assign and
deliver or otherwise dispose the whole or any part of the Collateral at any
broker’s exchange or elsewhere, at public or private sale, at the option of
Intuit, in order to satisfy any part of the obligations of Pledgor now existing
or hereinafter arising under the Note or under this Pledge Agreement. On any
such sale, Intuit or its assigns may purchase all or any part of the
Collateral. In addition, at its sole option, Intuit may elect to retain all
the Collateral in full satisfaction of Pledgor’s obligation under the Note, in
accordance with the provisions and procedures set forth in the California
Uniform Commercial Code. Pledgor agrees at Intuit’s request, to cooperate with
Intuit in connection with the disposition of any and all of the Collateral and
to execute and deliver any documents which Intuit shall reasonably request to
permit disposition of the Collateral.

     4. Additional Remedies. The rights and remedies granted to Intuit herein
upon an Event of Default will be in addition to all the rights, powers and
remedies of Intuit under the California Uniform Commercial Code and applicable
law and such rights, powers and remedies will be exercisable by Intuit with
respect to all of the Collateral. Pledgor agrees that Intuit’s reasonable
expenses of holding the Collateral, preparing it for resale or other
disposition, and selling or otherwise disposing of the Collateral, including
attorneys’ fees and other legal expenses, will be deducted from the proceeds of
any sale or other disposition and will be included in the amounts Pledgor must
tender to redeem the Collateral. All rights, powers and remedies of Intuit
will be cumulative and not alternative. Any forbearance or failure or delay by
Intuit in exercising any right, power or remedy hereunder will not be deemed to
be a waiver of any such right, power or remedy and any single or partial
exercise of any such right, power or remedy hereunder will not preclude the
further exercise thereof.

     5. Dividends; Voting. All dividends hereinafter declared on or payable
with respect to any Collateral during the term of this Pledge Agreement
(excluding only ordinary cash dividends, which will be payable to Pledgor so
long as no Event of Default has occurred under the Note) (the “Dividends”) will
be immediately delivered to Intuit to be held in pledge under this Pledge
Agreement. Notwithstanding this Pledge Agreement, so long as Pledgor owns the
Shares and no Event of Default has occurred under the Note, Pledgor will be
entitled to vote any shares comprising the Collateral, subject to any proxies
granted by Pledgor.

     6. Adjustments. In the event that during the term of this Pledge
Agreement, any stock dividend, reclassification, readjustment, stock split or
other change is declared or made with respect to the Collateral, or if warrants
or any other rights, options or securities are issued in respect of the
Collateral, (the “Additional Securities”) then all new, substituted and/or
additional shares or other securities issued by reason of such change or by
reason of the exercise of such warrants, rights, options or securities, will be
(if delivered to Pledgor, immediately surrendered to Intuit and) pledged to
Intuit to be held under the terms of this Pledge Agreement as and in the same
manner as the Collateral is held hereunder.

     7. Redelivery of Collateral; No Release For Partial Payment.

          a. Until all obligations of Pledgor under the Note and under this Pledge
Agreement have been satisfied in full, all Collateral will continue to be held
in pledge under this Pledge Agreement.

2

 

          b. Upon performance of all Pledgor’s obligations under the Note and this
Pledge Agreement, Intuit will immediately redeliver the Collateral to Pledgor
and this Pledge Agreement will terminate.

     8. Further Assurances. Pledgor shall, at Intuit’s request, execute and
deliver such further documents and take such further actions as Intuit shall
reasonably request to perfect and maintain Intuit’s security interest in the
Collateral, or in any part thereof.

     9. Successors and Assigns. This Pledge Agreement will inure to the
benefit of the respective heirs, personal representatives, successors and
assigns of the parties hereto.

     10. Governing Law; Severability. This Pledge Agreement will be governed
by and construed in accordance with the internal laws of the State of
California, excluding that body of law relating to conflicts of law. Should
one or more of the provisions of this Pledge Agreement be determined by a court
of law to be illegal or unenforceable, the other provisions nevertheless will
remain effective and will be enforceable.

     11. Modification; Entire Agreement. This Pledge Agreement will not be
amended without the written consent of both parties hereto. This Pledge
Agreement, together with the Note constitute the entire agreement of the
parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings related to such subject matter.

     IN WITNESS WHEREOF, the parties hereto have executed this Pledge Agreement
as of the date and year first above written.

	 	 	 	 
	INTUIT INC	 	
PLEDGOR
	 
	 	 	 	
 
	By: 	/s/ Greg J. Santora	 	
/s/ Stephen M. Bennett
	 	
	 	

	 	Greg J. Santora

Chief Financial Officer	 	
Stephen M. Bennett

3

 

EXHIBIT B

STOCK POWER AND ASSIGNMENT

SEPARATE FROM CERTIFICATE

 

 

STOCK POWER AND ASSIGNMENT

SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED
and pursuant to that certain Amended and Restated Secured Full
Recourse Balloon Payment Promissory Note dated as of February 19, 2002 (the
“Note”), the undersigned hereby sells, assigns and transfers unto
______________________________ , _______________ shares of the Common Stock of Intuit
Inc., a Delaware corporation (“Intuit”), standing in the undersigned’s name on
the books of Intuit represented by Certificate No(s). _____________________________ delivered
herewith, and does hereby irrevocably constitute and appoint the Secretary of
Intuit as the undersigned’s attorney-in-fact, with full power of substitution,
to transfer said stock on the books of Intuit. THIS ASSIGNMENT MAY ONLY BE
USED AS AUTHORIZED BY THE NOTE AND THE STOCK PLEDGE AGREEMENT ASSOCIATED
THERETO.

