Sirius XM Holdings Inc. Announces Retirement of Executive Vice President, General Counsel, and Secretary

Sirius XM Holdings Inc. (NASDAQ: SIRI) recently disclosed in an 8-K filing with the Securities and Exchange Commission that Patrick L. Donnelly, the company’s Executive Vice President, General Counsel, and Secretary, is set to retire in early 2025. The existing Employment Agreement between Mr. Donnelly and Sirius XM Radio LLC will not be renewed after its scheduled end on January 2, 2025.

To ensure a smooth transition, Mr. Donnelly will continue as a full-time employee of Sirius XM Radio LLC until April 4, 2025, subsequently transitioning to part-time employment until December 31, 2025. During the full-time period, he will retain his current position until a successor is appointed, following which he will serve as an advisor to the General Counsel.

Throughout the transition, Mr. Donnelly will maintain his existing annual base salary, benefits, and be eligible for a pro-rated 2025 annual bonus. In case of termination of his employment without cause during the stated terms, subject to specific conditions, he will be entitled to receive severance payments, bonuses, and benefits as outlined in the Employment Agreement.

Further details are available in the transition letter attached as Exhibit 10.1 to the Form 8-K filing. The company did not provide any additional material information beyond this transition agreement.

The Form 8-K also includes the designation of common stock, par value $0.001 per share, trading under the symbol “SIRI” on The Nasdaq Stock Market LLC.

Investors and shareholders are advised to review the full disclosure available on the Securities and Exchange Commission’s website for a comprehensive understanding of the agreement and its implications.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sirius XM’s 8K filing here.

Sirius XM Company Profile

Sirius XM Holdings Inc operates as an audio entertainment company in North America. It operates in two segments, Sirius XM, and Pandora and Off-platform. The company’s Sirius XM segment provides music, sports, entertainment, comedy, talk, news, traffic and weather channels, and other content, as well as podcast and infotainment services on subscription fee basis; and live, curated, and exclusive and on demand programming services through satellite radio systems and streamed through applications for mobile and home devices, and other consumer electronic equipment.