Document:

ex105formof2022time-vest

    Exhibit 10.5  RESTRICTED STOCK UNIT AGREEMENT  This RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”), dated as of  May 5, 2022 (the “Grant Date”), is between ZEBRA TECHNOLOGIES CORPORATION, a  Delaware corporation (the “Company”), and Anders Gustafsson (the “Participant”), relating to  restricted stock units granted under the Zebra Technologies Corporation 2018 Long-Term  Incentive Plan, as amended (the “Plan”).  Capitalized terms used in this Agreement without  definitions shall have the meanings ascribed to such terms in the Plan.  1. Grant of Restricted Stock Units.  (a) Grant.  Subject to the provisions of this Agreement and pursuant to the provisions  of the Plan, the Company hereby grants to the Participant as of the Grant Date [___] units, each of  which represents the right to receive, subject to the vesting provisions below, one Share (a  “Restricted Stock Unit”).  This Agreement shall be null and void unless the Participant accepts  this Agreement by either (i) electronically accepting this Agreement through the Company’s  electronic delivery and acceptance process operated by Merrill or (ii) executing this Agreement in  the space provided below and returning it to the Company, in each case not later than June 24,  2022.  For purposes of this Agreement, “Share” means a share of the Company’s Class A Common  Stock, US $0.01 par value per share.  (b) Non-transferability.  Except as otherwise permitted under the Plan or this  Agreement, the Restricted Stock Units granted hereunder shall be non-transferable by the  Participant during the Vesting Period set forth under Section 2 of this Agreement.  2. Vesting of Restricted Stock Units.  (a) General Vesting Rule.  Subject to Section 2(b) below, the Restricted Stock Units  shall become vested and non-forfeitable over the three year period following the Grant Date (the  “Vesting Period”), at a rate of one-third (1/3) of the Restricted Stock Units on first, second and  third anniversary of the Grant Date, provided that the Participant is then employed by the Company  or one of its Subsidiaries.  Restricted Stock Units vesting on the first two (2) anniversaries of the  Grant Date shall be settled in whole Shares rounded down to the nearest whole Share, and any  Restricted Stock Units vesting on the third anniversary of the Grant Date shall be settled in whole  Shares rounded down to the nearest whole share and cash for the value of any fractional Share  (rounded to the nearest hundredth).  (b) Additional Vesting Rules.  Notwithstanding Section 2(a) or the Employment  Agreement between the Company and the Participant effective as of September 4, 2007, as  amended (the “Employment Agreement”), and unless otherwise determined by the Board of  Directors of the Company (the “Board”) or the Compensation Committee of the Board (the  “Committee”), the Restricted Stock Units shall be subject to the following additional vesting rules  in the following circumstances:  (i) Death or Disability.  If the Participant terminates employment with the  Company and/or any Subsidiary due to death or Disability, any unvested portion of the  

 

    Restricted Stock Units as of the effective date of the Participant’s termination of  employment shall immediately become fully vested.  For purposes of this Agreement,  “Disability” shall occur if the Participant is deemed disabled under the terms of the  Employment Agreement.  (ii) Retirement.  In the event of the Participant’s Retirement, any unvested  portion of the Restricted Stock Units shall continue to vest for twelve (12) months under  the same schedule as set forth under Section 2(a) above or, if earlier, the next anniversary  of the Grant Date.  No additional Restricted Stock Units will be treated as having vested  under this Section 2(b)(ii) for purposes of this Agreement until the immediately following  anniversary of the Grant Date.  While continuing to vest under this Section 2(b)(ii), the  Participant shall not be treated as continuing covered employment and there shall be no  additional accelerated vesting under this Section 2(b) on account of another event described  herein, such as the Participant’s death or Disability or a Change in Control under Section  5(b) following Retirement.  For purposes of this Agreement, “Retire” and “Retirement”  mean the Participant’s termination of employment with the Company and/or any  Subsidiary that meets or exceeds the Rule of 65; provided, however that continued vesting  under this Section 2(b)(ii) shall not apply if grounds to terminate the Participant’s  employment for Cause existed at the time of termination (as determined by the Company  in its sole discretion) either at the time of or following the Participant’s termination of  employment.  The “Rule of 65” means the sum of the Participant’s age and years of  continuous service with the Company (including its predecessors) equals or exceeds sixty- five (65), provided that the Participant must meet both a minimum age of fifty-five (55)  and a minimum of five (5) years of continuous service.  Only full years of age and  completed months of service shall be counted towards meeting the Rule of 65.  (iii) Good Reason or Termination by the Company or any Subsidiary other  than for Cause.  In the event the Participant’s employment with the Company and/or any  Subsidiary is terminated due to the Participant’s resignation for Good Reason, or by the  Company and/or any Subsidiary other than for Cause prior to meeting the Rule of 65 set  forth in Section 2(b)(ii) above, a pro rata share of the Restricted Stock Units shall become  immediately vested and non-forfeitable.  The pro-rata share equals (A) the total number of  Restricted Stock Units multiplied by a fraction, the numerator of which is the number of  days from but excluding the Grant Date and to and including the effective date of the  Participant’s termination of employment, and the denominator of which is 1,096, less (B)  the Restricted Stock Units that previously vested under Section 2(a) before employment  termination.  For purposes of this Agreement, “Good Reason” and “Cause” have the  meanings assigned to them in the Employment Agreement.  (iv) Termination for Cause; Other Termination of Employment.  In the  event the Participant’s employment with the Company and/or any Subsidiary is terminated  for any reason other than as provided in Section 2(b)(i), (ii) or (iii), including for Cause,  any unvested Restricted Stock Units as of the effective date of the Participant’s termination  of employment shall immediately be forfeited without the requirement of any action by the  Company.    

