SiriusXM CEO Adopts 10b5-1 Trading Plan to Support Charitable Giving
NEW YORK, Feb. 17, 2012 /PRNewswire via COMTEX/ -- Sirius XM Radio (SIRI) today
announced that its Chief Executive Officer, Mel Karmazin, has adopted a trading
plan for SiriusXM securities in accordance with Rule 10b5-1 of the Securities and
Exchange Act of 1934. The transactions that will take place under the plan are
part of Mr. Karmazin's strategy for financial planning in connection with his
philanthropic efforts.
Under the 10b5-1 plan, beginning in April 2012, Mr. Karmazin is expected to
exercise 60 million options to purchase SiriusXM shares. Shares underlying the
options will be sold to cover the price to exercise the options and the remaining
shares will be sold with the proceeds delivered to Mr. Karmazin.
Following this planned sale of shares, Mr. Karmazin will still own over 68
million shares and options of SiriusXM.
Rule 10b5-1 allows corporate executives to adopt prearranged trading plans when
they are not in possession of material, non-public information. Under these
plans, company securities may be bought and sold under specified conditions over
an extended period of time. The 10b5-1 rule allows individuals to gradually alter
or diversify their portfolios while avoiding concerns that the transactions are
occurring as a result of insider information.
About Sirius XM Radio
Sirius XM Radio is America's satellite radio company. SiriusXM broadcasts more
than 135 satellite radio channels of commercial-free music, and premier sports,
news, talk, entertainment, traffic, weather, and data services to over 21 million
subscribers. SiriusXM offers an array of content from many of the biggest names
in entertainment, as well as from professional sports leagues, major colleges,
and national news and talk providers.
SiriusXM programming is available on more than 800 devices, including
pre-installed and after-market radios in cars, trucks, boats and aircraft,
smartphones and mobile devices, and consumer electronics products for homes and
offices. SiriusXM programming is also available at siriusxm.com, and on Apple,
BlackBerry and Android-powered mobile devices.
SiriusXM has arrangements with every major automaker and its radio products are
available for sale at shop.siriusxm.com as well as retail locations nationwide.
This communication contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements include,
but are not limited to, statements about future financial and operating results,
our plans, objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified by words such
as "will likely result," "are expected to," "will continue," "is anticipated,"
"estimated," "believe," "intend," "plan," "projection," "outlook" or words of
similar meaning. Such forward-looking statements are based upon the current
beliefs and expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and contingencies,
many of which are difficult to predict and generally beyond our control. Actual
results may differ materially from the results anticipated in these
forward-looking statements.
The following factors, among others, could cause actual results to differ
materially from the anticipated results or other expectations expressed in the
forward-looking statements: our competitive position versus other forms of audio
entertainment; our dependence upon automakers; general economic conditions;
failure of our satellites, which, in most cases, are not insured; our ability to
attract and retain subscribers at a profitable level; royalties we pay for music
rights; the unfavorable outcome of pending or future litigation; failure of third
parties to perform; and our substantial indebtedness. Additional factors that
could cause our results to differ materially from those described in the
forward-looking statements can be found in our Annual Report on Form 10-K for the
year ended December 31, 2011, which is filed with the Securities and Exchange
Commission (the "SEC") and available at the SEC's Internet site
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