Document:

Exhibit 4.3

 

Officers’ Certificate

Pursuant to Sections 201, 301 and 303 of the Indenture

 

Dated:  March 11, 2005

The undersigned, Paul A.
Meurer, Executive Vice President, Chief Financial Officer and Treasurer, and
Michael R. Pfeiffer, Executive Vice President, General Counsel and Secretary,
of Realty Income Corporation, a Maryland corporation (the “Company”), hereby
certify as follows:

The undersigned, having
read the appropriate provisions of the Indenture dated as of October 28,
1998 (the “Indenture”) between the Company and The Bank of New York, as trustee
(the “Trustee”), including Sections 201, 301 and 303 thereof and the
definitions in such Indenture relating thereto, and certain other corporate
documents and records, and having made such examination and investigation as,
in the opinion of the undersigned, each considers necessary to enable the
undersigned to express an informed opinion as to whether or not conditions set
forth in the Indenture relating to the establishment of the title and terms of the
Company’s 5 7/8% Senior  Debentures due 2035
(the “Securities”) and the form of certificate evidencing the Securities have
been complied with, and whether the conditions in the Indenture relating to the
authentication and delivery by the Trustee of the Securities have been complied
with, certify that (i) the title and terms of the Securities were
established by the undersigned pursuant to authority delegated to them by
resolutions duly adopted by the Board of Directors of the Company on March 3,
2005 (the “Resolutions”) and such terms are set forth in Annex I hereto (it
being understood that, in the event that Securities are ever issued in
definitive certificated form, the legends appearing as the first two paragraphs
on the first page of such form of Securities may be removed), (ii) the form of
certificate evidencing the Securities was established by the undersigned
pursuant to authority delegated to them by the Resolutions and shall be in
substantially the form attached as Annex II hereto, (iii) a true, complete and
correct copy of the Resolutions, which were duly adopted by the Board of
Directors of the Company and are in full force and effect in the form adopted
on the date hereof, are attached as Annex III hereto and are also attached as
an exhibit to the Certificate of the Secretary of the Company of even date
herewith, (iv) the form, title and terms of the Securities have been
established pursuant to and in accordance with Sections 201 and 301 of the
Indenture and comply with the Indenture and, in the opinion of the undersigned,
all conditions provided for in the Indenture (including, without limitation,
those set forth in Sections 201, 301 and 303 of the Indenture) relating to the
establishment of the title and terms of the Securities, the form of certificate
evidencing the Securities and the execution, authentication and delivery of the
Securities have been complied with and (v) to the best knowledge of the
undersigned, no Event of Default (as defined in the Indenture) has occurred and
is continuing with respect to the Securities.

[SIGNATURE PAGE FOLLOWS]

 

 

IN
WITNESS WHEREOF, we have hereunto set our hands as of the date first written
above.

 

	
  /s/ Paul M.
  Meurer

  
	
  Paul
  M. Meurer

  
	
  Executive
  Vice President, Chief Financial Officer

  
	
  and
  Treasurer

  
	
   

  
	
   

  
	
   

  
	
  /s/ Michael R.
  Pfeiffer

  
	
  Michael
  R. Pfeiffer

  
	
  Executive
  Vice President, General Counsel

  and
  SecretaryExhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (“Agreement”) is by and between Zebra Technologies
Corporation, a corporation incorporated under the laws of Delaware, with its
principal place of business in Vernon Hills, Illinois (the “Company”), and Phil
Gerskovich (the “Executive”).

 

WHEREAS,
the Company (which hereinafter also includes subsidiaries of the Company)
desires to assure itself of the services of Executive, and Executive is willing
to serve in the employ of the Company on a full-time basis, all in accordance
with the terms and conditions contained in this Agreement;

 

NOW,
THEREFORE, in consideration of the promises and mutual agreements contained
herein, the Company and Executive hereby agree as follows:

 

I.                                         At-Will
Employment

 

Executive
understands and agrees that he is an at-will employee, and Executive and the
Company can, and shall have the right to, terminate
the employment relationship at any time for any or no reason, with or without
notice, and with or without cause, subject to the payment provisions contained
in Section V of this Agreement. 
Nothing contained in this or any other agreement shall alter the at-will
relationship.