 

    (v) Breach of Restrictive Covenants.  Notwithstanding anything to the  contrary in this Section 2(b), if the Participant at any time breaches any of the Restrictive  Covenants (as defined in Section 6), including after employment termination, then the  Restricted Stock Units, whether previously vested or not, shall immediately be forfeited.  3. Settlement of Restricted Stock Units; Issuance of Shares.  (a) No Shares shall be issued to the Participant with respect to a Restricted Stock Unit  under this Agreement until it has become vested under Section 2 above.    (i) The Company shall issue a Share within ninety (90) days after a Restricted  Stock Unit becomes vested on the Participant’s regularly scheduled vesting date under  Section 2(a).    (ii) If the Participant terminates employment before the Participant’s regularly  scheduled vesting date and becomes entitled to accelerated vesting of Restricted Stock  Units under either Section 2(b)(i), Section 2(b)(iii) or Section 5(a), then the Company shall  issue a Share with respect to each such Restricted Stock Unit within ninety (90) days after  such termination of employment.     (iii) If the Participant terminates employment before the Participant’s regularly  scheduled vesting date and becomes entitled to accelerated vesting of Restricted Stock  Units as described in Section 2(b)(ii), then the Company shall issue a Share with respect to  each such Restricted Stock Unit at the same time (on the immediately following, regularly  scheduled vesting date under Section 2(a)) as if the Participant had continued employment  with the Company and its Subsidiaries; provided, however, that the Company shall issue  any such Shares as provided for in Section 3(a)(ii) above if any such employment  termination as described in Section 2(b)(ii) occurs on or within the one (1)-year period  following a Change in Control that is also a “change in the ownership or effective control  of a corporation, or a change in the ownership of a substantial portion of the assets of a  corporation” within the meaning of Treas. Reg. Section 1.409A-3(i)(5).  Issuance of Shares under vested Restricted Stock Units shall in all events be subject to accelerated  payment under Section 5(b) below and the requirements under Section 8 below.  The Company  will not deliver any fractional Share but will pay, in lieu thereof, cash equal to the Fair Market  Value of any fractional Share.  (b) When Shares are delivered under Section 3(a) above, the Company shall make a  cash payment equal to the aggregate amount of cash dividends and other cash distributions that  the Company would have paid to the Participant during the period commencing on the Grant Date  and ending on the applicable vesting date in respect of the Shares that are being delivered under  Section 3(a) had such Shares been issued to the Participant on the Grant Date, without interest. To  the extent that the Restricted Stock Units are forfeited prior to vesting, the right to receive such  cash payments under this Section 3(b) shall also be forfeited.  4. Payment of Taxes.  If the Company is obligated to withhold any tax due to a taxable event  with respect to the Restricted Stock Units, the Participant shall be required to promptly pay, or  make arrangements satisfactory to the Company to pay, minimum required amounts for tax  

 

    withholding to the Company consistent with Section 9.10 of the Plan.  Alternatively, subject to  Company approval in its sole discretion, the Participant may elect to withhold a portion of the  Shares that become taxable equal to the minimum required withholding amount consistent with  Section 9.10 of the Plan.  If the Participant fails to timely comply with these requirements, the  Company shall have the power and the right to deduct or withhold an amount from the Participant’s  compensation, including Shares under vested Restricted Stock Units, sufficient to satisfy all  minimum required tax withholdings with respect to any taxable event arising with respect to the  Restricted Stock Units consistent with the requirements under Section 409A of the Code.   The  Participant acknowledges and agrees that the Participant is solely responsible for all taxes payment  with respect to the Restricted Stock Units and Shares and other amounts paid under them.  5. Change in Control.  Notwithstanding the Employment Agreement, and unless otherwise  determined by the Board or the Committee, the following provisions shall apply in the event of a  Change in Control notwithstanding any provision to the contrary in Section 2 or Section 3 of this  Agreement, and in all events subject to the restrictions in Section 8 below.  (a) All Restricted Stock Units shall be become immediately vested if the Participant’s  employment is terminated by the Participant for Good Reason or by the Company or any  Subsidiary without Cause on or within one (1) year after certain Change in Control transactions  under the circumstances set forth in Section 9.8(a) of the Plan, as in effect on the date hereof.  The  vesting rules under this Section 5(a), and not Section 2(b)(ii) or Section 2(b)(iii), shall apply in the  event that the Participant has met the Rule of 65 at the time of any such termination of employment.    (b) All Restricted Stock Units shall be become immediately vested if this Award is  terminated on or after certain Change in Control transactions under the circumstances set forth in  Section 9.8(b) of the Plan, as in effect on the date hereof.  In the event that any Change in Control  described in Section 9.8(b) is also a “change in the ownership or effective control of a corporation,  or a change in the ownership of a substantial portion of the assets of a corporation” within the  meaning of Treas. Reg. Section 1.409A-3(i)(5), payment with respect to any vested Restricted  Stock Units under this Section 5(b) shall be made within ten (10) days after any such Change in  Control.  A Change in Control described under this Section 5(b) that does not qualify for  accelerated payment under the immediately preceding sentence shall be payable at the same time  as is applicable to employees who continue employment with the Company or its Subsidiaries as  described in Section 2(a) above.  6. Confidentiality, Non-Solicitation and Non-Compete.  The Participant agrees,  understands, and acknowledges that by executing this Agreement, the Participant shall be bound  by, and shall abide by the restrictive covenants set forth in Appendix A of this Agreement (the  “Restrictive Covenants”).  The Participant further agrees, understands and acknowledges that the  scope and duration of the Restrictive Covenants contained in this Agreement are reasonable and  necessary to protect a legitimate, protectable interest of the Company and its Subsidiaries, and that  the Company, in its sole discretion, may require the Participant, as a condition to lapsing any  restrictions on the Restricted Stock Units, to acknowledge in writing that the Participant has not  engaged, and is not in the process of engaging, in any of the activities described in this Section 6.  

