Batboard

Form 8-K for MOTOROLA INC

11-Mar-2008
Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Stuart C. Reed Separation Agreement

On March 7, 2008, Motorola, Inc. (the "Company") and Stuart C. Reed entered into an agreement (referred to herein as the "Agreement") with respect to Mr. Reed's separation from the Company. Mr. Reed stepped down from his position as the Company's President, Mobile Devices on February 1, 2008 but will remain an Executive Vice President of the Company until April 4, 2008. His departure was announced in a press release issued on March 7, 2008, which is attached hereto as Exhibit 99.1. Set forth below is a summary of the material terms of the Agreement.

Mr. Reed will separate from the Company on December 31, 2008 (the "Separation Date"). He will receive his regular base salary in regular payroll installments from April 5, 2008 through the Separation Date, the total gross amount of which is $445,479. Mr. Reed remains eligible to receive a pro rata payment for calendar year 2008 under the Company's cash-based pay-for-performance annual incentive plan, which payment will be equal to three-twelfths of the value of his annual incentive plan award based on employment and Company performance for the full 2008 performance period. He will forfeit any other incentive awards for performance periods ending after December 31, 2007. In addition, equity previously granted to Mr. Reed will continue to vest through the Separation Date in accordance with the original terms of the grants after which all unvested equity awards will be forfeited.

Pursuant to the Agreement, after the Separation Date, the Company will pay Mr. Reed a $1,504,521 lump sum within 30 days following Mr. Reed's agreement to a supplemental release of the Company from all legal claims arising out of his employment with or his separation from the Company, other than those claims that cannot be waived by law. The Agreement also requires Mr. Reed to cooperate in all investigations, litigation or other actions regarding matters of which he has knowledge, and to continue to comply with the non-disclosure, non-competition and non-solicitation provisions contained in his prior equity award agreements with the Company.

Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
99.1 Press release, dated March 7, 2008, announcing departure of Stuart C. Reed, formerly the President of the Mobile Devices business of Motorola, Inc.

Dan562 wrote: According to MOTOROLA's HR spokesperson Mr. Ben Dover, for the regular working employees (being non-corporate management) starting April 1, 2008, there will no longer be a 3 to 1 Buy-Out Package (based on years of service with the corporation) these employees will receive only 26 Weeks of Severance Pay.

Ben Dover

LOS ANGELES, March 12 (Reuters) - Billionaire investor Carl Icahn on Wednesday filed a voting proxy to elect four outsiders to Motorola Inc's (MOT.N: Quote, Profile, Research) board and shake up the cell phone company.