Document:

Change in Control Severance Plan

  

			
	 	  	Exhibit 10.21
Adopted May 9, 2001

  
 MOTOROLA, INC. SENIOR
OFFICER 
 CHANGE IN CONTROL SEVERANCE PLAN 
  
 INTRODUCTION 
  
 The Board of Directors of Motorola, Inc. considers the maintenance of a sound management to be essential to protecting and enhancing the best interests of
the Company (as hereinafter defined) and its stockholders. In this connection, the Company recognizes that the possibility of a Change in Control (as hereinafter defined) may exist from time to time, and that this possibility, and the uncertainty
and questions it may raise among management, may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders. Accordingly, the Board (as hereinafter defined) has determined that appropriate
steps should be taken to encourage the continued attention and dedication of members of the Company’s management to their assigned duties without the distraction which may arise from the possibility of a Change in Control of the Company.

  
 This Plan does not alter the status of Participants (as
hereinafter defined) as at-will employees of the Company. Just as Participants remain free to leave the employ of the Company at any time, so too does the Company retain its right to terminate the employment of Participants without notice, at any
time, for any reason. However, the Company believes that, both prior to and at the time a Change in Control is anticipated or occurring, it is necessary to have the continued attention and dedication of Participants to their assigned duties without
distraction, and this Plan is intended as an inducement for Participants’ willingness to continue to serve as employees of the Company (subject, however, to either party’s right to terminate such employment at any time). Therefore, should
a Participant still be an employee of the Company at such time, the Company agrees that such Participant shall receive the severance benefits hereinafter set forth in the event the Participant’s employment with the Company terminates subsequent
to a Change in Control under the circumstances described below. 
  
 Notwithstanding the foregoing and Section 4.2(d), however, in the event that the Participant is terminated by the Company (other than for Cause (as hereinafter defined)) prior to a Change in Control, but subsequent to such time as
negotiations or discussions which ultimately lead to a Change in Control have commenced, then such termination shall be deemed to be a termination which entitles such Participant to the severance benefits hereinafter set forth. 
  
 ARTICLE I 
 ESTABLISHMENT OF PLAN 
  
 As of the Effective Date (as hereinafter defined), the Company hereby establishes a separation compensation plan known as the Motorola, Inc. Senior Officer Change in Control Severance Plan, as set forth in this
document. 
  

 ARTICLE II 
 DEFINITIONS 
  
 As used
herein the following words and phrases shall have the following respective meanings unless the context clearly indicates otherwise. 
  
 (a) Affiliate. Any entity which controls, is controlled by or is under common control with the Company. 
  
 (b) Board. The Board of Directors of the Company. 
  
 (c) Cause. With respect to any Participant: (i) the Participant’s
conviction of any criminal violation involving dishonesty, fraud or breach of trust or (ii) the Participant’s willful engagement in gross misconduct in the performance of the Participant’s duties that materially injures the Company.

  
 (d) Change in Control. The occurrence of any of the
following events: a change in control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”), or any
successor provision thereto, whether or not the Company is then subject to such reporting requirement; provided that, without limitation, such a Change in Control shall be deemed to have occurred if (i) any “person” or
“group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
representing 20% or more of the combined voting power of the Company’s then outstanding securities (other than the Company or any employee benefit plan of the Company; and, for purposes of the Plan, no Change in Control shall be deemed to have
occurred as a result of the “beneficial ownership,” or changes therein, of the Company’s securities by either of the foregoing), (ii) there shall be consummated (A) any consolidation or merger of the Company in which the Company is
not the surviving or continuing corporation or pursuant to which shares of common stock would be converted into or exchanged for cash, securities or other property, other than a merger of the Company in which the holders of common stock immediately
prior to the merger have, directly or indirectly, at least a 65% ownership interest in the outstanding common stock of the surviving corporation immediately after the merger, or (B) any sale, lease, exchange or other transfer (in one transaction or
a series of related transactions) of all, or substantially all, of the assets of the Company other than any such transaction with entities in which the holders of the Company’s common stock, directly or indirectly, have at least a 65% ownership
interest, (iii) the shareholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company, or (iv) as the result of, or in connection with, any cash tender offer, exchange offer, merger or other business
combination, sale of assets, proxy or consent solicitation (other than by the Board), contested election or substantial stock accumulation (a “Control Transaction”), the members of the Board immediately prior to the first public
announcement relating to such Control Transaction shall thereafter cease to constitute a majority of the Board. 
  

 -2- 

 (e) Code. The Internal Revenue Code of 1986, as amended from time to time. 
  
 (f) Company. Motorola, Inc. and any successor thereto. 
  
