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Karmazin To Stay At Sirius XM Through 2012

7/01/2009 03:58:06 PM Eastern

New York - Sirius XM has extended CEO Mel Karmazin's contract through the end of 2012 and gave him a pay raise.

In a filing
with Securities Exchange Commission Wednesday, Sirius XM said it upped
Karmazin's base salary to $1.5 million per year, from $1.2 million. It also
provided the executive an option to purchase 120,000,000 shares of common stock
at 43 cents per share.

Karmazin joined Sirius as CEO in December 2004, succeeding Joe
Clayton who now sits on the board of EchoStar.   Prior to Sirius, Karmazin was the long-time
president/CEO of Viacom.  Karmazin became
CEO of Sirius XM when Sirius merged with XM Satellite Radio last year.