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Sirius XM CEO Mel Karmazin has received a $250,000 per-year raise in his paycheck, boosting his salary to $1.5 million annually. Additionally, he inked a contract extension through December 31, 2012, according to a filing with the SEC. Karmazin will also receive an option to purchase 120 million shares of its common stock at 43 cents per share (collectively $51.6 million).

The option will vest in equal installments on December 31, 2010, December 31, 2011, June 30, 2012 and December 31, 2012. SIRI is back up to 44 cents after a low of 13 cents four months ago. (07-01-09)

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