 (g) Date of Termination. The effective date specified in the Notice of
Termination as of which the Participant’s employment terminates (which shall be not less than thirty (30) days nor more than sixty (60) days after the date such Notice of Termination is given). 
  
 (h) Disability. A condition such that the Participant by reason of
physical or mental disability becomes unable to perform his normal duties for more than one-hundred eighty (180) days in the aggregate (excluding infrequent or temporary absence due to ordinary transitory illness) during any twelve-month period.

  
 (i) Effective Date. The Effective Date shall be May 9,
2001. 
  
 (j) Employee. Any full-time, regular-benefit,
non-bargaining employee of the Company. 
  
 (k) ERISA. The
Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 (l) Good Reason. With respect to any Participant, without such Participant’s written consent, (i) the Participant is assigned duties materially inconsistent with his position, duties, responsibilities and
status with the Company during the 90-day period immediately preceding a Change in Control, or the Participant’s position, authority, duties or responsibilities are materially diminished from those in effect during the 90-day period immediately
preceding a Change in Control (whether or not occurring solely as a result of the Company ceasing to be a publicly traded entity), (ii) the Company reduces the Participant’s annual base salary or target incentive opportunity under the
Company’s annual incentive plan, or reduces the Participant’s target incentive opportunity under any cash-based long-term incentive plan maintained by the Company, each such target incentive opportunity as in effect during the 90-day
period immediately prior to the Change in Control, or as the same may be increased from time to time, unless such target incentive opportunity is replaced by a substantially equivalent substitute opportunity, (iii) the Company requires the
Participant regularly to perform his duties of employment beyond a fifty (50) mile radius from the location of the Participant’s employment immediately prior to the Change in Control, (iv) the Company fails to obtain a satisfactory agreement
from any successor to assume and perform this Plan, as contemplated by Article VI hereof, or (v) the Company purports to terminate the Participant’s employment other than pursuant to a Notice of Termination which satisfies the requirements of
Section 4.1 (and, for purposes of this Plan, no such purported termination shall be effective). 
  
 (m) Notice of Termination. Notice that shall indicate the specific termination provision in this Plan (if any) relied upon and set forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of the Participant’s employment. 
  

 -3- 

 (n) Participant. An individual who qualifies as such pursuant to Section 3.1. 
  
 (o) Plan. The Motorola, Inc. Senior Officer Change in Control
Severance Plan. 
  
 (p) Separation Benefits. The benefits
described in Section 4.2 that are provided to qualifying Participants under the Plan. 
  
 (q) Subsidiary. Any corporation in which the Company, directly or indirectly, holds a majority of the voting power of such corporation’s outstanding shares of capital stock. 
  
 ARTICLE III 
 ELIGIBILITY 
  
 3.1 Participation. Participants in the Plan are elected officers of the Company who are at or above the level of Senior Vice President; provided that such Participants will not be entitled to Separation Benefits if they are
not at or above the level of Senior Vice President at the time of the Change in Control; provided, further that any reduction of a Participant’s position prior to, but in connection with, a Change in Control shall be of no effect
for purposes of this Section 3.1. Notwithstanding the foregoing, a Participant shall not be entitled to receive Separation Benefits (or any other benefits under the Plan), if the Participant has entered into a change in control letter agreement with
the Company which has not been waived by the Participant or terminated by the Company. 
  
 3.2 Duration of Participation. A Participant shall only cease to be a Participant in the Plan as a result of an amendment or termination of the Plan complying with Article VI of the Plan, or when he ceases to
be an Employee or no longer qualifies as a Participant under Section 3.1, unless, at the time he ceases to be an Employee or no longer qualifies as a Participant under Section 3.1, such Participant is entitled to payment of a Separation Benefit as
provided in the Plan or there has been an event or occurrence constituting Good Reason that would enable the Participant to terminate his employment and receive a Separation Benefit. A Participant entitled to payment of a Separation Benefit or any
other amounts under the Plan shall remain a Participant in the Plan until the full amount of the Separation Benefit and any other amounts payable under the Plan have been paid to the Participant. 
  

 -4- 

 ARTICLE IV 
 SEPARATION BENEFITS 
  
 4.1
Terminations of Employment Which Give Rise to Separation Benefits Under This Plan. A Participant shall be entitled to Separation Benefits as set forth in Section 4.2 below if, at any time following a Change in Control and prior to the second
anniversary of the Change in Control, the Participant’s employment is terminated (a) involuntarily for any reason other than Cause, death, Disability or retirement under a mandatory retirement policy of the Company or any of its Subsidiaries or
(b) by the Participant after the occurrence of an event giving rise to Good Reason. For purposes of this Plan, any purported termination by the Company or by the Participant shall be communicated by written Notice of Termination to the other in
accordance with Section 7.5 hereof. 
  
