Exhibit 10.1


 


EMPLOYMENT AGREEMENT


 


This EMPLOYMENT AGREEMENT (this “Agreement”),
dated as of April 29, 2013 (the “Effective Date”), is between SIRIUS XM RADIO INC., a Delaware corporation (the
“Company”), and JAMES E. MEYER (the “Executive”).


 


WHEREAS, the Company and the Executive previously
entered into an employment agreement dated as of October 14, 2009, as amended on February 14, 2011, March 5, 2012 and December
18, 2012 (collectively, the “Prior Agreement”); and


 


WHEREAS, the Company and the Executive jointly
desire to enter into this Agreement, which is intended to replace and supersede the Prior Agreement in its entirety, to reflect
the terms and conditions of the Executive’s continued employment with the Company.


 


In consideration of the mutual covenants and
conditions set forth herein, the Company and the Executive agree as follows:


 


1. Employment. Subject to
the terms and conditions of this Agreement, the Company hereby employs the Executive, and the Executive hereby agrees to continue
his employment with the Company.


 


2. Duties and Reporting Relationship.
(a) The Executive shall be employed as the Chief Executive Officer of the Company, and shall have the rights, powers,
authorities and duties commensurate with the position of the Chief Executive Officer. The Executive shall also continue as a member
of the Board of Directors of the Company (the “Board”). During the Term (as defined below), the Executive shall,
on a full-time basis and consistent with the needs of the Company to achieve the goals of the Company, use his skills and render
services to the best of his ability, and devote all of his working time and efforts, in supervising the business and affairs of
the Company. In addition, the Executive shall perform such other activities and duties consistent with his position as the Board
shall from time to time reasonably specify and direct. During the Term, the Executive shall not perform any consulting services
for, or engage in any other business enterprises with, any third parties without the express written consent of the Board, other
than (i) passive investments, and (ii) service as a director of Rovi Corporation, or (iii) service on other boards of directors
with the express written consent of the Board.


 


(b) The Executive shall generally
perform his duties and conduct his business at the principal offices of the Company in New York, New York.


 


(c) Unless otherwise required by
law, administrative regulation or the listing standards of the exchange on which the Company’s shares are primarily traded,
the Executive, in his capacity as Chief Executive Officer, shall report solely and exclusively to the full Board.


 


3. Term. The term of this
Agreement shall commence on the Effective Date and end on October 31, 2015, unless terminated earlier pursuant to the provisions
of Section 6 (the “Term”).





    	 



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4. Compensation. (a)   During
the Term, the Executive shall be paid an annual base salary of $1,550,000, subject to any increase from time to time as approved
by the Board or any committee thereof (such amount, as increased, the “Base Salary”). All amounts paid to the
Executive under this Agreement shall be in U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the
Company, may be paid more frequently.


 


(b) On the first business day following
the Effective Date on which the Company and the Executive are not subject to a blackout restriction (the “First Trading
Day”), the Company shall grant to the Executive:


 


(i) 
an option to purchase 10,128,894 shares of the Company’s common stock, par value $.001 per share (the “Common Stock”),
at an exercise price equal to the closing price of the Common Stock on the Nasdaq Global Select Market on the First Trading Day.
Such options shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A.


 


(ii) a
number of restricted stock units equal to $3,250,000 divided by the closing price of the Common Stock on the Nasdaq Global Select
Market on the First Trading Day. Such restricted stock units shall be subject to the terms and conditions set forth in the Restricted
Stock Unit Agreement attached to this Agreement as Exhibit B.


 




(c) All compensation paid to the
Executive hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where
applicable, federal, New York state and New York City income tax withholding, federal unemployment tax and social security (FICA).


 


5. Additional Compensation; Expenses
and Benefits. (a)  During the Term, the Company shall reimburse the Executive for all reasonable and necessary business
expenses incurred and advanced by him in carrying out his duties under this Agreement, provided that such expenses are incurred
in accordance with the policies and procedures established by the Company.


 


(b) During the Term, the Executive
shall be eligible to participate in any other benefit plans, programs, policies and fringe benefits which may be made available
to the executive officers of the Company generally, including, without limitation, disability, medical, dental and life insurance
and benefits under the Company’s 401(k) savings plan.


 


(c) During the Term, the Executive
shall be eligible to participate in any bonus plans generally offered to executive officers of the Company. The Executive’s
target annual bonus opportunity shall be 200% of the Executive’s Base Salary (the “Bonus”). Bonus(es)
will be subject to the Executive’s individual performance and satisfaction of objectives established by the Board or the
compensation committee of the Board (the “Compensation Committee”), and further are subject to the exercise
of negative discretion to reduce Bonus(es) as determined in the sole discretion of the Compensation Committee. Bonus(es) may be
paid in the form of cash, stock options, restricted stock, restricted stock units or other securities of the Company, as determined
by the Compensation Committee in its sole discretion.





    	 



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6. Termination. The date
upon which the Executive’s employment with the Company under this Agreement is deemed to be terminated in accordance with
any of the provisions of this Section 6 (or upon the originally scheduled expiration of the Term on October 31, 2015) is referred
to herein as the “Termination Date.” With respect to any payment or benefits that would be considered deferred
compensation subject to Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the
“Code”), and payable upon or following a termination of employment, a termination of employment shall not be
deemed to have occurred unless such termination also constitutes a “separation from service” within the meaning of
Section 409A and the regulations thereunder (a “Separation from Service”), and notwithstanding anything contained
herein to the contrary, the date on which a Separation from Service takes place shall be the Termination Date.


 


(a) The Company has the right and
may elect to terminate this Agreement with or without Cause at any time. For purposes of this Agreement, “Cause”
means the occurrence or existence of any of the following:


 


(i) (A)  a
material breach by the Executive of the terms of this Agreement, (B) a material breach by the Executive of the Executive’s
duty not to engage in any transaction that represents, directly or indirectly, self-dealing with the Company or any of its affiliates
(which, for purposes hereof, shall mean any individual, corporation, partnership, association, limited liability company, trust,
estate, or other entity or organization directly or indirectly controlling, controlled by, or under direct or indirect common control
with the Company) which has not been approved by a majority of the disinterested directors of the Board, or (C) the Executive’s
violation of the Company’s Code of Ethics or any other Company policy which is materially injurious to the Company or any
of its affiliates, if any such material breach or violation described in clauses (A), (B) or (C), to the extent curable, remains
uncured after fifteen (15) days have elapsed following the date on which the Company gives the Executive written notice of such
material breach or violation;


 


(ii) the
Executive’s willful act of dishonesty, misappropriation, embezzlement, intentional fraud, or similar intentional misconduct
by the Executive involving the Company or any of its affiliates;


 


(iii) the
Executive’s conviction or the plea of nolo contendere or the equivalent in respect of a felony;


 


(iv) any
damage of a material nature to any property of the Company or any of its affiliates caused by the Executive’s willful misconduct
or gross negligence;


 


(v) the
repeated nonprescription use of any controlled substance or the repeated use of alcohol or any other non-controlled substance that,
in the reasonable good faith opinion of the Board, renders the Executive unfit to serve as an officer of the Company;



    	 



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(vi) the
Executive’s failure to comply with the Board’s reasonable written instructions consistent with his position on a material
matter within five (5) days; or


 




(vii) conduct
by the Executive that, in the reasonable good faith written determination of the Board, manifests the Executive’s lack of
fitness to serve as an officer of the Company, including a finding by the Board or any judicial or regulatory authority that the
Executive committed acts of unlawful harassment or violated any other state, federal or local law or ordinance prohibiting discrimination
in employment.


 


(b) Termination of the Executive
for Cause pursuant to Section 6(a) shall be communicated by a Notice of Termination for Cause. For purposes of this Agreement,
a “Notice of Termination for Cause” shall mean delivery to the Executive of a copy of a resolution or resolutions
duly adopted by the affirmative vote of not less than two-thirds of the directors (other than the Executive, if the Executive is
then serving on the Board) present (in person or by teleconference) and voting at a meeting of the Board called and held for that
purpose after fifteen (15) days’ notice to the Executive (which notice the Company shall use reasonable efforts to confirm
that the Executive has actually received and which notice for purposes of Section 6(a) may be delivered, in addition to the requirements
set forth in Section 18, through the use of electronic mail) and a reasonable opportunity for the Executive, together with the
Executive’s counsel, to be heard before the Board at such meeting prior to such vote, finding that in the good faith opinion
of the Board, the Executive was guilty of conduct set forth in any of clauses (i) through (vii) of Section 6(a) and specifying
the particulars thereof in reasonable detail. For purposes of Section 6(a), this Agreement shall terminate on the date specified
by the Board in the Notice of Termination for Cause and one day following the receipt by the Executive of a notice of a termination
without Cause.