 

II.                                     Position,
Duties, and Responsibilities

 

A.                                   Duties.  Executive shall report directly to the Chief
Executive Officer of the Company, and he shall perform the duties, and bear the
responsibilities, associated with his position as well as duties and
responsibilities as directed from time to time by the Chief Executive Officer
of the Company.

 

B.                                     Faithful
Performance.  While employed by the
Company, Executive shall faithfully, loyally, and to the best of his ability
perform his duties under this Agreement and those duties assigned to him.  Executive shall devote one hundred percent
(100%) of his full business time to the affairs of the Company (excluding periods of vacation and sick
leave).  Executive shall use his
reasonable efforts to promote the interests
of the Company.  Notwithstanding the
foregoing, Executive may, devote reasonable periods of time, in accordance with
the policies of the Company, (1) serving on the board of directors of other
corporations with the prior written approval of the Chief Executive Officer of
the Company, (2) serving in a position of authority for, or on a committee, the
board of directors or a similar governing body of, a charitable or
community-based organization after the Executive provides prior written notice
of such activities to the Chief Executive Officer of the Company and so long as
such activities do not reflect poorly on the Company, and (3) managing his
personal business and investment activities; provided that none of the activities
described in subsections (1) – (3) individually or in the aggregate materially
interfere with the performance of Executive’s duties under this Agreement.

 

1

 

III.                                 Compensation

 

A.                                   Base
Salary.  The Company shall pay
Executive in accordance with the normal payroll practices of the Company a
gross annual salary at a rate of $ 335,000 per year (“Base Salary”), commencing
on the Effective Date.  The Base Salary
shall be reviewed at least annually, in light of competitive data, the Company’s
performance, and Executive’s performance, and may be increased or decreased
from time to time as shall be determined by the Chief Executive Officer, and
once such Base Salary shall have been increased or decreased, it shall
thereafter be treated for all purposes of this Agreement as Executive’s Base
Salary.  Unless specifically agreed to in
writing by the Company and the Executive, any increase or decrease in Base
Salary shall not limit or reduce any other obligation of the Company or
Executive under this Agreement.

 

B.                                     Stock
Option Grant.  Pursuant to a Stock
Option Agreement, the Company shall grant Executive a stock option grant of the
Company’s Class A Common Stock with a value of
$1.5 million ($1,500,000) after Executive has been hired.  The number of shares is to be determined
based on the closing price of the Company’s stock, as listed on NASDAQ,
following the conclusion of Executive’s first day of employment.  Additionally, if Executive successfully
reaches the performance goals set by the Company for his first year of
employment, the Company will grant Executive a stock option grant of the Company’s
Class A Common Stock with a value of $1 million
($1,000,000).  The number of shares is to
be determined based on the closing price of the Company’s stock, as listed on
NASDAQ, following the conclusion of the one-year anniversary date of Executive’s
employment.  Upon each such grant of
stock options, the Company shall provide Executive with a separate Stock Option
Agreement which will describe the terms and conditions of the stock option
grant.

 

C.                                     Bonus.  In 2006, Executive also shall be eligible for
a bonus based on various factors in accordance with the Company’s 2005
Management Bonus Plan, with a target payout opportunity of 50% of Executive’s
base annual salary and a maximum payout opportunity of 75% of Executive’s base
salary.

 

IV.                                Benefits

 

A.                                   Incentive,
Savings and Retirement Plans.  In
addition to Base Salary, and bonus described above, Executive, while employed
by the Company, shall be entitled to participate in the Company’s deferred
compensation plan, employee stock purchase plan, a 401(k) plan, the Zebra
Technologies Corporation Profit Sharing & Savings Plan, and all such other
incentive, savings, and retirement plans, practices, policies and programs, on
terms not less favorable than those applicable to other similarly situated senior
executives of the Company, and in accordance with such terms as in effect from
time to time.

 

B.                                     Welfare
Benefits.  While employed by the
Company, Executive shall be eligible to participate in and shall receive all
benefits under welfare benefit plans, practices, policies and programs provided
by the Company (including medical, dental, disability, group life, optional
supplemental life, accidental death and dismemberment, deferred compensation,
dependent care, and long-term care plans and programs) on terms not less
favorable than those

 

2

 

applicable
to other similarly situated senior executives of the Company, and in accordance
with such terms as in effect from time to time.

 

C.                                     Fringe
Benefits.  While employed by the
Company, Executive shall be entitled to fringe benefits on terms not less
favorable than those available to other similarly situated senior executives of
the Company.