 4.2 Separation
Benefits. 
  
 (a) If a Participant’s employment is
terminated under circumstances which entitle the Participant to Separation Benefits under this Section 4.2, then the Company shall pay to the Participant, in a lump sum in cash within ten (10) days after the Date of Termination, the aggregate of the
following amounts which benefits, except as provided in Section 7.4 below, shall be in addition to any other benefits to which the Participant is entitled other than by reason of this Plan: (i) unpaid salary with respect to any vacation days accrued
but not taken as of the Date of Termination; (ii) accrued but unpaid salary through the Date of Termination, (iii) any earned but unpaid annual incentive bonuses from the fiscal year immediately preceding the year in which the Date of Termination
occurs; (iv) the product of (A) the Participant’s target bonus for the fiscal year in which the Date of Termination occurs (which for purposes of this Section 4.2 in no event shall be less than the Participant’s target bonus for the fiscal
year in which the Change in Control occurs) and (B) a fraction, the numerator of which is the number of days in the then current fiscal year through the Date of Termination and the denominator of which is 365; (v) an amount equal to three (3) times
the greater of (x) the Participant’s highest annual base salary in effect at any time during the period commencing three (3) years preceding the date the Change in Control occurs and ending on the date the Change in Control occurs, and (y) the
Participant’s annual base salary in effect on the Date of Termination, and (vi) an amount equal to three (3) times the highest annual bonus, including any bonus or portion thereof that has been earned but deferred (and annualized for any fiscal
year consisting of less than twelve (12) full months or during which the Participant was employed for less than twelve (12) full months), the Participant received from the Company during the five (5) full fiscal years of the Company immediately
preceding the Date of Termination. 
  
 (b) If the
Participant’s employment is terminated under circumstances which entitle the Participant to Separation Benefits under this Section 4.2, for three (3) years after the Date of Termination, or such longer period as may be provided by the terms of
the appropriate plan, program, practice or policy, the Company shall continue health, medical, life and long-term disability insurance benefits to the Participant and/or the Participant’s family at least equal to those that would have been
provided in accordance with the health, medical, life and long-term 

  

 -5- 

 
disability insurance plans, programs, practices and policies of the Company immediately prior to the Change in Control if the Participant’s employment
had not been terminated on the same terms and conditions (including any applicable required employee contributions), provided, however, that, if the Participant becomes reemployed with another employer and becomes eligible to receive
medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. If the terms of
the applicable plan, program, practice or policy do not permit the participation of the Participant or the Participant’s family, the Company shall continue to provide the benefits described above on the same after-tax basis as if such benefits
were provided under such plan, program, practice or policy. For purposes of determining eligibility (but not the time of commencement of benefits) of the Participant for retiree medical benefits pursuant to such plans, practices, programs and
policies, the Participant shall be considered to have remained employed until three (3) years after the Date of Termination and to have retired on the last day of such period (and to have attained three (3) additional years of age), and such
benefits (and the terms and conditions of such benefits) shall be no less favorable than as in effect immediately prior to the Change in Control. Following the end of the period during which medical benefits are provided to the Participant under
this Section 4.2(b), the Participant shall be eligible for continued health coverage as required by Section 4980B of the Code or other applicable law, as if the Participant’s employment with the Company had terminated as of the end of such
period. 
  
 (c) Except as provided in Section 4.2(b), the
Participant shall not be required to mitigate the amount of any payment provided for in this Section 4.2 by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Section 4.2 be reduced by any
compensation earned by the Participant as the result of employment by another employer or by retirement benefits after the Date of Termination, or otherwise, or by any set-off, counterclaim, recoupment, or other claim right or action the Company may
have against the Participant or others. 
  
 (d) The provisions of
this Article IV shall be applicable after a Change in Control has occurred, but not prior thereto. 
  
 4.3 Certain Additional Payments by the Company. 
  
 (a) Anything in this Plan to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any Payment (as
hereinafter defined) would be subject to the Excise Tax (as hereinafter defined), then the Participant shall be entitled to receive an additional payment (the “Gross-Up Payment”) in an amount such that, after payment by the Participant of
all taxes (and any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto), employment taxes and Excise Tax imposed upon the Gross-Up
Payment, the Participant retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this Section 4.3(a), if it shall be determined that the Participant is entitled to the
Gross-Up Payment, but that the Parachute Value 

  

 -6- 

 
(as hereinafter defined) of all Payments do not exceed 110% of the Safe Harbor Amount (as hereinafter defined), then no Gross-Up Payment shall be made to the
Participant and the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount. The reduction of the amounts payable hereunder, if applicable, shall be made by
first reducing the payments under Section 4.2(a)(iv), unless an alternative method of reduction is elected by the Participant, and in any event shall be made in such a manner as to maximize the Value (as hereinafter defined) of all Payments actually
made to the Participant. For purposes of reducing the Payments to the Safe Harbor Amount, only amounts payable under this Plan (and no other Payments) shall be reduced. If the reduction of the amount payable under this Plan would not result in a
reduction of the Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable under the Plan shall be reduced pursuant to this Section 4.3(a). The Company’s obligation to make Gross-Up Payments under this Section 4.3(a) shall
not be conditioned upon the Participant’s termination of employment. 
  
