Motorola’s Galvin and crew miss bonuses
Motorola’s annual shareholder proxy showed that the company’s top executives weren’t paid bonuses for 2001 because of the company’s unsatisfactory financial performance.
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The proxy, filed with the Securities and Exchange Commission today, shows that Motorola Chairman and CEO Chris Galvin was paid $1.25 million in bonuses for 2000’s performance. His salary is $1.3 million.
But Motorola is granting top executives stock options. Galvin is receiving 900,000 Motorola shares that could be worth up to $20.7 million if the stock appreciates at 10% a year until the options expire in 2011. The options carry an exercise price of $14.41.
--Lynnette Luna, Senior Editor
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© 2012 Penton Media Inc.
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