Document:

Exhibit 10.3

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (this “Agreement”),
dated as of September 14, 2020, is between SIRIUS XM RADIO INC., a Delaware corporation (the “Company”), and
SEAN S. SULLIVAN (the “Executive”).

 

WHEREAS, the Company and the Executive jointly
desire to enter into this Agreement to reflect the terms and conditions of the Executive’s 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 accept employment
with the Company, commencing on October 26, 2020 (the “Effective Date”). Except as set forth in Section 6, if
the Executive does not commence employment with the Company on or prior to the Effective Date, this Agreement shall be void ab
inito.

 

2.         Duties and Reporting Relationship.
(a) The Executive shall be employed as the Executive Vice President and Chief Financial Officer of both the Company and Sirius
XM Holdings Inc. (“Holdings”). In such capacity, the Executive shall be responsible primarily for supervising
the financial affairs, including the financial, planning and analysis, controller, treasury, investor relations, internal audit
and information technology functions, of the Company and Holdings. The Executive shall also perform such activities and duties
consistent with his position that the Chief Executive Officer of the Company and Holdings (the “CEO”) shall
from time to time reasonably specify and direct. During the Term (as defined below), the Executive shall, on a full-time basis
and consistent with the needs of the Company and Holdings, use his skills and render services to the best of his ability. 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 CEO, other than charitable, civic and other non-business activities that do
not interfere with his duties to the Company and Holdings, passive investments and service as a director of Acushnet Holdings Corp.

 

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

 

(b)       Unless otherwise required by law,
administrative regulation or the listing standards of the exchange on which Holdings’ shares are primarily traded, the Executive
shall report solely and directly to the CEO.

 

3.         Term.
The term of this Agreement shall commence on the Effective Date and shall end on October 26,
2023 (the “Term End Date”), unless terminated earlier pursuant to the provisions of Section 6 or extended in
accordance with Section 6(e)(vi) (as applicable, the “Term”).

    	 

    	

    

4.        Compensation. (a) During the
Term, the Executive shall be paid an annual base salary of $1,100,000, which shall be reviewed no less frequently than annually
and may be subject to increase (but not decrease) from time to time by recommendation of the CEO to, and approval by, the Board
of Directors of Holdings (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.

 

(a)       On the first business day following
the Effective Date on which Holdings and the Executive are not subject to a blackout restriction, which date is expected to be
the first business day following the filing by Holdings of its Quarterly Report on Form 10-Q for the quarter ended September 30,
2020 (such date, as applicable, the “Grant Date”), the Company shall cause Holdings to grant to the Executive
the following:

 

(i)     an option to purchase shares
of Holdings’ 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 Grant Date, with the number of shares of Common
Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be
equal to $2,250,000, determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such
option 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 (“RSUs”) equal to $2,250,000, divided by the closing price of the Common Stock on the Nasdaq Global Select
Market on the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement
attached to this Agreement as Exhibit B;

 

(iii)     a number of performance-based
restricted stock units (“PRSUs”) equal to $4,500,000, divided by the closing price of the Common Stock on the
Nasdaq Global Select Market on the Grant Date, which grant shall be made subject to the establishment of performance metric(s)
that are the same as the performance metric(s) established for any 2021 performance-based restricted stock units granted generally
to other executive officers of the Company after the date hereof. Such performance metric(s) shall be reasonable in light of the
Company’s business plan and budget for the applicable year and other factors then affecting the Company’s business,
taken as a whole. Such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock
Unit Agreement attached to this Agreement as Exhibit C;

 

(iv)     a number of RSUs equal to
$1,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such RSUs shall
be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B;
and

 

(v)     a number of RSUs equal to
$3,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such

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RSUs shall be subject to the terms
and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B.

 

(b)       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. Such expenses shall be incurred in accordance with
the policies and procedures established by the Company. The Executive shall present to the Company an itemized account of all expenses
in such form as may be required by the Company from time to time.

 

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

 

(b)       During the Term, the Executive shall
be entitled to participate in any bonus plans generally offered to executive officers of the Company and/or Holdings. The Executive’s
annual bonus (the “Bonus”), if any, shall be determined annually by the CEO, or the Board or the compensation
committee of the Board (the “Compensation Committee”). During the Term, the Executive shall have a target bonus
of 150% of the Base Salary. Bonus(es) shall be subject to the Executive’s individual performance and satisfaction of objectives
established by the CEO or the Board or the Compensation Committee, and further are subject to the exercise of discretion by the
CEO and review and approval by the Compensation Committee. Bonus(es), if any, shall be paid in the form of cash and shall be paid
by March 15th of the following year.

 

(c)       The Company will guarantee the Executive
a Bonus of at least $700,000 with respect to the year ending December 31, 2020 unless the Executive’s employment has been
terminated by the Company for Cause (as defined below) or by the Executive without Good Reason (as defined below) prior to the
payment of annual bonuses by the Company with respect to such year. Such bonus, if any, shall be paid to the Executive when annual
bonuses are normally paid to other executive officers of the Company in 2021, but not later than March 15, 2021.

 

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 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 which are 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

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Service”), and notwithstanding
anything contained herein to the contrary, the date on which a Separation from Service takes place shall be the Termination Date.
In the event of the Executive’s death, any amounts owed to the Executive hereunder shall instead be paid to the Executive’s
designated beneficiary (or, if none, to the Executive’s estate).

 

(a)       The Company has the right and may
elect to terminate Executive’s employment under 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 (at any time following the date of this Agreement,
including prior to the Effective Date):

 

(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, Holdings or any of their respective
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 and/or Holdings) 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 and/or Holdings’ Code of Ethics, or any other written Company
and/or Holdings policy that is communicated to the Executive in a similar manner as such policy is communicated to other employees
of the Company and/or Holdings, which is demonstrably and materially injurious to the Company, Holdings or any of their respective
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 act
of dishonesty, misappropriation, embezzlement, intentional fraud, or similar intentional misconduct by the Executive involving
the Company, Holdings or any of their respective 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, Holdings or any of their respective affiliates caused by the Executive’s willful misconduct
or gross negligence;

 

(v)     the Executive’s 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, Holdings or their
respective affiliates;

 

(vi)     the Executive’s failure
to comply with the CEO’s reasonable written instructions 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

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officer of the Company, Holdings
or their respective affiliates, including but not limited to 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 a majority 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 17, 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 prior to such vote, finding that in the good faith opinion of the Board, the Executive committed
the 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), the Executive’s employment and the Term shall terminate on the date specified by the
Board in the Notice of Termination for Cause and one (1) day following the receipt by the Executive of a notice of a termination
without Cause.

 

(c)        (i) The Term of 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 employment 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. The Executive
shall not be terminated following a Disability except pursuant to this Section 6(c)(ii). 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. The Term of 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 and Holdings at any time with or without Good Reason (as defined below). Should the Executive
wish to resign from his employment with the Company and Holdings during the Term for other than Good Reason, the Executive shall
give at least thirty (30) days’ prior written notice to the Company. The Executive’s employment and the Term of this
Agreement shall terminate on the effective date of the resignation set forth in the notice of resignation; provided that
the Company may, at its sole discretion, instruct the Executive to perform no more job responsibilities and cease his active employment
immediately upon or following receipt of such

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notice from the Executive. Further, any resignation
by the Executive of his employment with the Company shall be deemed a resignation of his employment with Holdings (and vice versa).

 

(e)       Should the Executive wish to resign
from his employment with the Company and Holdings 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 of this Agreement 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 his active employment and perform no more job duties immediately upon or following receipt of such notice from the Executive.
Further, any resignation by the Executive of his employment with the Company shall be deemed a resignation of his employment with
Holdings (and vice versa).

