Document:

Exhibit 10.18

 

ZEBRA TECHNOLOGIES

CORPORATION

2002 NON-EMPLOYEE

DIRECTOR STOCK OPTION PLAN

 

1.             Purpose

 

The purpose of

the Plan is to reward Non-Employee Directors for their efforts toward the

continued growth, profitability and success of the Company and its Subsidiaries

by providing stock options to Non-Employee Directors for the ownership of

Common Stock.  Toward this objective,

the Committee may grant Options to Directors on the terms and subject to the

conditions set forth in the Plan.  The

Plan is adopted as of February 1, 2002, subject to the approval by the

Company’s stockholders within twelve (12) months after such adoption date.

 

2.             Definitions

 

As used in

this Plan, the following definitions shall apply:

 

2.1.                            “Board” means the Board of Directors of

the Company.

 

2.2.                            “Code” means the Internal Revenue Code of

1986, as amended from time to time.

 

2.3.                            “Commission” means the Securities and

Exchange Commission or any successor agency.

 

2.4.                            “Committee” means the Board, or a

committee of Directors designated by the Board, which is authorized to

administer the Plan under Section 3 hereof.

 

2.5.                            “Common Stock” means shares of Class A

Common Stock of the Company.

 

2.6.                            “Corporate Transaction” means the

approval by the stockholders of the Company of a reorganization, merger,

consolidation, or sale or other disposition of all or substantially all of the

assets of the Company.

 

2.7.                            “Company” means Zebra Technologies

Corporation, a Delaware corporation, and any successor entity.

 

2.8.                            “Director” means a member of the Board.

 

2.9.                            “Effective Date” means February 1, 2002.

 

2.10.                     “Exchange Act” means the Securities

Exchange Act of 1934, as amended from time to time, and any successor thereto.

 

2.11.                     “Fair Market Value” means, as of any

given date, the fair market value of the Stock as determined by the Committee

or under procedures established by the Committee. Unless otherwise determined

by the Committee, the Fair Market Value per share shall be the closing sales

price per share of the Common Stock on Nasdaq (or the principal stock exchange

or market on which the Common Stock is then traded) on the date as of which

such value is being determined or the last previous day on which a sale was

reported.

 

2.12.                     “Family Member” means any child,

stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,

sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,

daughter-in-law, brother-in-law or sister-in-law of a Participant (including

adoptive relationships); any person sharing the Participant’s household (other

than a tenant or employee); any trust in which the Participant and any of

 

 

these persons have

all of the beneficial interest; any foundation in which the Participant and any

of these persons control the management of the assets; any corporation,

partnership, limited liability company or other entity in which the Participant

and any of these other persons are the direct and beneficial owners of all of

the equity interests (provided the Participant and these other persons agree in

writing to remain the direct and beneficial owners of all such equity

interests); and any personal representative of the Participant upon the

Participant’s death for purposes of administration of the Participant’s estate

or upon the Participant’s incompetency for purposes of the protection and

management of the assets of the Participant.

 

2.13.                     “Nasdaq” means The Nasdaq Stock Market,

including the Nasdaq National Market and the Nasdaq SmallCap Market.

 

2.14.                     “Non-Employee Director” means a Director

who is not an officer or employee of the Company.

 

2.15.                     “Non-Qualified Stock Option” means any

Option that is not eligible for treatment as an “incentive stock option” as

that term is used in Section 422 of the Code.

 

2.16.                     “Option” means any form of stock option

granted under the Plan to a Participant by the Committee pursuant to the terms,

conditions, restrictions, and/or limitations, if any, as the Committee may

establish.

 

2.17.                     “Option Agreement” means any agreement

entered into pursuant to this Plan pursuant to which an Option is granted to a

Participant.

 

2.18.                     “Participant” means any individual to

whom an Option has been granted by the Committee under this Plan.

 

2.19.                     “Plan” means this Zebra Technologies 2002

Non-Employee Director Stock Option Plan, as amended from time to time.

 

2.20.                     “Subsidiary” means any company during any

period in which it is a “subsidiary corporation” (as such term is defined in

Section 424(f) of the Code) with respect to the Company.

 

In addition,

certain other terms used herein have the definitions given to them in the first

places in which they are used.

