SiriusXM Signs President Scott Greenstein to New Deal
| RADIO ONLINE | Tuesday, December 8, 2020 | 6:22pm CT |
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 Scott Greenstein |
According to an 8k filing with the SEC, SiriusXM has entered into a new employment agreement with Scott A. Greenstein to continue as President and Chief Content Officer through May 24, 2024. The new deal is substantially similar to the executive's existing employment agreement, other than with respect to certain economic changes. Greenstein will receive an annual base salary of $1.6 million, which will increase by three percent in May 2021, May 2022 and May 2023.
Greenstein will have a target annual bonus equal to 150% of his base salary for the years ending December 31, 2020 and December 31, 2021, and 200% of his base salary for the years ending December 31, 2022 and December 31, 2023, in each case based on the achievement of performance goals.
On the first business day after the effective date of the agreement that Greenstein is not subject to a restriction on trading SiriusXM's common stock, the company will grant Greenstein an option to purchase shares of $4.29 million at an exercise price equal to the closing sale price of the common stock on the Nasdaq Global Select Market on that day. The company will also grant Greenstein restricted stock units with a value of $2.2 million and performance-based restricted stock units with a value of $4.51 million. Each option and RSU award will vest in equal annual amounts on May 24, 2023 and May 24, 2024.
