SiriusXM, Greenstein Extend Deal

Scott Greenstein

On Monday, SiriuxXM entered into a new employment agreement with Scott Greenstein, president and chief content officer at the company. According to THR, the deal extends his service to the company until at least 2016.

As part of the agreement, Greenstein will continue to earn $1.25 million in base salary.

He'll also be given the opportunity to earn up to $1.88 million in additional bonus money.

Greenstein is also being given $6.5 million in stock options as well as $1 million in restricted stock.

What's different about the latest employment contract, according to a security filing by Sirius XM, is that Greenstein's employment contract "no longer provides for a so-called golden parachute excise tax gross up."

About 30 years ago, Congress put a 20 percent tax on certain golden parachute benefits. To make things more favorable to corporate executives, many companies attempted to insulate their leaders from potentially having to lose any money in taxes. The benefit has recently been subject to scrutiny from shareholders and others.

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