Dated:_____________________________________

	 	 	 
	 
	 	
PLEDGOR

	 
	 
	 	
 

	 
	 	
/s/ Stephen M. Bennett

	 
	 	

	 
	 	
Stephen M. Bennett

Instructions to Pledgor: Please do not fill in any blanks other than the
signature line. The purpose of this Stock Power and Assignment is to enable
Intuit and/or its assignee(s) to acquire the shares upon a default under
Pledgor’s Secured Full Recourse Balloon Payment Promissory Note without
requiring additional signatures on the part of the Pledgor.

 

 

STOCK POWER AND ASSIGNMENT

SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED
and pursuant to that certain Amended and Restated Secured Full
Recourse Balloon Payment Promissory Note dated as of February 19, 2002 (the
“Note”), the undersigned hereby sells, assigns and transfers unto
______________________________ , _______________ shares of the Common Stock of Intuit
Inc., a Delaware corporation (“Intuit”), standing in the undersigned’s name on
the books of Intuit represented by Certificate No(s). _____________________________ delivered
herewith, and does hereby irrevocably constitute and appoint the Secretary of
Intuit as the undersigned’s attorney-in-fact, with full power of substitution,
to transfer said stock on the books of Intuit. THIS ASSIGNMENT MAY ONLY BE
USED AS AUTHORIZED BY THE NOTE AND THE STOCK PLEDGE AGREEMENT ASSOCIATED
THERETO.

	 	 	 
	Dated:_____________________________________
	 	

	 
	 
	 	
PLEDGOR

	 
	 
	 	
 

	 
	 	
/s/ Stephen M. Bennett

	 
	 	

	 
	 	
Stephen M. Bennett

Instructions to Pledgor: Please do not fill in any blanks other than the
signature line. The purpose of this Stock Power and Assignment is to enable
Intuit and/or its assignee(s) to acquire the shares upon a default under
Pledgor’s Secured Full Recourse Balloon Payment Promissory Note without
requiring additional signatures on the part of the Pledgor.

 

 

STOCK POWER AND ASSIGNMENT

SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED
and pursuant to that certain Amended and Restated Secured Full
Recourse Balloon Payment Promissory Note dated as of February 19, 2002 (the
“Note”), the undersigned hereby sells, assigns and transfers unto
______________________________ , _______________ shares of the Common Stock of Intuit
Inc., a Delaware corporation (“Intuit”), standing in the undersigned’s name on
the books of Intuit represented by Certificate No(s). _____________________________ delivered
herewith, and does hereby irrevocably constitute and appoint the Secretary of
Intuit as the undersigned’s attorney-in-fact, with full power of substitution,
to transfer said stock on the books of Intuit. THIS ASSIGNMENT MAY ONLY BE
USED AS AUTHORIZED BY THE NOTE AND THE STOCK PLEDGE AGREEMENT ASSOCIATED
THERETO.

	 	 	 
	Dated:_____________________________________
	 	

	 
	 
	 	
PLEDGOR

	 
	 
	 	
 

	 
	 	
/s/ Stephen M. Bennett

	 
	 	

	 
	 	
Stephen M. Bennett

Instructions to Pledgor: Please do not fill in any blanks other than the
signature line. The purpose of this Stock Power and Assignment is to enable
Intuit and/or its assignee(s) to acquire the shares upon a default under
Pledgor’s Secured Full Recourse Balloon Payment Promissory Note without
requiring additional signatures on the part of the Pledgor.

 

 

STOCK POWER AND ASSIGNMENT

SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED
and pursuant to that certain Amended and Restated Secured Full
Recourse Balloon Payment Promissory Note dated as of February 19, 2002 (the
“Note”), the undersigned hereby sells, assigns and transfers unto
______________________________ , _______________ shares of the Common Stock of Intuit
Inc., a Delaware corporation (“Intuit”), standing in the undersigned’s name on
the books of Intuit represented by Certificate No(s). _____________________________ delivered
herewith, and does hereby irrevocably constitute and appoint the Secretary of
Intuit as the undersigned’s attorney-in-fact, with full power of substitution,
to transfer said stock on the books of Intuit. THIS ASSIGNMENT MAY ONLY BE
USED AS AUTHORIZED BY THE NOTE AND THE STOCK PLEDGE AGREEMENT ASSOCIATED
THERETO.

	 	 	 
	Dated:  _____________________________________
	 	

	 
	 
	 	
PLEDGOR

	 
	 
	 	
 

	 
	 	
/s/ Stephen M. Bennett

	 
	 	

	 
	 	
Stephen M. Bennett

Instructions to Pledgor:  Please do not fill in any blanks other than the
signature line. The purpose of this Stock Power and Assignment is to enable
Intuit and/or its assignee(s) to acquire the shares upon a default under
Pledgor’s Secured Full Recourse Balloon Payment Promissory Note without
requiring additional signatures on the part of the Pledgor.

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