Summary of Compensation Arrangements with Named Executive Officers for 2006
This document outlines the 2006 compensation arrangements for the company's named executive officers, including their annual base salaries and target bonuses. The officers listed are Vincent C. Smith (Chairman and CEO), Douglas F. Garn (President), M. Brinkley Morse (SVP, Corporate Development), Michael J. Lambert (SVP, CFO), and Anthony Foley (SVP, Worldwide Sales). Mr. Foley is also eligible for sales commissions, with his compensation paid in British pounds. These arrangements remain in effect until changed by the Board's Compensation Committee.
Exhibit 10.13
SUMMARY OF COMPENSATION ARRANGEMENTS WITH NAMED EXECUTIVE OFFICERS
The following table sets forth the annual base salary and target bonus levels for the Company’s Named Executive Officers for 2006. Base salaries and target bonus levels for these Named Executive Officers will remain in effect until the Compensation Committee of our Board of Directors approves changes thereto:
| NAME AND POSITION | YEAR | BASE SALARY | TARGET BONUS | |||||
| Vincent C. Smith | 2006 | $ | 150,000 | $ | 200,000 | |||
| Chairman of the Board and Chief Executive Officer | ||||||||
| Douglas F. Garn | 2006 | $ | 400,000 | $ | 200,000 | |||
| President | ||||||||
| M. Brinkley Morse | 2006 | $ | 350,000 | $ | 50,000 | |||
| Senior Vice President, Corporate Development | ||||||||
| Michael J. Lambert | 2006 | $ | 350,000 | $ | 100,000 | |||
| Senior Vice President, Chief Financial Officer | ||||||||
| Anthony Foley(1) | 2006 | $ | 300,000 | $ | 50,000 | |||
| Senior Vice President, Worldwide Sales | ||||||||
| (1) | Mr. Foley is also entitled to receive commission payments based on a percentage of actual sales of Quest software products in 2006. If sales of Quest software products in 2006 are equal to the quota established for Mr. Foley, his “on-target commissions” for 2006 would total $250,000. Although the amounts described above are stated in U.S. dollars, the compensation arrangement for Mr. Foley is denominated in, and will be paid in, British pounds. |