 

    7. Right of Setoff; Recoupment.  (a) Right of Setoff.  The Company or any Subsidiary may, to the extent permitted by  applicable law and which would not trigger tax under Section 409A of the Code, deduct from and  set off against any amounts the Company or Subsidiary may owe to the Participant from time to  time, including amounts payable in connection with this Agreement, owed as wages, fringe  benefits, or other compensation owed to the Participant, such amounts as may be owed by the  Participant to the Company or a Subsidiary, although the Participant shall remain liable for any  part of the Participant’s payment obligation not satisfied through such deduction and setoff.  By  accepting any Restricted Stock Units granted hereunder, the Participant agrees to any deduction or  setoff under this Section 7(a).  (b) Termination of this Agreement; Recoupment.  The Agreement shall terminate  automatically and be subject to clawback and recoupment on the date the Participant violates a  Restrictive Covenant or commits an act of theft, embezzlement of funds or fraud involving money  or property of the Company or any Subsidiary.  Any outstanding Restricted Stock Units, whether  vested or unvested, shall terminate automatically as of the date of such violation of a Restrictive  Covenant or commission of an act of theft, embezzlement or fraud and the Participant shall forfeit  such Restricted Stock Units.  With respect to any Restricted Stock Units that vested within the one  (1) year period prior to the date of such violation of any Restrictive Covenant or commission of an  act of theft, embezzlement or fraud, the Participant shall pay the Company, within forty-five (45)  calendar days of receipt by the Participant of a written demand therefor, or pursuant to such other  time frame as the Company, in its sole discretion, agrees to in writing with the Participant, an  amount in cash determined by multiplying the number of such Restricted Stock Units by the Fair  Market Value of a Share on the date of such vesting.  (c) Injunctive Action.  The Participant acknowledges that if he violates the terms of  Sections 6 or 7, the injury that would be suffered by the Company and/or a Subsidiary as a result  of a breach of the provisions of this Agreement (including any Restrictive Covenant described in  Section 6 or provision of Section 7(b)) would be irreparable and that an award of monetary  damages to the Company and/or a Subsidiary for such a breach would be an inadequate remedy.   Consequently, the Company and/or a Subsidiary will have the right, in addition to any other rights  it may have, including the right to forfeiture and clawback under this Agreement, to obtain  injunctive relief to restrain any breach or threatened breach or otherwise to specifically enforce  any provision of this Agreement, and the Company and/or a Subsidiary will not be obligated to  post bond or other security in seeking such relief.  Without limiting the Company’s or Subsidiary’s  rights under this Section 7 or any other remedies of the Company or a Subsidiary, if the Participant  breaches any Restrictive Covenant described in Section 6 or the provisions of Section 7(b), the  Company will have the right to cancel this Agreement.  (d) Attorneys’ Fees.  In addition to the rights available to the Company and its  Subsidiaries under Sections 7(b) and (c), if the Participant violates the terms of Sections 6 or 7 at  any time, the Company shall be entitled to reimbursement from the Participant of any fees and  expenses (including attorneys’ fees) incurred by or on behalf of the Company or any Subsidiary in  enforcing the Company’s or a Subsidiary’s rights under this Section 7.  In addition to any  injunctive relief sought under Section 7(c), and whether or not the Company or any Subsidiary  elects to make any set-off in whole or in part, if the Company or any Subsidiary does not recover  

 

    by means of set-off the full amount the Participant owes to the Company or any Subsidiary,  calculated as set forth in this Section 7(d), the Participant agrees to immediately pay the unpaid  balance to the Company or any Subsidiary.  (e) Clawback Policy; Recoupment.  Notwithstanding any other provision of this  Agreement to the contrary, any Restricted Stock Units granted under this Agreement (including  any amounts or benefits arising or from or Shares issued with respect to such Restricted Stock  Units) shall be subject to potential cancellation, recoupment, rescission, payback or other action  in accordance with the terms of the Company’s Clawback Policy, as it may be amended from time  to time (the “Policy”).  The Participant agrees and consents to the Company’s application,  implementation and enforcement of (i) the Policy or any similar policy established by the  Company that may apply to the Participant and (ii) any provision of applicable law relating to  cancellation, rescission, payback or recoupment of compensation, and expressly agrees that the  Company may take such actions as are necessary to effectuate the Policy, any similar policy (as  applicable to the Participant) or applicable law without further consent or action being required by  the Participant.  The Company’s rights under the Policy shall be in addition to, and not in  substitution of, the Company’s rights under this Agreement or otherwise and, in all events, the  terms of the Policy shall prevail to the extent that the terms of the Policy conflict with this  Agreement or any other plan, program, agreement or arrangement.  8. Section 409A of the Code.    (a) It is intended that this Agreement shall comply with Section 409A of the Code and  any regulations and guidelines issued thereunder (collectively, “Section 409A”) to the extent this  Agreement is subject thereto.  This Agreement shall be interpreted on a basis consistent with such  intent.  (b) If any payments or benefits provided to the Participant under this Agreement are  non-qualified deferred compensation subject to, and not exempt from, Section 409A, the following  provisions shall apply to such payments and/or benefits:  (i) For payments and benefits triggered by termination of employment,  reference to the Participant’s “termination of employment” (and corollary terms) shall be  construed to refer to the Participant’s “separation from service” (with such phrase  determined under Treas. Reg. Section 1.409A-1(h), as uniformly applied by the Company)  in tandem with the termination of employment.  (ii) If the Participant has a “separation from service” (within the meaning of  Treas. Reg. Section 1.409A-l(h)) and is deemed at that time to be a “specified employee”  (within the meaning of Treas. Reg. Section 1.409A-l(i)), any payment in settlement of a  Restricted Stock Unit that is triggered by such separation from service shall not be made  prior to the earlier of (i) the expiration of the six (6)-month period measured from the date  of “separation from service” and (ii) the date of the Participant’s death as required to  comply with Section 409A(a)(2)(B) of the Code. Any other payments shall be paid in  accordance with the normal payment dates specified herein.  Any settlement that is not  triggered by a separation from service shall be unaffected by the six (6)-month delay rule.  