 


(c) (i)  This Agreement
and the Executive’s employment shall terminate upon the death of the Executive.


 


(ii) If
the Executive is unable to perform the essential duties and functions of his position because of a disability, even with a reasonable
accommodation, for one hundred eighty (180) days within any three hundred sixty-five (365)-day period (“Disability”),
the Company shall have the right and may elect to terminate the services of the Executive by a Notice of Disability Termination.
For purposes of this Agreement, a “Notice of Disability Termination” shall mean a written notice that sets forth
in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment
under this Section 6(c)(ii). For purposes of this Agreement, no such purported termination shall be effective without such Notice
of Disability Termination. This Agreement and the Executive’s employment shall terminate on the day such Notice of Disability
Termination is received by the Executive.


 


(d) The Executive may elect to resign
from his employment with the Company at any time during the Term with or without Good Reason. Should the Executive wish to resign
from his employment with the Company during the Term for other than Good Reason, the Executive shall give at least fourteen (14)
days’ prior written notice to the Company of such a resignation for other than Good Reason pursuant to this Section 6(d).
The Executive’s



    	 



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employment
and the Term shall terminate on the effective date of such resignation; provided that the Company may, at its sole discretion,
instruct the Executive to perform no job responsibilities and cease his active employment immediately upon receipt of the notice
from the Executive.


 


(e) Should the Executive wish to
resign from his employment with the Company during the Term for Good Reason following the Company’s failure to cure an applicable
event as contemplated below, the Executive shall give at least seven (7) days’ prior written notice to the Company. The Executive’s
employment and the Term shall terminate on the date specified in such notice given in accordance with the relevant provision; provided
that the Company may, at its sole discretion, instruct the Executive to cease active employment and perform no more job duties
immediately upon receipt of such notice from the Executive. 


 


For purposes of this Agreement, “Good
Reason” shall mean the continuance of any of the following events (without the Executive’s prior written consent)
for a period of thirty (30) days after delivery to the Company by the Executive of a written notice within ninety (90) days of
the Executive becoming aware of the initial occurrence of such event, during which thirty (30)-day period of continuation the Company
shall be afforded an opportunity to cure such event:


 


(i) the Executive ceasing to
report solely and exclusively to the full Board (unless otherwise required by Section 2(c) hereof); or


 


(ii)  any requirement that
the Executive report for work to a location more than 25 miles from the Company’s current headquarters for more than thirty
(30) days in any calendar year, excluding any requirement that results from the damage or destruction of the Company’s current
headquarters as a result of natural disasters, terrorism, acts of war or acts of God or travel in the ordinary course of business;
or


 



 (iii)  any reduction in the Base Salary; or


 


(iv)  any material breach by
the Company of this Agreement (including the provisions of Section 2 hereof).


 


(f) If the employment of the Executive
is terminated by the Company for Cause, by the Executive other than for Good Reason or due to death or Disability, the Executive
(or his estate in the case of death) shall be entitled to (A) any earned but unpaid Base Salary and any business expenses incurred
but not reimbursed, in each case, prior to the Termination Date and (B) any other vested benefits under any other benefit or incentive
plans or programs in accordance with the terms of such plans and programs (collectively the compensation and benefits in clauses
(A) and (B), the “Accrued Payments and Benefits”). In the case of the Executive’s termination of employment
due to death or Disability, by the Company without Cause, by the Executive for Good Reason or upon the expiration of this Agreement,
the Executive shall be entitled to (C) any earned but unpaid Bonus with respect to the year prior to the year of termination; (D)
a prorated Bonus for the year in which his employment is terminated, determined pursuant to the terms of the applicable Bonus plan
(other than any requirement of continued employment) and in accordance with the terms of Section 5(c) hereof, based on actual performance
for such year, and payable at such time as the bonuses for such year



    	 



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are
paid to other senior executives of the Company; and (E) the amount due to the Executive (or his estate in the case of death) pursuant
to Section 11(b) hereof (collectively the compensation in clauses (C), (D), and (E), the “Supplemental Payments”).
If the employment of the Executive is terminated without Cause, or if the Executive terminates his employment for Good Reason,
then the Executive shall be entitled to receive, in addition to the Accrued Payments and Benefits and the Supplemental Payments,
and the Company shall pay to the Executive:


 


 (i) without setoff, counterclaim
or other withholding, except as set forth in Section 4(c), a lump sum cash amount equal to the sum of (x) his annual Base Salary
at the rate in effect on the Termination Date plus (y) the greater of (A) a bonus equal to 60% of Base Salary, or (B) the
prior year’s Bonus actually paid to the Executive by the Company;


 


 (ii) the costs of continuation
of medical and dental insurance coverage for the Executive and his dependents under the Company’s health insurance plans
in effect on the Termination Date for eighteen (18) months following the Termination Date. The Executive shall have the option
to continue such benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) at
his own expense to the extent permitted by law for an additional eighteen (18) months; and


 


 (iii) a monthly amount
equal to the actual monthly costs to the Executive to obtain life insurance benefits substantially similar to those benefits provided
to the Executive for a period of one (1) year following such Termination Date; provided that (1) the amount of such monthly
payments shall not exceed twice the amount that the Company would have paid to provide such life insurance benefit to the Executive
if he were an active employee on the Termination Date, and (2) such payments shall cease if the Executive obtains a life insurance
benefit from another employer during the remainder of such one-year period.


 


The Company’s obligations under Section
6(f) shall be conditioned upon the Executive executing, delivering, and not revoking during the applicable revocation period a
waiver and release of claims, substantially in the form attached hereto as Exhibit C (the “Release”) within
sixty (60) days following the Termination Date. The lump sum amount contemplated under this Section 6(f) shall be paid on the sixtieth
(60th) day following the Termination Date. For the avoidance of doubt, no amounts shall be payable pursuant to this
Section 6(f) as a result of any termination of the Executive’s employment upon or following the expiration of the Term.


 


(g) If the employment of the Executive
is terminated upon or after the expiration of the Term, the Executive shall be entitled to (i) the Accrued Payment and Benefits
and (ii) the Supplemental Payments (to the extent not previously paid pursuant to Section 6(f) hereof).


 


(h) Notwithstanding any provisions
of this Agreement to the contrary, if the Executive is a “specified employee” (within the meaning of Section 409A and
determined pursuant to policies adopted by the Company) at the time of his Separation from Service and if any portion of the payments
or benefits to be received by the Executive upon Separation from Service would be considered deferred compensation under Section
409A (“Nonqualified





    	 



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Deferred
Compensation”), amounts that would otherwise be payable pursuant to this Agreement during the six (6) month period immediately
following the Executive’s Separation from Service that constitute Nonqualified Deferred Compensation and benefits that would
otherwise be provided pursuant to this Agreement during the six (6) month period immediately following the Executive’s Separation
from Service that constitute Nonqualified Deferred Compensation will instead be paid or made available on the earlier of (x) the
first business day of the seventh (7th) month following the date of the Executive’s Separation from Service and
(y) the Executive’s death.


 


(i) Following the termination of
the Executive’s employment for any reason, if and to the extent requested by the Board, the Executive agrees to resign from
the Board, all fiduciary positions (including as trustee) and all other offices and positions the Executive holds with the Company
or any of its affiliates; provided that if the Executive refuses to tender the Executive’s resignation after the Board
has made such request, then the Board will be empowered to tender the Executive’s resignation from such offices and positions.


 


7. Nondisclosure of Confidential
Information. (a)  The Executive acknowledges that in the course of his employment he will occupy a position of trust
and confidence. The Executive shall not, except in connection with the performance of his functions or as required by applicable
law, disclose to others or use, directly or indirectly, any Confidential Information.


 


(b) “Confidential Information”
shall mean information about the Company’s business and operations that is not disclosed by the Company for financial reporting
purposes and that was learned by the Executive in the course of his employment by the Company, including, without limitation, any
business plans, product plans, strategy, budget information, proprietary knowledge, patents, trade secrets, data, formulae, sketches,
notebooks, blueprints, information and client and customer lists and all papers and records (including computer records) of the
documents containing such Confidential Information, other than information that is publicly disclosed by the Company in writing.
The Executive acknowledges that such Confidential Information is specialized, unique in nature and of great value to the Company,
and that such information gives the Company a competitive advantage. The Executive agrees to deliver or return to the Company,
at the Company’s request at any time or upon termination or expiration of his employment or as soon as possible thereafter,
all documents, computer tapes and disks, records, lists, data, drawings, prints, notes and written information (and all copies
thereof) furnished by or on behalf of the Company or prepared by the Executive in the course of his employment by the Company;
provided that the Executive will be able to keep his cell phones, blackberries, personal computers, personal rolodex and
the like so long as any Confidential Information is removed from such items.