 (b) Subject to the provisions of Section 4.3(c), all determinations required to be made under this Section 4.3, including whether and when a Gross-Up Payment is required, the amount of such Gross-Up Payment and the
assumptions to be utilized in arriving at such determination, shall be made by KPMG LLP (the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the Company and the Participant within fifteen (15)
business days of the receipt of notice from the Participant that there has been a Payment or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or
group effecting the Change in Control, the Company shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees
and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 4.3, shall be paid by the Company to the Participant within ten (10) days of the receipt of the Accounting
Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and the Participant. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that Gross-Up Payments that will not have been made by the Company should have been made (the “Underpayment”), consistent with the calculations required to be made hereunder. In the event the
Company exhausts its remedies pursuant to Section 4.3(c) and the Participant thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment
shall be promptly paid by the Company to or for the benefit of the Participant. 
  
 (c) The Participant shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be
given as soon as practicable, but no later than ten (10) business days after the Participant is informed in writing of such claim. The Participant shall apprise the Company of the nature of such claim and the date on which such claim is requested to
be paid. The Participant shall not pay such claim prior to the expiration of the 

  

 -7- 

 
30-day period following the date on which the Participant gives such notice to the Company (or such shorter period ending on the date that any payment of
taxes with respect to such claim is due). If the Company notifies the Participant in writing prior to the expiration of such period that the Company desires to contest such claim, the Participant shall: 
  

	 	(1)	give the Company any information reasonably requested by the Company relating to such claim, 

  

	 	(2)	take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by the Company, 

  

	 	(3)	cooperate with the Company in good faith in order effectively to contest such claim, and 

  

	 	(4)	permit the Company to participate in any proceedings relating to such claim; 

  

provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with
such contest, and shall indemnify and hold the Participant harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties) imposed as a result of such representation and payment of costs and expenses. Without
limitation on the foregoing provisions of this Section 4.3(c), the Company shall control all proceedings taken in connection with such contest, and, at its sole discretion, may pursue or forgo any and all administrative appeals, proceedings,
hearings and conferences with the applicable taxing authority in respect of such claim and may, at its sole discretion, either direct the Participant to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and the
Participant agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one (1) or more appellate courts, as the Company shall determine; provided, however, that, if
the Company directs the Participant to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Participant, on an interest-free basis, and shall indemnify and hold the Participant harmless, on an after-tax
basis, from any Excise Tax or income tax (including interest or penalties) imposed with respect to such advance or with respect to any imputed income in connection with such advance; and provided, further, that any extension of the
statute of limitations relating to payment of taxes for the Participant’s taxable year with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the
contest shall be limited to issues with respect to which the Gross-Up Payment would be payable hereunder, and the Participant shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any
other taxing authority. 
  
 (d) If, after the receipt by the
Participant of an amount advanced by the Company pursuant to Section 4.3(c), the Participant becomes entitled to receive any refund with 

  

 -8- 

 
respect to such claim, the Participant shall (subject to the Company’s complying with the requirements of Section 4.3(c)) promptly pay to the Company
the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Participant of an amount advanced by the Company pursuant to Section 4.3(c), a determination is made that
the Participant shall not be entitled to any refund with respect to such claim and the Company does not notify the Participant in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such
determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  
 (e) Notwithstanding any other provision of this Section 4.3, the Company may,
in its sole discretion, withhold and pay over to the Internal Revenue Service or any other applicable taxing authority, for the benefit of the Participant, all or any portion of the Gross-Up Payment, and the Participant hereby consents to such
withholding; provided, that, such withholding and payment shall in no event place the Participant in a less favorable tax position than had such payments been made to the Participant by the Company. 
  
 (f) Definitions. The following terms shall have the following meanings
for purposes of this Section 4.3. 
  
 (i)
“Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 
  
 (ii) The “Net After-Tax Amount” of a Payment shall mean the Value of a Payment net of all taxes
imposed on the Participant with respect thereto under Sections 1 and 4999 of the Code and applicable state and local law, determined by applying the highest marginal rates that are expected to apply to your taxable income for the taxable year in
which the Payment is made. 
  
 (iii)
“Parachute Value” of a Payment shall mean the present value as of the date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section
280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. 
  