 

    (iii) Each Restricted Stock Unit shall be treated as a separate “payment” for  purposes of Section 409A of the Code.  Whenever a payment under this Agreement  specifies a payment period with reference to a number of days, the actual date of payment  within the specified period shall be within the sole discretion of the Company.  (iv) Except as specifically permitted in this Agreement, no acceleration of the  time or schedule of any payment may be made hereunder. Notwithstanding the foregoing,  payments may be accelerated hereunder (without any direct or indirect election on the part  of the Participant), in accordance with the provisions of Treas. Reg. Section 1.409A-3(j)(4),  including to pay employment-related taxes under Section 4 due to the vesting of Restricted  Stock Units.  (v) Notwithstanding any other provision of this Agreement to the contrary, in  no event shall any payment of deferred compensation be subject to offset by any other  amount unless otherwise permitted by Section 409A.  (c) If an amendment of this Agreement is necessary in order for it to comply with  Section 409A, the Participant and the Company agree to negotiate in good faith to amend this  Agreement in a manner that preserves the original intent of the parties to the extent reasonably  possible.  No action or failure by the Company in good faith to act, pursuant to this Section 8, shall  subject the Company to any claim, liability, or expense, and the Company shall not have any  obligation to indemnify or otherwise protect the Participant from the obligation to pay any taxes  pursuant to Section 409A.  The Company does not make any representations as to the personal  income tax treatment of any payments or other benefits provided to the Participant.  9. Nature of Grant. In accepting the grant of the Restricted Stock Units, the Participant  acknowledges, understands and agrees that:  (a) the Plan is established voluntarily by the Company, it is discretionary in  nature and it may be modified, amended, suspended or terminated by the Company at any  time, to the extent permitted by the Plan;  (b) the grant of the Restricted Stock Units is exceptional, voluntary and  occasional and does not create any contractual or other right to receive future grants of an  award, or benefits in lieu of an award, even if Restricted Stock Units have been granted in  the past;  (c) all decisions with respect to future grants of Restricted Stock Units or other  grants, if any, will be at the sole discretion of the Company;  (d) the Participant is voluntarily participating in the Plan;  (e) the Restricted Stock Units and the Shares subject to the Restricted Stock  Units, and the income from and value of same, are not intended to replace any pension  rights or compensation;  (f) the Restricted Stock Units and the Shares subject to the Restricted Stock  Units, and the income from and value of same, are not part of normal or expected  

 

    compensation for purposes of, including but not limited to, calculating any severance,  resignation, termination, redundancy, dismissal, end-of-service payments, bonuses,  holiday pay, long-service awards, pension or retirement or welfare benefits or similar  payments;  (g) unless otherwise agreed with the Company in writing, the Restricted Stock  Units and the Shares subject to the Restricted Stock Units, and the income from and value  of same, are not granted as consideration for, or in connection with, the service the  Participant may provide as a director of a Subsidiary;  (h) the future value of the underlying Shares is unknown, indeterminable and  cannot be predicted with certainty; and  (i) no claim or entitlement to compensation or damages shall arise from  forfeiture of the Restricted Stock Units resulting from the termination of the Participant’s  employment (for any reason whatsoever, whether or not later found to be invalid or in  breach of employment laws in the jurisdiction where the Participant is employed or the  terms of the Participant’s Employment Agreement).  10. Miscellaneous Provisions.  (a) No Service or Employment Rights.  No provision of this Agreement or of the  Restricted Stock Units granted hereunder shall give the Participant any right to continue in the  service or employ of the Company or any Subsidiary, create any inference as to the length of  employment or service of the Participant, affect the right of the Company or any Subsidiary to  terminate the employment or service of the Participant, with or without Cause, or give the  Participant any right to participate in any employee welfare or benefit plan or other program (other  than the Plan) of the Company or any Subsidiary.  (b) Plan Document Governs.  The Restricted Stock Units are granted pursuant to the  Plan, and the Restricted Stock Units and this Agreement are in all respects governed by the Plan  and subject to all of the terms and provisions thereof, whether such terms and provisions are  incorporated in this Agreement by reference or are expressly cited.  Any inconsistency between  this Agreement and the Plan shall be resolved in favor of the Plan.  The Participant hereby  acknowledges receipt of a copy of the Plan.  (c) Administration.  This Agreement and the rights of the Participant hereunder are  subject to all the terms and conditions of the Plan, as the same may be amended from time to time,  as well as to such rules and procedures as the Board or Committee may adopt for administration  of the Plan.  It is expressly understood that the Board or Committee are authorized to administer,  construe, and make all determinations necessary or appropriate to the administration of the Plan  and this Agreement, all of which shall be binding upon the Participant.  .  (d) Use of Personal Data.  By accepting or executing this Agreement, the Participant  acknowledges and agrees to the collection, use, processing and transfer of certain personal data,  including his name, salary, nationality, job title, position and details of all past Awards and current  

 

