Bababooie

Sirius' Q2: Expect Revenue Increases

That's old news!! Putting things into perspective:
1) Mel has options to buy at .43, Stock is currently at .39 ...ooops a .04 loss on Mel's part to exercise the but OPTION ( LOOK UP OPTION ON INVESTOPEDIA) So me is tanking stock for what purpose?
2) He can not buy shares at any time!! it is vested over time. Thant means he has to sustain the performance of the company.
3) If stock goes to $5 from here, AND MEL BUYS stock, he earned it! wait....let me quote you
"Next time you hear "Oh, but Mel owns stock and also loses", remember how he gets paid."
That's right .....this is incentive cash. This is not an isolated incident, it is a standard when dealing with highly talented management.



On Jul 22 12:03 PM SIRI-Doom wrote:

> MEL GETs 250,000.00 RAISE and option to buy STOCK LOCKED AT 43 cents.
>
> THAT EXTRA BOND MONEY GOT SPENT!!!
>
> On June 30, 2009, we entered into an amendment (the "Amendment")
> to the amended Employment Agreement, dated November 18, 2004, with
> Mel Karmazin (the "Employment Agreement"). The Amendment (i) extends
> the term of the Employment Agreement through and until December 31,
> 2012, (ii) increases his base salary from $1,250,000 per year to
> $1,500,000 per year beginning on January 1, 2010, and (iii) provides
> for the grant of an option to purchase 120,000,000 shares of our
> common stock, at an exercise price of $0.430 per share (the closing
> price of our common stock on June 30, 2009) (the "Option"). Other
> than as provided in the Amendment, the Employment Agreement will
> continue in accordance with its terms.
>
> TRANSLATION for the "Unwashed"
>
> Mel can now buy 120,000,000 shares at a locked in price of 43 cents.
> He can do the "AT ANY TIME" no matter the current trade value/price.
> So, if in January SIRI is 5.00, Mel can buy it for 43 cents.
>
> (iii) provides for the grant of an option to purchase 120,000,000
> shares of our common stock, at an exercise price of $0.430 per share
> (the closing price of our common stock on June 30, 2009) (the "Option").
>
>
> Next time you hear "Oh, but Mel owns stock and also loses", remember
> how he gets paid.
>
> READ IT TWICE. DO NOT ASK ME FOR PROOF NEXT WEEK