 

3.             Administration

 

The Plan shall

be administered by the Committee.  The

Committee shall have the authority to: 

(a) interpret the Plan; (b) establish such rules and regulations as it deems

necessary for the proper operations and administration of the Plan; (c) select

Non-Employee Directors to receive Options under the Plan; (d) determine the

form of an Option, the number of shares subject to the Option, all the terms,

conditions, restrictions and/or limitations, if any, of an Option, including

the time and conditions of exercise (if applicable) or vesting; (e) grant

waivers of Plan terms, conditions, restrictions, and limitations; (f)

accelerate the vesting or exercise of an Option; (g) amend or terminate an

Option or this Plan in accordance with the terms hereof; and (h) take any and

all other actions it deems necessary or advisable for the proper operation or

administration of the Plan.  All determinations

of the Committee shall be made by a majority of its members, and its

determinations shall be final, binding and conclusive.  The Committee, in its discretion, may

delegate its authority and duties under the Plan to any of the Company’s

Directors, employees, stockholders or advisors under such conditions or

limitations as the Committee may establish.

 

4.             Eligibility

 

Any

Non-Employee Director is eligible to become a Participant of the Plan.

 

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5.             Shares Available

 

The maximum

number of shares of Common Stock which shall be available for grant of Options

under the Plan shall not exceed 160,000 (such amount being subject to

adjustment as provided in Section 9). 

Any shares of Common Stock related to Options which (a) terminate by

expiration, forfeiture, cancellation or otherwise without the issuance of such

shares, or (b) are settled in cash in lieu of Common Stock shall be available

again for grant under the Plan.

 

6.             Participation

 

The Committee

shall select, from time to time, Participants from the Non-Employee

Directors.  Once a Participant is so

selected, the Committee shall determine the terms, conditions, restrictions

and/or limitations, if any, applicable to the Option in addition to those set

forth in this Plan and the administrative rules and regulations issued by the

Committee.

 

7.             Options

 

(a)           Grants.  Options shall be Non-Qualified Stock

Options.  Any Option granted under the

Plan shall be in such form as determined by the Committee in its sole

discretion, subject to the limitations set forth herein.

 

(b)           Terms and Conditions of Options.  An

Option shall be exercisable in whole or in such installments and at such times

as may be determined by the Committee. 

The price at which a share of Common Stock may be purchased upon exercise

of an Option shall be established by the Committee.

 

(c)           Additional Terms and Conditions.  The

Committee may establish such other terms, conditions, restrictions and/or

limitations, if any, of any Option, provided they are not inconsistent with the

Plan.

 

(d)           Exercise Payment.  

The exercise price of any Option shall be paid in full in cash (by certified or

bank check or such other instrument as the Company may accept) or, unless

otherwise provided in the applicable Option Agreement, by one or more of the

following: (i) in the form of Common Stock already owned by the Participant for

a period of at least six months based in any such instance on the Fair Market

Value of the Common Stock on the date the Option is exercised; (ii) by

certifying to the satisfaction of the Committee ownership of shares of Common

Stock owned by the Participant for a period of at least six months for later

delivery to the Company as specified by the Company; (iii) by irrevocably

authorizing a third party to sell shares of Common Stock (or a sufficient

portion of the shares) acquired upon exercise of the Option and remit to the

Company a sufficient portion of the sale proceeds to pay the entire exercise

price and any tax withholding resulting from such exercise; or (iv) by any combination

of cash and/or any one or more of the methods specified in clauses (i), (ii)

and (iii).  Notwithstanding the

foregoing, a form of payment shall not be permitted to the extent it would

cause the Company to recognize a compensation expense (or additional

compensation expense) with respect to the Option for financial reporting

purposes.

 

(e)           Early Exercise.  The

Committee may permit a Participant to exercise an Option, on terms acceptable

to the Committee, prior to vesting of the Option and/or prior to the lapse of

restrictions on the exercisability of the Option; provided, however,

the stock so issuable in respect thereof shall remain subject to such vesting

requirements and/or restrictions and shall be forfeited if the stock does not

vest or if the restrictions do not lapse; provided, further, such

early exercise of Options will generally only be permitted by the Committee (i)

at the time of the grant of the Option or if the Company will not otherwise be

required to recognize a compensation expense for financial reporting purposes

as a result of such early exercise and (ii) the Participant commits to make an

election under Section 83(b) of the Code within 30 days of exercise of the

Option.

 

(f)            Transferability of Options.  An Option shall be exercisable, during the

Participant’s lifetime, only by the Participant or by the guardian or legal

representative of the Participant, it being understood that the terms “holder”

and “Participant” include the guardian and legal representative of the

Participant named in the applicable Option Agreement, or by any person to whom

the Option is transferred as permitted hereunder or in the applicable Option

Agreement.