 


(c) The provisions of this Section
7 shall survive indefinitely.


 


8. Covenant Not to Compete.
During the Executive’s employment with the Company and during the Restricted Period (as defined below), the Executive shall
not, directly or indirectly, enter into the employment of, render services to, or acquire any interest whatsoever in (whether for
his own account as an individual proprietor, or as a partner, associate, stockholder, officer, director, consultant, trustee or
otherwise), or otherwise assist, any person or





    	 



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entity
engaged (a) in any operations involving the transmission of radio entertainment programming in competition with the Company or
(b) in the business of manufacturing, marketing, selling or distributing vehicles; provided that nothing in this Agreement
shall prevent the purchase or ownership by the Executive by way of investment of less than five (5) percent of the shares or equity
interest of any corporation or other entity. Without limiting the generality of the foregoing, the Executive agrees that during
the Restricted Period, the Executive shall not call on or otherwise solicit business or assist others to solicit business from
any of the customers of the Company as to any product or service described in clause (a) above that competes with any product
or service provided or marketed by the Company at the end of the Term. The Executive agrees that during the Restricted Period
he will not, directly or indirectly, solicit or assist others to solicit the employment of or hire any employee of the Company
without the prior written consent of the Company. For purposes of this Agreement, the “Restricted Period” shall
mean three years following the end of the Term. For purposes of this Agreement, the term “radio” shall mean terrestrial
radio, satellite radio, HD radio, internet radio and other audio delivered terrestrially, by satellite, HD or the internet. The
provisions of this Section 8 shall survive the termination of the Executive’s employment and the Term.


 


9. Change of Control Provisions.
(a) Notwithstanding any other provisions in this Agreement, in the event that any payment or benefit received or to be received
by the Executive (including any payment or benefit received in connection with a change of control of the Company or the termination
of the Executive’s employment, whether pursuant to the terms of this Agreement or any other plan, program, arrangement or
agreement) (all such payments and benefits, together, the “Total Payments”) would be subject (in whole or part),
to any excise tax imposed under Section 4999 of the Code, or any successor provision thereto (the “Excise Tax”),
then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other
plan, program, arrangement or agreement, the Company will reduce the Total Payments to the extent necessary so that no portion of the Total Payments is subject
to the Excise Tax (but in no event to less than zero); provided that the Total Payments will only be reduced if (i) the
net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state, municipal and local income
taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions
attributable to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such
reduction (but after subtracting the net amount of federal, state, municipal and local income taxes on such Total Payments and
the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into
account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).


 


(b) In the case of a reduction in the Total Payments,
the Total Payments will be reduced in the following order: (i) payments that are payable in cash that are valued at full value
under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that are payable
last reduced first; (ii) payments and benefits due in respect of any equity valued at full value under Treasury Regulation Section
1.280G-1, Q&A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation Section
1.280G-1, Q&A 24) will next be reduced; (iii) payments that are payable in cash that are valued at less than full value under
Treasury Regulation Section 1.280G-1, Q&A 24, with amounts that are payable last reduced first, will next be reduced; (iv)
payments and benefits due in respect of





    	 



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any
equity valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with the highest values reduced
first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24) will next be reduced; and (v) all
other non-cash benefits not otherwise described in clauses (ii) or (iv) will be next reduced pro-rata. Any reductions made pursuant
to each of clauses (i)-(v) above will be made in the following manner: first, a pro-rata reduction of cash payment and payments
and benefits due in respect of any equity not subject to Section 409A, and second, a pro-rata reduction of cash payments and payments
and benefits due in respect of any equity subject to Section 409A as deferred compensation.


 


 (c) For purposes of determining whether and the extent
to which the Total Payments will be subject to the Excise Tax: (i) no portion of the Total Payments the receipt or enjoyment of
which the Executive shall have waived at such time and in such manner as not to constitute a “payment” within the meaning
of Section 280G(b) of the Code will be taken into account; (ii) no portion of the Total Payments will be taken into account which,
in the opinion of tax counsel (“Tax Counsel”) reasonably acceptable to the Executive and selected by the accounting
firm which was, immediately prior to the change of control, the Company’s independent auditor (the “Auditor”),
does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason
of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments will be taken into
account which, in the opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning
of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as set forth in Section 280G(b)(3) of the Code)
that is allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit
included in the Total Payments will be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4)
of the Code.


 


 (d) At the time that payments are made under this Agreement,
the Company will provide the Executive with a written statement setting forth the manner in which such payments were calculated
and the basis for such calculations, including any opinions or other advice the Company received from Tax Counsel, the Auditor,
or other advisors or consultants (and any such opinions or advice which are in writing will be attached to the statement). If the
Executive objects to the Company’s calculations, the Company will pay to the Executive such portion of the Total Payments
(up to 100% thereof) as the Executive determines is necessary to result in the proper application of this Section 9. All determinations
required by this Section 9 (or requested by either the Executive or the Company in connection with this Section 9) will be at the
expense of the Company. The fact that the Executive’s right to payments or benefits may be reduced by reason of the limitations
contained in this Section 9 will not of itself limit or otherwise affect any other rights of the Executive under this Agreement.


 


(e) If the Executive receives reduced payments and benefits
by reason of this Section 9 and it is established pursuant to a final determination of the court or an Internal Revenue Service
proceeding that the Executive could have received a greater amount without resulting in any Excise Tax, then the Company shall
thereafter pay the Executive the aggregate additional amount which could have been paid without resulting in any Excise Tax tax
as soon as reasonably practicable.



    	 



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10. Remedies. The Executive
and the Company agree that damages for breach of any of the covenants under Sections 7 and 8 will be difficult to determine and
inadequate to remedy the harm which may be caused thereby, and therefore consent that these covenants may be enforced by temporary
or permanent injunction without the necessity of bond. The Executive believes, as of the date of this Agreement, that the provisions
of this Agreement are reasonable and that the Executive is capable of gainful employment without breaching this Agreement. However,
should any court or arbitrator decline to enforce any provision of Section 7 or 8 of this Agreement, this Agreement shall, to the
extent applicable in the circumstances before such court or arbitrator, be deemed to be modified to restrict the Executive’s
competition with the Company to the maximum extent of time, scope and geography which the court or arbitrator shall find enforceable,
and such provisions shall be so enforced.


 


11. Consulting Agreement.
(a) Upon the expiration of this Agreement on October 31, 2015, and so long as the Executive’s employment and the Term have
not been terminated prior to the originally scheduled expiration of the Term on October 31, 2015, the Company shall offer the Executive
a consulting agreement which will expire on October 31, 2018, subject to the terms and conditions set forth in the Consulting Agreement
attached to this Agreement as Exhibit D (the “Consulting Agreement”). The Executive’s duties under the
Consulting Agreement shall not unreasonably interfere with any subsequent employment by the Executive, which employment shall,
in all cases, comply with the restrictions set forth in Sections 7 and 8 hereof.


 


(b) In
the event the Executive’s employment is terminated by the Company without Cause, by the Executive for Good Reason, or as
a result of the Executive’s death or Disability, or in the event that the Company fails to offer the Executive the
Consulting Agreement in accordance with Section 11(a), then, on the sixtieth (60th) day following
the Termination Date, the Company will pay to the Executive (or to the Executive’s estate in the case of death) a lump sum
amount of $6,600,000 as compensation for the lost Consulting Agreement; provided that, except in the event of the
Executive’s death, the Executive or his representative shall be required to execute a release in accordance with Section
6(f) as a condition to the Company’s obligation to make such payment. For the avoidance of doubt, except in the case where
the Company fails to offer the Consulting Agreement to the Executive upon the expiration of this Agreement, no amounts shall be
payable pursuant to this Section 11(b) as a result of any termination of the Executive’s employment upon or following the
expiration of the Term.


 


 (c) In the event the Consulting Agreement is terminated
prior to the expiration of the Consulting Agreement as a result of the Executive’s death or Disability or by the Company
without Cause (as defined in this Agreement to the extent applicable) or by the Executive after a material breach of Consulting
Agreement by the Company, the Company shall continue to pay the Executive (or his estate in the case of death), without set-off,
counterclaim or other withholding, the monthly consulting fee through the originally scheduled expiration date of the Consulting
Agreement.


 


12. Indemnification. The
Company shall indemnify the Executive to the full extent provided in the Company’s Amended and Restated Certificate of Incorporation
and Amended and Restated Bylaws and the law of the State of Delaware in connection with his activities as an officer or director
of the Company; provided that the indemnification required by



    	 



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this
Section 12 shall not be construed to be the exclusive indemnification available to the Executive.