 

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
and Holdings shall be afforded an opportunity to cure such event (and provided that the Executive’s effective date of resignation
for Good Reason is within one hundred thirty-five (135) days of the Good Reason event):

 

(i)     the assignment to the Executive
by the Company and/or Holdings of duties not reasonably consistent with the Executive’s positions, duties, responsibilities,
titles or offices on the Effective Date, any material reduction in the Executive’s duties or responsibilities in the areas
of the Company’s financial, planning and analysis, controller, treasury, investor relations, internal audit or information
technology functions, or any removal of the Executive from, or any failure to re-elect the Executive to, any of such positions
(except in connection with the termination of the Executive’s employment for Cause, Disability or as a result of the Executive’s
death or by the Executive other than for Good Reason); or

 

(ii)     the Executive ceasing to
report solely and directly to the CEO (unless otherwise required by Section 2(c)); or

 

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

 

(iv)    any reduction in the Base
Salary or target bonus opportunity;

 

(v)     solely to the extent that
the Executive has commenced employment with the Company on or before the Effective Date, the Company’s failure to grant the
equity awards set forth in Section 4(b) on the Grant Date; or

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(vi)     the Company’s failure
to make a bona fide offer in writing to renew this Agreement, for at least an additional
one (1)-year term, on terms and conditions at least as favorable as those set forth in this Agreement (including the Base Salary
set forth in Section 4(a), but excluding any equity–based compensation set forth in Section 4(b)), at least ninety (90) days
prior to (x) the Term End Date and (y) each subsequent anniversary of the Term End Date on which this Agreement is otherwise scheduled
to expire; provided that (for purposes of this clause (y) only) this Agreement has been renewed on the Term End Date or
subsequent anniversary thereof on which this Agreement was otherwise most recently scheduled to expire; or

 

(vii)     any material breach by
the Company of this Agreement.

 

(f)        (i) 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
shall, in lieu of any future payments or benefits under this Agreement, 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 (including any equity plans and applicable award agreements) in accordance
with the terms of such plans and programs (collectively, the “Accrued Payments and Benefits”).

 

(ii)        If (x) during the Term,
the employment of the Executive is terminated by the Company without Cause or if the Executive terminates his employment for Good
Reason (including upon end of the Term if the Company has failed to make the Bona Fide Offer described in Section 6(e)(vi)), or
(y) after the date hereof and prior to the Effective Date, the employment of the Executive is terminated by the Company without
Cause, then, in each case subject to Section 6(g), the Executive shall have an absolute and unconditional right to receive, and
the Company shall pay to the Executive without setoff, counterclaim or other withholding, except as set forth in Section 4(c),
the following:

 

(A)     the Accrued Payments and
Benefits;

 

(B)     a lump sum amount equal
to the sum of (x) the Executive’s annualized Base Salary then in effect and (y) an amount in cash equal to the greater of
(1) $1,650,000 and (2) the Bonus last paid (or due and payable) to the Executive, with such lump sum amount to be paid on the sixtieth
(60th) day following the Termination Date;

 

(C)     (x) a pro-rated Bonus for
the year in which the termination occurred (based on actual achievement of applicable performance criteria, and based on the number
of days the Executive was employed by the Company as a portion of the applicable calendar year), payable when annual bonuses are
normally paid to other executive officers of the Company; provided that such amount shall not be payable in respect of the year
ending December 31, 2020; and (y) if not previously paid, the $700,000 Bonus for the year ending December 31, 2020, payable when
annual bonuses are normally paid to other executive officers of the Company for such year;

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(D)     the continuation for eighteen
(18) months, at the Company’s expense (by direct payment, not reimbursement to the Executive), of substantially similar medical
and dental benefits in a manner that will not be taxable to the Executive;

 

(E)     life insurance benefits
on substantially the same terms as provided by the Company for active employees for one (1) year following the Termination Date;
provided that (I) the Company’s cost for such life insurance 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 (II)
such life insurance coverage shall cease if the Executive obtains a life insurance benefit from another employer during the remainder
of such one (1) year period; and

 

(F)     if such termination occurs
prior to the grant of the equity awards set forth in Section 4(b), $13,000,000 in cash, to be paid in a lump sum on the sixtieth
(60th) day following the Termination Date.

 

(g)       The Company’s obligations under
Section 6(f)(ii) shall be conditioned upon the Executive or the Executive’s representative executing, delivering, and not
revoking during the applicable revocation period a waiver and release of claims against the Company and Holdings, substantially
in the form attached as Exhibit D (the “Release”) within sixty (60) days following the Termination Date; provided
that the Company’s General Counsel may waive such requirement in the case of the Executive’s death.

 

(h)       Notwithstanding anything contained
in this Agreement, under no circumstances shall the Company or Holdings be considered to have breached this Agreement or to have
terminated the Executive’s employment with or without Cause, or shall a Good Reason event be deemed to have occurred, solely
as a result of Holdings merging with and/or into, or otherwise effecting a business combination with, the Company, Liberty Media
Corporation, any Qualified Distribution Transferee (as defined in the Investment Agreement, dated as of February 17, 2009, between
Holdings and Liberty Radio LLC, as amended) or any of their respective wholly-owned subsidiaries, or any entity wholly-owned jointly
by any of the foregoing.

 

(i)        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 and Holdings) 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 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 (1st) business day of the seventh (7th)
month following the date of the Executive’s Separation from Service and (y) the Executive’s death.

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(j)        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, as may then be applicable,
from the Board, all fiduciary positions (including, without limitation, as trustee) and all other offices and positions the Executive
holds with the Company, Holdings or any of their respective 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 remove the Executive
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 in accordance with this Agreement or as required by applicable
law or as required in proceedings to enforce or defend his rights under this Agreement or any other written agreement between the
Executive and the Company and/or Holdings, disclose to others or use, directly or indirectly, any Confidential Information.

 

(b)       “Confidential Information”
shall mean information about the Company’s and/or Holdings’ (and their respective affiliates’) business and operations
that is not disclosed by the Company and/or Holdings (or their respective affiliates) for financial reporting purposes and that
was learned by the Executive in the course of his employment by the Company and/or Holdings, 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 but not limited to computer
records) of the documents containing such Confidential Information, other than information that is publicly disclosed by the Company
and/or Holdings (or their respective affiliates) in writing. The Executive acknowledges that such Confidential Information is specialized,
unique in nature and of great value to the Company and/or Holdings, and that such information gives the Company and/or Holdings
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
and/or Holdings or prepared by the Executive in the course of his employment by the Company and/or Holdings; provided that
the Executive will be able to keep his cell phones, personal computers, personal contact list and the like so long as any Confidential
Information is removed from such items.

 

(a)        Nothing in this Agreement will preclude,
prohibit or restrict the Executive from (i) communicating with any federal, state or local administrative or regulatory agency
or authority, including but not limited to the Securities and Exchange Commission (the “SEC”); (ii) participating
or cooperating in any investigation conducted by any governmental agency or authority; or (iii) filing a charge of discrimination
with the United States Equal Employment Opportunity Commission or any other federal state or local administrative agency or regulatory
authority. Nothing in this Agreement, or any other agreement between the parties, prohibits or is intended in any manner to prohibit,
the Executive from (A) reporting a possible violation of federal or other applicable law or regulation to any governmental agency
or entity, including but not limited to the Department of Justice, the SEC, the U.S. Congress, and any governmental agency Inspector
General, or (B) making other disclosures that are protected under

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whistleblower provisions of federal law or
regulation. This Agreement does not limit the Executive’s right to receive an award (including, without limitation, a monetary
reward) for information provided to the SEC. The Executive does not need the prior authorization of anyone at the Company to make
any such reports or disclosures, and the Executive is not required to notify the Company that the Executive has made such reports
or disclosures. Nothing in this Agreement or any other agreement or policy of the Company is intended to interfere with or restrain
the immunity provided under 18 U.S.C. §1833(b). The Executive cannot be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that is made (I) (x) in confidence to federal, state or local government
officials, directly or indirectly, or to an attorney, and (y) for the purpose of reporting or investigating a suspected violation
of law; (II) in a complaint or other document filed in a lawsuit or other proceeding, if filed under seal; or (III) in connection
with a lawsuit alleging retaliation for reporting a suspected violation of law, if filed under seal and does not disclose the trade
secret, except pursuant to a court order. The provisions of this Section 7(c) are intended to comply with all applicable laws.
If any laws are adopted, amended or repealed after the execution of this Agreement, this Agreement shall be deemed to be amended
to reflect the same.

