Meyer Inks New Deal With Sirius XM
October 19, 2009 at 4:08 AM (PT)
SIRIUS XM RADIO Pres./Operations and Sales JAMES E. MEYER has inked a new deal to continue with the company, according to a Form 8-k filed with the SEC.
The renewal, signed OCTOBER 14th, will keep MEYER with SIRIUS XM through MAY 1st, 2013 and provides for an initial base salary of $950,000, with specified increases. MEYER is also eligible if dismissed for a lump sum severance payment in an amount equal to his annual base salary plus the greater of 60% of his base or his prior year's actual bonus, whichever is greater. In the event MEYER elects to retire in APRIL 2011, he will receive two times the bonus amount in lieu of any other payments.
Once the new deal expires or MEYER retires, MEYER will enter a one-year consulting deal for no additional consideration other than expenses.