Document:

Exhibit 10.02

 

Award No. (GrantNumber)

EXHIBIT 10.02

INTUIT INC. 2002 EQUITY INCENTIVE PLAN

STOCK BONUS AGREEMENT

EXECUTIVE STOCK OWNERSHIP PROGRAM MATCHING UNIT

Intuit Inc., a Delaware corporation (the “Company”), hereby grants you a
matching restricted stock unit in the form of a Stock Bonus Award (“Award”)
pursuant to the Company’s 2002 Equity Incentive Plan (the “Plan”), for the
number of shares of the Company’s Common Stock, $0.01 par value per share
(“Common Stock”) set forth below. This Award is subject to all of the terms
and conditions of the Plan, which is incorporated into this Agreement by
reference. All capitalized terms in this Stock Bonus Agreement (“Agreement”)
that are not defined in this Agreement have the meanings given to them in the
Plan.

	 	 	 	 	 
	 	 	
Name of Participant:
	 	 
	 	 	
Social Security Number:
	 	 
	 	 	
Address:	 	 
	 	 	 	 	 
	 	 	
Number of Shares:
	 	 
	 	 	
Date of Grant:	 	 
	 	 	
Vesting Date:	 	 

Vesting: Subject to the forfeiture provisions set forth in this Agreement,
this Award will vest as to 100% of the Number of Shares on the Vesting Date set
forth above, provided you have remained employed by the Company through that
date. The Vesting Date is the fourth anniversary of the Date of Grant.

In the event of your Termination prior to the Vesting Date, the following
provisions will govern the vesting of this Award:

Termination due to Resignation or by Company for Cause: In the event of
your Termination prior to the Vesting Date due to your resignation or
termination of employment by the Company for Cause, this Award will
terminate without having vested as to any of the shares subject to this
Award and you will have no right or claim to anything under this Award.
For purposes of this Award, Cause means (i) you have been convicted of a
misdemeanor that involves moral turpitude or the embezzlement of property
of the Company or one of its affiliates; (ii) you have been convicted of a
felony under the laws of the United States or any state thereof; (iii)
your willful misconduct in the performance of your duties as a Company
employee; (iv) your gross negligence in the performance of your duties as
a Company employee; or (v) you have persistently failed to follow the
lawful instructions of your manager relating to an activity within the
scope of your duties. In order for a condition identified in (iv) or (v)
to constitute Cause, the Company shall first have provided you with (A) at
least thirty days’ written notice of the alleged actions setting forth
with specificity the events or failures complained of and (B) an
opportunity to remedy to the reasonable satisfaction of your manager such
condition within such thirty day period and you shall have failed to
remedy such condition.

Termination due to Retirement or by Company for other than Cause: In the
event of your Termination prior to the Vesting Date due to your Retirement
or termination of employment by the Company for reasons other than Cause,
you will vest pro-rata in a percentage of the Number of Shares equal to
your number of full months of service since the Date of Grant divided by
forty-eight months, rounded down to the nearest whole share of Intuit
Common Stock, and the Vesting Date under this Agreement will be your
Termination Date. For purposes of this Award, Retirement means the
Termination of your employment with the Company after you have reached an
age and service requirement determined by the Committee or its delegate.

Termination due to Death or Total Disability: In the event of your
Termination prior to the Vesting Date due to your death or Total
Disability, this Award will vest as to 100% of the Number of the Shares on
your Termination Date, and the Vesting Date under this Agreement will be
your Termination Date. For purposes of this Award, Total Disability is
defined in Section 5.6(a) of the Plan.

Termination Within One Year Following Corporate Transaction: In the event
of your Termination prior to the Vesting Date, but within one year
following the date of a Corporate Transaction, this Award will vest as to
100% of the Number of the Shares on your Termination Date, and the Vesting
Date under this Agreement will be your Termination Date. For purposes of
this Award, Corporate Transaction is defined in Section 23(h) of the Plan.