 (iv) A “Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2)
of the Code) to or for the benefit of the Participant, whether paid or payable pursuant to this Agreement or otherwise. 
  
 (v) The “Safe Harbor Amount” means the maximum Parachute Value of all Payments that the Participant can receive without any
Payments being subject to the Excise Tax. 
  

 -9- 

 (vi) “Value” of a Payment shall mean the economic present value of a Payment as
of the date of the change of control for purposes of Section 280G of the Code, as determined by the Accounting Firm using the discount rate required by Section 280G(d)(4) of the Code. 
  
 ARTICLE V 
 SUCCESSOR TO COMPANY 
  
 This Plan shall bind any
successor of the Company, its assets or its businesses (whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had
taken place. In the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by this Plan, the Company shall require such successor expressly and unconditionally to assume and agree to perform
the Company’s obligations under this Plan, in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. The term “Company,” as used in this Plan, shall mean the Company
as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes bound by this Plan. 
  

 -10- 

 ARTICLE VI 
 DURATION, AMENDMENT AND TERMINATION 
  
 6.1 Duration. If a Change in Control has not occurred, this Plan shall expire three (3) years from the Effective Date; provided, that upon each annual anniversary of the Effective Date (each such annual
anniversary a “Renewal Date”), the Plan shall be extended for an additional year, unless pursuant to a resolution adopted by the Board prior to the Renewal Date the Company determines not to so extend the Plan. If a Change in Control
occurs while this Plan is in effect, this Plan shall continue in full force and effect for at least two (2) years following such Change in Control, and shall not terminate or expire until after all Participants who become entitled to any payments
hereunder shall have received such payments in full. 
  
 6.2
Amendment or Termination. The Board may amend or terminate this Plan at any time, including amending the eligibility to participate in the Plan of Employees who are not existing Participants; provided, that this Plan may not be amended
or terminated in a manner adverse to Participants as of the date of the amendment or termination without three (3) years’ advance written notice of such amendment or termination (including modifying the eligibility of Employees who are already
Participants to participate in the Plan). 
  
 6.3 Procedure for
Extension, Amendment or Termination. Any extension, amendment or termination of this Plan by the Board in accordance with this Article VI shall be made by action of the Board in accordance with the Company’s charter and by-laws and
applicable law. 
  
 ARTICLE VII 
 MISCELLANEOUS 
  
 7.1 Default in Payment. Any payment not made within ten (10) days after it is due in accordance with this Plan shall thereafter bear interest,
compounded annually, at the prime rate from time to time in effect at the First National Bank of Chicago or any successor thereto. 
  
 7.2 No Assignment. No interest of any Participant or spouse of any Participant or any other beneficiary under this Plan, or any right to receive
payment hereunder, shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind, nor may such interest or right to receive a payment or distribution be taken,
voluntarily or involuntarily, for the satisfaction of the obligations or debts of, or other claims against, a Participant or spouse of a Participant or other beneficiary, including for alimony. 
  
 7.3 Disputes. The Company shall upon request pay from time to time a
Participant’s reasonable out-of-pocket expenses, including legal fees and expenses, incurred by the Participant or on the Participant’s behalf in connection with any action taken by the 

  

 -11- 

 
Participant or on the Participant’s behalf (including any judicial proceeding) to enforce this Plan or to construe, or to determine or defend the
validity of, this Plan or otherwise in connection herewith; provided, however, that, in the case of any judicial proceeding in which a Participant and the Company are adverse parties or any dispute under Section 4.3 hereof, the Company
shall not be required to pay such expenses (and shall have the right to recover such expenses from the Participant if previously advanced) with respect to any position or claim on which the Company ultimately prevails against the Participant in all
material respects. In any judicial or other proceeding in which the Participant’s rights to, or the amount of, benefits hereunder is disputed, the ultimate burden of proof shall be on the Company. 
  
 7.4 Effect on Other Plans, Agreements and Benefits. Except to the
extent expressly set forth herein, any benefit or compensation to which a Participant is entitled under any agreement between the Participant and the Company or any of its Subsidiaries or under any plan maintained by the Company or any of its
Subsidiaries in which the Participant participates or participated shall not be modified or lessened in any way, but shall be payable according to the terms of the applicable plan or agreement. Notwithstanding the foregoing, any benefits received by
a Participant pursuant to this Plan shall be in lieu of any severance benefits to which the Participant would otherwise be entitled under any general severance policy or other severance plan maintained by the Company for its management personnel. In
the event of a Participant’s termination of employment entitling the Participant to Separation Benefits under Section 4.2, any non-competition or non-solicitation provisions applicable to the Participant with respect to the Company or any of
its Affiliates shall cease to apply as of the Participant’s Date of Termination. 
  