 

(b)       The provisions of this Section 7 shall
survive indefinitely. The Executive’s obligations under this Section 7 following the Executive’s termination of employment
for Good Reason or by the Company without Cause are expressly conditioned upon, and subject to, the Company’s compliance
with its applicable payment obligations, if any, under Section 6.

 

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 entity engaged in the distribution, production, transmission or streaming of radio programming
or any activity that directly competes with the business of the Company, including but not limited to podcasting, telematics and
audio advertising sales and technology (each, a “Competitive Activity”); 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
as to any product or service that directly competes with any product or service provided or marketed by the Company or its affiliates
on the date of the Executive’s termination of employment with the Company during the Term (as such Term may be extended in
accordance with Section 6(e)(vi)) (the “Milestone Date”); provided, that general solicitations that are
not specifically targeted to current, former or prospective customers of the Company with respect to such products or services,
and which products or services have not been identified by the Executive using Confidential Information, shall not be deemed to
be a breach of the immediately preceding sentence. The Executive agrees that during the Restricted Period he will not solicit or
assist others to solicit the employment of or hire any employee of Holdings, the Company, or their subsidiaries or Liberty Media
Corporation without the prior written consent of the Company. For purposes of this Agreement, the “Restricted Period”
shall mean a period of one (1) year following the Milestone Date;

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provided, however, that if (i) the Company
has made an offer to renew this Agreement in accordance with Section 6(e)(vi), (ii) the Executive does not accept such offer, and
(iii) the Executive’s employment terminates at the end of the Term, then there shall be no Restricted Period and the provisions
of this Section 8 shall be of no further force and effect. For purposes of this Agreement, the term “radio”
shall be defined broadly and shall include any and all forms and mediums of audio distribution now existing or hereafter developed,
including terrestrial radio, streaming audio services, podcasting and on-demand audio services. Notwithstanding anything to the
contrary in this Section 8, it shall not be a violation of this Section 8 for the Executive to join a division or business line
of a commercial enterprise with multiple divisions or business lines if such division or business line is not engaged in a Competitive
Activity; provided that the Executive performs services solely for such non-competitive division or business line. Executive’s
obligations under this Section 8 during the Restricted Period are expressly conditioned upon, and subject to, the Company’s
compliance with its applicable payment obligations, if any, under Section 6.

 

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 but not limited to any payment or benefit received in connection with a change of control of the Company
or Holdings 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 and employment 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 and employment 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).

 

(a)        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 any equity valued at less than full value under Treasury Regulation
Section 1.280G-

    	11

    	

    

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.

 

(b)       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, without limitation, 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 (including, without limitation, any portion
of such Total Payments equal to the value of the covenant included in Section 8, as determined by the Auditor or such other accounting,
consulting or valuation firm selected by the Company prior to the change of control and reasonably acceptable to the Executive),
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.

 

(c)        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 but not limited to any opinions or other advice the Company or Holdings
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.

 

(d)        If the Executive receives reduced
payments and benefits by reason of this Section 9 and it is established pursuant to a determination of a court which is not subject
to review or as to which the time to appeal has expired, or pursuant to an Internal Revenue Service proceeding, that the Executive
could have received a greater amount without resulting in any

    	12

    	

    

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 as soon as reasonably
practicable.

 

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, 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.       Indemnification. Notwithstanding
anything herein to the contrary, the Company shall indemnify the Executive, both during and after the Term, to the full extent
provided in the Company’s and Holdings’ respective Certificates of Incorporation and Bylaws and the law of the State
of Delaware in connection with his activities as an officer of the Company and Holdings, which shall survive the termination of
the Executive’s employment with the Company or the Term of this Agreement for any reason.

 

12.       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, but excluding any equity award agreements between the Executive and the Company and/or Holdings. Nothing herein is intended
to supersede or waive obligations of the Executive to comply with any assignment of invention provisions applicable to the Executive
under the Code of Ethics or any assignment of invention agreement(s) between the Company and/or Holdings and the Executive.

 

13.       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.

 

14.       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.

 

15.       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 or Holdings by merger or purchase of all or substantially all of the Company’s and/or
Holdings’ assets shall assume this Agreement.

    	13

    	

    

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

 

17.       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 if received at the recipient’s location during normal business hours and otherwise
on the next business day, 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

35th Floor

New York, New York 10020

Attention: Chief Executive Officer

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.

 

18.       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.

 

19.       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;
nor shall the amount of any benefit or payment provided for under Section 6 be reduced by any compensation earned by the Executive
as the result of employment by another employer.

 

20.       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 Holdings,
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 and/or Holdings or his termination, including but not limited to disputes
over rights provided by federal, state, or local statutes, regulations, ordinances, and common law, including all laws that prohibit
discrimination based

    	14

    	

    

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 the discretion to award monetary and other damages, and any other relief
that the arbitrator deems appropriate and is allowed by law. The arbitrator shall also 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.

 

(a)        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.

 

(b)        The Company and the Executive agree
that the sole dispute that is excepted from Section 20(a) is an action seeking injunctive relief from a court of competent jurisdiction
regarding enforcement and application of Sections 7, 8 or 10, which action may be brought in addition to, or in place of, an arbitration
proceeding in accordance with Section 20(a).

 

21.       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 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.

 

(a)       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.

 

(b)       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.

 

22.       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.

 

23.       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

    	15

    	

    

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.

 

24.       Survivorship. Upon the expiration
or other termination of the Term 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.

 

25.       Clawback Provisions. Notwithstanding
any other provisions in this Agreement to the contrary, any compensation paid to the Executive pursuant to this Agreement or any
other agreement or arrangement with the Company, Holdings or any of their respective 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, Holdings or any of their respective affiliates pursuant to, but solely to the extent required by, any such law, government
regulation or stock exchange listing requirement).

 

26.       Attorneys’
Fees. The Company shall promptly reimburse the Executive for 50% of the reasonable professional fees and expenses incurred
by the Executive in the negotiation and preparation of this Agreement and related agreements. The amount required to be reimbursed
by the Company shall in no event exceed $25,000.

    	16

    	

    

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

 

	 	 	SIRIUS XM RADIO INC.
	 	 	 	 
	 	By:	/s/ Patrick Donnelly	 
	 	 	Patrick Donnelly	 
	 	 	Executive Vice President, General Counsel and Secretary
	 	 	 	 
	 	 	/s/ Sean S. Sullivan	 
	 	 	SEAN S. SULLIVAN	 

    	17

    	

    

Exhibit A

 

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

OF DESCENT AND DISTRIBUTION.

 

SIRIUS XM HOLDINGS INC. 2015 LONG-TERM STOCK
INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

This STOCK
OPTION AGREEMENT (this “Agreement”), dated [______]1,
2020, is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”), and SEAN S. SULLIVAN (the
“Executive”).

 

1.        Grant
of Option; Vesting. (a) Subject to the terms and conditions of this Agreement, the Sirius XM Holdings
Inc. 2015 Long-Term Stock Incentive Plan (the “Plan”), and the Employment Agreement, dated as of September 14,
2020, between Sirius XM Radio Inc. (“Sirius XM”) and the Executive (the “Employment Agreement”),
the Company hereby grants to the Executive the right and option (this “Option”) to purchase ____________________________
(_______) shares of common stock, par value $0.001 per share, of the Company (the “Shares”), at a price per
Share of $____ (the “Exercise Price”)2.
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. 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.

 

(a)       Subject
to the terms of this Agreement, this Option shall vest and become exercisable in three (3) equal installments on [_____],2021 [_____],
2022, and [_____], 20233,
subject to the Executive’s continued employment with Sirius XM on each of these dates other than as specifically stated herein.