 


13. Entire Agreement. The
provisions contained herein constitute the entire agreement between the parties with respect to the subject matter hereof and supersede
any and all prior agreements, understandings and communications between the parties, oral or written, with respect to such subject
matter, including the Prior Agreement, but excluding any equity award agreements between the Executive and the Company.


 


14. Modification. Any waiver,
alteration, amendment or modification of any provisions of this Agreement shall not be valid unless in writing and signed by both
the Executive and the Company.


 


15. Severability. If any
provision of this Agreement shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability
shall not affect the remaining provisions hereof, which shall remain in full force and effect.


 


16. Assignment. The Executive
may not assign any of his rights or delegate any of his duties hereunder without the prior written consent of the Company. The
Company may not assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the
Executive, except that any successor to the Company by merger or purchase of all or substantially all of the Company’s assets
shall assume this Agreement.


 


17. Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the successors in interest of the Executive and the Company.


 



18. Notices. All notices
and other communications required or permitted hereunder shall be made in writing and shall be deemed effective when delivered
personally or transmitted by facsimile transmission, one (1) business day after deposit with a nationally recognized overnight
courier (with next day delivery specified) and five (5) days after mailing by registered or certified mail:


 


if to the Company:


 


Sirius XM Radio Inc.

1221 Avenue of the Americas

36th Floor

New York, New York 10020

Attention: General Counsel

Telecopier: (212) 584-5353


 


if to the Executive:


 


Address on file at the offices

of the Company


 


or to such other person or address as either party shall furnish
in writing to the other party from time to time.



    	 



    		12



    




19. Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be
performed entirely within the State of New York.


 


20. Non-Mitigation. The Executive
shall not be required to mitigate damages or seek other employment in order to receive compensation or benefits under Section 6
or 11 of this Agreement; nor shall the amount of any benefit or payment (except as expressly provided herein) provided for under
Section 6 or 11 of this Agreement be reduced by any compensation earned by the Executive as the result of employment by another
employer.


 


21. Arbitration. (a)  The
Executive and the Company agree that if a dispute arises concerning or relating to the Executive’s employment with the Company,
or the termination of the Executive’s employment, such dispute shall be submitted to binding arbitration under the rules
of the American Arbitration Association regarding resolution of employment disputes in effect at the time such dispute arises.
The arbitration shall take place in New York, New York, before a single experienced arbitrator licensed to practice law in New
York and selected in accordance with the American Arbitration Association rules and procedures. Except as provided below, the Executive
and the Company agree that this arbitration procedure will be the exclusive means of redress for any disputes relating to or arising
from the Executive’s employment with the Company or his termination, including disputes over rights provided by federal,
state, or local statutes, regulations, ordinances, and common law, including all laws that prohibit discrimination based on any
protected classification. The parties expressly waive the right to a jury trial, and agree that the arbitrator’s award
shall be final and binding on both parties, and shall not be appealable. The arbitrator shall have discretion to award monetary
and other damages, and any other relief that the arbitrator deems appropriate and is allowed by law. The arbitrator shall have
the discretion to award the prevailing party reasonable costs and attorneys’ fees incurred in bringing or defending an action,
and shall award such costs and fees to the Executive in the event the Executive prevails on the merits of any action brought hereunder.


 


(b) The Company shall pay the cost
of any arbitration proceedings under this Agreement if the Executive prevails in such arbitration on at least one substantive issue.


 


(c) The Company and the Executive
agree that the sole dispute that is excepted from Section 21(a) is an action seeking injunctive relief from a court of competent
jurisdiction regarding enforcement and application of Sections 7, 8 or 10 of this Agreement, which action may be brought in addition
to, or in place of, an arbitration proceeding in accordance with Section 21(a).


 


22. Compliance with Section 409A.
(a)  To the extent applicable, it is intended that the compensation arrangements under this Agreement be in full compliance
with Section 409A (it being understood that certain compensation arrangements under this Agreement are intended not to be subject
to Section 409A). This Agreement shall be construed, to the maximum extent permitted, in a manner to give effect to such intention.
Notwithstanding anything in this Agreement to the contrary, distributions upon termination of the Executive’s employment
that constitute Nonqualified Deferred Compensation may only be made upon a Separation from Service. Neither the Company nor any
of its affiliates shall have any obligation





    	 



    		13



    
to
indemnify or otherwise hold the Executive harmless from any or all such taxes, interest or penalties, or liability for any damages
related thereto. The Executive acknowledges that he has been advised to obtain independent legal, tax or other counsel in connection
with Section 409A.


 



(b) With respect to any amount of
expenses eligible for reimbursement under this Agreement, such expenses will be reimbursed by the Company within thirty (30) days
following the date on which the Company receives the applicable invoice from the Executive in accordance with the Company’s
expense reimbursement policies, but in no event later than the last day of the Executive’s taxable year following the taxable
year in which the Executive incurs the related expenses. In no event will the reimbursements or in-kind benefits to be provided
by the Company in one taxable year affect the amount of reimbursements or in-kind benefits to be provided in any other taxable
year, nor will the Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another
benefit.


 


(c) Each payment under this Agreement
shall be regarded as a “separate payment” and not one of a series of payments for purposes of Section 409A.


 


23. Counterparts. This Agreement
may be executed in counterparts, all of which shall be considered one and the same agreement, and shall become effective when one
or more counterparts have been signed by each of the parties and delivered to the other party.


 


24. Executive’s Representation.
The Executive hereby represents and warrants to the Company that he is not now under any contractual or other obligation that is
inconsistent with or in conflict with this Agreement or that would prevent, limit, or impair the Executive’s performance
of his obligations under this Agreement.


 


25. Survivorship. Upon the
expiration or other termination of this Agreement or the Executive’s employment with the Company, the respective rights and
obligations of the parties hereto shall survive to the extent necessary to carry out the intentions of the parties under this Agreement.


 


26. Clawback Provisions. Notwithstanding
any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to the
Executive pursuant to this Agreement or any other agreement or arrangement with the Company or any of its affiliates, which is
subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions
and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or
any policy adopted by the Company or any of its affiliates pursuant to any such law, government regulation or stock exchange listing
requirement).



    	 



    		14



    

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first above written.


 


	 	 	SIRIUS XM RADIO INC.	 
	 	 	 	 
	 	 	By: 	/s/ Patrick L. Donnelly	 
	 	 	 	Patrick L. Donnelly	 
	 	 	 	Executive Vice President, General Counsel and Secretary	 
	 	 	 	 	 
	 	 	 	/s/ James E. Meyer	 
	 	 	 	JAMES E. MEYER	 



    	 



    		 



    

Exhibit A


 


THIS OPTION MAY NOT BE TRANSFERRED EXCEPT
BY WILL OR UNDER THE LAWS

OF DESCENT AND DISTRIBUTION.


 


SIRIUS XM RADIO 2009 LONG-TERM STOCK INCENTIVE
PLAN



STOCK OPTION AGREEMENT


 


This STOCK OPTION AGREEMENT (this “Agreement”),
dated _______ __, 2013, is between SIRIUS XM RADIO INC., a Delaware corporation (the “Company”), and JAMES E.
MEYER (the “Executive”).


 


1. Grant of Option; Vesting.
(a)  Subject to the terms and conditions of this Agreement, the Sirius XM Radio 2009 Long-Term Stock Incentive Plan (the
“Plan”), and the Employment Agreement, dated as of April 29, 2013, between the Company and the Executive (the
“Employment Agreement”), the Company hereby grants to the Executive the right and option (this “Option”)
to purchase 10,128,894 shares of common stock, par value $0.001 per share, of the Company (the “Shares”), at
a price per Share of $______________ (the “Exercise Price”). This Option is not intended to qualify as an Incentive
Stock Option for purposes of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). In the
case of any stock split, stock dividend or like change in the Shares occurring after the date hereof, the number of Shares and
the Exercise Price shall be adjusted as set forth in Section 4(b) of the Plan.


 


(b) Subject to the terms of this
Agreement, this Option shall vest in full and become exercisable on October 30, 2015 if the Executive continues to be employed
on such date.


 


(c) If the Executive’s employment
with the Company terminates for any reason, this Option, to the extent not then vested, shall immediately terminate without consideration;
provided that if the Executive’s employment is terminated due to death or “Disability” (as defined
in the Employment Agreement), by the Company without “Cause” (as defined in the Employment Agreement), or by
the Executive for “Good Reason” (as defined in the Employment Agreement), the unvested portion of this Option,
to the extent not previously cancelled or forfeited, shall immediately become vested and exercisable. The waiver of the condition
that the Executive be an employee of the Company contained above in the event of the termination of the Executive due to Disability,
by the Company without Cause or by the Executive for Good Reason shall be conditioned upon the Executive executing a release in
accordance with Section 6(f) of the Employment Agreement.


