Friday, April 2, 2010

Pay Adds Up For Top Sirius XM Execs

March 30, 2010: In its proxy statement filed with the Securities and Exchange Commission, Sirius XM Radio reports its top executives' compensation for 2009, with Mel Karmazin receiving -- along with his base salary of $1.25 million -- a $7 million bonus and $35.2 million in option awards last year. President/Chief Content Officer Scott Greenstein received a bonus of $1 million along his base salary of $850,000, as well as $850,000 in stock awards and $8 million in option awards, for about $10.7 million for the year.

Sirius XM President/Operations & Sales James Meyer, meanwhile, received a base salary of $950,000, along with a $1.25 million bonus and $1 million in stock awards and $11.5 million in option awards, for a total with other compensatino of about $14.9 million.

All the executives made substantially more in 2009 than the year before, when Karmazin received total compensation of $1.3 million, Greenstein about $2.4 million, and Meyer about $3 million, and none received bonuses.

Sirius XM in 2009 made a deal with Liberty Media that gave that company a 40 percent stake and is believed to have averted a Chapter 11 filing for the satellite radio company. Also, in Q4 of '09 it reported its first profitable quarter since the Sirius-XM merger.

Sirius XM's annual shareholders' meeting is set for May 27.

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