Sirius XM Sets Up Charity
February 17, 2012 at 11:41 AM (PT)
SIRIUS XM RADIO CEO MEL KARMAZIN has adopted a trading plan for SIRIUSXM securities in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934. The transactions that will take place under the plan are part of his strategy for financial planning in connection with his philanthropic efforts.
Under the 10b5-1 plan, beginning in APRIL 2012, KARMAZIN is expected to exercise 60 million options to purchase SIRIUSXM shares. Shares underlying the options will be sold to cover the price to exercise the options and the remaining shares will be sold with the proceeds going to KARMAZIN. He will still own over 68 million shares and options of SIRIUSXM.