EXHIBIT 10.6
2009 S ALES V ICE P RESIDENT C OMPENSATION P LAN
Plan Participant
Peter Bello, Vice President US
Federal and Rest of World Sales
Territory – United States Federal, Canada, Latin
America, Asia Pacific including India, Japan, China and Southeast
Asia
Applicability Period
January 1, 2009 to
December 31, 2009.
Target Incentive
Pay
Your total incentive pay available
for the Applicability Period is US$112,500. That incentive
amount will be allocated between commissions and a
bonus. Accordingly, we have allocated $75,000 of your total
incentive to commissions and $37,500 to bonus.
Plan Summary
Your
Quotas:
Your 2009 quota for all products and
services is $14,004,000 USD
(“Quota”).
Bonus
The bonus will be paid at the
discretion of the CEO based on you meeting strategic objectives
such as expense control, building the sales-force and other factors
considered important to the CEO. To qualify for a bonus you must
meet a threshold Return on Investment (“ROI”) for your
Territory of 40.0% for Q1 and Q2 and 40.0% for Q3 and Q4. The bonus
shall be payable after the end of Q2, 2009 and Q4, 2009
respectively based on performance during Applicability Period. The
bonus shall be determined at the discretion of the
President & CEO and Compensation Committee of the Board of
Directors.
Qualified Sales and Amounts
Subject to this Plan, the following
chart outlines the types of applicable product and services that
qualify towards your attainment of the quotas:
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Qualified Sale
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Amount Towards
Commission Payout
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Amount Towards
Quota
Attainment
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Entrust Software License
Revenue
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1.0 X Recognized Revenue
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1.0 X Recognized Revenue
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Entrust Certificate Services
(“ ECS ”)
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1.0 X Bookings
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1.0 X Bookings
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First year Maintenance (for Entrust
Products only)
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1.0 X Bookings
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1.0 X Bookings
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Non-refundable Year Maintenance
prepayments at time of sale (for Entrust Products Only)
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1.0 X Bookings
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1.0 X Bookings
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Entrust Managed PKI Services
(“ Managed Services ”)
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0.6 X Bookings
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1.0 X Bookings
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Entrust Tokens
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0.3 X Recognized Revenue
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0.3 X Recognized Revenue
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Third Party Products and Software,
Including ; CoreStreet, CheckPoint, SafeNet, and Appliance
Hardware
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0.15 X Recognized Revenue
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0.15 X Recognized Revenue
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Entrust PS and Entrust Training
(collectively “ Eligible PS ”)
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0.15 X Recognized Revenue
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0.15 X Recognized Revenue
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“ Bookings ”
means the amount that a Customer has legally committed to
irrevocably purchase and has actually been invoiced by
Entrust.
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“ Maintenance
” means the component of a Qualified Sale corresponding to
Entrust’s standard Silver, Gold and Platinum support plans
for Products . If less than one year of Maintenance has been
purchased because the customer wishes to make the expiry of the
Maintenance co-terminus with an existing plan, then the Bookings
will be uplifted to a full year on a pro-rata basis.
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“ Recognized Revenue
” means revenues recognized by Entrust in 2009 on account of
your Qualified Sales concluded in the 2009 calendar
year.
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“Managed
Services” means the
following products sold as part of a Qualified Sale: Entrust
Managed Services Setup Fee and Managed Services Annual Services
Fee.
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“Entrust
Token” means the
following products sold as part of a Qualified Sale: Entrust
IdentityGuard Tokens, Entrust IdentityGuard Grid Cards, and InCard
OTP.
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“Third Party Products
and Software” means
the following products sold as part of a Qualified Sale: Entrust
Secure Identity Management products and/or bundles, Siemens
products, Critical Path products, Passlogix products, IKey Token
products, CheckPoint products (i.e., Entrust Entelligence Disk
Security), Veridis, Vericept, and Vordel products , CoreStreet,
SafeNet, and Appliance Hardware, all of which are exclusive of
support and maintenance on such products.
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Commission Rate
Subject to this Plan, the Commission
Rate will depend on your year-to-date Quota attainment, as
follows:
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Rate
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0 – 100% of Quota
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0.54
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%
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100 – 125% of Quota
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0.59
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%
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Over 125% of Quota
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0.71
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%
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President’s
Club
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A.
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If your Quota
Attainment for 2
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