 7.5 Notice. For the purpose of this Plan, notices and all other communications provided for in this Plan shall be in writing and shall be deemed to have been duly given when actually delivered or mailed by
United States registered mail, return receipt requested, postage prepaid, addressed to the Company at its corporate headquarters address, and to the Participant (at the last address of the Participant on the Company’s books and records),
provided, that all notices to the Company shall be directed to the attention of the Board with a copy to the Secretary. 
  
 7.6 Employment Status. This Plan does not constitute a contract of employment or impose on the Participant or the Company any obligation for the
Participant to remain an Employee or change the status of the Participant’s employment or the policies of the Company and its Affiliates regarding termination of employment. 
  
 7.7 Named Fiduciary; Administration. The Company is the named fiduciary of the Plan, and shall administer the Plan,
acting through the Compensation Committee of the Board, or its delegatee. 
  
 7.8 Unfunded Plan Status. This Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees,
within the meaning of Section 401 of ERISA. All payments pursuant to the Plan shall be made from the general funds of the Company and no 

  

 -12- 

 
special or separate fund shall be established or other segregation of assets made to assure payment. No Participant or other person shall have under any
circumstances any interest in any particular property or assets of the Company as a result of participating in the Plan. Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one (1) or more grantor trusts, the assets
of which are subject to the claims of the Company’s creditors, to assist it in accumulating funds to pay its obligations under the Plan. 
  
 7.9 Validity and Severability. The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of
any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 7.10 Governing Law. The validity, interpretation, construction and
performance of the Plan shall in all respects be governed by the laws of Delaware, without reference to principles of conflict of law, except to the extent pre-empted by Federal law. 
  

 -13-Plan of Insurance

  
 Exhibit 10.22

  
 [GRAPHIC] 
  

			
	 Policyholder Name:
	  	Motorola, Inc.
		
	 Policy Number:
	  	T5MP-BT-34130
	
	PLAN OF INSURANCE
	Revised
		
	 Term of Coverage:
	  	January 1, 2004 to January 1, 2005
		
	 Aggregate Limit:
	  	None
		
	 Eligibility:
	  	Active full-time Employees, working a minimum of 30 hours per week, who are Motorola U.S. Vice Presidents including U.S. based VP Expatriates.

  
 Effective Date of Individual
Insurance: 
  
 Each eligible person becomes an Insured on the later of:

  

	(a)	January 1, 1999; or 

  

	(b)	the date the person becomes eligible to be included within a class of persons eligible for coverage under this policy. 

  
 Individual Terminations: Insurance for any Insured shall end on the first of the
following dates: 
  

	(a)	the date the Insured’s assignment outside the United States or Canada ceases; 

  

	(b)	the date the Insured ceases to be eligible; 

  

	(c)	the date any premium is due and unpaid, subject to the grace period; or 

  

	(d)	the date this policy is terminated. 

  
 Notwithstanding anything above to the contrary, Insureds on approved leaves of absence (including disability leaves) will continue to be covered, provided premium
payments are also continued. 
  
 Change in Coverage: Each Insured is
covered under the Insuring and Benefit Provisions applicable to the class in which he or she qualifies: 
  

	(a)	beginning on the date the person becomes eligible to be included in the class; and 

  

	(b)	ending on the date the person ceases to be eligible to be included in the class. 

  
 Benefits: 
  

					
	 A.     Class
	  	Insuring Provision(s) Applicable	  	Benefit Provision(s) Applicable
	 All
	  	5886M Business & Pleasure Coverage	  	6653M AD & Specific Loss
	 	  	 	  	9051M Permanent Total Disability

  

 - 1 - 

			
	B.     The amount of benefits for each Benefit Provision shown above is as follows:  

	 Accidental Death & Specific Loss
	  	Rider 6653M
	 Principal Sum
	  	 Two (2) times Insured’s annual salary,*
 rounded
to the next highest $1,000.00
 if not an even multiple

	 Maximum Benefit Amount
	  	$600,000.00
	 Loss Period
	  	Loss within 365 Days of Injury
	
	 *  The term “Annual Salary” shall mean the annual base salary including overtime, excluding bonus and
commission.

