Motorola (NYSE: MOT) updated the compensation package of Greg Brown, the company’s Co-CEO and head of Motorola’s Broadband Mobility business, according to a document with the SEC today. The new version aligns his interests tightly with shareholders, particularly when it comes to the sale of the mobile devices division. For instance, the agreement only rewards Brown if and when the mobile devices business becomes a separate publicly traded company with a minimum valuation and maintains a certain stock price for the remaining Motorola shares.

Before counting stock options and awards, Brown will be making no less than about $10 million in 2008 comprising from his Base Salary, Annual Bonus, 2008 Special Bonus and long-term incentive plan. And, then his salary may grow from there based on how his equity will be treated in the event that Motorola is successful at spinning off its mobile devices division and it becoming a publicly traded company. For instance, in the event Motorola spins off the division and it becomes public, the company will have to maintain a market capitalization of at least $2 billion for Brown to have the option to purchase shares of Motorola common stock of a value of $3.33 million and restricted stock of $1.67 million. After that, both will have certain vesting schedules.

Brown gets other perks, like a minimum of four weeks vacation and access to the company’s airplane for “security purposes for business and personal travel,” however, the package is unlikely to surpass the compensation of Motorola’s other Co-CEO Sanjay Jha, who is the recently hired head of the company’s struggling handset division. Jha is estimated to have a package worth as much as $94 million, including restricted stock, options, base pay and a special payment.

• Motorola’s New Leader Estimated To Make About $94 Million In Compensation