 

D.                                    Stock
Option Plan.  While employed by the
Company, Executive shall be entitled to participate in the Zebra Technologies
Corporation 1997 Stock Option Plan or any successor plan in accordance with the
terms of the plan, and pursuant to the terms of Executive’s separate written
Stock Option Agreements.

 

E.                                      Vacation.  While employed by the Company, Executive
shall be entitled to paid vacation in the amount of four (4) weeks per
year.  Vacation entitlements not taken
during the course of the year will not be paid and such vacation time will not
carry over from year to year.

 

F.                                      Expenses.  While employed by the Company, Executive
shall be entitled to receive prompt reimbursement for all reasonable and
necessary business expenses incurred by Executive, in accordance with the
practices and policies applicable to other senior executives of the Company,
including professional and service company dues, journal subscriptions,
educational seminars, conferences, and symposiums.  Executive shall be entitled to receive prompt
reimbursement for travel expenses incurred in connection with the performance
of his duties under this Agreement.  To
receive reimbursement, Executive shall submit to the Company such vouchers or
expense statements that reasonably evidence expenses incurred in accordance
with the Company’s travel and expense reimbursement policy as applicable to
other similarly situated senior executives of the Company.

 

G.                                     Relocation
Assistance.  Executive is eligible
for financial and administrative assistance in relocating his primary residence
to Vernon Hills, Illinois, or the surrounding area, pursuant to the terms of
the Company’s standard relocation policy.

 

H.                                    Right
to Change Plans.  Nothing in this
Agreement shall be construed to limit, condition, or otherwise encumber the
right of the Company, in its sole discretion, to amend, discontinue,
substitute, or maintain any benefit plan, program, or perquisite.

 

V.                                    Termination

 

A.                                   Events
of Termination.  Executive’s
employment may and shall be terminated upon the occurrence of any of the
following:

 

(1)                                  Death
of Executive;

 

(2)                                  Executive’s
Disability (as defined herein);

 

(3)                                  the termination of employment by Executive other than for
Good Reason;

 

3

 

(4)                                  the termination of Executive by the Company for Cause (as
defined herein);

 

(5)                                  the termination of Executive by the Company other than for
Cause; or

 

(6)                                  the termination of employment by Executive for Good Reason.

 

The
term “Disability” means a mental or physical condition which, in the opinion of
the Company, with or without reasonable accommodation, renders Executive unable
or incompetent to carry out the material work responsibilities which Executive
held or the material duties to which Executive was assigned at the time the
disability was incurred, which has existed for at least three (3) months and
which in the opinion of a physician selected in good faith by the Company, is
expected to last for a duration in excess of an additional three (3) months.

 

The
term “Cause” means any one of the following:

 

(i)                                     Executive’s
commission or conviction of, or admission, plea bargain, plea of no contest, or
plea of nolo contendre to, a felony of any kind, or a misdemeanor involving
fraud, dishonesty or an act of moral turpitude;

 

(ii)                                  Executive’s
loss of any professional license required to perform his duties under this
Agreement;

 

(iii)                               Executive’s
breach of this Agreement;

 

(iv)                              Executive’s
violation of any law or Company policy, regardless of whether within or outside
the scope of his authority;

 

(v)                                 willful
or intentional misconduct; gross negligence; or dishonest, fraudulent, or
unethical behavior; or other conduct involving serious moral turpitude, by
Executive in the performance of his duties under this Agreement; or

 

(vi)                              failure
or refusal by Executive to materially comply (to the best of his ability) with
a specific direction of the Chief Executive Officer, provided that to the
extent such refusal or failure is susceptible to cure, it is not fully,
completely, and permanently cured to the best of Executive’s ability within
fifteen (15) business days after the delivery of written notice by Company to
Executive.

 

The
term “Good Reason” means the occurrence of any one of the following:

 

(i)                                     demotion
of Executive by the Company to a lesser position (including a material
diminution in the status of Executive’s responsibilities, authorities, powers
or duties taken as a whole) or assignment of Executive to any duties materially
inconsistent with the status and responsibilities of that position,

 

4

 

(ii)                                  material
breach of any provision of this Agreement by the Company and the Company’s
failure to cure such breach within fifteen (15) business days of receipt of
written notice from Executive specifying in reasonable detail the nature of the
breach, or

 

(iii)                               decrease in Base Salary (unless such decrease
is applied on a proportionally equal basis to all executive officers of the
Company that directly report to the Chief Executive Officer) (an “Applicable
Decrease”), but only if Executive terminates his employment with the Company as
a result of an Applicable Decrease within ten (10) business days of the
effective date of the Applicable Decrease. 
For clarification purposes, should the Executive fail to terminate his
employment with the Company within ten (10) business days of the effective date
of an Applicable Decrease, such termination shall not constitute termination of
employment by Executive for Good Reason under this provision.

