CEO Jim Meyer Signs New Deal With SiriusXM
August 14, 2015 at 4:04 AM (PT)
SIRIUSXM RADIO has inked CEO JIM MEYER to a new contract, according to a Form 8-K filed with the SEC.
MEYER's new deal keeps him in the CEO post through APRIL 30th, 2018 with a base salary of $1.8 million plus an annual target performance bonus of 250% of the base salary. In the event of his being fired, MEYER would be eligible, if he signs a release, for a pro-rated bonus payment for the year of termination based on actual performance, and a lump sum severance payment of his base plus the greater of either 60% of the base or the previous year's actual bonus; if the contract expires, he will get a three year consulting agreement at $2.2 million per year, and if he is terminated without cause or he quits "with good reason" or dies, SIRIUSXM would pay him or his estate a $6.6 million lump sum.
The deal also includes an option to buy 13,279,313 shares of SIRIUSXM common stock at an exercise price of $3.90 per share, cliff vesting on APRIL 30th, 2018.