Pandora CEO Would Get $12.7 Million if He’s Fired After SiriusXM Deal Is Done
Pandora CEO Roger Lynch would qualify for $12.7 million in “golden parachute” payments if he’s terminated within 18 months after the SiriusXM/Pandora transaction is completed (see 1809240030), said a SiriusXM proxy statement and prospectus filed Dec. 20 at the SEC.…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
A Pandora shareholder vote on the acquisition is set for Jan. 29 at Pandora’s Oakland headquarters. Shareholders would vote separately on the actual deal proposal and the executive compensation packages, said the proxy. The transaction is expected to close in 2019's first quarter, it said. The FTC cleared SiriusXM/Pandora Friday, ending the transaction’s Hart-Scott-Rodino waiting period, said the companies Monday. The Pandora and SiriusXM boards ratified the deal unanimously, they said. SiriusXM shareholder approval was not required, they said. The Jan. 29 vote brings SiriusXM “one step closer to sealing the deal,” said Macquarie Research Monday. “Next up, a transformation of its digital/mobile presence.” As SiriusXM management “prepares to welcome Pandora, we expect a better articulation of strategy and top/bottom line synergies,” it said.