 


2. Term. This Option shall
terminate on _______ __, 2023 (the “Option Expiration Date”); provided that if:


 


(a) the
Executive’s employment with the Company is terminated due to the Executive’s death or Disability, by the Company without
Cause, or by the Executive for Good Reason, the Executive (or his beneficiary, in the case of death) may exercise this





    	A-1



    	



    


Option
in full until the first anniversary of such termination (at which time this Option shall be cancelled), but not later than the
Option Expiration Date;


 


(b) the Executive’s
employment with the Company is terminated upon or following the expiration of the Employment Agreement on October 31, 2015, the
Executive may exercise this Option in full until October 31, 2018;


 


(c) the Executive’s
employment with the Company is terminated for Cause, this Option shall be cancelled upon the date of such termination; and


 


(d) the Executive voluntarily
terminates his employment with the Company without Good Reason, the Executive may exercise any vested portion of this Option until
ninety (90) days following the date of such termination (at which time this Option shall be cancelled), but not later than the
Option Expiration Date.


 


3. Exercise. Subject to Sections
1 and 2 of this Agreement and the terms of the Plan, this Option may be exercised, in whole or in part, in accordance with Section
6 of the Plan.


 


4. Change of Control. In the
event of a Change of Control, this Option shall be governed by the terms of the Plan; provided that any transactions between
Liberty Media Corporation and its affiliates shall not constitute a Change of Control for purposes of the Plan.


 


5. Non-transferable. This Option
may not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than
by will or by the applicable laws of descent and distribution, and shall not be subject to execution, attachment or similar process.
Any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this Option or of any right or privilege conferred
hereby shall be null and void.


 


6. Withholding. Prior to
delivery of the Shares purchased upon exercise of this Option, the Company shall determine the amount of any United States
federal, state and local income tax, if any, which is required to be withheld under applicable law and shall, as a condition
of exercise of this Option and delivery of certificates representing the Shares purchased upon exercise of this Option,
collect from the Executive the amount of any such tax to the extent not previously withheld. The Executive may satisfy his
withholding obligations in the manner contemplated by Section 14(d) of the Plan.


 


7. Rights of the Executive.
Neither this Option, the execution of this Agreement nor the exercise of any portion of this Option shall confer upon the Executive
any right to, or guarantee of, continued employment by the Company, or in any way limit the right of the Company to terminate
employment of the Executive at any time, subject to the terms of the Employment Agreement or any other written employment or similar
agreement between the Company and the Executive.


 


8. Professional Advice. The
acceptance and exercise of this Option may have consequences under federal and state tax and securities laws that may vary depending
upon the individual circumstances of the Executive. Accordingly, the Executive acknowledges that





    	A-2



    	



    
the
Executive has been advised to consult his personal legal and tax advisors in connection with this Agreement and this Option.


 


9. Agreement Subject to the Plan.
This Option and this Agreement are subject to the terms and conditions set forth in the Plan, which terms and conditions are incorporated
herein by reference. Capitalized terms used herein but not defined shall have the meaning set forth in the Plan. A copy of the
Plan previously has been delivered to the Executive. This Agreement, the Employment Agreement and the Plan constitute the entire
understanding between the Company and the Executive with respect to this Option.


 


10. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to its conflict of laws
principles, and shall bind and inure to the benefit of the heirs, executors, personal representatives, successors and assigns
of the parties hereto.


 


11. Notices. All notices and
other communications hereunder shall be in writing and shall be deemed given when delivered personally or when telecopied (with
confirmation of transmission received by the sender), three business days after being sent by certified mail, postage prepaid,
return receipt requested or one business day after being delivered to a nationally recognized overnight courier with next day
delivery specified to the parties at the following addresses (or at such other address for a party as shall be specified by like
notice): Company: Sirius XM Radio Inc., 1221 Avenue of the Americas, 36th Floor, New York, New York 10020, Attention: General
Counsel; and Executive: Address on file at the office of the Company. Notices sent by email or other electronic means not specifically
authorized by this Agreement shall not be effective for any purpose of this Agreement.


 


12. Binding Effect. This Agreement
has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.


 


13. Amendment. The rights of
the Executive hereunder may not be impaired by any amendment, alteration, suspension, discontinuance or termination of the Plan
or this Agreement without the Executive’s consent.



    	A-3



    	



    

IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first above written.


 


	 	 	SIRIUS XM RADIO INC.	 
	 	 	 	 
	 	 	By:  	 	 
	 	 	 	Dara F. Altman	 
	 	 	 	Executive Vice President, and	 
	 	 	 	Chief Administrative Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	JAMES E. MEYER	 



    	A-4



    	



    

Exhibit B


 


THE RSUs HAVE NOT BEEN REGISTERED UNDER
STATE OR FEDERAL SECURITIES 

LAWS. THE RSUs MAY NOT BE TRANSFERRED EXCEPT


BY WILL OR UNDER THE LAWS OF DESCENT AND
DISTRIBUTION.


 


SIRIUS XM RADIO


2009 LONG-TERM STOCK INCENTIVE PLAN


 


RESTRICTED STOCK UNIT AGREEMENT


 


This RESTRICTED STOCK UNIT AGREEMENT (this
“Agreement”), dated _______ __, 2013, is between SIRIUS XM RADIO INC., a Delaware corporation (the “Company”),
and JAMES E. MEYER (the “Executive”).


 


1. Grant of RSUs. Subject to the
terms and conditions of this Agreement, the Sirius XM Radio 2009 Long-Term Stock Incentive Plan (the “Plan”),
and the Employment Agreement, dated as of April 29, 2013, between the Company and the Executive (the “Employment Agreement”),
the Company hereby grants ________________ restricted share units (“RSUs”) to the Executive. Each RSU represents
the unfunded, unsecured right of the Executive to receive one share of common stock, par value $.001 per share, of the Company
(each, a “Share”) on the date specified in this Agreement. Capitalized terms not otherwise defined herein shall
have the same meanings as in the Plan.


 


2. Dividends. If on any date while
RSUs are outstanding the Company shall pay any dividend on the Shares (other than a dividend payable in Shares), the number of
RSUs granted to the Executive shall, as of the record date for such dividend payment, be increased by a number of RSUs equal to:
(a) the product of (x) the number of RSUs held by the Executive as of such record date, multiplied by (y) the per Share amount
of any cash dividend (or, in the case of any dividend payable, in whole or in part, other than in cash, the per Share value of
such dividend, as determined in good faith by the Company), divided by (b) the average closing price of a Share on the Nasdaq
Global Select Market on the twenty trading days preceding, but not including, such record date. In the case of any dividend declared
on Shares that is payable in the form of Shares, the number of RSUs granted to the Executive shall be increased by a number equal
to the product of (1) the aggregate number of RSUs held by the Executive on the record date for such dividend, multiplied by (2)
the number of Shares (including any fraction thereof) payable as a dividend on a Share. In the case of any other change in the
Shares occurring after the date hereof, the number of RSUs shall be adjusted as set forth in Section 4(b) of the Plan.


 


3. No Rights of a Stockholder. The
Executive shall not have any rights as a stockholder of the Company until the Shares have been registered in the Company’s
register of stockholders.


 


4. Issuance of Shares subject to RSUs.
(a) Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, on October 30, 2015, the Company shall issue,
or cause there to be transferred, to the Executive (or his beneficiary, in the case of death) an amount of Shares representing
an equal number of the RSUs granted to the Executive under this Agreement, if the Executive continues to be employed by the Company
on October 30, 2015.



    	B-1



    	



    


(b) If the Executive’s employment
with Company terminates for any reason, the RSUs shall immediately terminate without consideration; provided that if the
Executive’s employment terminates due to death or “Disability” (as defined in the Employment Agreement),
by the Company without “Cause” (as defined in the Employment Agreement), or by the Executive for “Good
Reason” (as defined in the Employment Agreement), the unvested portion of the RSUs, to the extent not previously cancelled
or forfeited, shall immediately become vested and the Company shall issue, or cause there to be transferred, to the Executive
(or to the Executive’s estate in the case of death) the amount of Shares equal to the number of RSUs granted to the Executive
under this Agreement (to the extent not previously transferred, cancelled or forfeited). The waiver of the condition that the
Executive be an employee of the Company contained above in the event of the termination of the Executive due to Disability, by
the Company without Cause or by the Executive for Good Reason shall be conditioned upon the Executive executing a release in accordance
with Section 6(f) of the Employment Agreement.