 

(b)       If
the Executive’s employment with Sirius XM terminates for any reason, this Option, to the extent not then vested, shall immediately
terminate without consideration; provided that if the Executive’s employment with Sirius XM is terminated (x) due
to death or “Disability” (as defined in the Employment Agreement), (y) by Sirius XM without “Cause”
(as defined in the Employment Agreement), or (z) 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 foregoing condition that the Executive be an employee of Sirius XM shall, in the event of the termination
of the Executive’s employment with Sirius XM due to death or Disability, by Sirius XM without Cause or by the Executive
for Good Reason, be waived by the Company; provided that the Executive executes a release in
accordance with Section 6(g) of the Employment Agreement

 

 

1 The “Grant
Date”, as defined in the Employment Agreement.

2 Closing price
on the Grant Date.

3 First and second
anniversaries of the Grant Date and the third anniversaries of the Effective Date.

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(except that the Company’s general counsel may waive such
requirement in the case of the Executive’s death).

 

2.        Term.
This Option shall terminate on [_____]4,
(the “Option Expiration Date”); provided that if:

 

(a)       the Executive’s employment with
Sirius XM is terminated due to the Executive’s death or Disability, by Sirius XM without Cause, or by the Executive for Good
Reason, the Executive may exercise this Option in full until the first (1st) 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
Sirius XM is terminated for Cause, this Option shall be cancelled upon the date of such termination; and

 

(c)       the Executive voluntarily terminates
his employment with Sirius XM 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 the
Company, Sirius XM and/or any of their respective wholly-owned subsidiaries, on the one hand, and Liberty Media Corporation, any
Qualified Distribution Transferee (as defined in the Investment Agreement, dated as of February 17, 2009, between the Company and
Liberty Radio LLC, as amended) and/or any of their respective wholly-owned subsidiaries, on the other hand, shall not constitute
a Change of Control under 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. In the event of the Executive’s death, any amounts owed to the Executive hereunder shall instead
be paid to the Executive’s designated beneficiary (or, if none, to the Executive’s estate).

 

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 taxes, if any, which are required to be withheld under applicable law and shall, as a condition of exercise of
this Option and delivery of the Shares purchased upon exercise of this Option, collect from the Executive the amount of any such
tax to the extent not previously 

 

 

4
Tenth anniversary of the Grant Date.

    	19

    	

    

withheld. The Executive may satisfy his withholding obligations in the manner contemplated by
Section 16(e) 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 Sirius XM or any of its subsidiaries or affiliates, or in any way limit the
right of Sirius XM or any of its subsidiaries or affiliates to terminate employment of the Executive at any time, subject to the
terms of the Employment Agreement or any other written employment or similar written agreement between or among the Company, Sirius
XM, or any of their respective subsidiaries or affiliates, 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 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. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review it and comply
with its terms. This Agreement, the Employment Agreement and the Plan constitute the entire understanding between or among the
Company, Sirius XM 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, and shall bind and inure to the benefit
of the heirs, executors, personal representatives, successors and assigns of the parties hereto. Any disputes arising from or relating
to this Agreement shall be subject to arbitration pursuant to Section 20 of the Employment Agreement.

 

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 (3) business days after being sent by certified mail, postage prepaid, return receipt
requested or one (1) 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 Holdings Inc., 1221 Avenue of the Americas, 35th Floor, New York, New York 10020, Attention: Chief Executive Officer;
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.

    	20

    	

    

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.

 

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

 

	 	SIRIUS XM HOLDINGS INC.
	 	 	 	 
	 	By:	Exhibit A	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	Exhibit A	 
	 	 	SEAN S. SULLIVAN	 

    	21

    	

    

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 HOLDINGS INC.

 

2015 LONG-TERM STOCK INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

This RESTRICTED
STOCK UNIT AGREEMENT (this “Agreement”), dated [_____], 20205,
is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”), and SEAN S. SULLIVAN (the “Executive”).

 

1.         Grant of RSUs. Subject to the
terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive Plan (the “Plan”),
and the Employment Agreement, dated as of September 14, 2020, between Sirius XM Radio Inc. (“Sirius XM”) 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 dates specified
in this Agreement.

 

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 (20) 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 issued.

 

4.         Issuance
of Shares subject to RSUs. (a) Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, on (i)
[_____], 2021, the Company shall issue, or
cause there to be transferred, to the Executive [________] Shares representing an equal 

 

 

5 The “Grant
Date”, as defined in the Employment Agreement.

    	22

    	

    

number of RSUs granted to the Executive
under this Agreement (as adjusted pursuant to Section 2 above, if applicable), (ii) [_____], 2022, the Company shall issue, or
cause there to be transferred, to the Executive [________] Shares representing an equal number of RSUs granted to the Executive
under this Agreement (as adjusted pursuant to Section 2 above, if applicable), and (iii) [_____], 2023, the Company shall issue,
or cause there to be transferred, to the Executive [________] Shares representing an equal number of RSUs granted to the Executive
under this Agreement (as adjusted pursuant to Section 2 above, if applicable)6,
in each case if the Executive continues to be employed by Sirius XM on each of these dates other than as specifically stated herein.

 

(a)       If the Executive’s employment
with Sirius XM terminates for any reason, the RSUs shall immediately terminate without consideration; provided that if the
Executive’s employment with Sirius XM is terminated due to (x) death or “Disability” (as defined in the
Employment Agreement), (y) by Sirius XM without “Cause” (as defined in the Employment Agreement), or (z) by
the Executive for “Good Reason” (as defined in the Employment Agreement), the RSUs, to the extent not previously
settled, cancelled or forfeited, shall immediately become vested and the Company shall issue, or cause there to be transferred,
to the Executive 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), as adjusted pursuant to Section 2 above, if applicable. The foregoing condition
that the Executive be an employee of Sirius XM shall, in the event of the termination of the Executive’s employment with
Sirius XM due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason, be waived by the Company;
provided that the Executive executes a release in accordance with Section 6(g) of the Employment Agreement (except that
the Company’s general counsel may waive such requirement in the case of the Executive’s death).

 

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 the
Company, Sirius XM and/or any of their respective wholly-owned subsidiaries, on the one hand, and Liberty Media Corporation, any
Qualified Distribution Transferee (as defined in the Investment Agreement, dated as of February 17, 2009, between the Company and
Liberty Radio LLC, as amended) and/or any of their respective wholly-owned subsidiaries, on the other hand, shall not constitute
a Change of Control under 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. In the event of the Executive’s death, any amounts owed to the Executive hereunder shall instead be paid
to the Executive’s designated beneficiary (or, if none, to the Executive’s estate).

 

 

6 First and second anniversaries of the Grant Date and the third anniversary of the Effective
Date. The $6.25 million of RSUs, will vest as follows: $2.75 million on such first anniversary, $1.75 million on the second anniversary,
and $1.75 million on the third anniversary.

    	23

    	

    

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 taxes, if any, which are required to be withheld under applicable law and shall, as a condition of delivery of the Shares
pursuant to this Agreement, collect from the Executive the amount of any such tax to the extent not previously withheld in any
manner permitted by the Plan.

 

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 Sirius XM or
any of its subsidiaries or affiliates, or in any way limit the right of Sirius XM or any of its subsidiaries or affiliates to terminate
the employment of the Executive at any time, subject to the terms of the Employment Agreement or any other written employment or
similar written agreement between or among the Company, Sirius XM, or any of their respective subsidiaries or affiliates, 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. Capitalized terms not otherwise defined herein shall have the same meanings as
in the Plan. The Executive acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive
agrees to review it and comply with its terms. This Agreement, the Employment Agreement and the Plan constitute the entire understanding
between or among the Company, Sirius XM 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. Any disputes arising from or relating
to this Agreement shall be subject to arbitration pursuant to Section 20 of the Employment Agreement.

 

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 (3) business days after being sent by certified mail, postage prepaid, return receipt
requested or one (1) 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 Holdings Inc.
	 	 	1221 Avenue of the Americas
	 	 	35th Floor
	 	 	New York, New York 10020
	 	 	Attention:  Chief Executive Officer

    	24

    	

    

	 	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.

 

13.      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.

 

14.      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.

 

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

 

SIRIUS XM HOLDINGS INC.