 

3

 

8.             Nonassignability

 

Except as

otherwise provided in the applicable Option Agreement, an Option (i) shall be

transferable by the Participant to a Family Member of the Participant, provided

that (A) any such transfer shall be by gift with no consideration and (B) no

subsequent transfer of such Option shall be permitted other than by will or the

laws of descent and distribution, and (ii) shall not otherwise be transferred,

assigned or encumbered except for transfers by will or the laws of descent and

distribution or a qualified domestic relations order as defined by the

Code.  Notwithstanding the foregoing,

references herein or in an Option Agreement to the termination of a

Participant’s service as Director shall mean the termination of services of the

person to whom the Option was originally granted.  All beneficiary designations shall be made in such form and

subject to such limitations as may from time to time be acceptable to the

Committee and delivered to and accepted by the Committee.

 

9.             Adjustment Provisions

 

In the event

of any Company stock dividend, stock split, combination or exchange of shares,

recapitalization or other change in the capital structure of the Company,

corporate separation or division of the Company (including, but not limited to,

a split-up, spin-off, split-off or distribution to Company stockholders other

than a normal cash dividend), sale by the Company of all or a substantial

portion of its assets (measured on either a stand-alone or consolidated basis),

reorganization, rights offering, partial or complete liquidation, or any other corporate

transaction, Company share offering or other event involving the Company and

having an effect similar to any of the foregoing, the Committee may make such

substitution or adjustments in the (i) number and kind of shares that may be

delivered under the Plan, (ii) number and kind of shares subject to outstanding

Options, (iii) exercise price of outstanding Options and (iv) other

characteristics or terms of the Options as it may determine appropriate in its

sole discretion to equitably reflect such corporate transaction, share offering

or other event; provided, however, that any fractional shares resulting from

such adjustment shall be eliminated by rounding to the next lower whole number

of shares with appropriate payment for such fractional share as shall

reasonably be determined by the Committee.

 

10.          Change in Control Provisions

 

(a)           Impact of Event.

 

(i)                                     Notwithstanding any other provision of

the Plan to the contrary, in the event of a Change in Control, any Options

outstanding as of the date such Change in Control is determined to have

occurred shall immediately prior thereto become fully vested and exercisable.

 

(ii)                                  Notwithstanding any other provision of

the Plan to the contrary, in the event of a Change in Control, the Committee

shall, in its sole discretion, provide for one of the following:

 

(A)                              The continuation of the outstanding

Option by the Company, if the Company is a surviving corporation;

 

(B)                                The assumption of the outstanding Options

by the surviving corporation or its parent or subsidiary;

 

(C)                                The substitution by the surviving

corporation or its parent or subsidiary of equivalent awards for the

outstanding Options; or

 

(D)                               Settlement of each share of Common Stock

subject to an outstanding Option for the Change in Control Price (less, to the

extent applicable, the per share exercise price), or, if the per share exercise

price equals or exceeds the Change in Control Price, the outstanding Option

shall terminate and be canceled.

 

4

 

(b)                                 Definition of Change in Control. 

For purposes of the Plan, a “Change in Control” shall be deemed to have

occurred on the first to occur of any of the following events:

 

(i)                                     The acquisition by any individual, entity

or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange

Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3

promulgated under the Exchange Act) of 50% or more of either (A) the then

outstanding shares of common stock of the Company (the “Outstanding Company

Common Stock”) or (B) the combined voting power of the then outstanding voting

securities of the Company entitled to vote generally in the election of

directors (the “Outstanding Company Voting Securities”); provided, however,

that the following acquisitions shall not constitute a Change in Control of the

Company: (1) any acquisition directly from the Company (excluding an

acquisition by virtue of the exercise of a conversion privilege unless the

security being so converted was itself acquired directly from the Company), (2)

any acquisition by the Company, (3) any acquisition by any employee benefit

plan (or related trust) sponsored or maintained by the Company or any

corporation controlled by the Company, (4) any acquisition by a lender of the

Company pursuant to a debt restructuring of the Company, or (5) any acquisition

by any Person pursuant to a transaction in which the conditions described in

clauses (A), (B) and (C) of subsection (iii) of this Section 10(b) are

satisfied; or

 