 

B.                                     Termination
for Cause or Termination by Executive other than for Good Reason.  If the Company terminates Executive’s
employment for Cause, the Company shall pay to Executive immediately after the
date of termination an amount equal to the sum of Executive’s Base Salary, that
he accrued up to the termination date. 
The respective provisions of any employee benefit plans or perquisite
programs in which Executive participates shall control whether Executive shall
be entitled to, and shall further benefit under, such plans or programs, but in
no event shall Executive receive or accrue such benefits beyond the date of
termination.  Other than these amounts,
Company shall be fully relieved of all obligations under this Agreement and
shall not owe Executive any additional sums, benefits, or rights.  If Executive terminates this Agreement or his
employment hereunder, for other than Good Reason, at any time, then such
termination shall be treated as a termination by Company for Cause.

 

C.                                     Termination
for Death or Disability.  If
Executive’s employment terminates due to his death or Disability, then the Company
shall pay to Executive or his beneficiaries, as the case may be, immediately
after the date of termination an amount which is equal to the sum of Executive’s
base salary and bonus that he accrued up to the termination date.  Without limiting the above, and in the event
of his termination for Disability, Executive shall commence or continue
participation in such applicable benefit plans and programs in accordance with
the terms of such benefit plans and programs available to other senior
executives of the Company whose employment with the Company has terminated for
Disability.

 

D.                                    Termination
Without Cause or Termination by the Executive for Good
Reason.  In the event that Company
terminates this Agreement, and the employment of Executive hereunder, without
Cause, or Executive terminates his employment for Good Reason, then Executive
shall receive the following:

 

(1)                                  Executive’s
accrued Base Salary up to the date of termination;

 

(2)                                  Executive
shall be paid any benefits to which he would be entitled pursuant to the terms
of the Company’s employee benefit plans and perquisite programs in accordance
with the terms of such employee benefit plans and perquisite programs; and

 

(3)                                  an
amount equal to Executive’s Base Salary for a period equal to twelve (12) months
payable in installments similar to the normal payroll practices of the

 

5

 

Company, reduced by any
amount payable to Executive under any severance plan or other severance
arrangement maintained by the Company; provided, if any amounts paid under this
Section V.D.3 are considered deferred compensation for the purposes of
Internal Revenue Code Section 409A, such amounts shall be paid to
Executive in compliance with Internal Revenue Code Section 409A.

 

E.                                      Release.  As a condition precedent to receiving any
benefits and/or payments beyond the date of termination that are not otherwise
statutorily required, Executive shall provide the Company with a written
general release which releases the Company and its affiliates from both known
and unknown claims and in which Executive agrees not to disparage the Company
or its affiliates.  Such agreement shall
be in a format and wording agreeable to the Company.

 

F.                                      Stock
Option Plan.  Executive’s rights to
stock options in the event of termination are governed pursuant to the terms of
the Zebra Technologies 1997 Stock Option Plan, and pursuant to the terms of
Executive’s separate written Stock Option Agreements.

 

VI.                                Restrictive
Covenants

 

A.                                   Confidentiality.

 

