Send us Feedback

Sirius XM Radio (SIRI)
Analysis
SUMMARY
BULLS
BEARS
TOPICS
Data
DATA CENTRAL
STOCK CHART
Financials
SEC FILINGS
BALANCE
INCOME
CASH FLOW

SIRI » Topics » Off-Balance Sheet Arrangements

This excerpt taken from the SIRI 10-Q filed May 11, 2009.

Off-Balance Sheet Arrangements

We are required under the terms of certain agreements to provide letters of credit and deposit monies in escrow, which place restrictions on cash and cash equivalents. As of March 31, 2009 and December 31, 2008, $3,250 and $141,250, respectively, was classified as restricted investments as a result of obligations under these letters of credit and escrow deposits. In February 2009, we released to programming providers an aggregate of $138,000 held in escrow in satisfaction of future obligations under our agreements with them.

We do not have any significant off-balance sheet arrangements other than those disclosed is Item 1. Note 15, Commitments and Contingencies that are reasonably likely to have a material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

These excerpts taken from the SIRI 10-K filed Mar 10, 2009.

Off-Balance Sheet Arrangements

We are required under the terms of certain agreements to provide letters of credit and deposit monies in escrow, which place restrictions on cash and cash equivalents. As of December 31, 2008 and 2007, $141,250 and $53,000, respectively, was classified as restricted investments as a result of obligations under these letters of credit and escrow deposits. In 2009, we released to Major League Baseball and NASCAR an aggregate of $140,000 held in escrow in satisfaction of future obligations under our agreements with them.

We have not entered into any other material off-balance sheet arrangements or transactions.

Off-Balance Sheet
Arrangements

We are required under the terms of certain agreements to provide letters of credit and deposit monies in
escrow, which place restrictions on cash and cash equivalents. As of December 31, 2008 and 2007, $141,250 and $53,000, respectively, was classified as restricted investments as a result of obligations under these letters of credit and escrow
deposits. In 2009, we released to Major League Baseball and NASCAR an aggregate of $140,000 held in escrow in satisfaction of future obligations under our agreements with them.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">We have not entered into any other material off-balance sheet arrangements or transactions.

STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%">2003 Long-Term Stock Incentive Plan

SIZE="2">SIRIUS maintains the Sirius Satellite Radio 2003 Long-Term Stock Incentive Plan (the “2003 Plan”). Employees, consultants and members of our board of directors are eligible to receive awards under the 2003 Plan. The 2003 Plan
provides for the grant of stock options, restricted stock, restricted stock units and other stock-based awards that the compensation committee of our board of directors may deem appropriate. Vesting and other terms of stock-based awards are set
forth in the agreements with the individuals receiving the awards. Stock-based awards granted under the 2003 Plan are generally subject to a vesting requirement. Stock option awards are granted with an exercise price equal to the market price of our
common stock at the date of grant and expire no later than ten years from the date of grant. Each restricted stock unit entitles the holder to receive one share of our common stock upon vesting.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">As of December 31, 2008, approximately 96,557,000 shares of our common stock were available for grant under the 2003 Plan. During the year ended
December 31, 2008, employees exercised 117,442 stock options at exercise prices ranging from $1.45 to $3.36 per share, resulting in proceeds to us of $208.

FACE="Times New Roman" SIZE="2">2007 Stock Incentive Plan

XM Holdings maintains a 2007 Stock Incentive Plan (the “2007
Plan”) under which officers, other employees and other key individuals of XM may be granted various types of equity awards, including restricted stock, stock units, stock options, stock appreciation rights, dividend equivalent rights and other
stock awards. Stock option awards under the 2007 Plan generally vest ratably over three years based on continuous service; while restricted stock generally vests ratably over one or three years based on continuous service. Stock option awards are
granted with an exercise price equal to the market price of our common stock at the date of grant and expire no later than ten years from the date of grant. Grants of equity awards other than stock options or stock appreciation rights reduce the
number of shares available for future grant by 1.5 times the number of shares granted under such equity awards. In connection with the Merger, the shares available for future grant under the 2007 Plan were adjusted using a conversion factor of 4.6
SIRIUS shares for 1 XM Holdings share. Since the Merger, there

 


51






Table of Contents



have been no grants of awards from the 2007 Plan. As of December 31, 2008, there were 62,102,063 shares available for future grant under the 2007 Plan.

EXCERPTS ON THIS PAGE:

10-Q
May 11, 2009
10-K (2 sections)
Mar 10, 2009

RELATED TOPICS for SIRI:

"Off-Balance Sheet Arrangements" elsewhere:

Comcast (CMCSA)
The DirecTV Group (DTV)
Entercom Communications (ETM)
Global Crossing (GLBC)
HEARST TELEVISION INC. (HTV)
Hutchison Telecommunications International (HTX)
Leap Wireless International (LEAP)
Melco Crown Entertainment LTD (MPEL)
Magyar Telekom Plc. (MTA)
NET Servicos de Comunicacao S.A. (NETC)
Netflix (NFLX)
TELECOM CORP OF NEW ZEALAND LTD (NZT)
Philippine Long Distance Telephone Company (PHI)
Regal Entertainment Group (RGC)
Salem Communications (SALM)
Spanish Broadcasting System (SBSA)
United States Cellular (USM)
Virgin Media (VMED)
Carnival Plc ADS (CUK)
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki