Money for Moloney

6:15 PM -- Dan Moloney may have a few million reasons to come back to Motorola Inc. (NYSE: MOT) -- make that more than 6.5 million of them to be more precise... if all goes to plan.

Moloney, who is set to become the president of Moto's Mobility unit starting September 1, stands to rake in a $6.5 million bonus if the company successfully splits into two independent companies by June 30, 2011, according to an 8-K filed by Motorola on Thursday that details Moloney's new compensation plan. (See Moloney Says Hello to Moto, Again and Moto Wants to Do the Splits .)

The Securities and Exchange Commission (SEC) filing states a base salary of $650,000 for Moloney, who is to report to Sanjay Jha, Motorola Inc.'s co-CEO and CEO of Motorola Mobility.

Moloney's also in line to get a one-time cash sign-on bonus of $325,000, of which $162,500 is to be paid within 30 days of his start date. The other half will be paid on his six-month anniversary.

Happy homecoming.

— Jeff Baumgartner, Site Editor, Light Reading Cable

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