XM’s Top Guns Increase Stock Holdings

Nearly all of XM’s top executives took their bonuses for 2002 in stock.
According to a proxy statement filed with the SEC, President/CEO Hugh Panero earned a base salary of $400,000 last year, plus a $300,000 bonus. For 2003, his salary goes up to $412,000. E
VP/Programming Steven Gavenas earned $256,520 in salary and $102,608 in a stock bonus.
EVP Engineering and Technology Stelios Patsiokas earned a base of $264,708 and received a stock bonus of $116,160, while EVP/Sales and Marketing Stephen Cook salaried at $288,200 and received a stock bonus worth $115,280.
XM chairman Gary Parsons took no salary from the company in 2002, but earned an all- stock bonus worth $500,000.
The bulk of XM’s stockholders owning more than 5% of shares includes GM, at nearly 20%, American Honda at just over 17%, Hughes Electronics at 15.5% and Clear Channel at more than 7%.