ZBRA » Topics » Amendment to Mr. Gustafsons Employment Agreement

This excerpt taken from the ZBRA 8-K filed Nov 21, 2007.

Amendment to Mr. Gustafson’s Employment Agreement

On November 16, 2007, Zebra Technologies Corporation (the “Company”) and Anders Gustafsson, the Company’s Chief Executive Officer, entered into an amendment (the “Amendment”) to the Employment Agreement between Gustafsson and the Company dated September 4, 2007 (the “Gustafsson Agreement”). The Amendment was approved by the Company’s Compensation Committee of the Board of Directors.

Pursuant to the Amendment, in addition to the severance payments provided in the Gustafsson Agreement, if Mr. Gustafsson terminates his employment with good reason or the Company terminates his employment without cause, then, subject to certain conditions, Mr. Gustafsson will also be entitled to (i) a pro-rata portion of his annual performance bonus (the “Bonus”) for the year in which his employment terminates, if it otherwise would have been earned if he was employed as of the date the annual performance bonuses for such year are paid to senior level executives of the Company, and any such pro-rata portion will be payable at the time annual performance bonuses for such year are paid to senior level executives of the Company, (ii) if not yet paid, any Bonus attributable to the year immediately preceding the year of the employment termination, if it otherwise would have been earned if he was employed as of the date the annual performance bonuses for such year are paid to senior level executives of the Company, and any such Bonus will be payable at the time annual performance bonuses for such year are paid to senior level executives of the Company.

The above description of the Amendment is qualified in its entirety by reference to the complete text of the Amendment, a copy of which is attached hereto as Exhibit 10.1.

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