XM Satellite Execs Cash In
The top bananas at XM Satellite Radio (XMSR Quote) enjoyed major raises last year as the satellite operator's stock price zoomed skyward.
Chairman Gary Parsons received a salary and bonus of $750,000, a 50% rise from the $500,000 bonus he received as compensation one year earlier, according to the XM proxy statement filed with the Securities and Exchange Commission Wednesday. President and CEO Hugh Panero received $824,000, up 18% from his salary and bonus in 2003.
Additionally, the men received stock option grants valued -- when they were made -- in the range of $1.2 million to $3 million for Panero and $1.8 million to $3.4 million for Parsons, depending on one's assumptions about XMSR's stock-price appreciation.
The options, which vest over three years, have an exercise price per share of $5.34. XMSR, which restructured its finances in early 2003, saw its stock rise from $2.69 to $26.29 over the course of the year, a nearly 10-fold increase. ...
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