Summary by Moomoo AI
Sirius XM Holdings Inc. has announced the signing of a new Employment Agreement with Scott A. Greenstein, who will continue his role as President and Chief Content Officer of subsidiary Sirius XM Radio Inc. The agreement, effective May 25, 2024, extends Greenstein's term until May 24, 2027. The new contract includes an increase in Greenstein's annual base salary to $1.7 million, with an annual target bonus of twice his base salary. Additionally, the agreement outlines severance benefits, including health and life insurance continuation for eighteen months and a lump sum payment, under certain qualifying terminations. The agreement also includes equity incentives in the form of stock options and restricted stock units (RSUs), both time-based and performance-based, with vesting schedules and performance targets detailed. The terms of the agreement are consistent with those offered to other executive officers and are subject to standard confidentiality, non-competition, and clawback provisions.