(ii)                                  Individuals who, as of the Effective

Date, constitute the Board (such Board shall be hereinafter referred to as the

“Incumbent Board”) cease for any reason to constitute at least a majority of

the Board; provided, however, for purposes of this Section 10(b), that any

individual becoming a member of the Board subsequent to the date hereof, whose

election, or nomination for election by the Company’s stockholders, was

approved by a vote of at least a majority of those individuals who are members

of the Board and who were also members of the Incumbent Board (or deemed to be

such pursuant to this proviso) shall be considered as though such individual

were a member of the Incumbent Board; but excluding, for this purpose, any such

individual whose initial assumption of office occurs as a result of either an

actual or threatened election contest (as such terms are used in Rule 14a-11 of

Regulation 14A promulgated under the Exchange Act) or other actual or

threatened solicitation of proxies or consents by or on behalf of a Person other

than the Board; or

 

(iii)                               The approval by the stockholders of the

Company of a reorganization, merger or consolidation, in each case, unless,

following such reorganization, merger or consolidation, (A) more than fifty

percent (50%) of, respectively, the then outstanding shares of common stock of

the corporation resulting from such reorganization, merger or consolidation

(which shall be understood to be the surviving parent in the case of a

triangular merger) and the combined voting power of the then outstanding voting

securities of such corporation entitled to vote generally in the election of

directors is then beneficially owned, directly or indirectly, by the

individuals and entities who were the beneficial owners, respectively, of the

Outstanding Company Common Stock and Outstanding Company Voting Securities

immediately prior to such reorganization, merger or consolidation in

substantially the same proportions (but disregarding for these purposes the

consequences of a Class B Conversion Event, as hereinafter defined in Section

10(d) hereof) as their ownership, immediately prior to such reorganization,

merger or consolidation, of the Outstanding Company Common Stock and

Outstanding Company Voting Securities, as the case may be, (B) no Person

(excluding the Company, any employee benefit plan (or related trust) of the

Company or such corporation resulting from such reorganization, merger or

consolidation and any Person beneficially owning immediately prior to such

reorganization, merger or consolidation, directly or indirectly,

 

5

 

twenty-five

percent (25%) or more of the Outstanding Company Common Stock or Outstanding

Voting Securities, as the case may be) beneficially owns, directly or

indirectly, twenty-five percent (25%) or more of, respectively, the then

outstanding shares of common stock of the corporation resulting from such

reorganization, merger or consolidation or the combined voting power of the

then outstanding voting securities of such corporation entitled to vote

generally in the election of directors, and (C) at least a majority of the

members of the board of directors of the corporation resulting from such

reorganization, merger or consolidation were members of the Incumbent Board of

the Company at the time of the execution of the initial agreement providing for

such reorganization, merger or consolidation; or

 

(iv)                              The approval by the stockholders of the

Company of the sale or other disposition of all or substantially all of the

assets of the Company, other than to a corporation, with respect to which

following such sale or other disposition, (A) more than fifty percent (50%) of,

respectively, the then outstanding shares of common stock of such corporation

and the combined voting power of the then outstanding voting securities of such

corporation entitled to vote generally in the election of directors is then

beneficially owned, directly or indirectly, by the individuals and entities who

were the beneficial owners, respectively, of the Outstanding Company Common

Stock and Outstanding Company Voting Securities immediately prior to such sale

or other disposition in substantially the same proportion as their ownership,

immediately prior to such sale or other disposition (but disregarding for these

purposes the consequences of a Class B Conversion Event), of the Outstanding

Company Common Stock and Outstanding Company Voting Securities, as the case may

be, (B) no Person (excluding the Company, any employee benefit plan (or related

trust) of the Company or such corporation and any Person beneficially owning,

immediately prior to such sale or other disposition, directly or indirectly,

twenty-five percent (25%) or more of the Outstanding Company Common Stock or

Outstanding Company Voting Securities, as the case may be) beneficially owns,

directly or indirectly, twenty-five percent (25%) or more of, respectively, the

then outstanding shares of common stock of such corporation and the combined

voting power of the then outstanding voting securities of such corporation

entitled to vote generally in the election of directors and (3) at least a

majority of the members of the board of directors of such corporation were

members of the Incumbent Board of the Company at the time of the execution of

the initial agreement or action of the Board providing for such sale or other

disposition of assets of the Company.

 

(c)                                  Change in Control Price.  For purposes

of the Plan, “Change in Control Price” means the higher of (i) the highest

reported sales price, regular way, of a share of Common Stock in any

transaction reported on the New York Stock Exchange Composite Tape or other

national securities exchange on which such shares are listed or on Nasdaq, as

applicable, during the 60-day period prior to and including the date of a Change

in Control, and (ii) if the Change in Control is the result of a tender or

exchange offer or a Corporate Transaction, the highest price per share of

Common Stock paid in such tender or exchange offer or Corporate Transaction.  To the extent that the consideration paid in

any such transaction described above consists all or in part of securities or

other non-cash consideration, the value of such securities or other non-cash

consideration shall be determined in the sole discretion of the Board.