Forfeiture: You acknowledge and agree that if prior to the date on which you
vest fully in this Award you sell, gift or otherwise transfer the shares you
purchased that caused the Company to grant you this Award, this Award will
terminate and you will forfeit all rights to this Award and any shares subject
hereto, unless the Company determines in its sole discretion that you continue
to hold other shares of the Company’s

 

 

Common Stock in a number equal to or greater than the number of shares that
caused the Company to grant you this Award.

Issuance of Shares under this Award: The Company will issue you the shares
subject to this Award on the later of: (1) the Vesting Date; or (2) your
Voluntary Deferral of Share Issuance Date. Until the date the shares are
issued to you, you will have no rights as a stockholder of the Company and the
shares subject to this Award will not count as owned by you under the Company’s
share ownership requirements.

Withholding Taxes: When the vesting and issuance of the shares under this Award
gives rise to a federal or other governmental income or employment tax
withholding obligation on the part of the Company, the Company will withhold
from the shares issued to you a number of whole shares having a Fair Market
Value equal to the minimum amount to be withheld to satisfy the withholding
obligation and will transmit the equivalent cash amount to the applicable
taxing authorities. If you have made a voluntary deferral of the share
issuance to a date later than the Vesting Date in accordance with the
provisions set forth in this Agreement, you agree that you will remit cash to
the Company (through payroll deduction or otherwise) in an amount sufficient to
satisfy any withholding obligation resulting from the vesting of the shares
under this Award. (As of the date of this Agreement, federal income tax
withholding is not required until share issuance. However, a FICA and Medicare
withholding obligation triggers on the Vesting Date even if you have made a
voluntary deferral of the share issuance to a date later than the Vesting
Date). Fair Market Value of the shares shall be determined in accordance with
Section 23(m) of the Plan on the date that the amount of tax to be withheld is
to be determined.

Voluntary Deferral of Share Issuance: You may voluntarily elect to defer the
issuance of the shares under this Award to a date after the Vesting Date that
is no later than the first day of the fiscal year following the date on which
you are no longer an employee of the Company (your “Voluntary Deferral of Share
Issuance Date”). You must make this election no later than the third
anniversary of the Date of Grant by filing a voluntary deferral election
request in a form acceptable to the Committee or its delegate.

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 shall be binding on, and inure to the benefit of,
the successors and assigns of the Company. Subject to the restrictions on
transfer of the Option described in Section 11 of the Plan, this Agreement
shall 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 to the
Company or to you at its or your respective addresses set forth in this
Agreement, or at such other address designated in writing by either of the
parties to the other.

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

	 	 	 	 	 
	 	 	INTUIT INC
	 	 	2632 Marine Way
	 	 	Mountain View, California 94043
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	Robert B. Henske, Chief Financial Officer

PARTICIPANT’S ACCEPTANCE

I accept this Agreement effective as of the Date of Grant and agree to the
terms and conditions in this Agreement and the Plan. I acknowledge that I have
received a copy of the Plan, and I understand and agree that 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 as interpreted by the
Company, the provisions of the Plan shall apply.

	 	 	 	 
	Signed:Exhibit 10.03

 

EXHIBIT 10.03

July 23, 2003

Nicholas Spaeth

Dear Nick:

On behalf of the Intuit team, it is with great pleasure that I extend to you
this formal offer of employment, to join us in the position of Senior Vice
President and General Counsel, reporting directly to me. We have all been
impressed and excited by your talents, energy and experience, and are excited
about the prospect of you joining our team.

The terms of our offer are as follows:

START DATE

We anticipate that you will start employment with Intuit on August 25, 2003.

BASE COMPENSATION

For your services, you will be paid an annual base salary of $450,000, payable
in bi-weekly installments and in accordance with Intuit’s standard payroll
practices.

