they are equal installments, meaning he will have the right to purchase 30MM shares at .43 each time they vest on those dates. BIG PAY DAY IMO , definitely golden parachute, but im not hating, if he can get the price up, great, i dont care if he makes a billion , i care about my own investment....
p.s. if theres a R/S , the options will reflect that as well. EXample , he wont get 120MM shares if theres a 1 for 50 exchange. he'll have 2.4MM shares at a strike price of $21.50...i think the math is right, long day, anyways GN and GL...
Just received an email alert on this and thought that I would share.
SEC Filing Form 8-K
Item 1.01 Entry into a Material Definitive Agreement
On June 30, 2009, XM Satellite Radio Inc. (“XM”), a wholly-owned subsidiary of XM Satellite Radio Holdings Inc. (“Holdings”), issued $525.75 million aggregate principal amount of 11.25% Senior Secured Notes due 2013 (the “Notes”). XM used the net proceeds from the sale of the Notes to terminate and repay in full the Amended and Restated Credit Agreement, dated as of March 6, 2009, among XM, Holdings, certain subsidiary guarantors, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “First-Lien Credit Agreement”). XM paid a repayment premium of $6.5 million on the $325 million aggregate principal amount of loans outstanding under the First-Lien Credit Agreement. The remainder of the net proceeds from the sale of the Notes will be used to refinance or repay other debt of XM and Holdings and for general corporate purposes.
Here is a Link: http://investor.sirius.com/secfiling...50123-09-19209