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.
Labels: issued shares, options, sirius
2/06/2007 08:41:00 AM
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Monday, February 05, 2007
Sirius Executives Receive Shares
February 5, 2007
Sirius filed documentation with the SEC today detailing shares and options granted to executives. The details are as follows:
Elizabeth Calderone - SVP - Corp. Controller8,109 shares of restricted stock issuable February 20, 2008
64,000 option shares with an
exercise price of $3.70, which vest in 16,000 share lots on Feb 1, 2008, 2009, 2010, and 2011
Patrick Donnelly - EVP General Council & Secretary256,000 option shares with an
exercise price of $3.70, which vest in 64,000 share lots on Feb 1, 2008, 2009, 2010, and 2011
David Frear - EVP & CFO70,946 shares of restricted stock issuable February 20, 2008
307,000 option shares with an
exercise price of $3.70, which vest in 76,750 share lots on Feb 1, 2008, 2009, 2010, and 2011
Scott Greenstein - President, Entertainment & Sports108,109 shares of restricted stock issuable February 20, 2008
435,000 option shares with an
exercise price of $3.70, which vest in 108,750 share lots on Feb 1, 2008, 2009, 2010, and 2011
James Meyer - President sales & Operations125,000 shares of restricted stock issuable February 20, 2008
512,000 option shares with an
exercise price of $3.70, which vest in 128,000 share lots Feb 1, 2008, 2009, 2010, and 2011
Labels: calderone, donnelly, executive compensation, frear, greenstein, meyer, options, sirius
2/05/2007 09:40:00 PM
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Jobs: Options Grants Cleared By Apple But Not The US Fed
January 12, 2007
U.S. Scrutinizes Grant to Jobs
Focus in Apple Case Is Cast on the Roles Of 3 Ex-Officials
By STEVE STECKLOW and NICK WINGFIELD January 12, 2007; Wall Street Journal
Federal authorities are actively investigating a backdated stock-option grant awarded to Steve Jobs, Apple Inc.'s chief executive, that carried a false October 2001 date, people familiar with the matter say.
Apple recently disclosed that records were "improperly" created to claim that the grant was approved at a special board meeting that month. But no board meeting took place then.
Investigators are now focusing on the grant to Mr. Jobs for 7.5 million options that were finalized in December 2001, when Apple's share price was higher. The false dating increased the value of the grant to Mr. Jobs, and resulted in a retroactive $20 million charge to Apple's earnings when it was discovered by a special internal investigation.
People familiar with the matter say the false documentation was created by an Apple attorney named Wendy Howell, whom the company quietly dismissed last month. Ms. Howell contends that Apple's general counsel at the time, Nancy Heinen, instructed her to create the false documentation, these people say. Thomas Carlucci, Ms. Howell's attorney, said that while at Apple "Ms. Howell acted as instructed by Apple management and with the company's best interest being paramount."...read more:
hereLabels: apple, jobs, options
1/12/2007 08:02:00 AM
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