		
	 Permanent Total Disability Benefit
	  	Rider 9051M
	 •      For Insureds under age 75 on the date of accident:
	  	 
	 Benefit Amount
	  	100% of Insured’s Principal Sum
	 Loss Period
	  	Within 180 days from date of accident
	 Benefit Period
	  	One Month (Lump Sum)
		
	 •      For Insureds whose coverage took effect prior to age 75 and who are between the ages of 75 and79 on
the date of accident:
	  	 
	 Benefit Amount
	  	1% of Insured’s Principal Sum
	 Loss Period
	  	Within 180 days from date of accident
	 Benefit Period
	  	24 Months
		
	 •      For Insureds whose coverage took effect prior to age 75 and who are 80 years of age or older on the
date of accident:
	  	 
	 Benefit Amount
	  	1% of Insured’s Principal Sum
	 Loss Period
	  	Within 180 days from date of accident
	 Benefit Period
	  	12 Months
		
	 •      For Insureds whose coverage took effect after age 75 but prior to age 80 and who are between the
ages of 75 and 79 on the date of accident:
	  	 
	 Benefit Amount
	  	2% of Insured’s Principal Sum
	 Loss Period
	  	Within 180 days from date of accident
	 Benefit Period
	  	24 Months
		
	 •      For Insureds whose coverage took effect after age 75 but prior to age 80 and who are 80 years of age
or older on the date of accident:
	  	 
	 Benefit Amount
	  	4% of Insured’s Principal Sum
	 Loss Period
	  	Within 180 days from date of accident
	 Benefit Period
	  	12 Months

  

 - 2 - 

 Accidental Death and Specific Loss / Permanent Total Disability Benefits for any Insured age 70 and over shall be payable
in accordance with the following schedule: 
  

			
	 Age 70 through 74
	  	65% of the original Principal Sum benefit amount
	 Age 75 through 79
	  	45% of the original Principal Sum benefit amount
	 Age 80 through 84
	  	30% of the original Principal Sum benefit amount
	 Age 85 and over
	  	15% of the original Principal Sum benefit amount

  
 Any reductions in Principal Sum
amounts shall be effective at the end of the calendar year in which the Insured attains the stated age. 
  

			
	The following riders are attached to and made a part of this policy:	  	 
	Exposure and Disappearance Rider	  	6502M
	Business Travel War Risk Coverage Rider	  	9053M
	Illinois State Compliance Rider	  	M20814
	Amendment Rider	  	335MS-NN

  

	 	•	Notice of Claim section of CLAIMS PROVISIONS 

  

	 	•	Payment of Claims section of CLAIMS PROVISIONS 

  

	 	•	Civil Aircraft section of DEFINITIONS section of Insuring Provision 5886M 

  

	 	•	EXCLUSIONS AND LIMITATIONS section of Insuring Provision 5886M 

  

	 	•	Policyholder Aircraft section in Insuring provision 5886M 

  

	 	•	EXPOSURE AND DISAPPEARANCE Amendment Rider 6502M 

  

	 	•	Business Travel War Risk Coverage Rider 9053M 

  

	 	•	Policy amended to include Conversion Privilege 

  

	 	•	PERMANENT TOTAL DISABILITY Benefit 

  

			
	Premiums:	  	The monthly premium for each unit of Principal Sum shall be:
		
	 	  	$.033 per $1,000.00 Principal Sum

  
 This Plan of Insurance is effective
January 1, 2004. It replaces and supersedes any Plan of Insurance previously issued to this Policyholder. The revision made to this Plan of Insurance: Change in Eligibility and Annual Salary definition. 
  

 - 3 - 

 [GRAPHIC] 
  

AMENDMENT RIDER 
  
 This rider is attached to and made a part of Policy No. T5MP-BT-34130 and is subject to the provisions and conditions contained therein. 
  
 The effective date of this rider is January 1, 2004. 
  
 The policy to which this rider is attached is hereby amended as follows: 
  

	1.	Within the Part C section of the policy entitled “CLAIMS PROVISIONS,” the first sentence of the paragraph entitled “Notice of Claim” is amended to
read as follows: 

  
 “Written notice of claim
must be given to us within 90 days after loss covered by this policy occurs or starts.” 
  

	2.	Within the Part C section of the policy entitled “CLAIMS PROVISIONS,” the second and third paragraphs of the section entitled “Payment of Claims”
are deleted in their entirety and are replaced by the following: 

  
 “Benefits for loss of life will be paid to the beneficiary the Insured has chosen for this policy. This choice must be in writing and on file with the Policyholder. 
  
 If no specific beneficiary has been chosen for this policy, loss of life
benefits will be paid to the beneficiary or beneficiaries the Insured has chosen for the group life policy or policies indicated in the Policyholder’s records. In the event there is more than one group life policy applicable with two or more
beneficiaries, loss of life benefits for this policy will be apportioned to each beneficiary in the same relationship as the amount for each group life policy beneficiary bears to the total amounts payable for all such group life policies.

  
 If the Insured has not chosen a beneficiary for this policy
or the Policyholder’s group life policy or policies, or no beneficiary survives the Insured, loss of life benefits will be paid to the Insured’s estate.” 
  