 




5. Change of Control. In the event
of a Change of Control, the RSUs shall be governed by the terms of the Plan; provided that any transactions between Liberty
Media Corporation and its affiliates shall not constitute a Change of Control for purposes of the Plan.


 


6. Non-transferable. The RSUs may
not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will
or by the applicable laws of descent and distribution, and shall not be subject to execution, attachment or similar process. Any
attempt to transfer, assign, pledge, hypothecate or otherwise dispose of RSUs or of any right or privilege conferred hereby shall
be null and void.


 


7. Withholding. Prior to delivery
of the Shares pursuant to this Agreement, the Company shall determine the amount of any United States federal, state and local
income tax, if any, which is required to be withheld under applicable law and shall, as a condition of delivery of certificates
representing the Shares pursuant to this Agreement, collect from the Executive the amount of any such tax to the extent not previously
withheld.


 


8. Rights of the Executive. Neither
this Agreement nor the RSUs shall confer upon the Executive any right to, or guarantee of, continued employment by the Company,
or in any way limit the right of the Company to terminate the employment of the Executive at any time, subject to the terms of
any written employment or similar agreement between the Company and the Executive.


 


9. Professional Advice. The acceptance
of the RSUs may have consequences under federal and state tax and securities laws that may vary depending upon the individual
circumstances of the Executive. Accordingly, the Executive acknowledges that the Executive has been advised to consult his personal
legal and tax advisors in connection with this Agreement and the RSUs.


 


10. Agreement Subject to the Plan.
This Agreement and the RSUs are subject to the terms and conditions set forth in the Plan, which terms and conditions are incorporated
herein by reference. A copy of the Plan previously has been delivered to the Executive. This Agreement,





    	B-2



    	



    
the Employment
Agreement and the Plan constitute the entire understanding between the Company and the Executive with respect to the RSUs.


 


11. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York, and shall bind and inure to the benefit
of the heirs, executors, personal representatives, successors and assigns of the parties hereto.


 


12. Notices. All notices and other
communications hereunder shall be in writing and shall be deemed given when delivered personally or when telecopied (with confirmation
of transmission received by the sender), three business days after being sent by certified mail, postage prepaid, return receipt
requested or one business day after being delivered to a nationally recognized overnight courier with next day delivery specified
to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):


 


	 	Company:	Sirius XM Radio Inc.
	 	 	1221 Avenue of the Americas
	 	 	36th Floor
	 	 	New York, New York 10020
	 	 	Attention: General Counsel
	 	 	 
	 	Executive:	James E. Meyer
	 	 	Address on file at the
	 	 	office of the Company
	 	 	 




 


Notices sent by email or other electronic means not specifically
authorized by this Agreement shall not be effective for any purpose of this Agreement.


 


IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first above written.


 


	SIRIUS XM RADIO INC.	 	 	 
	 	 	 	 
	 	 	 	 	 
	By:  	 	 	 	 
	 	Dara Altman	 	JAMES E. MEYER	 
	 	Executive Vice President, and	 	 	 
	 	Chief Administrative Officer	 	 	 



    	B-3



    	



    

Exhibit C


 


AGREEMENT AND RELEASE


 


This Agreement and Release, dated as of _________,
20__ (this “Agreement”), is entered into by and between JAMES E. MEYER (the “Executive”)
and SIRIUS XM RADIO INC. (the “Company”).


 


The purpose of this Agreement is to completely
and finally settle, resolve, and forever extinguish all obligations, disputes and differences arising out of the Executive’s
employment with and separation from the Company.


 


NOW, THEREFORE, in consideration of the mutual
promises and covenants contained in this Agreement, the Executive and the Company hereby agree as follows:


 


1. The Executive’s employment
with the Company is terminated as of _____________, 20__ (the “Termination Date”).


 


2. The Company and the Executive agree
that the Executive shall be provided severance pay and other benefits, less all legally required and authorized deductions, in
accordance with the terms of Section 6(f) of the Employment Agreement between the Executive and the Company, dated as of April
29, 2013 (as it may have been amended, the “Employment Agreement”), and the exhibits thereto; provided
that no such severance benefits shall be paid if the Executive revokes this Agreement pursuant to Section 4 below. The Executive
acknowledges and agrees that he is entering into this Agreement in consideration of such severance benefits and the Company’s
agreements set forth herein. All vacation pay earned and unused as of the Termination Date will be paid to the Executive as required
by law. Except as set forth above, the Executive will not be eligible for any other compensation or benefits following the Termination
Date other than any vested accrued benefits under the Company’s compensation and benefit plans, and other than the rights,
if any, granted to the Executive under the terms of any stock option, restricted stock, or other equity award agreements or plans.


 


3. The Executive, for himself, and
for his heirs, attorneys, agents, spouse and assigns, hereby waives, releases and forever discharges the Company and its parents,
subsidiaries and affiliated companies and its and their predecessors, successors, and assigns, if any, as well as all of their
officers, directors and employees, stockholders, agents, servants, representatives, and attorneys, and the predecessors, successors,
heirs and assigns of each of them (collectively “Released Parties”), from any and all grievances, claims, demands,
causes of action, obligations, damages and/or liabilities of any nature whatsoever, whether known or unknown, suspected or claimed,
which the Executive ever had, now has, or claims to have against the Released Parties, by reason of any act or omission occurring
before the date hereof that arise out of his employment or other service with the Released Parties or the termination of such
employment or service, including, without limiting the generality of the foregoing, (a) any act, cause, matter or thing stated,
claimed or alleged, or which was or which could have been alleged in any manner against the Released Parties prior to the execution
of this Agreement and (b) all claims for any payment under the Employment Agreement; provided that nothing contained in
this Agreement shall affect the Executive’s rights (i) to indemnification from the Company as provided in the





    	C-1



    	



    
Employment
Agreement or otherwise; (ii) to coverage under the Company’s insurance policies covering officers and directors; (iii) to
other benefits which by their express terms extend beyond the Executive’s separation from employment (including the Executive’s
rights under Section 6(f) of the Employment Agreement); and (iv) under this Agreement, and (c) all claims for discrimination,
harassment and/or retaliation, under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, as amended,
the New York State Human Rights Law, as amended, as well as any and all claims arising out of any alleged contract of employment,
whether written, oral, express or implied, or any other federal, state or local civil or human rights or labor law, ordinances,
rules, regulations, guidelines, statutes, common law, contract or tort law, arising out of or relating to the Executive’s
employment with and/or separation from the Company, including the termination of his employment on the Termination Date, and/or
any events occurring prior to the execution of this Agreement.


 


4. The Executive specifically waives
all rights or claims that he has or may have under the Age Discrimination In Employment Act of 1967, 29 U.S.C. §§ 621‐634,
as amended (“ADEA”), including, without limitation, those arising out of or relating to the Executive’s
employment with and/or separation from the Company, the termination of his employment on the Termination Date, and/or any events
occurring prior to the execution of this Agreement. In accordance with the ADEA, the Company specifically hereby advises the Executive
that: (1) he may and should consult an attorney before signing this Agreement, (2) he has [twenty-one (21) / forty-five (45)]1
days to consider this Agreement, and (3) he has seven (7) days after signing this Agreement to revoke this Agreement.


 



5. Notwithstanding the above, nothing
in this Agreement prevents or precludes the Executive from (a) challenging or seeking a determination of the validity of this
Agreement under the ADEA; or (b) filing an administrative charge of discrimination under any applicable statute or participating
in any investigation or proceeding conducted by a governmental agency.


 


6. The Executive acknowledges that
he has read and understands the foregoing release and executes it voluntarily and without coercion.


 


7. This release does not affect or
impair the Executive’s rights with respect to workman’s compensation or similar claims under applicable law or any
claims under medical, dental, disability, life or other insurance arising prior to the date hereof.


 


8. The Executive warrants that he
has not made any assignment, transfer, conveyance or alienation of any potential claim, cause of action, or any right of any kind
whatsoever, including but not limited to, potential claims and remedies for discrimination, harassment, retaliation, or wrongful
termination, and that no other person or entity of any kind has had, or now has, any financial or other interest in any of the
demands, obligations, causes of action, debts, liabilities, rights, contracts, damages, costs, expenses, losses or claims which
could have been asserted by the Executive against the Company or any Released Party.






