Digital Radio
Sirius XM paid CEO Mel Karmazin a $7 million cash bonus last month “in recognition of his performance and our corporate performance” in 2009, the company said in a preliminary proxy statement filed Monday at the SEC for its annual…
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meeting, May 27 in New York. He also got $35.2 million in 2009 stock-option awards on signing a contract extension through 2012, the proxy said. This was his first “equity-based award” since joining Sirius in November 2004, it said. It raised his total 2009 compensation to $43.5 million, the filing said. It was by far the most he has been paid during his five years on the job. One reason Karmazin got the bonus was that Sirius XM was free cash-flow positive for all of 2009, the proxy said. It also credited him with “successfully negotiating and executing a restructuring of our capital structure, including the transactions with Liberty Media.” Analysts believe that the Liberty deal spared Sirius XM from bankruptcy last year.