Sirius XM Radio (NASDAQ: SIRI) announced this morning that CEO Mel Karmazin has adopted a trading plan for his shares in Sirius XM under the insider selling plan or the 10b5-1 plans. Don’t hit the panic button yet despite the huge size. Despite the plan starting this April, Karmazin will still own over 68 million shares and options of SiriusXM.
Under the planned share sale, Karmazin is expected to exercise 60 million options to purchase Sirius XM shares and the underlying shares will be sold to cover the price to exercise the options and the remaining shares will be sold with the proceeds delivered to Mr. Karmazin. The company noted. “The transactions that will take place under the plan are part of Mr. Karmazin’s strategy for financial planning in connection with his philanthropic efforts.”
The sale plan is not having any dire impact against Sirius XM, Shares are fluctuating between positive and negative and currently we see the stock up one-cent at $2.15 right after the open. The 52-week trading range is $1.27 to $2.44.
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