 

(d)                                 Class B Conversion Event.  For purposes

of the Plan, a “Class B Conversion Event” means if, either (i) as a consequence

of a reorganization, merger or consolidation, all the outstanding Class B

Common Stock of the Company automatically converts into Class A Common stock as

a result of the outstanding number of Class B Common Stock falling below the

10% minimum aggregate outstanding threshold in the Company’s Certificate of

Incorporation, or (ii) if (x) the stockholders of the Company approve a sale or

other disposition of all or substantially all of the assets of the Company, and

(y) the transferee corporation does not have securities that are comparable to

the Company Class B Common Stock, and (z) if the Class B Common Stock had been

converted into Class A Common

 

6

 

Stock immediately

prior to the sale (the “Converted Shares”), the holders of the Converted Shares

would hold less than 10% of the outstanding common shares of the transferee

corporation.

 

11.          Withholding Taxes

 

The Company

shall be entitled to deduct from any payment under the Plan, regardless of the

form of such payment, the amount (if any) of any applicable taxes required by

law to be withheld with respect to the Plan or transactions in Common Stock or Options,

or may require the Participant to pay to the Company such tax prior to and as a

condition of the making of any payment or delivery under the Plan.  If Common Stock is used to satisfy tax

withholding, such stock shall be valued based on the Fair Market Value thereof

when the tax withholding is required to be made.

 

12.          Amendments to Options

 

The Committee

may at any time unilaterally amend any unexercised Option, whether vested or

unvested, earned or unearned, and/or substitute another Option of the same or

different type, to the extent it deems appropriate; provided, however, that any

amendment to an outstanding Option which, in the opinion of the Committee

(which for these purposes, shall be determined only by members who are members

of the Incumbent Board), is adverse to a Participant, shall require such

Participant’s consent.

 

13.          Regulatory Approvals

 

Notwithstanding

anything contained in this Plan or any Option to the contrary, an Option shall

not be exercisable, and the Company shall have no obligation to issue or

deliver certificates of Common Stock in respect thereof, prior to (a) the

obtaining of any approval from any governmental agency which the Company shall,

in its sole discretion, determine to be necessary or advisable, and (b) the completion

of any registration or other qualification of the offer and sale of the Common

Stock under any state or federal law or ruling of any governmental body which

the Company shall, in its sole discretion, determine to be necessary or

advisable.

 

14.          No Rights to Continued Service or Grants

 

Participation

in the Plan shall not give any Director any right to remain in the service of

the Company or any Subsidiary. The adoption of this Plan shall not be deemed to

give any Director or any other individual any right to be selected as a

Participant or to be granted an Option.

 

15.          Amendment

 

The Board may

amend, alter, or discontinue the Plan, but no amendment, alteration or

discontinuation shall be made which would adversely affect the rights of a

Participant under an Option theretofore granted without such Participant’s

consent, except such an amendment made to permit the Company a deduction under

the Code.  No such amendment shall be

made without the approval of the Company’s stockholders to the extent such approval

is required by law, agreement or the rules of any stock exchange or market on

which the Common Stock is listed.

 

16.          Governing Law

 

The Plan, all

Options, agreements and actions hereunder, shall be governed by, and construed

in accordance with, the laws of the State of Delaware (other than its law

respecting choice of law).

 

17.          No Right, Title, or Interest in Company Assets

 

No Participant

shall have any right in any fund or in any specific asset of the Company by

reason of being a Participant under this Plan, nor any rights as a stockholder

as a result of participation in the Plan until the date of issuance of a stock

certificate in his or her name. To the extent any person acquires a right to

receive payments from the Company under this Plan, such rights shall be no

greater than the rights of an unsecured creditor of the Company.

 

7

 

18.          Miscellaneous

 

(a)           The Committee may require each person

purchasing or receiving shares pursuant to an Option to represent to and agree

with the Company in writing that such person is acquiring the shares without a

view to the distribution thereof. The certificates for such shares may include

any legend which the Committee deems appropriate to reflect any restrictions on

transfer.

 

(b)           All certificates for shares of Common

Stock or other securities delivered under the Plan shall be subject to such

stock transfer orders and other restrictions as the Committee may deem

advisable under the rules, regulations and other requirements of the

Commission, any stock exchange or market on which the Common Stock is then

listed and any applicable Federal or state securities law, and the Committee

may cause a legend or legends to be put on any such certificates to make

appropriate reference to such restrictions.