SIGN-ON BONUS

You will be paid a sign-on bonus of $242,493.98 (“Sign-On Bonus”) to net after
minimum mandatory federal and state income and payroll withholding taxes a
$150,000 payment in your first Intuit paycheck. In the event that you resign
within twelve months of your Start Date, you agree to repay a prorated portion
of the Sign-On Bonus back to Intuit. To determine the amount to be repaid,
Intuit will take the total pre-tax Sign-On Bonus amount and reduce it by
one-twelfth (1/12) for every complete month of service after your Start Date.

2003 CALENDAR YEAR-END BONUS

You will be paid a $200,000 bonus (“2003 CYE Bonus”) on December 31, 2003
provided you are employed on that date. The 2003 CYE Bonus will be paid to you
net of federal and state income and payroll withholding taxes, it will not be
grossed up for taxes.

 

 

ANNUAL PERFORMANCE BASED BONUS

You will be eligible to participate in Intuit’s Performance Incentive Plan
(“IPI”), a cash incentive compensation program. Your participation in the IPI
for the 2004 fiscal year (August 1, 2003 through July 31, 2004) will be 60% of
your base salary at target. 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 award will be determined in accordance with the terms and conditions
outlined in the IPI plan document.

NONQUALIFIED DEFERRED COMPENSATION PLAN CONTRIBUTIONS

If you are employed by Intuit on the first anniversary of your Start Date,
Intuit will make a fully vested employer contribution of $100,000 on your
behalf to the Intuit Inc. Executive Deferred Compensation Plan (the “NQDCP”).
Intuit will make this contribution net of required payroll withholding taxes
within thirty days following the first anniversary of your Start Date. You
will not be entitled to this contribution if your Intuit employment terminates
prior to the first anniversary of your Start Date.

If you are employed by Intuit on the second anniversary of your Start Date,
Intuit will make a fully vested employer contribution of $100,000 on your
behalf to the NQDCP. Intuit will make this second contribution net of required
payroll withholding taxes within thirty days following the second anniversary
of your Start Date. You will not be entitled to this contribution if your
Intuit employment terminates prior to the second anniversary of your Start
Date.

If you are employed by Intuit on the third anniversary of your Start Date,
Intuit will make a fully vested employer contribution of $100,000 on your
behalf to the NQDCP. Intuit will make this third contribution net of required
payroll withholding taxes within thirty days following the third anniversary of
your Start Date. You will not be entitled to this contribution if your Intuit
employment terminates prior to the third anniversary of your Start Date.

In accordance with the terms and conditions of the NQDCP, these contributions
will be credited with earnings pursuant to your investment elections and you
will be able to elect when to take distributions of these contributions and any
earnings credited thereon.

EQUITY

You will receive rights, subject to approval by the Compensation Committee of
Intuit’s Board of Directors, to purchase 200,000 shares of Intuit’s Common
Stock in the form of non-qualified stock options. These options will be
granted to you at an exercise price per share equal to the closing price of
Intuit’s Common Stock on the Nasdaq National Market on the date of grant. The
date of grant will be your Start Date. If that is not a trading date, your
exercise price per share will be equal to the closing price of Intuit’s Common
Stock on the last trading day preceding your Start Date. The options will be
subject to the terms of the Intuit Inc. 2002 Equity Incentive Plan. The
options will vest over three years as to 33-1/3% of the option shares twelve
months from the date of the grant, and as to an additional 2.778% of the option
shares 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.

SHARE OWNERSHIP AND MATCHING UNIT PROGRAM

As a Senior Vice President you will participate in Intuit’s Share Ownership and
Matching Unit Program. Under this program, you will have three years following
your Start Date in which to acquire and hold a minimum of 3,000 shares of
Intuit stock. To provide you with an incentive to acquire Intuit stock under
this Program, Intuit will award you one matching unit for every two shares of
Intuit stock you buy, up to a maximum of 1,500 matching units. The matching
units will not count toward the 3,000 share ownership requirement.