    Awards outstanding under the Plan (“Data”), for the purpose of managing and administering the  Plan.  The Participant is not obliged to consent to such collection, use, processing and transfer of  personal data, but a refusal to provide such consent may affect his ability to participate in the Plan.   The Company, or its Subsidiaries, may transfer Data among themselves or to third parties as  necessary for the purpose of implementation, administration and management of the Plan.  These  various recipients of Data may be located elsewhere throughout the world.  The Participant  authorizes these various recipients of Data to receive, possess, use, retain and transfer the Data, in  electronic or other form, for the purposes of implementing, administering and managing the Plan.   The Participant may, at any time, review Data with respect to the Participant and require any  necessary amendments to such Data.  The Participant may withdraw his consent to use Data herein  by notifying the Company in writing; however, the Participant understands that by withdrawing  his consent to use Data, the Participant may affect his ability to participate in the Plan.  (e) Severability.  If a provision of this Agreement is or becomes illegal, invalid or  unenforceable in any jurisdiction then that provision is to be construed either by modifying it to  the minimum extent necessary to make it enforceable (if permitted by law) or disregarding it (if  not), and that shall not affect the validity or enforceability in that jurisdiction of any other provision  of this Agreement, or the validity or enforceability in other jurisdictions of that or any other  provision of this Agreement.   (f) Waiver; Cumulative Rights.  The failure or delay of either party to require  performance by the other party of any provision hereof shall not affect its right to require  performance of such provision unless and until such performance has been waived in writing.   Each and every right hereunder is cumulative and may be exercised in part or in whole from time  to time.  (g) Notices.  Any notice which either party hereto may be required or permitted to give  the other shall be in writing and may be delivered personally or by mail, postage prepaid, addressed  to the Chief Legal Officer, General Counsel & Corporate Secretary of the Company, at its then  corporate headquarters, and the Participant at the Participant’s address (including any electronic  mail address) as shown on the Company’s records, or to such other address as the Participant, by  notice to the Company, may designate in writing from time to time.  The Participant hereby  consents to electronic delivery of any notices that may be made hereunder.  (h) Acknowledgments.  The Participant acknowledges that the Participant has been  provided 14 calendars days within which to consider this Agreement.  If the Participant elects not  to take the entire 14 calendar days to consider this Agreement, the Participant has done so  voluntarily.  The Participant further acknowledges that the Participant was advised in writing that  the Participant has the right to consult with an attorney before signing this Agreement.  (i) Counterparts.  This Agreement may be signed in counterparts, each of which shall  be an original, but both of which shall constitute but one and the same instrument.  (j) Successors and Assigns.  This Agreement shall inure to the benefit of and be  binding upon each successor and assign of the Company.  All obligations imposed upon the  Participant, and all rights granted to the Company hereunder, shall be binding upon the  

 

    Participant’s heirs, legal representatives and successors and no consent is required from the  Participant for such assignment.  (k) Securities Matters.  Subject to Section 409A, the Company shall not be required  to deliver any Shares until the requirements of any federal or state securities or other laws, rules  or regulations (including the rules of any securities exchange) as may be determined by the  Company to be applicable are satisfied.  (l) Electronic Delivery and Acceptance.  The Company, in its sole discretion, may  decide to deliver any documents related to current or future participation in the Plan by electronic  means.  The Participant hereby consents to receive such documents by electronic delivery and  agrees to participate in the Plan through an on-line or electronic system established and maintained  by the Company or a third party designated by the Company.  (m) Change in Position.  If the Company and/or its Subsidiaries changes the  Participant’s position or title with the Company and its Subsidiaries, or transfers the Participant  from one affiliate to another, this Agreement and my obligations hereunder will remain in force.  (n) Governing Law.  This Agreement and the Restricted Stock Units granted  hereunder shall be governed by, and construed and enforced in accordance with, the laws of the  State of Delaware, without giving effect to provisions thereof regarding conflict of laws.  (o) Entire Agreement.  This Agreement, together with the Plan, constitutes the entire  obligation of the parties hereto with respect to the subject matter hereof and shall supersede any  prior expressions of intent or understanding with respect to this transaction.  (p) Amendment.  Any amendment to this Agreement shall be in writing and signed by  an executive officer of the Company or the VP, Rewards.  (q) Headings and Construction.  The headings contained in this Agreement are for  reference purposes only and shall not affect the meaning or interpretation of this Agreement.                IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an  officer thereunto duly authorized, and the Participant has electronically accepted this Agreement  through the Company’s electronic delivery and acceptance process operated by Merrill or hereunto  set his or her hand, all as of the day and year first above written.  

 

    ZEBRA TECHNOLOGIES CORPORATION   By:        Name:  Jeffrey Schmitz   Title:  Chief Human Resources Officer and Chief  Marketing Officerex106secondamendmenttole

    Exhibit 10.6    SECOND AMENDMENT TO LEASE AGREEMENT    THIS SECOND AMENDMENT TO OFFICE LEASE (this “Amendment”) is made and  entered into effective as of the 1st  day of June, 2022 (the “Effective Date”), by and between Griffin  (Lincolnshire) Essential Asset REIT II, LLC, a Delaware limited liability company (“Landlord”), as  successor-in-interest to The Northwestern Mutual Life Insurance Company (“Original Landlord”), and  Zebra Technologies Corporation, a Delaware corporation (“Tenant”).    A.         Original Landlord and Tenant entered into that certain Office Lease dated November 15,  2013 (the “Original Lease”), as amended by that certain First Amendment to Lease dated as of June 9,  2014 (the “First Amendment”; collectively, the “Lease”), pursuant to which Tenant currently leases  approximately 283,257 rentable square feet (the “Premises”) of the building commonly known as  Three  Overlook Point located at Three Overlook Point, Lincolnshire Corporate Center, Lincolnshire, Illinois  30069 (the “Building”).    B.         Landlord has succeeded to all right, title and interest of Original Landlord under the Lease.    Date”).  C.         The Lease is currently scheduled to expire on November 30, 2026 (the “Prior Expiration   D.         Landlord and Tenant desire to extend the term of the Lease and otherwise modify the Lease  as set forth below.    NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which  are hereby acknowledged, the parties agree as follows:    1.   Recitals. The recitals set forth above are hereby incorporated into and made a material part of  this Amendment.  Capitalized terms used but not otherwise defined herein shall have the same meanings  ascribed to them in the Lease.    2.   Extension of Term. The term of the Lease is hereby extended for sixty-eight (68) months (the  “Extended Term”) such that the Expiration Date (herein called the “Extended Expiration Date”) for the  Premises shall be July 31, 2032. All of the terms and conditions of the Lease shall be applicable during the  Extended Term, except as is otherwise provided in this Amendment.    3.   Base Rent for the Premises.  Tenant shall continue to pay Base Rent as set forth in the Lease  through May 31, 2022. Commencing on June 1, 2022 (the “Lease Restructure Date”), the Base Rent charts  in (a) the Schedule of Significant Terms in the Original Lease and (b) Section 3(a) of the First Amendment  are no longer applicable and instead Tenant shall pay Base Rent for the entire Premises in the following  monthly installments at the following times and in the same manner and place as is required under the  Lease, as amended hereby:      Time Period:  Annual Base Rent Per                                    Monthly Installments of Rentable Square Foot           Annualized Base  Rent  Base Rent 

