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

The primary purpose of this 8-K filing is to inform investors about the adoption of a new 2011 Executive Severance Plan and the amendment of the company's Legacy Executive Severance Plan, outlining the terms and conditions under which executives are entitled to severance benefits.

Who is eligible to receive severance benefits under the new 2011 Executive Severance Plan?

The new plan is for officers at or above the Vice President level who are first elected or promoted to such positions on or after February 1, 2011, and certain other designated senior officers whose 'Separation Date' occurs on or after February 1, 2014, under a 'Qualifying Termination'.

What are the typical severance benefits an executive would receive under the new plan?

Qualifying executives are generally entitled to 12 months (or 9 months for appointed Vice Presidents) of base salary continuation, a pro-rata annual bonus or sales incentive for the performance period in which separation occurs, continued medical plan coverage for a similar period, and up to 12 months of outplacement services. Some participants may also receive financial planning services.

Are there any conditions for receiving severance benefits?

Yes, executives must execute a release of claims against the company, not be in breach of any covenants or agreements with the company, and comply with non-disparagement, confidentiality, and other applicable covenants.

MSI 8-K: Leadership Changes

Summary

This 8-K filing from Motorola Solutions, Inc. (MSI), dated January 28, 2011, details the adoption and amendment of executive severance plans. The company's Compensation and Leadership Committee approved a new 2011 Executive Severance Plan and amended its Legacy Executive Severance Plan. The new plan outlines severance benefits for officers at the Vice President level and above, primarily triggered by termination without cause, disability, or death, and effective for separations on or after February 1, 2011. The legacy plan remains in effect for existing participants until January 31, 2014. Key provisions of the new plan include up to 12 months of base salary continuation, pro-rata bonus payouts, continued medical coverage, and outplacement services for qualifying terminated executives. The amendments also clarify participant eligibility, notification requirements, and protections against adverse plan modifications. These changes are significant for understanding the company's executive compensation structure and potential liabilities related to executive departures.

Key Highlights

1Motorola Solutions adopted a new 2011 Executive Severance Plan and amended its existing Legacy Executive Severance Plan on January 24, 2011.
2The new severance plan applies to officers at the Vice President level and above, with specific eligibility criteria and effective dates.
3Severance benefits under the new plan generally include 12 months (or 9 months for certain roles) of base salary continuation.
4Qualifying participants will also receive pro-rata bonus payouts, continued medical plan coverage at the active employee rate, and outplacement services.
5Severance benefits are contingent upon the executive executing a release of claims and complying with ongoing covenants.
6The Legacy Executive Severance Plan will remain in place for existing participants until January 31, 2014, with clarified terms.
7Both plans include provisions protecting participants from adverse amendments or terminations without adequate notice or consent.

Motorola Solutions, Inc. 8-K Report, Executive Changes (Jan 28, 2011)

Summary

Key Highlights

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