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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On March 9, 2023, the Board of Directors of Motorola Solutions, Inc. (the “Company”), upon the recommendation of its Compensation and Leadership Committee, approved an increase in the target annual long-term incentive award opportunity for Gregory Q. Brown, the Company’s Chairman and Chief Executive Officer (“CEO”) from $15.5 million in 2022 to $19.8 million for 2023. The Compensation and Leadership Committee and Board believe Mr. Brown’s ability to generate shareholder returns, to make strategic investments that strengthen the Company’s portfolio, to grow its video security and access control business and continue to successfully execute the Company’s long-term strategy and senior leadership succession plan is critical to the Company’s path forward and that it is in the best interest of the Company’s shareholders to retain Mr. Brown as CEO.
As previously disclosed, Mr. Brown’s annual long-term incentive awards are 100% performance-based and equity-based, consisting of performance stock options, market stock units and performance stock units.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MOTOROLA SOLUTIONS, INC. (Registrant) | ||||||||
| Dated: March 13, 2023 | By: | /s/ Kristin L. Kruska | ||||||
| Name: | Kristin L. Kruska | |||||||
| Title: | Corporate Vice President, Transactions, Corporate and Securities Law & Secretary | |||||||
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