Tuesday, February 06, 2007

Executive Options - Sirius

February 6, 2007

There seems to be a whirlwind of speculation regarding the options and restricted shares issued to Sirius executives yesterday. For whatever reason, there are those that feel that this activity relates somehow to an "immanent" merger.

These executives all have employment contracts, and part of those contracts pertain to the grant of restricted shares as well as options. The performance of the company ties to these shares, and so long as predetermined goals are reached, this part of the employment contract is honored.

In my opinion and simply stated, these shares have nothing whatsoever to do with a merger. The respective employment contracts spell out this form of compensation, and the levels of shares were determined long ago.

One thing investors can garner from yesterdays filings is that the audited financials are likely now in hand. Those financials would be the basis for determination of whether or not the executives qualified for the shares.

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2/06/2007 08:41:00 AM

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