Document:

exv10w02

 

EXHIBIT 10.02

     

PO Box 7850

Mountain View, CA 94039-7850

May 10, 2005

Brad Smith

Dear Brad:

On behalf of the Intuit team, congratulations on your promotion to the position of Senior Vice
President/General Manager, QuickBooks.

The terms of your employment as a result of your promotion are as follows:

START DATE/WORKPLACE

Beginning May 5, 2005, the effective date of your promotion, you assumed the title and
responsibilities of Senior Vice President/General Manager, QuickBooks. In connection with this
promotion, you will begin to work from Intuit’s Mountain View office.

BASE COMPENSATION

Your base salary will be increased to $500,000 from $375,000 per year in accordance with Intuit’s
payroll procedures.

ANNUAL CASH INCENTIVE BONUS PROGRAM PARTICIPATION

You will continue to be eligible to participate in Intuit’s Performance Incentive Plan (“IPI”) and
your bonus target will remain at 60% of your base salary. However, for fiscal 2005, your IPI
payment will be at least $400,000, provided you are employed on the date Intuit pays the fiscal
2005 IPI payments. Payouts under the IPI are tied to the achievements of Intuit and individual
performance and are made to individuals who are employed on the date the IPI payment is made. The
actual amount of your awards under the IPI, will be determined in accordance with the terms and
conditions outlined in the IPI plan document.

EQUITY

You will be granted a nonqualified stock option to purchase 100,000 shares of Common Stock of
Intuit Inc. These options will be granted to you in accordance with Intuit’s standard monthly
option grant process (on the seventh business day of the month following the date of your

 

 

promotion). The exercise price per share will be equal to the closing price of Intuit’s Common
Stock on the Nasdaq National Market on the date of grant. If, however, that is not a trading day,
the exercise price per share will be the closing price on the last trading day preceding the date
of grant. The options will be subject to the terms of the Intuit Inc. 2005 Equity Incentive Plan.
The options will vest over three years with 33-1/3% of the option shares vesting twelve months from
your Start Date, and as to an additional 2.778% of the option shares vesting monthly thereafter for
the next two years, provided you remain employed on the vesting date. The option will have a
maximum term of seven years.

OTHER BENEFITS

Your health insurance, 401(k), employee stock purchase plan, vacation accrual and eligibility for
other benefits generally offered to all Intuit executives of similar rank and status remain
unchanged.

PERFORMANCE/SALARY REVIEWS

Performance reviews are conducted at least once per fiscal year. Intuit will conduct your salary
review at the same time other executive salary reviews are conducted. Salary reviews are conducted
at least once per fiscal year.

RELOCATION AND HOUSING ASSISTANCE BENEFITS

To assist in your move to the Mountain View office from the San Diego office, you will be eligible
for the standard executive relocation benefits under Intuit’s Relocation Policy plus an additional
one month’s salary. If you voluntarily resign from Intuit within 12 months following your
promotion date, you must reimburse Intuit for a prorated amount of the amount of all relocation
benefits paid to you or on your behalf. To determine the amount to be repaid, Intuit will reduce
the gross amount paid to or on behalf of you by one-twelfth (1/12) for every complete month of
service after your promotion date.

In addition to the foregoing, after you have relocated to Mountain View, California and assessed
the housing market you and Intuit will negotiate in good faith an agreement on additional housing
assistance. The terms of that agreement are subject to the approval of Intuit’s Compensation and
Organizational Development Committee.

CONFIDENTIALITY

You remain subject to the Employee Invention Assignment and Confidentiality Agreement you signed
when you commenced employment with Intuit to protect Intuit’s confidential information and
intellectual property. This Agreement also contains non-solicitation provisions.

EMPLOYMENT AT WILL

This letter also confirms the understanding that your 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.

2

 

ENTIRE AGREEMENT

This agreement, including your Employee Invention Assignment and Confidentiality Agreement and any
indemnification agreement you have with the Company, represents the entire agreement between us
concerning the subject matter of your employment by Intuit and entirely supplants the terms and
conditions of the employment offer letter between you and Intuit that was accepted by you on
February 7, 2003. You agree to abide by the policies of the Company, as they may be in effect from
time to time, including but not limited to, the Insider Trading Policy and Business Conduct
Guidelines.

Please review these terms and make sure they are consistent with your understanding. If so, please
indicate your acceptance of the terms of this agreement by signing and dating this letter.

If you have any questions, please feel free to call me. Brad, we look forward to your continuing
success with Intuit in this new capacity.

