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This excerpt taken from the SIRI DEF 14A filed Apr 30, 2009. Distribution
Agreement
Our wholly-owned subsidiary, XM Satellite Radio Inc.
(“XM”), has a long-term distribution agreement with
General Motors Corp. GM has a representative on our board of
directors and is considered a related party. During the term of
the agreement, which expires in 2020, GM has agreed to
distribute the XM service.
In order to encourage the broad installation of XM radios in GM
vehicles, XM has agreed to subsidize a portion of the cost of XM
radios, and to make incentive payments to GM when the owners of
GM vehicles with installed XM radios become subscribers to
XM’s service. XM must also share with GM a percentage of
the subscription revenue attributable to GM vehicles with
installed XM radios. As part of the agreement, GM provides
certain call-center related services directly to XM subscribers
who are also GM customers for which we reimburse GM.
This excerpt taken from the SIRI DEF 14A filed Nov 4, 2008. Distribution
Agreement
Our subsidiary, XM Satellite Radio, has a long-term distribution
agreement with General Motors. General Motors has a
representative on our board of directors and is therefore
considered a related party. During the term of the agreement,
which expires in 2013, GM has agreed to distribute the XM
service.
In order to encourage the broad installation of XM radios in GM
vehicles, XM has agreed to subsidize a portion of the cost of XM
radios, and to make incentive payments to GM when the owners of
GM vehicles with installed XM radios become subscribers to
XM’s service. XM must also share with GM a percentage of
the subscription revenue attributable to GM vehicles with
installed XM radios. As part of the agreement, GM provides
certain call-center related services directly to XM subscribers
who are also GM customers for which we must reimburse GM.
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