 

	By:	Exhibit B	 	 	 
	 	Name:	 	SEAN S. SULLIVAN	 
	 	Title:	 	 	 

    	25

    	

    

Exhibit C

 

THE PRSUs HAVE NOT BEEN REGISTERED UNDER
STATE OR

FEDERAL SECURITIES LAWS.

THE PRSUs MAY NOT BE TRANSFERRED EXCEPT

BY WILL OR UNDER THE LAWS OF DESCENT AND DISTRIBUTION.

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT

 

This PERFORMANCE-BASED
RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”), dated [_____], 20207,
is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”), and SEAN S. SULLIVAN (the “Executive”).

 

1.        Grant
of PRSUs. Subject to the terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive
Plan (the “Plan”), and the Employment Agreement dated as of September 14, 2020 between Sirius XM Radio Inc.
(“Sirius XM”) and the Executive (the “Employment Agreement”), the Company hereby grants ________________
performance-based restricted stock units (“PRSUs”)8
to the Executive. Each PRSU 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.

 

2.        Dividends. If on any date while
PRSUs are outstanding the Company shall pay any dividend on the Shares (other than a dividend payable in Shares), the number of
PRSUs granted to the Executive shall, as of the record date for such dividend payment, be increased by a number of PRSUs equal
to: (a) the product of (x) the number of PRSUs 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 (20) 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 PRSUs granted to the Executive shall be increased by a number equal
to the product of (1) the aggregate number of PRSUs 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 PRSUs 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 issued. Once a PRSU vests and
a Share

 

 

7 The “Grant Date”, as defined in the Employment Agreement.

8 Equal to the number
of PRSUs calculated in accordance with Section 4(b)(iii) of the Employment Agreement, which represents the target number of PRSUs.

    	26

    	

    

is issued to the Executive pursuant to Section
4, such PRSU is no longer considered a PRSU for purposes of this Agreement.

 

4.        Issuance of Shares Subject to PRSUs.

 

(a)       Performance Metric. All or
a portion of the PRSUs shall be eligible to vest based on the Company’s level of achievement of one or more financial and/or
operating goals or combination of goals, which may include, among other things, return on net assets, return on stockholders’
equity, return on assets, return on capital, revenue, average revenue per subscriber, total stockholder returns, profit margin,
earnings per share, free cash flow per share, net earnings, operating earnings, free cash flow, adjusted earnings before interest,
taxes, depreciation and amortization, earnings before interest, taxes, depreciation and amortization, number of subscribers, growth
of subscribers, operating expenses, capital expenses, subscriber acquisition costs or other metrics (the “Performance
Metric Target”), approved by the Company’s Board of Directors (the “Board”) or the Compensation
Committee thereof for the years ending December 31, 2021 and December 31, 2022 (together, the “Performance Period”).
The Performance Metric Target may be cumulative goals for the Performance Period or separate goals for 2021 and 2022. The Company
shall deliver to the Executive on or before March 31, 2021 and March 31, 2022, as applicable, a statement setting forth the applicable
Performance Metric Target for 2021 and 2022 on a cumulative basis, or 2021 and 2022 taken separately, as applicable.

 

(b)       Calculation of Shares to be Issued.
Within sixty (60) days following the end of the Performance Period, the Company shall certify the Company’s level of achievement
of the Performance Metric Target (such actual date of certification, the “Certification Date”) and determine
the number of PRSUs that shall remain eligible to vest, as set forth below, in accordance with the terms of the Plan and/or this
Agreement (such PRSUs, the “Eligible PRSUs”):

 

(i)     If the Company fails to achieve
at least 80% of the Performance Metric Target, zero PRSUs shall constitute Eligible PRSUs;

 

(ii)     Upon achieving 100% or more
of the Performance Metric Target, 100% of the PRSUs shall constitute Eligible PRSUs; and

 

(iii)     If the Company’s
achievement of the Performance Metric Target falls between 80% and 100% of the Performance Metric Target, the number of PRSUs that
become Eligible PRSUs shall be determined by straight line interpolation between the thresholds set forth in subsections (i) and
(ii) of this Section 4(b).

 

The payout scale set forth above may be modified
in order to reflect the establishment of the Performance Metric Target.

 

Any PRSUs that do not constitute Eligible
PRSUs as of the Certification Date shall be cancelled on the Certification Date.

 

(c)       Issuance of Eligible PRSUs.
Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, on [_____], 2023, the Company shall issue, or
cause there

    	27

    	

    

to be transferred, to the Executive an amount
of Shares representing the Eligible PRSUs (as adjusted pursuant to Section 2 above, if applicable); provided that the Executive
continues to be employed by Sirius XM on [_____], 2023.

 

5.        Termination of Employment. (a)
If the Executive’s employment with Sirius XM terminates for any reason, then the PRSUs shall immediately terminate without
consideration; provided that if the Executive’s employment with Sirius XM is terminated due to (x) death or “Disability”
(as defined in the Employment Agreement), (y) by Sirius XM without “Cause” (as defined in the Employment Agreement),
or (z) by the Executive for “Good Reason” (as defined in the Employment Agreement) (any such applicable date
of termination, the “PRSU Termination Date”), then the PRSUs shall be treated in the following manner:

 

(i)     if the PRSU Termination Date
occurs prior to the end of the Performance Period, or if the PRSU Termination Date occurs prior to the establishment of the Performance
Metric Target for the Performance Period, then the PRSUs granted to the Executive under this Agreement, to the extent not previously
settled, cancelled or forfeited, shall, subject to Section 5(b), immediately become vested and the Company shall issue, or cause
there to be transferred, to the Executive the amount of Shares equal to the number of PRSUs granted to the Executive under this
Agreement, notwithstanding Section 4(b), and as adjusted pursuant to Section 2 above, if applicable; provided, that, if
the Performance Metric Target is based on separate goals for 2021 and 2022 and the PRSU Termination Date occurs following December
31, 2021 but prior to the end of the Performance Period, then the PRSUs granted under this Agreement that relate to the 2021 performance
period will vest based on “actual” level of achievement of the Performance Metric Target established for 2021; and

 

(ii)     if the PRSU Termination
Date occurs after the Performance Period, all Eligible PRSUs, to the extent not previously settled, cancelled or forfeited, shall,
subject to Section 5(b), immediately (or, if later, on the Certification Date) become vested and the Company shall issue, or cause
there to be transferred, to the Executive the amount of Shares equal to the number of Eligible PRSUs earned pursuant to Section
4(b), as adjusted pursuant to Section 2 above, if applicable.

 

(b)       In the event the Executive’s
employment with Sirius XM terminates due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason,
the condition in Section 4(c) that the Executive be an employee of Sirius XM shall be waived; provided that the Executive
executes a release in accordance with Section 6(g) of the Employment Agreement (except that the Company’s general counsel
may waive such requirement in the case of the Executive’s death).

 

6.        Change of Control. In the event
of a Change of Control, the PRSUs shall be governed by the terms of the Plan; provided that any transactions between the
Company, Sirius XM and/or any of their respective wholly-owned subsidiaries, on the one hand, and Liberty Media Corporation, any
Qualified Distribution Transferee (as defined in the Investment Agreement, dated as of February 17, 2009, between the Company and
Liberty Radio LLC, as amended) and/or any of their respective wholly-owned subsidiaries, on the other hand, shall not constitute
a Change of Control under the Plan.

    	28

    	

    

7.        Non-transferable. The PRSUs
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 PRSUs or of any right or privilege conferred hereby
shall be null and void. In the event of the Executive’s death, any amounts owed to the Executive hereunder shall instead
be paid to the Executive’s designated beneficiary (or, if none, to the Executive’s estate).

 

8.        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 taxes, if any, which are required to be withheld under applicable law and shall, as a condition of delivery of the Shares
pursuant to this Agreement, collect from the Executive the amount of any such tax to the extent not previously withheld in any
manner permitted by the Plan.

