This excerpt taken from the QSFT 8-K filed Apr 28, 2005.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
(c). On April 22, 2005, Quest Software appointed Michael J. Lambert, age 43, as Chief Financial Officer. Mr. Lambert joined Quest Software in November 2004 as Senior Vice President, Finance, at which time Quest Software announced that Mr. Lambert was expected to assume the role of Chief Financial Officer following a transition period. M. Brinkley Morse remains with Quest Software as Senior Vice President, Corporate Development.
Prior to joining Quest, Mr. Lambert was Executive Vice President and Chief Financial Officer at Quantum Corporation (NYSE:DSS), a publicly held provider of storage solutions, from June 2001 through June 2004. From July 2000 to May 2001, Mr. Lambert was Senior Vice President and Chief Financial Officer of NerveWire, a systems integration consulting firm. From March 1996 to July 2000, Mr. Lambert worked for Lucent Technologies, most recently as Vice President and Chief Financial Officer of the InterNetworking Systems Division. From July 1993 to March 1996, Mr. Lambert was at IBM Storage Systems Division, where he held several financial management positions.
Mr. Lamberts principal terms of employment are described in Quest Softwares offer letter. Mr. Lamberts annual salary is currently $350,000, and Mr. Lambert is eligible to receive a discretionary annual bonus of up to $100,000. Mr. Lambert was also granted options to purchase 400,000 shares of Quest Softwares common stock in November 2004 at an exercise price of $16.03 per share. Mr. Lamberts bonus will be determined based on the achievement of certain company-wide, business and individual goals to be determined by the Compensation Committee of Quest Softwares Board of Directors. The actual bonus payment may be less than or greater than the target amount depending on whether and the extent to which the goals upon which such bonus is based are achieved. The goals for Mr. Lamberts bonus award generally will be based on Quest Softwares consolidated revenues, operating income, earnings per share, and such other performance criteria as may be determined by the Compensation Committee. Mr. Lambert and Quest Software have entered into Quest Softwares standard form of Indemnification Agreement for directors and officers.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.