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He wrote of the market valuing shares "under the influence of mass psychology.
The company bought back only 11,250 shares under its stock buyback plan.
Shares under ESS worth up to £50,000 were exempt from capital gains tax.
They were both awarded £2m of shares under the long-term bonus plan.
He was also awarded 236,262 shares under a performance-related deal.
He will also keep his shares under the company's long-term incentive plan (LTIP).
It was the first day Motorola could dispose of its shares under terms of the venture.
Management of MedQuest, which was founded in 1993, holds the remaining shares under the deal.
The company can still buy back 2.25 million shares under those programs.
Consequently, companies should understand how their "fixed" provisions and practices will impact their request for shares under the EPSC model.
With H.P.'s shares under $20 this week, all the options are worth less than the strike price.
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