(1)                                  Confidential
Information.  Executive understands
that the Company possesses and will possess Confidential Information which is
important to its business.  The Company
devotes significant financial, human and other resources to the development of
its products, its customer base and the general goodwill associated with its
business and that the Company diligently maintains the secrecy and
confidentiality of its Confidential Information.  For purposes of this Agreement, “Confidential
Information” is information that was or will be developed, created, or
discovered by or on behalf of the Company, or which became or will become known
by, or was or is conveyed to the Company, which has commercial value in the
Company’s business. Confidential Information is sufficiently secret to derive
economic value from its not being generally known to other persons.  “Confidential Information” means any
and all financial, technical, commercial or other information concerning the
business and affairs of the Company that is confidential and proprietary to the
Company, including without limitation, (i) information relating to the Company’s
past and existing customers and vendors and development of prospective
customers and vendors, including specific customer product requirements,
pricing arrangements, payments terms, customer lists and other similar
information; (ii) inventions, designs, methods, discoveries, works of
authorship, creations, improvements or ideas developed or otherwise produced,
acquired or used by the Company; (iii) the Company’s proprietary programs,
processes or software, consisting of but not limited to, computer programs in
source or object code and all related documentation and training materials,
including all upgrades, updates, improvements, derivatives and modifications
thereof and including programs and documentation in incomplete stages of design
or research and development; (iv) the subject matter of the Company’s patents,
design patents, copyrights, trade secrets, trademarks, service marks, trade
names, trade dress, manuals, operating instructions, training materials, and
other industrial property, including such information in incomplete stages of
design or research and development; and (v) other confidential and proprietary
information or documents relating to the Company’s products, business and
marketing plans and techniques,

 

6

 

sales
and distribution networks and any other information or documents which the
Company reasonably regards as being confidential.

 

(2)                                  Company
Materials.  Executive understands
that the Company possesses or will possess “Company Materials” which are
important to its business.  For purposes
of this Agreement, “Company Materials” are documents or other media or
tangible items that contain or embody Confidential Information or any other
information concerning the business, operations or future/strategic plans of
the Company, whether such documents have been prepared by Executive or by
others.

 

(3)                                  Treatment
of Confidential Information and Company Property.  In consideration of Executive’s employment by
the Company, the compensation received by Executive from the Company, and the
Company’s agreement to give Executive access to certain Confidential
Information, Executive agrees as follows:

 

(a)                                  All
Confidential Information and trade secret rights, and other intellectual
property and rights (collectively “Rights”) in connection therewith will
be the sole property of the Company.  At
all times, both during Executive’s employment by the Company and after its
termination for any reason, Executive will keep in confidence and trust and
will not use or disclose any Confidential Information or anything relating to
it without the prior written consent of an officer of the Company except as may
be necessary and appropriate in the ordinary course of performing Executive’s
duties to the Company.

 

(b)                                 All
Company Materials will be the sole property of the Company. Executive agrees
that during Executive’s employment by the Company, Executive will not remove
any Company Materials from the business premises of the Company or deliver any
Company Materials to any person or entity outside the Company, except as
Executive is required to do so in connection with performing the duties of his
employment. Executive further agrees that, immediately upon the termination of
Executive’s employment by Executive or by the Company for any reason, or during
Executive’s employment if so requested by the Company, Executive will return
all Company Materials, apparatus, equipment and other physical property, or any
reproduction of such property, excepting only Executive’s copy of this
Agreement.

 

B.                                     Noncompetition
and Nonsolicitation.  While employed
by the Company and for a period of twelve (12) consecutive months following the
date of termination of employment, Executive will not directly or indirectly:

 

(1)                                  Contact,
solicit, interfere with or divert any of the Company’s customers;

 

(2)                                  Accept
employment or engage in a competing business which may require contact,
solicitation, interference or diverting of any of the Company’s customers, or
that may result in the disclosure, divulging or otherwise use of Confidential
Information acquired during Executive’s employment with the Company.; and

 

7

 

(3)                                  Solicit
any person who is employed by the Company for the purpose of encouraging that
employee to join Executive as a partner, agent, employee or otherwise in any
business activity which is competitive with the Company.

 

C.                                     Nondisparagement.  While employed by the Company and
indefinitely thereafter, Executive shall refrain from (1) making any false
statement about the Company, and (2) all conduct, verbal or otherwise, that
disparages or damages or could disparage or damage the reputation, goodwill, or
standing in the community of the Company or any of its subsidiaries,
affiliates, or parents or any of their officers, directors, employees,
stockholders, or other agents or that could have a deleterious effect upon the
Company’s or any of its subsidiaries’, affiliates’, or parents’ business,
provided, however, that nothing contained in this Section VI(C) or any
other section of this Agreement shall preclude Executive from making any
statement in good faith that is required by law or order of any court,
regulatory commission, or authorized arbitrator under Section VIII(J).

 

D.                                    Forfeitures.  In the event that Executive breaches any of
the restrictions in this Section VI, he shall forfeit all of the
applicable payments and benefits under this Agreement, including but not
limited to such payments and benefits pursuant to Section V, and the
Company shall have the right to recapture and seek repayment of any such
applicable payments and benefits under this Agreement.

