XM Radio 2010 Annual Report Download - page 121

Average
Exercise
Price
Expiration
Date 2010 2009
December 31,
Number of
Warrants
Outstanding
(Warrants in thousands)
NFL............................ $ 2.50 March 2015 16,718 16,718
DaimlerChrysler AG ................ 1.04 May 2012 16,500 16,500
RadioShack ....................... — December 2010 — 4,000
Ford ............................ 3.00 October 2012 4,000 4,000
Lehman Warrants .................. 15.00 March 2011 - April 2011 1,575 2,100
Warrants associated with XM Holdings
Debt .......................... — March 2010 — 325
Space Systems/Loral ................ 7.05 December 2011 1,840 1,840
Other distributors and programming
providers ....................... 3.00 June 2014 1,788 1,788
Total ............................ $ 2.66 42,421 47,271
Rights Plan
In April 2009, our board of directors adopted a rights plan. The terms of the rights and the rights plan are set
forth in a Rights Agreement dated as of April 29, 2009 (the “Rights Plan”). The Rights Plan is intended to act as a
deterrent to any person or group acquiring 4.9% or more of our outstanding common stock (assuming for purposes
of this calculation that all of our outstanding convertible preferred stock is converted into common stock) without
the approval of our board of directors. The Rights Plan will continue in effect until August 1, 2011, unless it is
terminated or redeemed earlier by our board of directors.
(13) Benefits Plans
We recognized share-based payment expense of $54,585, $65,607 and $79,668 for the years ended Decem-
ber 31, 2010, 2009 and 2008, respectively. We did not realize any income tax benefits from share-based benefits
plans during the year ended December 31, 2010, 2009 and 2008 as a result of the full valuation allowance that is
maintained for substantially all net deferred tax assets.
2009 Long-Term Stock Incentive Plan
In May 2009, our stockholders approved the Sirius XM Radio Inc. 2009 Long-Term Stock Incentive Plan (the
“2009 Plan”). Employees, consultants and members of our board of directors are eligible to receive awards under
the 2009 Plan. The 2009 Plan provides for the grant of stock options, restricted stock, restricted stock units and other
stock-based awards that the compensation committee of our board of directors may deem appropriate. Vesting and
other terms of stock-based awards are set forth in the agreements with the individuals receiving the awards. Stock-
based awards granted under the 2009 Plan are generally subject to a vesting requirement. Stock-based awards
generally expire ten years from the date of grant. Each restricted stock unit entitles the holder to receive one share of
common stock upon vesting. As of December 31, 2010, approximately 268,255,000 shares of common stock were
available for future grants under the 2009 Plan.
Other Plans
We maintain four other share-based benefit plans — the XM 2007 Stock Incentive Plan, the Amended and
Restated Sirius Satellite Radio 2003 Long-Term Stock Incentive Plan, the XM 1998 Shares Award Plan and the XM
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SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)