 



1 To be determined by
the Company in connection with the termination.



    	C-2



    	



    


9. The Executive shall not make any
disparaging remarks about the Company or its subsidiaries and affiliated companies, or its or their officers, agents, employees,
practices or products; provided that the Executive may provide truthful and accurate facts and opinions about the Company
where required to do so by law and may respond to disparaging remarks about the Executive made by the Company, any of its subsidiaries
or affiliates, or its or their officers, agents or employees. The Company shall not, and shall instruct its officers not to, make
any disparaging remarks about the Executive; provided that the Company and its officers may provide truthful and accurate
facts and opinions about the Executive where required to do so by law and may respond to disparaging remarks made by the Executive
or his agents or family members.


 


10. The parties expressly agree that
this Agreement shall not be construed as an admission by any of the parties of any violation, liability or wrongdoing, and shall
not be admissible in any proceeding as evidence of or an admission by any party of any violation or wrongdoing. The Company expressly
denies any violation of any federal, state, or local statute, ordinance, rule, regulation, order, common law or other law in connection
with the employment and termination of employment of the Executive.


 


11. In the event of a dispute concerning
the enforcement of this Agreement, the finder of fact shall have the discretion to award the prevailing party reasonable costs
and attorneys’ fees incurred in bringing or defending an action, and shall award such costs and fees to the Executive in
the event the Executive prevails on the merits of any action brought hereunder. All other requests for relief or damages awards
shall be governed by Sections 21(a) and 21(b) of the Employment Agreement.


 


12. The parties declare and represent
that no promise, inducement, or agreement not expressed herein has been made to them.


 


13. This Agreement in all respects
shall be interpreted, enforced and governed under the laws of the State of New York and any applicable federal laws relating to
the subject matter of this Agreement. The language of all parts of this Agreement shall in all cases be construed as a whole,
according to its fair meaning, and not strictly for or against any of the parties. This Agreement shall be construed as if jointly
prepared by the Executive and the Company. Any uncertainty or ambiguity shall not be interpreted against any one party.


 


14. This Agreement, the Employment
Agreement, [and list any outstanding award agreements] between the Executive and the Company contain the entire agreement
of the parties as to the subject matter hereof. No modification or waiver of any of the provisions of this Agreement shall be
valid and enforceable unless such modification or waiver is in writing and signed by the party to be charged, and unless otherwise
stated therein, no such modification or waiver shall constitute a modification or waiver of any other provision of this Agreement
(whether or not similar) or constitute a continuing waiver.


 


15. The Executive and the Company
represent that they have been afforded a reasonable period of time within which to consider the terms of this Agreement, that
they have read this Agreement, and they are fully aware of its legal effects. The Executive and the Company further represent
and warrant that they enter into this Agreement knowingly and





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voluntarily,
without any mistake, duress or undue influence, and that they have been provided the opportunity to review this Agreement with
counsel of their own choosing. In making this Agreement, each party relies upon his or its own judgment, belief and knowledge,
and has not been influenced in any way by any representations or statements not set forth herein regarding the contents hereof
by the entities who are hereby released, or by anyone representing them.


 


16. This Agreement may be
executed in counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or
more counterparts have been signed by each of the parties and delivered to the other parties. The parties further agree that
delivery of an executed counterpart by facsimile shall be as effective as delivery of an originally executed counterpart.
This Agreement shall be of no force or effect until executed by all the signatories.


 


17. The Executive warrants that he
will return to the Company all software, computers, computer-related equipment, keys and all materials (including copies) obtained
or created by the Executive in the course of his employment with the Company on or before the Termination Date; provided
that the Executive will be able to keep his cell phones, blackberries, personal computers, personal rolodex and the like so long
as any confidential information is removed from such items.


 


18. Any existing obligations the Executive
has with respect to confidentiality, nonsolicitation of Company clients, nonsolicitation of Company employees and noncompetition
with the Company shall remain in full force and effect, including, but not limited to, Sections 7 and 8 of the Employment Agreement.


 


19. Any disputes arising from or relating
to this Agreement shall be subject to arbitration pursuant to Section 21 of the Employment Agreement.


 


20. Should any provision of this Agreement
be declared or be determined by a forum with competent jurisdiction to be illegal or invalid, the validity of the remaining parts,
terms or provisions shall not be affected thereby and said illegal or invalid part, term, or provision shall be deemed not to
be a part of this Agreement.



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IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the respective dates set forth below.


 


	 	 	 	SIRIUS XM RADIO INC.	 
	 	 	 	 	 
	Dated: 	 	 	By:  	 	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 	 	 	 	 
	Dated: 	 	 	 	 	 
	 	 	 	 	James E. Meyer	 



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Exhibit D


 


CONSULTING
AGREEMENT


 


This Consulting Agreement (this “Agreement”)
by and between James E. Meyer (“Consultant”) and Sirius XM Radio Inc. (the “Company”) (collectively
referred to as the “Parties”), is effective as of October 31, 2015 (the “Effective Date”).


 


RECITALS


 


WHEREAS, prior to the Effective Date, Consultant
was employed by the Company as its Chief Executive Officer pursuant to the Employment Agreement between the Parties, dated as
of April 29, 2013 (the “Employment Agreement”); and


 


WHEREAS, the Company wishes to retain Consultant
to perform consulting services and fulfill certain related duties and obligations under the terms and conditions of this Agreement;


 


NOW THEREFORE, for and in consideration of
the mutual promises and covenants set forth herein, the Parties hereby agree as follows:


 


1. Consulting Services. (a) During
the term of this Agreement, Consultant will render consulting services related to his specialized areas of knowledge, experience
and expertise (including, but not limited to, assisting with the transition of the executive officers of the Company, meeting
with Company clients and customers, and such other services as may be reasonably requested by the Chairman of the Board of Directors
of the Company or the Chief Executive Officer of the Company from time to time). Consultant will have no authority to bind the
Company or any of its subsidiaries or affiliates, nor to act on their behalf, nor to make decisions for the Company or any of
its subsidiaries or affiliates. The Company, being ultimately interested only in the results of Consultant’s performance
of the services set forth in this Agreement, will give only broad direction to Consultant. Consultant will determine the method,
details and means of performing the services contemplated by this Agreement. Notwithstanding the foregoing, the level of bona
fide services Consultant performs for the Company hereunder will not exceed 20% of the average level of bona fide services Consultant
performed during the 36-month period preceding the Effective Date.


 


(b) This Agreement will commence on the Effective
Date and will continue until, and will end upon, the three (3)-year anniversary of the Effective Date.


 


(c) In consideration of Consultant’s
agreement to perform and his performance of the consulting services, during the term of this Agreement, the Company will pay Consultant
$2,200,000 per year, payable in accordance with the Company’s regular payroll practices (but in no event less frequently
than monthly). During the term of this Agreement, Consultant will be eligible to participate in the Company’s medical, dental
and life insurance plans, subject to the terms and conditions of such plans; provided that, in the event the Company determines
that Consultant may not participate in the Company’s applicable medical and dental plan(s), (i) the Company will pay to
Consultant a lump sum cash amount, on the sixtieth (60th) day following





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such
determination, equal to the costs of continuation of medical and dental insurance coverage for Consultant under the Company’s
medical and dental insurance plan(s) in effect on the date of such determination from the date of such determination through the
eighteen (18)-month anniversary of the Effective Date (less any amounts payable by the Company under the Employment Agreement
in respect of medical and/or dental insurance coverage during any portion of such period) and (ii) thereafter Consultant will
have the option to continue such benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”),
to the extent permitted by law and the terms and conditions of the applicable plan(s), through the three (3)-year anniversary
of the Effective Date, at the Company’s expense. In the event that, during the three (3)-year period following the Effective
Date, Consultant is not eligible to participate in the Company’s medical, dental or life insurance plan(s), and also not
eligible for such coverage under COBRA, the Company will pay Consultant a monthly amount equal to the actual monthly costs to
Consultant to obtain medical, dental and/or life insurance benefits substantially similar to those benefits that would have been
provided to Consultant under the Company’s plans through the third (3rd) anniversary of the Effective Date (less
any amounts payable by the Company under the Employment Agreement in respect of medical, dental and/or life insurance coverage
during any portion of such period); provided that (1) the amount of such monthly payments will not exceed twice the amount
that the Company would have paid to provide such benefit to Consultant if he were an active employee on the Effective Date, (2)
such payments will cease if Consultant obtains such benefit from another employer following the eighteen (18)-month anniversary
of the Effective Date, and (3) any such payments will be reduced by the amount of any lump sum payment made in accordance with
this Section 1(c).


 


(d) Upon reasonable documentation of
expenses from Consultant, the Company will reimburse Consultant in accordance with the Company’s expense reimbursement
policies for all reasonable business expenses incurred by Consultant in the performance of Consultant’s services under
this Agreement. Notwithstanding the foregoing, any expense in excess of $10,000 to be incurred by Consultant in connection
with this Agreement will require the prior written approval of the Company.