 

2        6/1/22 – 5/31/23 $15.37 $4,353,660.12 $362,805.01  6/1/23 – 5/31/24 $15.75 $4,461,297.72 $371,774.81  6/1/24 – 5/31/25 $16.14 $4,571,768.04 $380,980.67  6/1/25 – 5/31/26 $16.54 $4,685,070.84 $390,422.57  6/1/26 – 5/31/27 $16.95 $4,801,206.12 $400,100.51*        6/1/27 – 5/31/28 $17.37 $4,920,174.12 $410,014.51  6/1/28 – 5/31/29 $17.80 $5,041,974.60 $420,164.55  6/1/29 – 5/31/30 $18.25 $5,169,440.28 $430,786.69  6/1/30 – 5/31/31 $18.71 $5,299,738.44 $441,644.87  6/1/31 – 5/31/32 $19.18 $5,432,869.32 $452,739.11  6/1/32 – 7/31/32 $19.66 $5,568,832.68 $464,069.39    *Notwithstanding the foregoing or Section 4 below provided no Event of Default exists under the Lease,  Tenant’s obligation to pay Base Rent, Tax Adjustment and Expense Adjustment for the Premises shall be  abated for the months of December, 2026, January, 2027, and February, 2027 (the “Abatement Period”).  Upon Landlord’s acceptance of a subsequent cure of the Event of Default, however, Tenant shall be entitled  to the foregoing abatement for the next calendar month occurring after such cure, not to exceed the monetary  amount of abatement attributable to the Abatement Period. Notwithstanding such abatement of Base Rent,  Tax Adjustment and Expense Adjustment, all other sums due under the Lease, as amended hereby, shall be  payable as provided in the Lease, as amended hereby.    4.          Additional Rent.  Tenant shall continue to pay Additional Rent in accordance with the  Lease during the Extended Term.    5.          Rent Payment Address.  Notwithstanding anything contained in the Lease, Tenant shall  pay Rent to Landlord either via Automated Clearing House transfer arranged with Landlord, by wire  transfer to such payment address as Landlord shall specify, or by check at such other place as Landlord  may specify, and any other address or account information provided in the Lease is hereby deleted in its  entirety.  Landlord shall provide Tenant at least thirty (30) days prior written notice in the event of any  change in the method of payment or payment address.    6.          Signage. In addition to Tenant’s existing signage rights, provided Tenant is leasing and  occupying at least 283,000 rentable square feet in the Building, and provided Tenant obtains and maintains  at Tenant's expense all necessary public and private permits, licenses and approvals, Tenant shall have the  non-exclusive right to install and maintain, at its sole cost and expense, one (1) tenant identification exterior  sign on the Building in the approximate location and of the approximate size depicted on Exhibit A attached  hereto, subject to the following terms and conditions:    (a)        The location, design, construction, size and all other aspects of such signage and  the installation thereof shall be as set forth on Exhibit A attached hereto or otherwise as approved  by Landlord in writing in advance, which approval shall not be unreasonably withheld, conditioned  or delayed.    (b)        The  expense of  installing, constructing, insuring, maintaining, replacing and  removing the sign shall be the sole cost and expense of Tenant and shall be paid directly by Tenant,  including, without limitation, any metering and other electric costs for signage illumination. Tenant  shall be responsible for all costs and expenses associated with such signage and Tenant shall  promptly repair any damage to the Building resulting from the installation, construction,  maintenance or removal of such signage, normal wear and tear excepted.  Tenant shall maintain  such signage in a first class manner.  If Tenant does not so maintain such signage, and does not  

 

3      commence to cure such failure to maintain within thirty (30) days after written notice from  Landlord and thereafter diligently complete such cure or contest in good faith Landlord’s notice of  such failure to maintain within such thirty (30) days after Landlord’s notice, Landlord shall do so  on Tenant’s behalf and Tenant shall pay Landlord for such maintenance at Building-standard rates. 

