At Motorola’s annual meeting Monday night, shareholders expressed anger over the company’s slow turnaround, and said they were bothered by the executive pay packages that seemed bloated given the company’s financial problems.

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Shareholder George Polous, who was quoted by both the Chicago Tribune and the Sun-Times, said Motorola’s directors don’t deserve their pay — which ranges from $194,000 to $363,000. “They don’t deserve it. Lots of people out of work would be glad to have the jobs,” he said. Polous also told executives that “the company is in the gutter.” The comments came despite the fact that co-CEOs Sanjay Jha (pictured, right) and Greg Brown have volunteered to accept a 25 percent salary cut this year, and have adjusted their cash bonuses. Motorola (NYSE: MOT) has defended Jha’s compensation, saying the bulk of his package is in equity awards, and that incentives were needed to hire him away from Qualcomm.

In addition, shareholders overwhelmingly voted to give stockholders, who own at least 10 percent of the company, the right to call special meetings on important topics, reports the Chicago Sun-Times. In addition, shareholders approved a program that will allow employees to exchange their stock options for new options at a lower exercise price, according to the Chicago Tribune, which reported that as of mid-February, 99.8 percent of its stock options were underwater, or had exercise prices above the current stock price. The program excluded board members and senior executives.