Each matching unit will be equal to one share of Intuit stock and will be
subject to a 4-year cliff-vesting schedule. Vesting will accelerate if certain
events occur, such as your death, disability or retirement. You will forfeit
the matching units if you sell, gift or otherwise transfer the shares you
purchased for the matching units. Intuit will issue you the shares after you
vest in your matching units. You will not be taxed on the matching units until
the shares are issued. You may elect to defer the issuance of the shares, and
information about how to make a deferral election will be provided when you
receive a matching unit award. Intuit will issue you the net number of shares
after mandatory withholding taxes.

RELOCATION

You will be eligible for Intuit’s standard executive relocation benefits under
Intuit’s Relocation Policy, which includes two home finding trips for your
spouse. In addition, you will be eligible for temporary housing through
February 28, 2004 at Intuit’s expense for up to $4,000 per month. Temporary
housing will be provided to you through Intuit’s temporary housing program,
currently with Synergy Relocation and Cendant Mobility. In accordance with
law, both the home finding trips and temporary housing will be reported as W-2
income to you. In accordance with Intuit’s Relocation Policy, Intuit will
provide you with tax assistance for applicable taxes. This tax assistance will
be calculated pursuant to Intuit’s standard gross up calculation methodology
for such relocation benefits.

If you voluntarily resign from Intuit within 12 months following your Start
Date you must reimburse Intuit for a prorated portion of the relocation
benefits paid. 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 Start Date.

INSURANCE

You will be eligible to participate in Intuit’s group health, life and dental
insurance plans. Your benefits will be effective on the first day of the month
following your Start Date.

VACATION

You will accrue three (3) weeks of vacation during your first year of
employment.

 

 

SICK DAYS

You will be granted 40 hours each calendar year for use in the event of any
personal illness. Your sick leave will accrue at the rate of 1.54 hours per
pay period (bi-weekly).

PERFORMANCE/SALARY REVIEWS

Intuit conducts performance and salary reviews at least once per fiscal year.

BACKGROUND CHECK

This offer (and your employment) is contingent on the Company’s verification of
background information, even if you should commence employment prior to the
completion of the Company’s background check.

CONFIDENTIALITY

This letter confirms our understanding that you are not subject to any
employment agreement that would preclude us from offering this position to you
or you joining our organization. This also confirms that you will not be asked
to disclose to us or utilize any confidential or proprietary information from
your prior places of employment, and that you understand that you must not do
so. In addition, you will agree to execute and abide by a non-disclosure
agreement as a condition of employment.

WORK AUTHORIZATION

Federal law requires Intuit to document an employee’s authorization to work in
the United States. To comply, Intuit must have a completed Form I-9 for you
within three business days of your Start Date. You agree to provide Intuit
with documentation required by the Form I-9 to confirm your U.S. citizenship,
permanent U.S. residency or authorization to work in the United States (e.g.,
U.S. passport, current drivers license and original birth certificate or social
security card) within three business days of your Start Date. You understand
and agree that if you do not comply with this requirement by close of business
on the third business day following your Start Date, you will be placed on
unpaid leave for up to five days to comply. You further understand and agree
that failure to provide the necessary documentation by the end of the leave of
absence period will result in termination 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.

This letter constitutes the entire agreement between you and Intuit and
supersedes any and all prior agreements between you and Intuit regarding your
employment.

Please review these terms and 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.

If you have any questions, please feel free to contact Sherry Whiteley at (650)
944-3624.

Nick, we look forward to you joining the Intuit team.

	 	 	 
	Sincerely,	 	
 
	 	 	 
	/s/ Steve Bennett	 	 
	 	 	 
	Steve Bennett	 	 
	President and	 	 
	Chief Executive Officer	 	 
	Intuit Inc.	 	 

	 	 	 	 	 
	AGREED AND ACCEPTED:	 	 	 	 
	 	 	 	 	 
	/s/ Nicholas Spaeth	 	
July 27, 2003
	 	 
	
	 	

	 	 
	Nicholas Spaeth	 	
Date	 	 
	 	 	 	 	 
	Start Date: August 25, 2003

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