 

4      (c)        If installation requires access to another tenant's suite or the Building engineer's  office, a security officer or the Building engineer shall be required to be on-site during such  installation at the sole cost and expense of Tenant.  Tenant’s sign contractor shall be subject to  Landlord’s approval (not to be unreasonably withheld, conditioned or delayed) and Tenant’s sign  contractor must comply with Landlord’s rules and regulations for the Building.    (d)        Tenant hereby agrees to indemnify and hold Landlord harmless for any cost,  expense, loss or other liability associated with the installation, construction, maintenance and  removal of the sign.    (e)        If Tenant requests any assignment or subletting of the Lease, Tenant's rights with  respect to the sign as contained herein shall not be transferable or assignable to an assignee or  subtenant without the express prior written consent of Landlord which consent may be granted,  withheld or conditioned in Landlord's sole and absolute discretion.   For avoidance of doubt,  Tenant's rights hereunder are assignable to a Permitted Transferee; provided, however, Landlord  may object to transfer of the signage rights hereunder (but not to the Permitted Transfer itself) to  an entity with a character and reputation that, in Landlord’s sole discretion, is not consistent with a  first class office building.    (f)         Upon the expiration or earlier termination of the Lease or Tenant’s signage right,  unless otherwise directed by Landlord, Tenant shall promptly remove the signage, restore the  Building's façade to remove any trace of Tenant's signage, ordinary wear and tear and casualty  damage excepted, and repair any damage to the Building caused by such removal.    (g)        Landlord makes no representation or warranty whether Tenant will be able to  obtain required third party public and private approvals.    7.          Extension Option.  Tenant shall continue to have one (1) of the Renewal Options granted  by Section 44 of the Original Lease. The Renewal Term shall continue to be five (5) years.  The Renewal  Exercise Deadline shall be as set forth in Section 44(b) of the Lease.  The Renewal Term would run from  August 1, 2032 through July 31, 2037.    8.          Landlord’s Notice Address. Landlord’s Address for Notices in the Schedule of Significant  Terms portion of the Original Lease is amended to substitute the following current notice addresses for  Landlord:    Griffin (Lincolnshire) Essential Asset REIT II, LLC  c/o Griffin Realty Trust  Attention: Asset Manager  1520 East Grand Avenue  El Segundo, California 90245  with a copy to:  Griffin (Lincolnshire) Essential Asset REIT II, LLC  c/o Griffin Realty Trust  Attention: General Counsel  150 North Riverside Plaza, Suite 1950  Chicago, Illinois 60606    9.          Condition of Premises. 

 

5      (a)        Tenant is in possession of the Premises and accepts the same in its current “AS-IS”  “WHERE IS” condition without any other agreements, representations, understandings or obligations on  the part of Landlord to fund any allowance, perform any alterations, repairs or improvements as of the  Lease Restructure Date, except as hereinafter provided. Nothing contained in the foregoing shall be deemed  or construed as releasing Landlord from any of its maintenance, repair or replacement obligations or any of  its obligations to provide services as set forth in this Lease.    (b)        Provided no Event of Default exists, Landlord shall provide to Tenant a “Construction  Allowance” equal to Ten Dollars ($10.00) times the rentable square footage of the Premises for Tenant to  perform certain alterations in the Premises. Tenant shall comply with all of the requirements of Section 6  of the Original Lease and all other applicable provisions of the Lease in connection with such alterations.  Tenant shall carry insurance in accordance with the requirements set forth in the Lease and shall perform  the alterations in accordance with any Landlord pre-approved plans and specifications required by the terms  of Section 6 of the Original Lease and any material change to any such Landlord approved plans shall be  subject to Landlord’s prior written approval, and not to be unreasonably withheld, conditioned or delayed.  If Tenant manages the construction, then in lieu of the three percent (3%) fee required by said Section 6,  Tenant shall reimburse Landlord for reasonable out of pocket costs incurred by Landlord in connection with  plan review in the event that Tenant’s work causes Landlord to engage third party expert for review, such  as structural or MEP engineering review.  The three percent (3%) fee shall be payable if Tenant requests  Landlord to manage the construction, and the Construction Allowance may be used to pay some or all of  the Landlord’s fee. At Landlord’s request, Tenant shall provide Landlord copies of the applicable contracts  and other project documents (and change orders) associated with any work following completion of said  work.    (c)        A portion of the Construction Allowance, not to exceed fifty  percent (50%) of the  Construction Allowance, may be used by Tenant to pay for furniture, fixtures and equipment (the “FF&E”)  for the Premises as requested by Tenant in writing. Should Tenant elect to use a portion of the Construction  Allowance to pay for FF&E, then at Landlord’s request Tenant and Landlord must execute a mutually  agreeable letter agreement, which shall confirm the exact amount of the Construction Allowance that will  be used to pay for FF&E.    (d)        No advance of the Construction Allowance shall be made by Landlord until Tenant has  first paid to the contractors from Tenant’s own funds (and provided reasonable evidence thereof to  Landlord) the anticipated amount, if any, of Tenant’s projected total construction costs. For avoidance of  doubt, if a particular Tenant project is less than the total Construction Allowance, Tenant may make a  request to Landlord for reimbursement of such costs at the conclusion of the applicable project. Tenant and  Landlord recognize and agree that the Construction Allowance may be used for a single large project or a  series of smaller projects and further agree that in no event shall Landlord reimburse Tenant for more than  the Construction Allowance.   Following receipt by Landlord of the following items: (a) a request for  payment with a sworn statement identifying all contractors, subcontractors and suppliers engaged to  perform work and provide supplies, (b) final or partial lien waivers, as the case may be, from all contractors,  subcontractors and suppliers performing work or supplying or fabricating materials for Tenant’s alterations,  fully executed, acknowledged and in recordable form, and (c) evidence of governmental approval of  Tenant’s work (if required by law) (collectively, a “Completed Application for Payment”), Landlord shall  pay to Tenant the Construction Allowance, in whole or in part.  Landlord shall pay the amount requested  in the applicable Completed Application for Payment to Tenant within 30 days following Tenant’s  submission of the Completed Application for Payment.   If, however, the Completed Application for  Payment is incomplete or incorrect, Landlord shall notify Tenant in writing of the deficiency, and  Landlord’s payment of such request shall be deferred until 30 days following Landlord’s receipt of the  corrected Completed Application for Payment. Notwithstanding anything to the contrary contained in this  section, Landlord shall not be obligated to make any disbursement of the Construction Allowance during 