 

9.         Rights of the Executive. Neither
this Agreement nor the PRSUs shall confer upon the Executive any right to, or guarantee of, continued employment by Sirius XM or
any of its subsidiaries or affiliates, or in any way limit the right of Sirius XM or any of its subsidiaries or affiliates to terminate
the employment of the Executive at any time, subject to the terms of the Employment Agreement, or any other written employment
or similar written agreement between or among the Company, Sirius XM or any of their respective subsidiaries or affiliates, and
the Executive.

 

10.       Professional Advice. The acceptance
of the PRSUs 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 the Executive’s
personal legal and tax advisors in connection with this Agreement and the PRSUs.

 

11.      Agreement Subject to the Plan.
This Agreement and the PRSUs 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 otherwise defined shall have the same meaning as in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review it and comply
with its terms. This Agreement, the Employment Agreement and the Plan constitute the entire understanding between or among the
Company, Sirius XM and the Executive with respect to the PRSUs.

 

12.      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. Any disputes arising from or relating
to this Agreement shall be subject to arbitration pursuant to Section 20 of the Employment Agreement.

 

13.      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 (3) business days after being sent by certified mail, postage prepaid, return receipt
requested or one (1) business day after being

    	29

    	

    

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 Holdings Inc.
	 	 	1221 Avenue of the Americas
	 	 	35th Floor
	 	 	New York, New York 10020
	 	 	Attention:  Chief Executive Officer
	 	 	 
	 	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.

 

14.      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.

 

15.      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.

    	30

    	

    

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

 

SIRIUS XM HOLDINGS INC.

 

	By:	Exhibit C	 	 	 
	 	Name:	 	SEAN S. SULLIVAN	 
	 	Title:	 	 	 

    	31

    	

    

Exhibit D

 

AGREEMENT AND RELEASE

 

This Agreement and Release, dated as of _________,
20__ (this “Agreement”), is entered into by and between SEAN S. SULLIVAN (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)(ii) of the Employment Agreement between the Executive and the Company, dated as of September
14, 2020 (the “Employment Agreement”); provided that no such severance benefits shall be paid or provided
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 to the extent 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, performance-based restricted stock or other equity award agreements
or plans and other than rights to indemnification and to directors’ and officers’ liability insurance under the Employment
Agreement, the Certificates of Incorporation and Bylaws of Holdings and the Company and their affiliates (or similar constituent
documents of affiliates) or the provisions of Delaware law.

 

3.        The Executive, for himself, and for
his heirs, attorneys, agents, spouse and assigns, hereby waives, releases and forever discharges Sirius XM Holdings Inc., the Company
and their respective 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 Executive’s execution hereof, including, without limiting the generality
of the foregoing, (a) any act, cause, matter or thing stated, claimed or alleged, or which was or

    	32

    	

    

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
Holdings, the Company or their affiliates as provided in the Employment Agreement or otherwise; (ii) to coverage under the insurance
policies of Holdings, the Company or their affiliates covering officers and directors; (iii) to other benefits which by their express
terms extend beyond the Executive’s separation from employment (including, without limitation, 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 but not limited to 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)]9
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.        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.

 

7.        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

 

 

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

    	33

    	

    

action, debts, liabilities, rights, contracts,
damages, costs, expenses, losses or claims which could have been asserted by the Executive against the Company or any other Released
Party.

 

8.        The Executive shall not make any disparaging
remarks about any of Sirius XM Holdings Inc. (“Holdings”), the Company, Liberty Media Corporation or any of
their directors, officers, agents or employees (collectively, the “Nondisparagement Group”) and/or any of their
respective practices or products; provided that the Executive may provide truthful and accurate facts and opinions about
any member of the Nondisparagement Group where required to do so by law or in proceedings to enforce or defend his rights under
this Agreement or any other written agreement between the Executive and a member of the Nondisparagement Group and may respond
to disparaging remarks about the Executive made by any member of the Nondisparagement Group. The Company and Holdings shall not,
and they shall instruct their officers not to, make any disparaging remarks about the Executive; provided that any member
of the Nondisparagement Group 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 the Executive’s agents or family members.

 

9.        The Company hereby represents and warrants
that, except as previously disclosed in writing to the Executive, it is not aware of any facts or circumstances as of the date
of this Agreement that would give rise to or serve as a basis for any claim against the Executive in connection with the employment
and termination of employment of the Executive.

 

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 20(a) and 20(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.

    	34

    	

    

14.       This Agreement, the Employment Agreement,
[and list any outstanding award agreements] between the Executive and the Company [or Holdings, as applicable,] 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 (including but not
limited to the foregoing release), 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 voluntarily, without any mistake,
duress, coercion 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 or pdf 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, without limitation,
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, personal computers, personal contact list and the like
so long as Confidential Information (as defined in the Employment Agreement) is removed from such items.

 

18.      Any existing obligations the Executive
has with respect to confidentiality, nonsolicitation of employees and third parties and noncompetition under Section 7 and 8 of
the Employment Agreement shall remain in full force and effect in accordance with their terms.

 

19.      Any disputes arising from or relating
to this Agreement shall be subject to arbitration pursuant to Section 20 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.

    	35

    	

    

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:	 	 	 	 	 
	 	 	 	 	SEAN S. SULLIVAN	 

    	36Exhibit 4.4

 

Execution copy

 

WARRANT

 

THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE
BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES
LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

WARRANT TO PURCHASE COMMON STOCK

 

	Warrant No.: 5	 	 	Number of Shares: 23,489	 
	 	 	 	Warrant Exercise Price: $4.19 per share	 
	Issuance Date: January 1, 2019	 	 	Expiration Date: January 2, 2026	 

 

Inhibikase Therapeutics, Inc., a Delaware corporation (the “Company”),
hereby certifies that Francis E. McDaniel (the “Holder”), the registered Holder hereof or its permitted assigns,
is entitled, subject to the terms set forth below, to purchase from the Company upon surrender of this Warrant, at any time or
times on or after the date hereof (the “Effective Date”), but not after 11:59 P.M. Eastern Time on the Expiration
Date (as defined herein), Twenty Three Thousand Four Hundred and Eighty Nine fully paid and nonassessable shares of Common Stock
(as defined herein) of the Company (the “Warrant Shares”) at the exercise price per share of Four Dollars and
Nineteen Cents ($4.19). Upon the written request of the Holder, the Company shall promptly, but in no event later than three (3)
Business Days following the receipt of such notice, confirm in writing to any such Holder the number of shares of Common Stock
available to purchase from the Company upon surrender of this Warrant. The Holder and the Company agree that notwithstanding any
terms to the contrary contained herein, the Holder shall have no right to exercise this Warrant until the Effective Date.

 

Section 1.  Definitions

 

(a)       The
following words and terms as used in this Warrant shall have the following meanings:

 

(i)       “Affiliated
Entity” means any general partner of a Person, if such Person is a partnership, or any person or entity that, directly
or indirectly, through one or more intermediaries, controls, is controlled by, or in under common control with, such Person.

 

(ii)       “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in New York City or the State of
New York are authorized or required by law to remain closed.

 

    

     

    

 

(iii)     “Common
Stock” means (i) the Company’s Common Stock, par value $0,001 per share, and (ii) any capital stock into which
such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common Stock.

 

(iv)     “Effective
Date” means the January 1, 2019.

 

(v)      “Expiration
Date” means January 2, 2026.

 

(vi)     “Issuance
Date” means January 1, 2019.

 

(vii)    “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization
and a government or any department or agency thereof.

 

(viii)   “Registration”
means consummation of the Company’s sale of its Common Stock or other capital stock pursuant to a registration statement
which is declared effective in accordance with the Securities Act (other than a registration statement relating either to sale
of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or a SEC Rule 145 transaction).

 

(ix)      “Registration
Expenses” means all fees and expenses incident to the Company’s performance of or compliance with Section 4 of
this Warrant, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with
respect to filings required to be made with FINRA in connection with an underwritten offering, (B) fees and expenses of compliance
with state securities or “blue sky” laws, and (C) transfer taxes); (ii) printing, messenger, telephone and delivery
expenses; (iii) fees and disbursements of counsel for the Company; (iv) fees and disbursements of all independent certified public
accountants retained by the Company; (v) underwriters’ fees and expenses (excluding discounts, commissions, or fees of underwriters,
selling brokers, dealer managers or similar securities industry professionals relating to the distribution of the Warrant Shares);
(vi) Securities Act liability insurance, if the Company so desires such insurance; (vii) internal expenses of the Company; (viii)
the expense of any annual audit; (ix) the fees and expenses incurred in connection with the listing of the securities to be registered
on any securities exchange; and (x) the fees and expenses of any Person, including special experts, retained by the Company.

 

(x)       “Securities
Act” means the Securities Act of 1933, as amended.

 

(xi)      “Warrant”
means this Warrant and all Warrants issued in exchange, transfer or replacement thereof.

 

(xii)     “Warrant
Exercise Price” shall be the price set forth on page one of this Warrant or as subsequently adjusted as provided in Section
8 hereof.

 

(b)       Other Definitional
Provisions.

 

(i)       Except
as otherwise specified herein, all references herein (A) to the Company shall be deemed to include the Company’s successors
and (B) to any applicable law defined or referred to herein shall be deemed references to such applicable law as the same may have
been or may be amended or supplemented from time to time.

 

(ii)       When
used in this Warrant, the words “herein”, “hereof”, and “hereunder”
and words of similar import, shall refer to this Warrant as a whole and not to any provision of this Warrant, and the words
 “Section”, “Schedule”, and “Exhibit” shall refer to Sections of, and
Schedules and Exhibits to, this Warrant unless otherwise specified.

 

    

     

    

 

(iii)      Whenever
the context so requires, the neuter gender includes the masculine or feminine, and the singular number includes the plural, and
vice versa.

 

Section 2.    Exercisability of Warrant.

 

(a)   The
number of shares of Common Stock issuable pursuant to this Warrant are fully vested.

 

Section 3.    Exercise of Warrant.

 

(a)    Subject
to the terms and conditions hereof, this Warrant may be exercised by the Holder hereof then registered on the books of the Company,
in whole or in part, at any time on any Business Day on or after the opening of business on such Business Day, commencing with
the Effective Date, and prior to 11:59 P.M. Eastern Time on the Expiration Date, by (i) delivery of a written notice, in the form
of the subscription notice attached as Exhibit A hereto (the “Exercise Notice”), of such Holder’s
election to exercise this Warrant, which notice shall specify the number of Warrant Shares to be purchased which shall not be less
than 1,000 shares in each case (or if less than 1,000 shares are available to purchase from the Company pursuant to this Warrant),
such lesser amount (as such minimum number may be adjusted pursuant to Section 8), (ii) payment to the Company of an amount equal
to the Warrant Exercise Price(s) applicable to the Warrant Shares being purchased, multiplied by the number of Warrant Shares (at
the applicable Warrant Exercise Price) as to which this Warrant is being exercised (plus any applicable issue or transfer taxes)
(the “Aggregate Exercise Price”) in cash or wire transfer of immediately available funds and (iii) the surrender
of this Warrant (or an indemnification undertaking with respect to this Warrant in the case of its loss, the ft or destruction)
to a common carrier for overnight delivery to the Company as soon as practicable following such date. Upon delivery of the Exercise
Notice and Aggregate Exercise Price referred to in clause (ii) above the Holder of this Warrant shall be deemed for all corporate
purposes to have become the Holder of record of the Warrant Shares with respect to which this Warrant has been exercised. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the
Holder shall surrender this Warrant to the Company for cancellation within three (3) trading days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

(b)   The
Company shall use best efforts to cause the Warrant Shares purchased hereunder to be transmitted by its transfer agent to the
Holder by crediting the account of the Holder’s broker with The Depository Trust Company through its Deposit or
Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system if there is an
effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the
Holder, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of
the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the
address specified by the Holder in the Notice of Exercise by the time and date that is no later than 11:00 am, Eastern time,
on the tenth (10th) trading day after the latest of (A) the delivery to the Company of the Notice of Exercise, (B) surrender
of this Warrant (if required) and (C) payment of the Aggregate Exercise Price (such date, the “Warrant Share
Delivery Date”). In no event may the Warrants be settled in cash. If there is no effective registration statement
permitting the resale of the Warrant Shares, then any Warrant Shares delivered upon exercise of this Warrant shall be
restricted shares. The Company has no obligation of any kind to register the Warrant Shares for resale. The Warrant
Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be
deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with
payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section
3(e) prior to the issuance of such shares, having been paid.

 

(c)   Unless
the rights represented by this Warrant shall have expired or shall have been fully exercised, me Company shall, as soon as practicable
and in no event later than thirty (30) Business Days after any exercise and at its own expense, upon written request of the Holder
issue a new Warrant identical in all respects to this Warrant exercised except it shall represent rights to purchase the number
of Warrant Shares purchasable immediately prior to such exercise under this Warrant exercised, less the number of Warrant Shares
with respect to which such Warrant is exercised.

 

(d)    No
fractional Warrant Shares are to be issued upon any exercise of this Warrant, but rather the number of Warrant Shares issued upon
such exercise of this Warrant shall be rounded up or down to the nearest whole number.

 

(e)    Issuance
of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect
of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares
shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that,
in the event Warrant S hares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
shall be accompanied by the Warrant Power in the form attached hereto as Exhibit B duly executed by the Holder, and the
Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

(f)    If
at any time the Company proposes to merge or consolidate with or into any other corporation, effect any reorganization, or sell
or convey all or substantially all of its assets to any other entity, then, as a condition of such reorganization, consolidation,
merger, sale or conveyance, the Company or its successor, as the case may be, shall enter into a supplemental agreement to make
lawful and adequate provision whereby the Holder shall have the right to receive, upon exercise of this Warrant, the kind and amount
of equity securities which would have been received upon such reorganization, consolidation, merger, sale or conveyance by a Holder
of a number of shares of Common Stock equal to the number of shares issuable upon exercise of this Warrant immediately prior to
such reorganization, consolidation, merger, sale, or conveyance. The Company shall give the Holder of this Warrant ten (10) Business
Days’ prior written notice of the proposed effective date of any such merger, consolidation, reorganization, sale or conveyance,
and the Company shall also give the Holder of this Warrant ten (10) Business Days’ prior written notice of the commencement
of the Company’s voluntary or involuntary dissolution, liquidation or winding up. If the Property to be received upon such
merger, consolidation, reorganization, sale or conveyance is not equity securities, and if this Warrant has not been exercised
by or on the effective date of such transaction, it shall terminate.

 

Section 4.       Covenants as to Common Stock.
The Company hereby covenants and agrees as follows:

 

(a)   This Warrant
is duly authorized and validly issued.

 

    

     

    

 

(b)   All
Warrant Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly
issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof.

 

(c)   The
Company will at all times have authorized and reserved at least one hundred percent (100%) of the number of shares of Common Stock
needed to provide for the exercise of the rights then represented by this Warrant and the par value of said shares will at all
times be less than or equal to the applicable Warrant Exercise Price.

 

(d)   The
Company will not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out
of all the provisions of this Warrant.

 

Section 5.       Warrant Holder Not Deemed
a Stockholder. Except as otherwise specifically provided herein, no Holder, as such, of this Warrant shall be entitled to vote
or receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder hereof, as such, any of the rights of a stockholder of the Company or any
right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of
stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or
otherwise, prior to the issuance to the Holder of the Warrant Shares which Holder is then entitled to receive upon the due exercise
of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on such Holder to
purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company.

 

Section 6.       Representations of Holder.
The Holder of this Warrant, by the acceptance hereof, represents that it is acquiring this Warrant and the Warrant Shares for its
own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution
of this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act; provided, however,
that by making the representations herein, the Holder does not agree to hold this Warrant or any of the Warrant Shares for any
minimum or other specific term and reserves the right to dispose of this Warrant and the Warrant Shares at any time in accordance
with or pursuant to a registration statement or an exemption under the Securities Act and other applicable securities laws. The
Holder of this Warrant further represents, by acceptance hereof, that, as of this date, such Holder is an “accredited investor”
as such term is defined in Rule 501(a)(1) of Regulation D promulgated by the Securities and Exchange Commission under the Securities
Act (an “Accredited Investor”). Upon exercise of this Warrant the Holder shall, if requested by the Company,
confirm in writing, in a form satisfactory to the Company, that the Warrant Shares so purchased are being acquired solely for the
Holder’s own account and not as a nominee for any other party, for investment, and not with a view toward distribution or
resale and that such Holder is an Accredited Investor. If such Holder cannot make such representations because they would be factually
incorrect, it shall be a condition to such Holder’s exercise of this Warrant that the Company receive such other representations
as the Company considers reasonably necessary to assure the Company that the issuance of its securities upon exercise of this Warrant
shall not violate any United States or state securities laws.

 

Section 7.       Ownership and Transfer

 

(a)   The
Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate
by notice to the Holder hereof), a register for this Warrant, in which the Company shall record the name and address of the
person or entity in whose name this Warrant has been issued, as well as the name and address of each transferee. The Company
may treat the person in whose name any Warrant is registered on the register as the owner and Holder thereof for all
purposes, notwithstanding any notice to the contrary, but in all events recognizing any transfers made in accordance with the
terms of this Warrant.

 

    

     

    

 

(b)   The
Company agrees that, subject to the satisfaction of the conditions set forth in this Section 7(b), the Holder shall be entitled
to transfer all or any portion of this Warrant or of the Warrant Shares (i) in the case that the Holder is an incorporated or other
entity, to an Affiliated Entity of the Holder or (ii) in the case that the Holder is a natural person, for bona fide estate planning
purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, child (natural or adopted),
or any other direct lineal descendant of such Holder (or his or her spouse) (all of the foregoing collectively referred to as “family
members”), or to any custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the
ownership interests of which are owned wholly by, such Holder or any such family members. The Holder agrees not to make any transfer
or disposition of the Warrant or all or any portion of the Warrant Shares to any Affiliated Entity, family member or custodian
or trustee or to any other Person unless and until (i) the Holder shall have notified the Company of the proposed disposition and
shall have furnished the Company with a reasonably detailed statement of the circumstances surrounding the proposed disposition
and (ii) the transferee has agreed in writing for the benefit of the Company to be bound by the terms of this Warrant and any other
stockholder or similar agreement among substantially all other holders of Common Stock as reasonably requested by the Company.
Any transfer in violation of this Section 7(b) shall be void ab initio.

 

Section 8.      Adjustment of Warrant Exercise
Price and Number of Shares. The Warrant Exercise Price and the number of shares of Common Stock issuable upon exercise of this
Warrant shall be adjusted from time to time as follows:

 

(a)    Adjustment
of Warrant Exercise Price upon Subdivision or Combination Of Common Stock. If the Company at any time after the date of issuance
of this Warrant subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding
shares of Common Stock into a greater number of shares, any Warrant Exercise Price in effect immediately prior to such subdivision
will be proportionately reduced and the number of shares of Common Stock obtainable upon exercise of this Warrant will be proportionately
increased. If the Company at any time after the date of issuance of this Warrant combines (by combination, reverse stock split
or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, any Warrant Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares issuable
upon exercise of this Warrant will be proportionately decreased. Any adjustment under this Section 8(a) shall become effective
at the close of business on the date the subdivision or combination becomes effective.

 

(b)    Notices.
Promptly upon any adjustment of the Warrant Exercise Price, the Company will give written notice thereof to the Holder of this
Warrant, setting forth in reasonable detail, and certifying, the calculation of such adjustment.

 

Section 9.      Mutilated or Destroyed
Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly, on receipt of an indemnification
undertaking (or, in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like denomination and tenor as this Warrant
so lost, stolen, mutilated or destroyed.

 

    

     

    

 

Section
10.     Notice. Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of receipt is received
by the sending party transmission is mechanically or electronically generated and kept on file by the sending party); or
(iii) one Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed
to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

	If to Holder:	 	Francis E. McDaniel
	 	 	PO Box. 681235
	 	 	Marietta, Georgia 30067
	 	 	 
	If to the Company, to:	 	Inhibikase Therapeutics, Inc.
	 	 	3350 Rivenvood Parkway,
	 	 	Suite 1900 Atlanta, GA 30339
	 	 	Attn: Milton Werner, Ph.D.
	 	 	President and CEO

 

Each party shall provide five days’ prior written notice
to the other party of any change in address or facsimile number. Written confirmation of receipt (A) given by the recipient of
such notice, consent, facsimile, waiver or other communication, or (B) provided by a nationally recognized overnight delivery service
shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery
service in accordance with clause (i), (ii) or (iii) above, respectively.

 

Section 11.    Date. The date of
this Warrant is set forth on page 1 hereof. This Warrant, in all events, shall be wholly void and of no effect after the close
of business on the Expiration Date.

 

Section 12.    Amendment and Waiver.
Except as otherwise provided herein, the provisions of the Warrants may be amended by a writing executed by both the Company and
the Holder.

 

Section 13.    Descriptive Headings;
Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. All questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be governed by the internal laws of the State of Delaware, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in Delaware, for the adjudication of any dispute hereunder or in connection herewith or
therewith, or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Warrant and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.

 

Section 14.    Waiver of Jury Trial.
AS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS
TRANSACTION.

 

    

     

    

 

Section 15.    Lock-Up Agreement.
If requested by the Company and the representative underwriter, Holder agrees to enter into a lock-up agreement (me “Lock-Up
Agreement”) pursuant to which it will not, for a period of no more than 180 days following the effective date of the
first registration statement of the Company’s initial public offering, offer, sell or otherwise dispose of the Warrant Shares
or any other equity securities of the Company held. The Lock-up Agreement shall provide that the provisions thereof may be waived
with the consent of the Company and the representative underwriter.

 

IN WITNESS WHEREOF, the Company has
caused this Warrant to be signed as of the date first set forth above.

 

	 	 	COMPANY
	HOLDER	 	Inhibikase Therapeutics, Inc.
	 	 	 	 	 
	By:	/s/ Francis E. McDaniel	 	By: 	/s/ Milton Werner, Ph.D.
	Name:	Francis E. McDaniel	 	Name:	Milton Werner, Ph.D.
	 	 	 	Title:	President & Chief Executive Officer
	 	 	 	 	
	 	 	 	 	 	 

    

     

    

 

Execution copy

 

EXHIBIT A TO WARRANT

 

EXERCISE NOTICE

 

TO BE EXECUTED

BY THE REGISTERED HOLDER TO EXERCISE
THIS WARRANT

 

The undersigned Holder hereby exercises
the right to purchase   shares of Common Stock (“Warrant Shares”) of Inhibikase Therapeutics, Inc., a Delaware
corporation (the “Company”), evidenced by the attached Warrant (the “Warrant”). Capitalized
terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1.       Payment
of Warrant Exercise Price. The Holder shall pay the sum of $   to the Company in accordance with the terms of the Warrant.

 

2.       Delivery
of Warrant Shares. The Company shall deliver to the Holder   Warrant Shares in accordance with the terms of the Warrant
and will issue said Warrant Shares in the name of the undersigned or in such other name or names as is specified below:

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

[SIGNATURE OF HOLDER:]

 

			Name of Holder:	 	 

 

			Signature of Authorized Signatory:	 	 

 

			Name of Authorized Signatory:	 	 

 

			Title of Authorized Signatory:	 	 

 

			Date:	 	 

 

    A-1

     

    

 

Execution copy

 

EXHIBIT B TO WARRANT

 

FORM OF WARRANT POWER

 

FOR VALUE RECEIVED, the undersigned
does hereby assign and transfer to   , Federal Identification No.  , a warrant to purchase   shares of the capital
stock of Inhibikase Therapeutics, Inc., a Delaware corporation, represented by warrant certificate no.   , standing in the
name of the undersigned on the books of said corporation. The undersigned does hereby irrevocably constitute and appoint  ,
attorney to transfer the warrants of said corporation, with full power of substitution in the premises.

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

    		B-1

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