Summary
Motorola Solutions, Inc. (MSI) filed an 8-K on July 28, 2005, reporting an amendment to the employment agreement of its Chairman and CEO, Edward J. Zander. The amendment, approved by the independent directors, reduced Mr. Zander's required purchase of company stock from 100,000 shares to 75,000 shares by July 31, 2005. This adjustment was made because the Board determined that Mr. Zander's existing and already purchased stock, totaling 833,637 shares and share equivalents, sufficiently aligned his interests with those of the company's shareholders. The reduction removes the necessity for him to acquire the remaining 25,000 shares.
Key Highlights
- 1Amendment to CEO Edward J. Zander's employment agreement approved.
- 2CEO's mandatory stock purchase requirement reduced from 100,000 to 75,000 shares.
- 3Adjustment effective July 27, 2005.
- 4Reason for amendment: Board believes CEO's current stock holdings (833,637 shares and equivalents) already align his interests with shareholders.
- 5The purchase of the remaining 25,000 shares by the CEO is deemed unnecessary.
- 6The Board's independent directors approved the amendment in executive session.