	3.	Part A of the “DEFINITIONS” section of Insuring Provision 5886M is amended as follows: 

  

	 	(a)	items (d) and (e) of the “Civil Aircraft” definition are deleted in their entirety; and 

  

	 	(b)	The definition for “Intoxicated” is deleted in its entirety. 

  

	4.	Within Part B of the “EXCLUSIONS AND LIMITATIONS” section of Insuring Provision 5886M, items (b), (f) and (h) are deleted in their entirety.

  
 (continued) 
  

 - 1 - 

	5.	The description of “Policyholder Aircraft” in Insuring Provision 5886M shall be as follows: 

  
 “Six (6) Cessna Citation III aircraft, each having 2 crew seats an 8
passenger seats One (1) Gulfstream IV aircraft, having 3 crew seats and 12 passenger seats” 
  

	6.	The “Policyholder Aircraft” section of Insuring Provision 5886M is further amended by the addition of the following: 

  
 “The premium for the policy applies only to the Aircraft identified in
item (5) of this Rider. However, any aircraft newly acquired or leased during the policy term may also be covered, provided you: 
  

	 	(a)	submit to us, within 120 days of the acquisition or lease, any underwriting information that we may need about the aircraft so as to determine the additional premium, if any, for
the risks assumed; and 

  

	 	(b)	agree to pay the additional premium. 

  
 Coverage shall begin on the date you legally acquired or leased the aircraft. Failure to give notice within the allotted time and payment of additional
premium, if any, shall not terminate the automatic coverage for such newly acquired or leased aircraft provided that you furnish a complete and accurate list of all the aircraft you own or lease on no less than an annual basis coinciding with the
effective date of the policy. Any benefits payable as the result of this provision are contingent upon premium being paid.” 
  

	7.	The Part B – AMENDMENT section of EXPOSURE AND DISAPPEARANCE Amendment Rider 6502M is deleted in its entirety and replaced by the following:

  
 “ An Insured will be presumed to have died
due to covered Injuries, if while insurance is in effect he or she suffers covered loss due to exposure to the elements. 
  
 An Insured will be presumed to have died if, while insurance is in effect and after the forced landing, stranding, sinking or wrecking of a covered
vehicle: 
  

	 	(a)	he or she disappears; 

  

	 	(b)	his or her body is not found within 52 weeks of the accident; and 

  

	 	(c)	a valid death certificate is issued by a court of appropriate jurisdiction.” 

  

	8.	The Part B – AMENDMENT section of BUSINESS TRAVEL WAR RISK COVERAGE Amendment Rider 9053M is deleted in its entirety and replaced by the following:

  
 “The Insured is covered for Injuries
caused by an act of declared or undeclared war while Traveling on Business for the Policyholder which occur anywhere in the world, except the United States.” 
  

	9.	Notwithstanding anything in Rider 9053M or item (8) of this Rider to the contrary, the requirement “while Traveling on Business for the policyholder” is hereby
waived. 

  
 (continued) 
  

 - 2 - 

	10.	The following provision is added to the policy: 

  
 CONVERSION PRIVILEGE 
  
 We will offer a converted policy to the Insured if the accidental death and dismemberment insurance under the policy ends for any of the following
reasons: 
  

	 	(1)	the Insured’s employment ends; or 

  

	 	(2)	the Insured’s eligibility ends; or 

  

	 	(3)	the policy ends for reasons other than non-payment of premium. 

  
 Health: We will not ask the Insured for proof of insurability. 
  
 Application: To obtain a converted policy, the Insured must: (1) apply within 31 days after the policy ends, and (2)
pay the first premium. If the Insured has assigned ownership of their coverage, the owner must apply for the Insured. 
  
 Policy and Benefits: The converted policy will, at our option, be issued on one of Our forms. It will provide accidental death or accidental death
& dismemberment benefits. Individual policy requirements and product availability in the state where the Insured resides will determine the form that will be used. Both the coverage and benefit amounts may differ from the Insured’s
coverage. 
  
 Cost: The Insured’s premium will be
based on: (1) the class of risk to which the Insured belongs; (2) the Insured’s age; and (3) the form and amount of coverage issued. 
  
 Effective Date: The converted policy will take effect on the date the Insured applies for the converted policy. 
  
 Exclusions: The converted policy may exclude the hazards or
conditions that apply to the Insured’s coverage at the time it ends. 
  
 Renewability: The converted policy may provide that it can be renewed on any anniversary with Our consent subject to a maximum age limit. 
  

	11.	Item (c) of the PART B – TERMINATION OF COVERAGE section of PERMANENT TOTAL DISABILITY Benefit 9051M is deleted in its entirety. 

  

	
	 MUTUAL OF OMAHA INSURANCE COMPANY

	
	 /s/ M. Jane Huerter

	

	Corporate Secretary

  

 - 3 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}]]