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Old 03-18-2005, 02:10 PM   #1
RyanM
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Sirius Sees Paying Ex-CEO Clayton <img .05M Severance
 
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Default Sirius Sees Paying Ex-CEO Clayton $1.05M Severance

Sirius Sees Paying Ex-CEO Clayton $1.05M Severance

WASHINGTON --Sirius Satellite Radio Inc. expects to sign an agreement with former Chief Executive Joseph Clayton under which it will pay him a $1.05 million severance in June, according to its annual report.

Sirius said it also plans to accelerate the vesting of restricted shares held by Clayton, who stepped down as its chief executive last year. Former Viacom (VIA, VIAB) Chief Operating Officer Mel Karmazin replaced him.

The satellite radio services provider last November disclosed that it had already granted Clayton, who is now chairman of its board, options for
2 million common shares. The company at the time said its board also authorized further negotiations.

In its annual report, Sirius said the anticipated $1.05 million severance payment to Clayton arises from these further negotiations. In addition to the severance, it also expects to offer Clayton a bonus for his work this year, according to its report filed late Wednesday with the Securities and Exchange Commission.

In addition, Sirius said it sees reimbursing Clayton for his "reasonable" living expenses in New York City, including rent, through May 2005, and some travel expenses.

-By Paulette Chu, Dow Jones Newswires; 202-862-1355; paulette.chu@dowjones.com
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Old 03-18-2005, 08:26 PM   #2
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It looks like Joe is on his way out completely....
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Old 03-18-2005, 10:25 PM   #3
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Why is he getting Severance pay if he is still an employee? I'm lost?
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Old 03-18-2005, 11:26 PM   #4
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Quote:
Originally Posted by Corey140
Why is he getting Severance pay if he is still an employee? I'm lost?
It's common when CEO's are replaced by another to get a severence package.
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