Summary
This 8-K filing from Motorola, Inc. (MSI) on July 9, 2007, details amendments to the compensatory arrangements for Gregory Q. Brown, President and Chief Operating Officer. These changes were approved by the Compensation and Leadership Committee of the Board of Directors on July 5, 2007, and are retroactive to earlier dates in 2007. The amendments reflect Mr. Brown's promotion on March 21, 2007, and aim to align his compensation with his increased responsibilities and to incentivize future performance. For investors, these adjustments signify a commitment to retaining and motivating key executive talent, particularly following a significant promotion. The increase in base salary and adjustments to incentive plan targets indicate the company's confidence in Mr. Brown's leadership and his expected contributions to Motorola's future performance. Investors should view these changes as a standard part of executive compensation strategy in response to role changes.
Key Highlights
- 1Gregory Q. Brown's base salary increased from $765,000 to $950,000, effective July 1, 2007.
- 2Mr. Brown's 2007 target award under the 2006 Motorola Incentive Plan was adjusted from 110% to 125% of eligible earnings, effective March 21, 2007.
- 3Target awards under the 2005, 2006, and 2007 Long Range Incentive Plans (LRIP) were increased from 200% to 220% of his base pay rate, effective April 1, 2007.
- 4These compensation adjustments are directly linked to Mr. Brown's promotion to President and Chief Operating Officer on March 21, 2007.
- 5The Compensation and Leadership Committee approved these amendments on July 5, 2007.
- 6The changes are intended to align compensation with increased responsibilities and to incentivize performance.