Meyer Extends With SiriusXM

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On Thursday, SiriusXM announced a new agreement with CEO James Meyer. The deal will pay him $2 million per year and run through the end of this year. Meyer will also be eligible for a bonus if the company achieves certain performance goals. And he’ll get a 3-year $6.6 million consulting deal with the company if he’s fired. Here’s more on that…

An 8K filed with the SEC says upon Meyer’s termination of employment “due to the expiration of the Employment Agreement or in the case of certain qualifying terminations, we have agreed to offer Mr. Meyer a three-year consulting agreement.” Meyer will be paid a fee of $2,200,000 per year. If Meyer’s employment is terminated as a result of his death or disability, or the company fails to enter into the consulting agreement in certain circumstances, then the company will pay him or his representative a lump sum of $6,600,000 as compensation for the lost consulting opportunity.

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