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SIRI » Topics » Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment

This excerpt taken from the SIRI 8-K filed Feb 13, 2008.
Item 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment
                   of Certain Officers; Compensatory Arrangements of Certain Officers

     We entered into an amendment to our employment agreement with David J. Frear, our Executive Vice President and Chief Financial Officer, to extend the term to July 31, 2011 and increase his base salary, effective August 1, 2008, to $750,000 per year. We also granted Mr. Frear 300,000 restricted stock units and 1,500,000 options to purchase our common stock. All of these restricted stock units and stock options vest over time. The other terms of the employment agreement are the same as set forth in Mr. Frear’s existing Employment Agreement, a copy of which, as amended, is filed with the Securities and Exchange Commission.

     A copy of the amendment to the employment agreement with Mr. Frear is attached to this report as exhibit 10.1, and is incorporated by reference in this report.

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