 

E.                                      Agreement
is Confidential.  Executive agrees
that he will not at any time (whether before or after the termination of his
employment with the Company) disclose to anyone the terms of this Agreement
except as required by law, provided that Executive shall give immediate written
notice at least twenty-one (21) days before any such disclosure of any such
legal request for disclosure to a third party to this Agreement.  Notwithstanding the foregoing, Executive may
disclose the terms of this Agreement to the extent necessary to his spouse or
business, financial, and/or legal advisors; provided that Executive first
obtains written agreement from his spouse or business, financial, and/or legal
advisors to comply with and assume as their own the terms of this Section VI(E).  Nothing contained in this Agreement is
intended to limit the Company’s ability to disclose this Agreement as required
by law.

 

F.                                      Intellectual
Property.  The Company has adopted a
policy on Inventions intended to encourage research and inventions by Company
Executives, to appraise and determine relative rights and equities of all
parties concerned, to facilitate patent applications, licensing, and the
generation of royalties, if any, and to provide a uniform procedure in patent
matters when the Company has a right or equity. “Inventions” includes
all improvements, inventions, designs, formulas, works of authorship, trade
secrets, technology, computer programs, compositions, ideas, processes,
techniques, know-how and data, whether or not patentable, made or conceived or
reduced to practice or developed by Executive, either alone or jointly with
others, during the term of Executive’s employment, including during any period
prior to the date of this Agreement.

 

(1)                                  Ownership
and Assignment.  Except as defined in
this Agreement, all Inventions which Executive makes, conceives, reduces to
practice or develops (in whole or in part, either alone or jointly with others)
during his employment will be the sole property of the Company to the maximum
extent permitted by law.  Executive
agrees to assign such Inventions

 

8

 

and
all Rights in them to the Company. 
Exemptions from this agreement to assign may be authorized in those
circumstances where the mission of the Company is better served by such action,
provided that overriding obligations to other parties are met and such
exemptions are not inconsistent with other Company policies.  Further, Executive may petition the Company
for license to make, market or sell a particular
Invention.  The Company may release
patent rights to the inventor in those circumstances when:

 

(a)                                  the
Company elects not to file a patent application and the inventor is prepared to
do so at his expense, or

 

(b)                                 the equity of the
situation indicates at the Company’s discretion that such release should be
given, provided in either case that no further research or development to
develop that invention will be conducted involving Company support or
facilities, and provided further that a shop right is granted to the Company
and, at the Company’s discretion, the Company shall have a royalty-free,
assignable license to the Invention and any intellectual property rights
related to it.

 

The
provisions of Section VI.F.(1)(a) do not apply to
an invention for which no equipment, supplies, facility, or trade secret
information of the employer was used and which was developed entirely on the
employee’s own time, unless (a) the invention relates (1) to the business of
the employer, or (2) to the employer’s actual or demonstrably anticipated research
or development, or (b) the invention results from any work performed by the
employee for the employer.

 

(2)                                  Disclosure to the
Company.  Executive promptly will
disclose in writing to his immediate supervisor, with a copy to the General
Counsel of the Company, or to any persons designated by the Company, all
Inventions.  Executive also will disclose
to the General Counsel of the Company all things that would be Inventions if
made during the term of Executive’s employment, conceived, reduced to practice,
or developed by Executive within six months after the termination of his
employment with the Company, unless Executive can demonstrate that the
Invention has been conceived and first reduced to practice by Executive
following the termination of his employment with the Company.  Such disclosures will be received by the
Company in confidence (to the extent they are not assigned in this Section and
do not extend the assignment made in this Section.) Executive will not disclose
Inventions to any person outside the Company unless requested to do so by
management personnel of the Company.

 

(3)                                  Assistance with
Rights.  Executive agrees to perform,
during and after employment, all acts deemed necessary or desirable by the
Company to permit and assist it, at the Company’s expense, in obtaining,
maintaining, defending and enforcing Rights with respect to such Inventions and
improvements in any and all countries. 
Such acts may include, but are not limited to, execution of documents and
assistance or cooperation in legal proceedings. Executive agrees to execute
such declarations, assignments, or other documents as may be necessary in the
course of Invention evaluation, patent prosecution, or protection of patent or
analogous property rights, to assure that title in such Inventions will be held
by the Company or by such other parties designated by the Company as may be
appropriate under the circumstances. Executive irrevocably designates and
appoints the Company and its duly authorized officers and

 

9

 

agents, as his agents and attorneys-in-fact
to act for and on Executive’s behalf and instead of Executive, to execute and
file any documents and to do all other lawfully permitted acts to further the
above purposes with the same legal force and effect as if executed by
Executive.

