What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to report on amendments made to the employment agreement of Motorola's Co-Chief Executive Officer, Greg Brown. These amendments are directly related to the company's ongoing plan to separate into two distinct, publicly traded companies.

How do the changes to Greg Brown's employment agreement impact the company's separation plans?

The changes appear designed to ensure executive stability and provide incentives during the critical period leading up to and immediately following the separation. By extending Mr. Brown's "Good Reason" termination rights and increasing his stock-based compensation upon separation, Motorola aims to retain key leadership and align their interests with the successful completion of the split.

What specific changes were made to Greg Brown's compensation related to the separation?

The filing indicates a significant increase in the value of equity awards Mr. Brown will receive upon the separation. Specifically, the value of Motorola stock options increased from $3,333,333 to $8,333,333, and the value of restricted stock increased from $1,666,667 to $4,166,667.

What does 'Good Reason' termination mean in this context?

In this context, 'Good Reason' termination likely refers to specific circumstances outlined in the employment agreement that would allow Mr. Brown to resign for "Good Reason" and still be entitled to certain benefits. The amendment extends the period during which he has this right if he is not the sole CEO of Motorola post-separation, implying it relates to the leadership structure after the company splits.

MSI 8-K: Leadership Changes

Summary

This 8-K filing from Motorola, Inc. (MSI) on May 28, 2010, primarily concerns amendments to the employment agreement of its Co-Chief Executive Officer, Greg Brown. These changes are directly linked to the company's previously announced plan to separate into two independent publicly traded companies, targeted for the first quarter of 2011. The key adjustments to Mr. Brown's agreement include extending the period during which he has the right to terminate his employment for "Good Reason" if he is not the sole CEO post-separation, and a significant increase in the value of Motorola stock options and restricted stock he will receive upon the separation event. Investors should view these changes in the context of executive retention and incentive alignment during a critical period of corporate restructuring.

Key Highlights

1Amendment to Co-CEO Greg Brown's employment agreement on May 28, 2010.
2Changes are related to Motorola's planned separation into two independent companies.
3The "Good Reason" termination window for Mr. Brown is extended to September 1, 2011, from January 1, 2011.
4The value of Motorola stock options granted to Mr. Brown upon separation increased from $3,333,333 to $8,333,333.
5The value of Motorola restricted stock granted to Mr. Brown upon separation increased from $1,666,667 to $4,166,667.
6These executive compensation adjustments are tied to the successful completion of the corporate separation.

Motorola Solutions, Inc. 8-K Report, Executive Changes (May 28, 2010)

Summary

Key Highlights

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