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Exhibit 10.13
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Greg Brown
5/09
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2006
Plan
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MOTOROLA, INC.
AWARD DOCUMENT
For the
Motorola Omnibus Incentive Plan of 2006
Terms and Conditions Related to Employee Nonqualified Stock
Options
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Date of
Expiration:
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Number of
Options:
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Exercise
Price:
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Motorola, Inc.
(“Motorola” or “the Company”) is pleased to
grant you options to purchase shares of Motorola’s common
stock under the Motorola Omnibus Incentive Plan of 2006 (the
“Plan”). The number of options (“Options”)
awarded to you and the Exercise Price per Option, which is the Fair
Market Value on the Date of Grant, are stated above. Each Option
entitles you to purchase one share of Motorola’s common stock
on the terms described below and in the Plan.
Vesting
Schedule
All Eligible Options (as defined below) will vest and become
exercisable upon the earlier of (1) the Separation (as defined
below) or (2) a Public Announcement (as defined below);
provided, however, that any Options that are not Eligible Options
on such Separation or Public Announcement will vest and become
exercisable upon the date that such Options become Eligible
Options. The Options will become “Eligible Options” in
accordance with the following schedule:
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Percentage
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Date
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May 7,
2010
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May 7,
2011
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May 7,
2012
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Except as
described below under “Special Vesting Dates and Special
Expiration Dates,” no Options will vest or become exercisable
unless and until such Options are Eligible Options.
Vesting
and Exercisability
You cannot exercise the Options until they have vested.
Regular
Vesting — The
Options will vest in accordance with the above schedule (subject to
the other terms hereof):
Special
Vesting — You may
be subject to the Special Vesting Dates described below if your
employment or service with Motorola or a Subsidiary (as defined
below) terminates.
Exercisability — You may exercise Options at any time
after they vest and before they expire as described
below.
Expiration
All Options expire on the earlier of (1) the Date of
Expiration as stated above or (2) any of the Special
Expiration Dates described below. Once an Option expires, you no
longer have the right to exercise it.
-1-
Special
Vesting Dates and Special Expiration Dates
There are events that cause your Options to vest sooner than the
Regular Vesting schedule discussed above or to expire sooner than
the Date of Expiration as stated above. Those events are as
follows:
Disability — If your employment or service with
Motorola or a Subsidiary is terminated because of your Total and
Permanent Disability (as defined below), Options that are not
vested will automatically become fully vested upon your termination
of employment or service. All your Options will then expire on the
earlier of the first anniversary of your termination of employment
or service because of your Total and Permanent Disability or the
Date of Expiration stated above. Until that time, the Options will
be exercisable by you or your guardian or legal
representative.
Death — If your employment or service with
Motorola or a Subsidiary is terminated because of your death,
Options that are not vested will automatically become fully vested
upon your death. All your Options will then expire on the earlier
of the first anniversary of your death or the Date of Expiration
stated above. Until that time, with written proof of death and
inheritance, the Options will be exercisable by your legal
representative, legatees or distributees.
Change In
Control — If a
“Change in Control” of the Company occurs, and the
successor corporation does not assume these Options or replace them
with options that are at least comparable to these Options, then:
(1) all of your unvested Options will be fully vested and
(2) all of your Options will be exercisable until the Date of
Expiration set forth above.
Further, with
respect to any Options that are assumed or replaced as described in
the preceding paragraph, such assumed or replaced options shall
provide that they will be fully vested and exercisable until the
Date of Expiration set forth above if you are involuntarily
terminated (for a reason other than “Cause”) or if you
quit for “Good Reason” within 24 months of the
Change in Control. For purposes of this Award Document, the terms
“Change in Control” “Cause” and “Good
Reason” are defined in the Plan.
Termination
of Employment or Service Because of Serious Misconduct
— If Motorola or a Subsidiary
terminates your employment or service because of Serious Misconduct
(as defined below), all of your Options (vested and unvested)
expire upon your termination.
Change in
Employment in Connection with a Divestiture — If you accept employment with another
company in direct connection with the sale, lease, outsourcing
arrangement or any other type of asset transfer or transfer of any
portion of a facility or any portion of a discrete organizational
unit of Motorola or a Subsidiary that is not a Separation (as
defined below), or if you remain employed by a Subsidiary that is
sold or whose shares are distributed to the Motorola stockholders
in a spin-off or similar transaction that is not a Separation ( a
“Divestiture”), all of your unvested Options will vest
on a pro rata basis in an amount equal to (a)(i) the total number
of Options subject to this Award, multiplied by (ii) a
fraction, the numerator of which is the number of completed full
months of service by the Grantee from the Date of Grant to the date
of the Divestiture and the denominator of which is thirty-six
months, minus (b) any Options that vested prior to the date of
the Divestiture. All of your vested but not yet exercised Options
will expire on the earlier of (i) 90 days after such
Divestiture or (ii) the Date of Expiration stated
above.
Termination
of Employment or Service by Motorola or a Subsidiary Other than for
Serious Misconduct Prior to a Separation or Public
Announcement - If
Motorola or a Subsidiary on its initiative, terminates your
employment or service other than for Serious Misconduct prior to a
Separation or Public Announcement then all of your unvested Options
will automatically expire upon termination of your employment or
service and all of your vested Options but not yet exercised
Options will expire on the earlier of (i) 90 days after
your termination of employment or (ii) the Date of Expiration
stated above.
-2-
Termination
of Employment or Service by Motorola or a Subsidiary Other than for
Serious Misconduct on or after a Separation or Public
Announcement — If
Motorola or a Subsidiary on its initiative, terminates your
employment or service other than for Serious Misconduct on or after
a Separation or Public Announcement then all of your unvested
Options will vest on a pro rata basis in an amount equal to (a)(i)
the total number of Options subject to this Award, multiplied by
(ii) a fraction, the numerator of which is the number of
completed full months of service by the Grantee from the Date of
Grant to the employee’s date of termination and the
denominator of which is thirty-six months, minus (b) any
Options that vested prior to the date of termination. All of your
vested but not yet exercised Options will expire on the earlier of
(i) 90 days after your termination of employment or
(ii) the Date of Expiration stated above.
Termination
of Employment or Service for any Other Reason than Described
Above — If your
employment or service with Motorola or a Subsidiary terminates for
any
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