Very truly yours,

	 	 	 	 	 
	/s/ STEVE BENNETT

	 	 	 	/s/ BRAD SMITH
	 

	 	 	 	 
	Steve Bennett

	 	 	 	Brad Smith
	President and Chief Executive Officer,

	 	 	 	Accepted May 10, 2005:
	Intuit Inc.
	 	 	 	 

3exv10w1

 

EXHIBIT 10.1

THERMA-WAVE, INC.

STOCK OPTION AGREEMENT

(Nonqualified Stock Option)

          THIS STOCK OPTION AGREEMENT (this “Agreement”) is made and entered into as of
_________, 20_________by and between Therma-Wave, Inc., a Delaware corporation (the
“Company”), and the employee of the Company listed on the signature page hereto
(“Optionee”).

          Pursuant to the Company’s 2000 Equity Incentive Plan (the “Plan”), the Company and the
Optionee desire to enter into an agreement to evidence the grant by the Company to the Optionee of
an option (the “Option”) to acquire that number of shares of the Company’s common stock,
par value $0.01 per share (the “Common Stock”) listed on the signature page hereto (the
“Option Shares”). Capitalized terms used herein and not otherwise defined are defined in
Section 6 hereof.

          The parties hereto agree as follows:

          1. Option Grant. The Company hereby grants to the Optionee, pursuant to the Plan, an
Option to purchase the Option Shares at a price per share equal to that amount listed on the
signature page hereto (the “Exercise Price”). The Exercise Price and the number of Option
Shares will be equitably adjusted for any stock split, stock dividend, reclassification or
recapitalization of the Company which occurs subsequent to the date of this Agreement. The Option
is not intended to be an “incentive stock option” within the meaning of Section 422A of the Code.

          2. Exercise of Option.

          (1) Normal Vesting. The Option granted hereunder may be exercised only to the extent
it has become vested. The Option shall vest and become exercisable with respect to the following
number of Option Shares (set forth on a cumulative basis): (i) 25% of the Option Shares on the
first year anniversary of the Grant Date; (ii) 2.083% of the Option Shares each month on the
thirteenth (13th) through the forty eighth (48th) monthly anniversary of the
Grant Date (each a “Vesting Date”), if and only if the Optionee is, and has been,
continuously employed by the Company from the Grant Date through the applicable Vesting Date.

          (2) No Vesting After Termination Date. The Option shall cease to vest after the
Termination Date. Any portion of the Option which has vested and become exercisable prior to the
Termination Date shall remain exercisable for the period set forth in Section 3.

          (3) Procedure for Exercise. At any time prior to the Expiration Date, Optionee may
exercise all or a portion of the Option (to the extent vested), which has not expired pursuant to
subsection 3(b) below by delivering written notice of exercise to the Company,

 

 

together with (i) a
written acknowledgment that Optionee has read and has been afforded an opportunity to ask questions
of members of the Company’s management regarding all financial and other information provided to
Optionee regarding the Company and (ii) full payment for the Shares with respect to which the
Option is exercised. Full payment may consist of payment in cash, check, other shares of capital
stock of the Company or any combination of the foregoing. As a condition to any exercise of the
Option, Optionee will permit the Company to deliver to him all financial and other information
regarding the Company and its Subsidiaries which it believes necessary to enable Optionee to make
an informed investment decision. Shares issued upon exercise of an Option shall be issued in the
name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or her
spouse.

          3. Expiration of Option.

          (1) Normal Expiration. In no event shall any part of the Option be exercisable after
the Expiration Date.

          (2) Expiration Upon Termination of Employment. Any portion of the Option that was not
vested and exercisable on the Termination Date shall expire on such date and may not be exercised
thereafter under any circumstance. Any portion of the Option that was vested and exercisable on
the Termination Date shall expire on the earlier of (i) three months after the Termination Date (or
12 months after the Termination Date if the termination was caused by Optionee’s death, disability
or retirement) and (ii) the Expiration Date and may not be exercised thereafter under any
circumstance.

          (3) Non-Transferability of Option. The Option is personal to Optionee and is not
transferable by Optionee except pursuant to the laws of descent or distribution and may be
exercised, during the lifetime of the Optionee, only by the Optionee.

          4. Adjustments upon Dissolution, Merger or Asset Sale.

          (1) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Board shall notify each Optionee as soon as practicable prior to
the effective date of such proposed transaction. To the extent it has not been previously
exercised, an Option will terminate immediately prior to the consummation of such proposed action.

          (2) Merger or Assets Sale. In the event of a merger of the Company with or into
another corporation, or the sale of substantially all of the assets of the Company, each
outstanding Option and shall be assumed or an equivalent option or right substituted by the
successor corporation or a Parent or Subsidiary of the successor corporation. In the event that
the successor corporation refuses to assume or substitute for the Option, the Optionee shall fully
vest
in and have the right to exercise the Option as to all of the Option Shares, including Shares
as to which it would not otherwise be vested or exercisable.

