ZBRA » Topics » Special Separation Agreements

This excerpt taken from the ZBRA 8-K filed Oct 26, 2006.

Special Separation Agreements

Effective October 20, 2006, the Company provided Special Separation Agreements (individually, a “Separation Agreement”) to all of the Company’s executive officers (except its chief executive officer, Edward Kaplan).

Under the Separation Agreement, if an executive officer’s employment is terminated by the Company without Cause or by the executive officer for Good Reason within twelve months after a Change of CEO (as such terms are defined in the Separation Agreement), the terminated executive officer will be entitled to a twelve-month continuation of his or her base salary at the time of termination or on the date of the Change of CEO, whichever is higher, reduced by any severance payable to him or her under any other severance plan or arrangement maintained by the Company. In addition, in such case the terminated executive officer would also be entitled to certain medical, dental and life insurance benefits for himself or herself and his or her spouse and eligible dependents for a period of fifty-two weeks, acceleration of vesting of all unvested equity grants and deferred compensation under any plan maintained by the Company, including immediate vesting of the restricted stock grants described above, and professional outplacement services in an amount not to exceed $32,000. Payments and benefits under the Separation Agreement are conditioned on an executive officer complying with confidentiality requirements during and after his or her employment with the Company and also non-competition and non-solicitation restrictions for twelve months following termination of his or her employment with the Company.

The summary of the Separation Agreement contained herein is qualified in its entirety by reference to the Separation Agreement, which is filed as Exhibit 10.2 to this Current Report on 8-K and is incorporated herein by reference.

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