EXHIBIT 10.01
Published on February 28, 2007
Exhibit 10.01
SHARE REPURCHASE AGREEMENT
This Agreement is made February 27, 2007 (the Effective Date) by and between Intuit Inc., a
Delaware corporation (Intuit), and Stephen M. Bennett (Bennett).
WHEREAS, Intuit desires to repurchase shares of Intuit common stock issued to Bennett (the
Shares), which shares were originally issued to Bennett pursuant to Restricted Stock Purchase
Agreements entered into by Intuit and Bennett as of January 24, 2000 and amended as of January 17,
2001 (the Stock Purchase Agreements), the proceeds of which shall be used by Bennett to satisfy
the federal, state and Medicare tax obligations resulting from the vesting of 15,000 shares
pursuant to the Stock Purchase Agreements, and
WHEREAS, Bennett desires that Intuit repurchase the Shares to enable Bennett to satisfy the
tax obligations,
NOW, THEREFORE, the parties agree as follows:
1. Intuit agrees to repurchase 5,362 Shares from Bennett (the Repurchased Shares), at a
price per share equal to the closing price on the Nasdaq Stock Market of a share of Intuit Common
Stock on the Effective Date (the Repurchase Share Price). The product of (i) the Repurchased
Shares and (ii) the Repurchase Share Price shall equal the aggregate Purchase Price.
2. Bennett agrees to deliver to Intuit on the Effective Date a stock certificate(s)
representing a number of Shares equal to or in excess of the number of Repurchased Shares, along
with instructions regarding the issuance and delivery of a certificate (if any) representing Shares
in excess of the Repurchased Shares.
3. Intuit agrees to transmit the Purchase Price to the tax authorities as set forth in
Paragraph 4 below.
4. Bennett hereby instructs Intuit (i) to transmit $110,531.25 to the U.S. Treasury as Federal
income tax withholding and $6,410.81 to the U.S. Treasury as required Medicare tax withholding, and
(ii) to transmit $41,117.63 to the State of California as California State income tax withholding.
IN WITNESS THEREOF, Intuit (by its duly authorized representative) and Bennett have executed
this Agreement as of the Effective Date.
INTUIT INC.
|
STEPHEN M. BENNETT | |
By: /s/ KIRAN M. PATEL
|
By: /s/ STEPHEN M. BENNETT | |
Kiran M. Patel Senior Vice President, Chief Financial Officer |
Stephen M. Bennett President and Chief Executive Officer |
[SIGNATURE PAGE TO THE SHARE REPURCHASE AGREEMENT FOR STEPHEN M. BENNETT]