2

 

          (3) Change in Control. Notwithstanding the previous sections, in the event that
following a Change in Control Optionee (A) is not subsequently offered a comparable position to
that held by Optionee immediately prior to the Change in Control with comparable base salary, bonus
and benefits (a “Comparable Position”) or (B) is offered and accepts a Comparable Position but,
within six months of the Change in Control, he terminates his employment in such Comparable
Position for Good Reason, then any Option awarded under this Agreement not previously vested shall
become fully vested and fully exercisable immediately upon the Change in Control.

          5. Definition of Option Shares. For all purposes of this Agreement, Option Shares
will continue to be Option Shares in the hands of any holder other than Optionee (except for the
Company, purchasers pursuant to an offering registered under the 1933 Act and subsequent
transferees), and each such other holder of Option Shares will succeed to all rights and
obligations attributable to Optionee as a holder of Option Shares hereunder. Option Shares will
also include shares of the Company’s capital stock issued with respect to Option Shares by way of a
stock split, stock dividend or other recapitalization.

          6. Definitions. The following terms are defined as follows:

          “1933 Act” means the Securities Act of 1933, as amended from time to time.

          “Affiliate” means, with respect to any Person, any other Person who is controlling,
controlled by, or under common control with such Person and, in the case of a Person which is a
partnership, any partner of such Person.

          “Board” means the Company’s Board of Directors.

          “Change in Control” means the occurrence of any of the following:

	 	(1)  	When any “person” as defined in Section 3(a)(9) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) and as used in
Sections 13(d) and 14(d) thereof, including a “group” as defined in Section
13(d) of the Exchange Act but excluding the Company and any Subsidiary and any
employee benefit plan sponsored or maintained by the Company or any Subsidiary
(including any trustee of such plan acting as trustee), directly or indirectly,
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act, as amended from time to time), after the effective date of the Plan, of
securities of the Company representing 50 percent or more of the combined
voting power of the Company’s then outstanding securities;
	 
	 	(2)  	When, during any period of 24 consecutive months during the
existence of the Plan, the individuals who, at the beginning of such period,
constitute
the Board (the “Incumbent Directors”) cease for any reason other than death
to constitute at least a majority thereof, provided, however, that a
director who was not a director at the beginning of such 24-month period

3

 

	 	   	shall be deemed to have satisfied such 24-month requirement (and be an
Incumbent Director) if such director was elected by, or on the
recommendation of or with the approval of, at least two-thirds of the
directors who then qualified as Incumbent Directors either actually (because
they were directors at the beginning of such 24-month period) or by prior
operation of this provision; or
	 
	 	(3)  	The approval by the stockholders of the Company of a
transaction involving the acquisition of the Company by an entity other than
the Company or a Subsidiary through purchase of assets, by merger, or
otherwise.

          “Code” means the Internal Revenue Code of 1986, as amended from time to time.

          “Common Stock” means, collectively, the Company’s common stock, par value $0.01 per
share.

          “Expiration Date” means, with respect to any Option, the date which is the tenth
anniversary of the date hereof.

          “Good Reason” means (i) the assignment to Optionee of duties that represent a
substantial adverse alteration in the nature or status of his responsibilities as they were prior
to the Change of Control as an executive offer or key employee of the Company, except in the event
Optionee is unable to or fails to perform his normal full time duties and responsibility with the
Company as a result of incapacity due to physical or mental illness or incapacity; (ii) a reduction
in Optionee’s base salary as in effect on the date of the Change in Control; (iii) the relocation
of the Company’s principal executive offices to a location outside the San Francisco Area (which
includes the counties of San Francisco, Alameda, Santa Clara, Contra Costa, San Mateo and Marin) or
the Company’s requiring Optionee to be based anywhere other than the Company’s principal executive
offices (but not including required travel on the Company’s business); or (iv) the wrongful failure
by the Company to pay to Optionee any portion of his base salary, bonus, or benefits, or to pay to
Optionee any portion of an installment of deferred compensation or benefits under any deferred
compensation or benefits program of the Company, within 45 days of the date such base salary,
bonus, compensation or benefit is due.

          “Grant Date” means the date the Board approves the grant by the Company to the
Optionee of the Option governed by this Agreement.

          “Option Shares” means (i) all shares of Common Stock purchased pursuant to the Options
granted pursuant to this Agreement and (ii) all shares of Common Stock issued with respect to
Common Stock referred to in clause (i) by way of stock dividend or stock split or in connection
with a recapitalization or other reorganization affecting the Common Stock.