 

(c)           Nothing contained in the Plan shall

prevent the Company from adopting other or additional compensation arrangements

for its Directors.

 

(d)           Any amounts owed to the Company by

the Participant of whatever nature may be offset by the Company from the value

of any shares of Common Stock, cash or other thing of value under this Plan or

an Option Agreement to be transferred to the Participant, and, unless a Change

in Control shall have occurred, no shares of Common Stock, cash or other thing

of value under this Plan or an Option Agreement shall be transferred unless and

until all disputes between the Company and the Participant have been fully and

finally resolved and the Participant has waived all claims to such against the

Company or a Subsidiary.

 

(e)           The headings contained in this Plan

are for reference purposes only and shall not affect the meaning or

interpretation of this Plan.

 

(f)            If any provision of this Plan shall

for any reason be held to be invalid or unenforceable, such invalidity or

unenforceability shall not effect any other provision hereby, and this Plan

shall be construed as if such invalid or unenforceable provision were omitted.

 

(g)           This Plan shall inure to the benefit

of and be binding upon each successor and assign of the Company.  All obligations imposed upon a Participant,

and all rights granted to the Company hereunder, shall be binding upon the

Participant’s heirs, legal representatives and successors.

 

(h)           This Plan and each agreement granting

an Option constitute the entire agreement with respect to the subject matter

hereof and thereof, provided that in the event of any inconsistency between

this Plan and such agreement, the terms and conditions of the Plan shall

control.

 

(i)            In the event there is an effective

registration statement under the Securities Act pursuant to which shares of

Common Stock shall be offered for sale in an underwritten offering, a

Participant shall not, during the period requested by the underwriters managing

the registered public offering, effect any public sale or distribution of

shares of Common Stock received, directly or indirectly, pursuant to the

exercise or settlement of an Option.

 

(j)            None of the Company, a Subsidiary or

the Committee shall have any duty or obligation to disclose affirmatively to a

record or beneficial holder of Common Stock or an Option, and such holder shall

have no right to be advised of, any material information regarding the Company

at any time prior to, upon or in connection with receipt of an Option or the

exercise of an Option or the Company’s purchase of Common Stock or an Option

from such holder in accordance with the terms hereof.

 

8Exhibit 10.19

 

AMENDMENT NO. ONE TO

THE

ZEBRA TECHNOLOGIES

CORPORATION

2002 NON-EMPLOYEE

DIRECTOR STOCK OPTION PLAN

 

This AMENDMENT

NO. ONE TO THE ZEBRA TECHNOLOGIES CORPORATION NON-EMPLOYEE DIRECTOR STOCK

OPTION PLAN (this “Amendment No. 1”), dated

              ,

2002, is made by Zebra Technologies Corporation, a Delaware corporation (the

“Company”).

 

WHEREAS,

the Zebra Technologies Corporation 2002 Non-Employee Director Stock Option Plan

(the “Plan”) was adopted by the Company’s Board of Directors (the “Board”) in

January 2002;

 

WHEREAS,

the Board desires to amend the Plan as described herein; and

 

WHEREAS,

the Board has been granted the authority to amend the Plan pursuant to

Paragraph 15 of the Plan;

 

NOW,

THEREFORE,

in consideration of the foregoing and in order to reflect the approval of the

Board of Directors of the Company:

 

1.             The Plan is hereby amended by

replacing the second sentence of Paragraph 7(b) of the Plan in its entirety

with the following:

 

“The price at

which a share of Common stock may be purchased upon exercise of an Option shall

be established by the Committee, provided, however, that in no case shall such

price be less than the Fair Market Value on the date of grant of such Option.”

 

2.             Except as expressly amended and

supplemented by this Amendment No. 1, the Plan is hereby ratified and confirmed

in all respects.

 

[signature

page follows]

 

 

IN WITNESS WHEREOF,

the Company has caused its

                               

to execute this Amendment No. One to the Plan as of the

            day of

                             ,

2002.

 

	

   

  	

  ZEBRA

  TECHNOLOGIES CORPORATION

  	

   

  
	

   

  
	

   

  
	

   

  	

  By:

  	

  /s/ EDWARD

  L. KAPLAN

  	

   

  
	

   

  
	

   

  	

  Name:

  	

   

  	

   

  
	

   

  
	

   

  	

  Its:

  	

   

  	

   

  
						

 

2

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