SiriusXM CEO James Meyer
SIRIUSXM filed an 8-K form with THE SECURITIES AND EXCHANGE COMMISSION yesterday (1/10), noting a new deal for CEO JAMES MEYER. What was unusual was the length of the contract, running less that one year — with an end date of DECEMBER 31, 2018.
SIRIUSXM wrote, “The Employment Agreement provides for an annual base salary of $2,000,000 and an opportunity to earn an annual bonus in an amount determined by the Compensation Committee of our Board of Directors based on the achievement of performance goals. The Employment Agreement does not provide for a specified annual bonus target opportunity. The Employment Agreement also provides, in the case of certain qualifying terminations, for a pro-rated bonus payment for the year of termination based on actual performance, and a lump sum cash severance payment equal to the remaining amount of Mr. MEYER’s base salary through the scheduled expiration of the Employment Agreement on December 31, 2018. Our obligation to pay the pro-rated bonus and severance is subject to Mr. MEYER’s execution of a release of claims against us and his compliance with certain restrictive covenants.”
The deal also offers MEYER a three year consulting agreement, “upon his termination of employment due to the expiration of the Employment Agreement or in the case of certain qualifying terminations.”
On top of salary, MEYER is granted, “restricted stock units with a grant date value of $7,500,000 (based on the closing price of our common stock on The NASDAQ Global Select Market on the date of grant). Mr. Meyer’s restricted stock units will cliff vest on December 31, 2018, subject to earlier acceleration or termination under certain circumstances.”
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