 

(4)                                  Moral
Rights.  Any assignment of copyright
pursuant to this Agreement includes all rights of paternity, integrity,
disclosure and withdrawal and any other rights that may be known as or referred
to as “moral rights” (collectively “Moral Rights”).  To the extent such Moral Rights cannot be
assigned under applicable law and to the extent the following is allowed by the
laws in the various countries where Moral Rights exist, Executive hereby waives
such Moral Rights and consent to any action of the Company that would violate
such Moral Rights in the absence of such consent. Executive will confirm any
such waivers and consents from time to time as requested by the Company.

 

G.                                     Injunction.  Executive acknowledges that monetary damages
will not be an adequate remedy for the Company in the event of a breach of this
Section VI, and that it would be impossible for the Company to measure
damages in the event of such a breach. 
Therefore, Executive agrees that, in addition to other rights and
remedies that the Company may have, the Company is entitled to an injunction
preventing Executive from any breach of this Section VI, and Executive
hereby waives any requirement that the Company post any bond in connection with
any such injunction.  Executive further
agrees that injunctive relief is reasonable and necessary to protect a
legitimate, protectible interest of the Company.

 

H.                                    No
Breach of Existing Agreement. 
Executive represents that his performance of all the terms of this
Agreement will not breach any agreement to keep in confidence proprietary
information acquired by Executive in confidence or in trust prior to his
employment by the Company. Executive has not entered into, and agrees he will
not enter into, any agreement either written or oral in conflict herewith or in
conflict with Executive’s employment with the Company.

 

VII.                            Miscellaneous

 

A.                                   Successors
and Assigns.  This Agreement shall be
assigned or transferred to, and under such circumstance, shall be binding upon
and shall inure to the benefit of, any successor, or subsidiary of the Company,
and any such successor or subsidiary shall be deemed substituted for all
purposes for the “Company” under the terms of this Agreement.  As used in this Agreement, the term “successor”
shall mean any person, firm, corporation, or business entity which at any time,
whether by merger, purchase, or otherwise, acquires all or substantially all of
the assets, stock or business of the Company. 
Executive acknowledges that the Company or its parent has the right to
sell, assign, or otherwise transfer any portion,
substantially all or all of the capital stock or assets of the Company and that
any such sale, assignment, or transfer shall not be deemed to be a termination
of the employment of Executive. 
Executive acknowledges that the services to be rendered by him pursuant
to this Agreement are unique and personal, and Executive therefore may not
assign any obligations or responsibilities he has under his Agreement.

 

B.                                     Tax
Liability.  The Company may withhold
from any payment of benefits hereunder any taxes required to be withheld and
such sum as the Company may reasonably

 

10

 

estimate
to be necessary to cover any taxes for which the Company may be liable and
which may be assessed with regard to such payment.

 

C.                                     Severability.  If all or any part of this Agreement is
declared by any court or governmental authority to be unlawful or invalid, such
unlawfulness or invalidity shall not serve to invalidate any portion of this
Agreement not declared to be unlawful or invalid.  Any provision so declared to be unlawful or
invalid shall, if possible, be construed in a manner which will give effect to
the terms of such provision to the fullest extent possible while remaining
lawful and valid.

 

D.                                    Amendment;
Waiver.  This Agreement shall not be
amended or modified except by written instrument executed by the Company and
Executive.  A waiver of any term, covenant
or condition contained in this Agreement shall not be deemed a waiver of any
other term, covenant or condition, and any waiver of any default in any such
term, covenant or condition shall not be deemed a waiver of any later default
thereof or of any other term, covenant or condition.

 

E.                                      Notices.  All notices hereunder shall be in writing and
delivered by hand, by a nationally-recognized delivery service that guarantees
overnight delivery, or by first-class, registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

 

If to
the Company, to:

 

Vice
President, General Counsel and Corporate Secretary

Zebra
Technologies Corporation

333
Corporate Woods Parkway

Vernon
Hills, IL 60061

 

Either party may from
time to time designate a new address by notice given in accordance with this Section VIII(E).  Notice shall
be effective when actually received by the addressee.

