Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Kelly S. Mark, Executive Vice President, Software and Services, has decided to
step down from his position leading the software and services segment of
Motorola Solutions, Inc. (the "Company"), effective June 1, 2021, and will
retire from the Company effective December 31, 2021. Mr. Mark will remain
employed by the Company as Executive Vice President from June 1, 2021 until his
retirement on December 31, 2021 to ensure a smooth transition and to continue
his responsibility for services delivery and the Airwave and UK Emergency
Services networks. There were no changes made to Mr. Mark's compensation levels
as a result of his change in role and retirement.
Mr. Mark's decision to retire was made for personal reasons and there are no
disagreements between the Company and Mr. Mark on any matter. In addition, in
connection with Mr. Mark's retirement on December 31, 2021, the Company's
Compensation and Leadership Committee ("Committee") approved, on June 1, 2021,
giving Mr. Mark three additional months of service credit with the Company for
the purpose of calculating vesting of equity awards and calculating the pro-rata
amounts for existing awards under the Long Range Incentive Plan ("LRIP"), for
which the Committee determined to provide Mr. Mark the pro-rata vesting
treatment contained in the retirement provisions of the equity and LRIP awards.
Also, on June 1, 2021, the Committee granted John P. Molloy, Executive Vice
President, Products and Sales, the following awards:
1. A grant of $200,000 in value of restricted stock units (the "RSUs") under
the Company's Omnibus Incentive Plan of 2015 (the "Omnibus Plan"), on
June 1, 2021, calculated based on the closing price for a share of the
Company's common stock on June 1, 2021, which RSUs will vest in three
equal annual installments on June 1, 2022, June 1, 2023 and June 1, 2024,
subject to his continued employment; and
2. A grant of $200,000 in grant date value of non-qualified stock options
(the "Options") under the Omnibus Plan to acquire of shares of the
Company's common stock on June 1, 2021. The exercise price for the
Options will be the closing price for a share of the Company's common
stock on June 1, 2021. The expiration date of the Options, subject to
certain conditions, is June 1, 2031. The Options will vest in three equal
annual installments on June 1, 2022, June 1, 2023 and June 1, 2024,
subject to his continued employment.
Item 8.01. Other Events.
In addition, as a result of the Company's talent management and succession
planning process, the Company is pleased to announce that on June 1, 2021, the
Board of Directors of the Company appointed Dr. Mahesh Saptharishi, the
Company's Senior Vice President, Software Enterprise and Mobile Video and Chief
Technology Officer to the management Executive Committee, effective immediately.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses