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SiriusXM (NASDAQ:SIRI) shares fell 5% on Friday whilst the corporate mentioned it had signed a brand new cope with present Chief Govt Jennifer Witz to stay on the streaming media firm till 2026.
In an 8-Ok submitting, SiriusXM (SIRI) mentioned Witz would earn $1.75M in annual base wage this yr, a determine that may improve to $2M subsequent yr. Witz, 52, can be entitled to a bonus for govt officers and “offers for an annual goal bonus equal to a few occasions her base wage.”
Witz was additionally granted an choice to purchase as much as $16.5M price of inventory, with the choice award vesting in three equal installments on December 31, 2024, December 31, 2025 and December 31, 2026.
She can even obtain a time-based performance-based restricted inventory items with a grant worth of $6.6M, which vests on December 31, 2026 and efficiency primarily based RSUs of the identical quantity.
Witz can be allowed to have a “restricted variety of hours of non-public flight time on a personal plane,” SiriusXM mentioned.
Earlier this week, Liberty Media introduced the Liberty SiriusXM monitoring inventory (LSXMA) will merge with Sirius XM (SIRI) and create a brand new public firm.