 

F.                                      Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

 

G.                                     Entire
Agreement.  This Agreement forms the
entire agreement between the parties hereto with respect to any severance
payments and with respect to the subject matter contained in the Agreement and
shall supersede all prior agreements, promises and representations regarding
employment, compensation, severance or other payments contingent upon
termination of employment, whether in writing or otherwise, except for the
Stock Option Agreement to be entered into by Executive and the Company.

 

H.                                    Applicable
Law.  This Agreement shall be
interpreted and construed in accordance with the laws of the State of Illinois,
without regard to its choice of law principles.

 

I.                                         Choice
of Forum.  The Company is based in
Illinois, and Executive understands and acknowledges the Company’s desire and
need to defend any litigation against it

 

11

 

in
Illinois.  Accordingly, the parties agree
that any claim of any type brought by Executive against the Company or any of
its employees or agents must be maintained only in a court sitting in
Illinois.  Executive further understands
and acknowledges that in the event the Company initiates litigation against
Executive, the Company may need to prosecute such litigation in Executive’s
forum state, in Illinois, or in such other state where Executive is subject to
personal jurisdiction.  Accordingly, the
parties agree that the Company can pursue any claim against Executive in any
forum in which Executive is subject to personal jurisdiction.  Executive specifically consents to personal
jurisdiction in Illinois.

 

J.                                        Mandatory
Arbitration.  Executive and Company
agree that all claims or disputes arising out of or relating to this Agreement,
Executive’s employment with the Company, or the termination of such employment,
and any and all other claims or disputes that Executive might have against the
Company, any Company director, officer, employee, agent, or representative, and
any and all claims or disputes that the Company might have against Executive
shall be resolved under the Employment Rules of the American Arbitration
Association.  Any arbitration proceeding
pursuant to this Section VIII(J) shall be
conducted in Illinois or such other location to which the parties may mutually
agree.  The arbitrator shall have the
authority to award any remedy or relief that a court of competent jurisdiction
could order or grant, including, without limitation, the issuance of an
injunction, and each party agrees to accept such decision as final and
binding.  Except as necessary in court
proceedings, neither Executive nor an arbitrator may disclose the existence,
content or results of any arbitration hereunder without the prior written consent
of the Company.  Notwithstanding any choice
of law provision included in this Agreement, the United States Federal
Arbitration Act shall govern the interpretation and enforcement of this
arbitration provision.  Notwithstanding
the foregoing, the Company may in its discretion seek injunctive or other
equitable relief, pending resolution of arbitration, in any court of competent
jurisdiction for Executive’s violation of any of the provisions of Section VI
of this Agreement.  By agreeing to
arbitration, the parties hereby and expressly waive their rights to trial by a
jury of their peers.

 

K.                                    Headings.  The various headings of this Agreement are
inserted for convenience only and shall not affect the meaning or
interpretation of this Agreement or any of its provisions.

 

L.                                      Voluntary
Agreement.  Executive acknowledges
that he has been advised by the Company to consult with a legal advisor of his
choice in terms of signing this Agreement, and that Executive hereby enters
into this Agreement voluntarily and with full knowledge of its terms.

 

M.                                 Contingency.  This Agreement, and Executive’s employment
with the Company, is contingent upon Executive’s successful completion of the
referencing process, a background check and a drug screening.  Should the referencing process, background
check or drug screening reveal information that provides a reasonable basis for
the Company to question Executive’s fitness to serve as an officer of the
Company, then this Agreement is void and of no

 

12

 

effect,
Executive will not be employed by the Company, and Executive shall not be
entitled to any compensation, benefits, or other form of payment from the
Company.

 

IN
WITNESS WHEREOF, the parties have executed this Agreement to be effective as of
March 10, 2005 (the “Effective Date”).

 

	
  ZEBRA
  TECHNOLOGIES

  	
  EXECUTIVE

  
	
  CORPORATION

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Edward L. Kaplan

  	
   

  	
  By:

  	
  /s/ Phil Gerskovich

  	
   

  
	
   

  	
  Edward L. Kaplan, CEO

  	
   

  	
   

  	
  Phil Gerskovich

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/10/2005

  	
   

  	
  3/10/2005

  	
   

  
	
  Date

  	
   

  	
  Date

  	
   

  
								

 

13

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