Summary
Motorola Solutions, Inc. (MSI) filed an 8-K on May 11, 2012, primarily to disclose a significant charitable donation made by the company. The company agreed to donate $1.5 million, payable in installments over 2012 and 2013, to the Rutgers University Foundation. This donation is earmarked for establishing and naming an endowed chair in neuroscience, in honor of Chairman and CEO Greg Brown, who is an alumnus and board member of Rutgers. The company highlighted that this initiative was supported by a dollar-for-dollar matching program from an anonymous donor, and the gift is in recognition of Mr. Brown's leadership and dedication to higher education. Importantly, the filing clarifies that Mr. Brown did not request this gift and will not receive any personal financial benefit from it, only the honor of the endowed chair being named in his honor.
Key Highlights
- 1Motorola Solutions (MSI) is making a $1.5 million charitable donation to Rutgers University Foundation.
- 2The donation will be paid in two equal installments in 2012 and 2013.
- 3The funds will establish and name an endowed chair in neuroscience.
- 4The endowed chair is established in honor of MSI's Chairman and CEO, Greg Brown.
- 5The gift is recognized for Mr. Brown's leadership and commitment to higher education.
- 6A dollar-for-dollar matching program from an anonymous donor partially funded the establishment of the chair.
- 7The filing explicitly states Mr. Brown did not request the gift and will receive no personal financial benefit.