          “Person” means an individual, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization and a government or any department or agency thereof.

4

 

          “Plan” has the meaning set forth in the preamble.

          “Subsidiary” means any corporation of which shares of stock having a majority of the
general voting power in electing the board of directors are, at the time as of which any
determination is being made, owned by the Company either directly or through its Subsidiaries.

          “Termination Date” means the date that Optionee ceases to be employed by the Company
or any of its Subsidiaries for any reason.

          7. Notices. Any notice provided for in this Agreement must be in writing and must be
personally delivered, received by certified mail, return receipt requested, or sent by guaranteed
overnight delivery service, to the Optionee at the address appearing on the signature page hereto
and to the other recipients at the address indicated below:

     To the Company:

Therma-Wave, Inc.

1250 Reliance Way

Fremont, California 94539

Attn: President

     and

Wilson
Sonsini Goodrich  & Rosati

650 Page Mill Road

Palo Alto, CA 94304

Attn: Matthew W. Sonsini

or such other address or to the attention of such other person as the recipient party will have
specified by prior written notice to the sending party. Any notice under this Agreement will be
deemed to have been given when so delivered or mailed.

          8. Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will
not affect any other provision or the effectiveness or validity of any provision in any other
jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as
if such invalid, illegal or unenforceable provision had never been contained herein.

          9. Complete Agreement. This Agreement and the Plan embody the complete agreement and
understanding among the parties and supersedes and preempts any prior understandings, agreements or
representations by or among the parties, written or oral, which may have related to the subject
matter hereof in any way. Without limiting the foregoing, all

5

 

existing stock option agreements
between the Company and/or the Company’s existing stockholders and Optionee are hereby cancelled
and terminated.

          10. Counterparts. This Agreement may be executed in separate counterparts, each of
which will be deemed to be an original and all of which taken together will constitute one and the
same agreement.

          11. Successors and Assigns; Transfer. This Agreement is intended to bind and inure to
the benefit of and be enforceable by Optionee, the Company, and their respective successors and
assigns, provided that Optionee may not assign any of his or her rights or obligations, except as
expressly provided by the terms of this Agreement.

          12. Governing Law. The corporate law of the State of Delaware will govern all
questions concerning the relative rights of the Company and its stockholders. All other issues
concerning the enforceability, validity and binding effect of this Agreement will be governed by
and construed in accordance with the laws of the State of California, without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of California or any other
jurisdiction) that would cause the application of the law of any jurisdiction other than the State
of California.

          13. Remedies. The parties hereto acknowledge and agree that money damages may not be
an adequate remedy for any breach of the provisions of this Agreement and that any party hereto
will have the right to injunctive relief, in addition to all of its other rights and remedies at
law or in equity, to enforce the provisions of this Agreement.

          14. Effect of Transfers in Violation of Agreement. The Company will not be required
(a) to transfer on its books any Option Shares which have been sold or transferred in violation of
any of the provisions set forth in this Agreement or (b) to treat as owner of such Option Shares,
to accord the right to vote as such owner or to pay dividends to any transferee to whom such Option
Shares have been transferred in violation of this Agreement.

          15. Amendments and Waivers. The Board may at any time amend, alter, suspend or
terminate the Plan without the consent of any Optionee; provided, however, that no amendment,
alteration, suspension or termination of the Plan shall impair the rights of any Optionee.

          16. Therma-Wave, Inc. 2000 Equity Incentive Plan. The grant of any Option hereunder
is pursuant to and subject to all of the terms and conditions of the Plan.

6

 

          IN WITNESS WHEREOF, the parties have executed this Stock Option Agreement on the day and year
first above written.

	 	 	 	 	 
	

	 	THERMA-WAVE, INC.	 	 
	 
	 	 	 	 
	

	 	

	 	 
	

	 	By: L. RAY CHRISTIE	 	 
	

	 	Its: Vice President Finance & CFO	 	 
	 
	 	 	 	 
	

	 	OPTIONEE:	 	 
	 
	 	 	 	 
	

	 	

	 	 
	

	 	Name:	 	 
	 
	 	 	 	 
	

	 	Address (please print):	 	 
	 
	 	 	 	 
	

	 	

	 	 
	 
	 	 	 	 
	

	 	

	 	 
	 
	 	 	 	 
	

	 	Number of Option Shares:                                         	 	 
	 
	 	 	 	 
	

	 	Exercise Price: $                                        	 	 
	 
	 	 	 	 
	

	 	[insert closing price on trading date immediately preceding	 	 
	

	 	date of Board authorization of this agreement]	 	 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]