 


(e) Consultant hereby assigns exclusively
to the Company the ownership of all work product prepared or provided by Consultant to the Company or otherwise generated as a
result of Consultant’s provision of consulting services hereunder, along with all intellectual property rights (including,
without limitation, all copyrights) related thereto.


 


(f) The Company acknowledges that Consultant’s
services hereunder will be provided by Consultant on a nonexclusive basis, and that Consultant may engage in any other business
activities as long as such activities do not interfere with or harm the operations of the Company or any of its subsidiaries or
affiliates or materially interfere with Consultant’s obligations to the Company under this Agreement.


 


2. Prior Agreement Restrictive Covenants.
Consultant warrants and represents that he has complied, and by this Agreement agrees that he will continue to comply, with all
applicable terms of the Employment Agreement. The Parties agree and acknowledge that this Agreement supplements the Employment
Agreement to the extent set forth herein and that in all other respects the applicable terms of the Employment Agreement remain
in full force and effect.





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Consultant
acknowledges and agrees that the restrictive covenant provisions set forth in the Employment Agreement remain in full force and
effect to the fullest extent provided therein.


 


3. Independent Contractor. Consultant
warrants that, during the term of this Agreement, Consultant will at all times be and remain an independent contractor, and Consultant
will not be considered the agent, partner, principal, employee or servant of the Company or any of its subsidiaries or affiliates.
Consultant will be free to exercise Consultant’s own judgment as to the manner and method of providing the consulting services
to the Company, subject to applicable laws and requirements reasonably imposed by the Company. Consultant acknowledges and agrees
that, during the term of this Agreement, Consultant will not be treated as an employee of the Company or any of its subsidiaries
or affiliates for purposes of federal, state, local or foreign income or other tax withholding, nor unless otherwise specifically
provided by law, for purposes of the Federal Insurance Contributions Act, the Social Security Act, the Federal Unemployment Tax
Act or any workers’ compensation law of any state or country (or subdivision thereof), or for purposes of benefits provided
to employees of the Company or any of its subsidiaries or affiliates under any employee benefit plan, program, policy or arrangement
(including, without limitation, vacation, holiday and sick leave benefits). Consultant acknowledges and agrees that as an independent
contractor, Consultant will be required, during the term of this Agreement, to pay any applicable taxes on the fees paid to Consultant,
and to provide his workers’ compensation insurance and any other coverage required by law. Consultant will at all times
indemnify, hold harmless and defend the Company for all liabilities, losses, damages, costs (including legal costs and other professional
fees on an indemnity basis) and expenses of whatsoever nature incurred or suffered by the Company or any of its subsidiaries or
affiliates arising from: (a) any income taxes or other taxes due on amounts paid to or on behalf of Consultant by the Company,
or any other required remittances to any governmental entities, agencies or programs (including, without limitation, any interest,
penalties or gross-ups thereon) arising in respect of Consultant for which the Company or any subsidiary or affiliate of the Company
is called upon to account to the relevant taxing authority; and (b) any liability for any employment-related claim or any claim
based on worker status brought by Consultant against the Company or any subsidiary or affiliate of the Company arising out of
or in connection with Consultant’s provision of services pursuant to this Agreement. Consultant hereby acknowledges that
Consultant will have no recourse against the Company (or any of its directors, officers, personnel, representatives, agents, successors,
subsidiaries or affiliates) for any such liability, loss, damage, cost or expense.


 


4. Indemnification. The Company
will indemnify Consultant during the term of this Agreement and thereafter to the full extent permitted by law for all claims
related to or arising out of his serving as a consultant of the Company hereunder; provided that in no event will Consultant
be indemnified pursuant to this Section 4 in connection with any claims, causes of action, demands, fees or liabilities of any
kind whatsoever, arising out of or relating to (a) the enforcement of the Company’s rights hereunder or with respect to
the Employment Agreement or any agreements identified in the Employment Agreement or (b) Consultant’s illegal conduct, fraud
(including, without limitation, undiscovered financial fraud), embezzlement or other willful misconduct.


 


5. Early Termination of Agreement.
In the event this Agreement is terminated prior to its expiration due to Consultant’s death or disability or by the Company
without Cause (as





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defined
in the Employment Agreement to the extent applicable) or by Consultant after a material breach of this Agreement by the Company,
the Company will continue to pay Consultant (or his beneficiary, in the case of death), without set-off, counterclaim or other
withholding, the consulting fee through the originally scheduled expiration date of this Agreement.


 



6. Survival. Sections 2, 3 and 4
hereof will survive and continue in full force in accordance with the terms thereof, notwithstanding any termination of this Agreement.


 


7. Severability. The Parties agree
that if any provision of this Agreement is declared or determined by any court of competent jurisdiction to be illegal, invalid
or unenforceable, the legality, validity and enforceability of the remaining parts, terms or provisions will not be affected thereby,
and said illegal, unenforceable or invalid part, term or provision will be deemed not to be part of this Agreement.


 


8. Entire Agreement; Amendment.
Except as otherwise set forth herein, this Agreement represents the entire agreement and understanding between Consultant and
the Company concerning the specific subject matter of this Agreement and supersedes and replaces any and all prior agreements
and understandings between Consultant and the Company concerning the specific subject matter of this Agreement. Any modification
or amendment of this Agreement, or additional obligation assumed in connection with this Agreement, will be effective only if
placed in writing and signed by both Parties or by authorized representatives of each of the Parties.


 


9. Captions; Drafter Protection.
This Agreement’s headings and captions are provided for reference and convenience only, and will not be employed in the
construction of this Agreement. It is agreed and understood that the general rule pertaining to construction of contracts, that
ambiguities are to be construed against the drafter, will not apply to this Agreement.


 


10. Counterparts. This Agreement
may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an
effective, binding agreement on the part of each of the undersigned.


 


11. Binding Effect; Assignment.
Neither this Agreement, nor any rights or benefits hereunder, may be assigned, delegated, transferred, pledged or hypothecated
without the prior written consent of the Parties, except that the Company may assign this Agreement to any assignee of or successor
to substantially all of the business or assets of the Company or any direct or indirect subsidiary thereof without prior written
consent of Consultant.


 


12. No Reliance. Consultant acknowledges
and agrees that he has not relied upon any advice whatsoever from the Company as to any provision of this Agreement, including,
but not limited to, the taxability, whether pursuant to federal, state, local or foreign income tax statutes or regulations, or
otherwise, of the payments made, action taken, or consideration transferred hereunder and that Consultant will be solely liable
for all tax obligations arising therefrom.


 


13. Governing Law. This Agreement
will be governed by and construed and enforced according to the laws of the State of New York, without regard to conflict of laws
principles thereof. The Parties agree that the state and federal courts located in the State of New





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York
will have exclusive jurisdiction in any action, suit or proceeding based on or arising out of this Agreement and the Parties hereby:
(a) submit to the personal jurisdiction of such courts; (b) consent to service of process in connection with any action, suit
or proceeding; (c) agree that venue is proper and convenient in such forum; and (d) waive any other requirement (whether imposed
by statute, rule of court or otherwise) with respect to personal jurisdiction, subject matter jurisdiction, venue, or service
of process.


 


14. No Waiver. The failure of any
party to insist upon the performance of any of the terms and conditions in this Agreement, or the failure to prosecute any breach
of any of the terms and conditions of this Agreement, will not be construed thereafter as a waiver of any such terms or conditions.
This entire Agreement will remain in full force and effect as if no such forbearance or failure of performance had occurred.


 


15. Warranties. Consultant warrants
that he will not deliver or disclose to the Company information which infringes any property right of any third party relating
to proprietary or trade secret information or copyrights. Consultant warrants that he is not a party to any other existing agreement
which would prevent him from entering into this Agreement or which would adversely affect this Agreement, and agrees that he will
not, during the term of this Agreement, enter into any such agreement. 


 


16. Confidentiality. Unless otherwise
required by law or regulation, or as necessary to perform his services for the Company hereunder, Consultant agrees to maintain
absolute confidentiality of the services performed by Consultant hereunder and the information, reports and other work product
produced by, or made available to, Consultant in connection with this Agreement or his services hereunder.


 


17. Voluntary Execution. Consultant
acknowledges that he is executing this Agreement voluntarily and of his own free will. Consultant further acknowledges that he
has read, fully understands and intends to be bound by the terms of this Agreement, and has had an opportunity to carefully review
it with his attorney prior to executing it or warrants that he has chosen not to have his attorney review this Agreement.



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IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the Effective Date.


 


	 	 	SIRIUS XM RADIO INC.	 
	 	 	 	 
	 	 	By:  	 	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	JAMES E. MEYER	 



    	D-6