Summary
Motorola Solutions, Inc. (MSI) filed an 8-K report on May 8, 2013, detailing key events that occurred around their annual stockholder meeting on May 6, 2013. The most significant development for investors is the amendment and restatement of the Motorola Solutions Management Deferred Compensation Plan, effective June 1, 2013. This Amended Plan reintroduces the ability for participating executives, including named executive officers, to defer base salary and cash incentive compensation beyond qualified 401(k) limitations, a feature that had been discontinued in 2008. The plan also outlines company matching contributions on deferred compensation, offering incentives for executive participation. The report also provides the voting results from the annual stockholder meeting. All incumbent directors were overwhelmingly re-elected, indicating strong shareholder confidence in the current board's leadership. Additionally, shareholders approved the company's executive compensation on an advisory basis and ratified the appointment of KPMG LLP as the independent registered public accounting firm for fiscal year 2013. Notably, two shareholder proposals, one on supplier sustainability reporting and another on political disclosure, were defeated, suggesting that management's current approach to these matters was favored by a majority of shareholders.
Key Highlights
- 1Motorola Solutions amended and restated its Management Deferred Compensation Plan, effective June 1, 2013, allowing executives to defer compensation beyond 401(k) limits.
- 2The Amended Plan reintroduces company matching contributions on deferred compensation, up to a maximum, and to restore lost 401(k) matching amounts.
- 3All incumbent directors were re-elected by a significant majority at the May 6, 2013 annual stockholder meeting.
- 4Stockholders approved the company's executive compensation on an advisory (non-binding) basis.
- 5KPMG LLP was ratified as the independent registered public accounting firm for fiscal year 2013.
- 6Shareholder proposals regarding supplier sustainability reports and political disclosure and accountability were defeated.
- 7The filings indicate a shareholder base that largely supports the existing board and executive compensation structure.