 

6      the pendency of any of the following (i.e. until the issue has been cured): (1) Landlord has received written  notice of any unpaid claims relating to any portion of Tenant’s work or materials in connection therewith,  other than claims which will be paid in full from such disbursement, (2) there is an unbonded lien  outstanding against the Building or the Premises or Tenant’s interest therein by reason of work done, or  claimed to have been done, or materials supplied or specifically fabricated, claimed to have been supplied  or specifically fabricated, to or for Tenant or the Premises, (3) the conditions to the advance of the  Construction Allowance are not satisfied, or (4) an Event of Default exists. No portion of the Construction  Allowance may be used as a credit against rent.  In the event Tenant does not pay Tenant’s share of the  total construction costs, if any, in full to Landlord when due or to the contractors as provided in the first  sentence of this Section 9(d), Landlord may offset and reduce any rent abatement provided to Tenant by  this Amendment in order to pay to Landlord the unpaid amount, without limitation of Landlord’s other  rights and remedies and without waiving Landlord’s right to collect interest and late fees for late payment.    (e)        Any portion of  the Construction Allowance that  remains unrequested or  improperly  requested by Tenant for the costs of the work within three (3) years following the Lease Restructure Date  shall be deemed forfeited with no further obligation by Landlord with respect thereto and shall be the sole  and exclusive property of Landlord.    10.        Deletions. Sections 40 and 42 of the Original Lease are hereby deleted.    11.        Brokers.  Tenant represents that Tenant has not dealt with any broker, agent or finder in  connection with this Amendment other than Jones Lang LaSalle Midwest, LLC (the “Brokers”), whose  commission shall be paid by Landlord pursuant to separate written agreement, and Tenant agrees to  indemnify and hold Landlord harmless from all damages, judgments, liabilities and expenses (including  reasonable attorneys’ fees) arising from any claims or demands of any broker, agent or finder other than  the Brokers with whom Tenant has dealt for any commission or fee alleged to be due in connection with its  participation in the procurement of Tenant or the negotiation with Tenant of this Amendment.    12.        Binding Effect. This Amendment shall not be binding until executed and delivered by both  Landlord and Tenant.    13.        Electronic Counterparts. This Amendment may be executed in any number of electronic  (facsimile or PDF) counterparts, any one of which shall be an original, but all of which together shall be  one and the same instrument. Each party agrees that the electronic signatures, whether digital or encrypted,  of the parties included in this Amendment are intended to authenticate this writing and to have the same  force and effect as manual signatures.  Electronic signature means any sound, symbol or process attached  to or logically associated with a record and executed and adopted by a party with the intent to sign such  record including facsimile, PDF or email electronic signatures.  All parties shall execute manual originals  of this Amendment upon request.    14.        Estoppel.  Tenant hereby represents, warrants and agrees that: to Tenant's knowledge, (i)  there exists no breach, default or event of default by Landlord under the Lease, or any event or condition  which, with the giving of notice or passage of time or both, would constitute a breach, default or event of  default by Landlord under the Lease; (ii) the Lease continues to be a legal, valid and binding agreement and  obligation of Tenant; and (iii) Tenant has no current offset or defense to its performance or obligations  under the Lease.    Landlord hereby represents, warrants and agrees that: to Landlord's knowledge, (i) there exists no  breach, default or event of default by Tenant under the Lease, or any event or condition which, with the  giving of notice or passage of time or both, would constitute a breach, default or event of default by Tenant  under the Lease; (ii) the Lease continues to be a legal, valid and binding agreement and obligation of 

 

7      Landlord; and (iii) Landlord has no current offset or defense to its performance or obligations under the  Lease.    15.        No Representations.  Landlord and Landlord's agents have made no representations or  promises, express or implied, in connection with this Amendment, except as expressly set forth herein, and  Tenant has not relied on any representations except as expressly set forth herein.    16.        OFAC.  Tenant represents and warrants to Landlord that (1) Tenant is not acting, directly  or indirectly, for or on behalf of any person, group, entity, or nation named by any Executive Order or the  United States Treasury Department as a terrorist, "Specially Designated National," "Blocked Person," or  other banned or blocked person, entity, nation, or transaction pursuant to any law, order, rule, or regulation  that is enforced or administered by the Office of Foreign Assets Control; and (2) Tenant is not engaged in  this transaction, directly or indirectly on behalf of, or instigating or facilitating this transaction, directly or  indirectly on behalf of, any such person, group, entity or nation.  Tenant agrees to defend, indemnify, and  hold harmless Landlord from and against any and all claims, damages, losses, risks, liabilities, and expenses  (including reasonable attorney's fees and costs) arising or related to any breach of the foregoing  representation and warranty.    17.        Miscellaneous. This Amendment sets forth the entire agreement with respect to the matters  set forth herein. There have been no additional oral or written representations or agreements. As modified  by this Amendment, the Lease is hereby ratified and confirmed, and shall remain in full force and effect.  In the event of any inconsistency between the provisions of the Lease and this Amendment, the provisions  of this Amendment shall control. Headings used in this Amendment are for convenience only and shall not  serve to limit, expand or otherwise alter the terms of this Amendment.    [remainder of page intentionally left blank; signature page follows] 

 

S-1      IN WITNESS WHEREOF, Landlord and Tenant have executed this Second Amendment to  Office Lease as of the date first above written.          LANDLORD:    Griffin (Lincolnshire) Essential Asset REIT II,  LLC, a Delaware limited liability company    By: GRT OP, L.P., a Delaware limited partnership,  its sole member    By: Griffin Realty Trust, Inc., a Maryland  corporation, its general partner        By:     Name:      Its:            TENANT:    Zebra Technologies Corporation, a Delaware  corporation        By:     Name:      Its:

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