By Wailin Wong | Motorola Inc. has sweetened the terms of the employment agreement for
co-Chief Executive Greg Brown, increasing the value of stock awards he
will receive when the company completes its planned separation into two
independent businesses.
Motorola has targeted the first quarter
of 2011 for the split, with Brown leading the enterprise mobility and
networks business, which makes network infrastructure, as well as
communications gear for public safety agencies and businesses. Co-CEO
Sanjay Jha will lead the other company, comprising mobile phones and
cable television set-top boxes.
According to a Friday filing with the U.S. Securities and Exchange Commission, Brown will receive a grant of $4.2 million in restricted Motorola stock, compared with $1.7 million in the old agreement. He will also get options to buy $8.3 million in Motorola stock, up from $3.3 million in the last agreement.
In addition, the date on which Brown can leave Motorola for “good reason” if he is not sole CEO has been extended from January 1, 2011 to September 1, 2011.
at the expense of the shareholders im sure. Welcome to the grande ponzi casino folks.
I thought shareholders voted against CEO pay proposals. Why doesn’t the board get it? Are they DEAF? This makes me very, very angry.
Apparently Greg won’t have to go to Aldi and the Dollar Store any more.
Now he can buy three,four or five Jaguars,
No hard work or good deed goes unpunished.
Here’s hoping Motorola stock goes to a penny a share.
American Capitalism is so wonderful.
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