Intuit Inc. Loan Interest Forgiveness Letter Agreement with Stephen M. Bennett

Contract Categories: Business Finance › Waiver Agreements
Summary

Intuit Inc., through its Compensation Committee, has agreed to forgive the interest payments that Stephen M. Bennett, its President and CEO, was required to pay by September 30, 2001, under a $4,750,000 promissory note dated February 17, 2000. This letter, dated April 6, 2001, confirms the company's decision to relieve Mr. Bennett of his obligation to pay the accrued interest on the loan by the specified date.

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EX-10.05 6 f70484ex10-05.txt EX-10.05 1 EXHIBIT 10.05 [INTUIT LETTERHEAD] April 6, 2001 Stephen M. Bennett President and Chief Executive Officer Intuit Inc. P.O. Box 7850 Mountain View, CA 94039-7850 Re: Forgiveness of Loan Interest Dear Steve: This letter will confirm that on February 8, 2001, the Compensation Committee of Intuit's Board of Directors decided to forgive the interest payments that you otherwise would have been required to pay on or before September 30, 2001 under your $4,750,000 promissory note to Intuit dated February 17, 2000. Very truly yours, /s/ Greg J. Santora - ----------------------- Greg J. Santora Chief Financial Officer