Document:

Exhibit 10.7

    

    

    THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
      FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
      REGISTRATION IS NOT REQUIRED.

    

    

    PROMISSORY NOTE

    

    

    	
            Principal Amount: Up to $250,000

          	
            Dated as of January 25, 2021

          

    

    

    Sandbridge X2 Corporation, a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Sandbridge X2 Holdings LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Two Hundred Fifty Thousand Dollars ($250,000) or such lesser amount as shall have been advanced by Payee to Maker for working capital
      needs of Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire
      transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

    

    

    1. Principal. The entire unpaid
      principal balance of this Note shall be payable on the earlier of: (i) June 30, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of (i) and (ii), the “Maturity Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or
      shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

    

    

    2. Drawdown Requests. Maker and
      Payee agree that Maker may request, from time to time, up to Two Hundred Fifty Thousand Dollars ($250,000) in drawdowns under this Note to be used for costs and expenses related to Maker’s formation and the proposed initial public offering of its
      securities (the “IPO”). Principal of this Note may be drawn down from time to time prior to the Maturity Date upon written request from Maker to
      Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand
      Dollars ($10,000), unless agreed upon in writing by Maker and Payee. Payee shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding
      under this Note at any time may not exceed Two Hundred Fifty Thousand Dollars ($250,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

    

    

    3. Interest and Expenses. No
      interest shall accrue on the unpaid principal balance of this Note. Maker will reimburse Payee for all costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees.

    

    

    4. Application of Payments. All
      payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the
      reduction of the unpaid principal balance of this Note.

    

    

    5. Events of Default. The
      following shall constitute an event of default (“Event of Default”):

    

    

    (a) Failure to Make Required Payments.
      Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the Maturity Date.

    

    

    (b) Voluntary Bankruptcy, Etc. The
      commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
      custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due,
      or the taking of corporate action by Maker in furtherance of any of the foregoing.

    

    

    (c) Involuntary Bankruptcy, Etc. The entry
      of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
      trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60
      consecutive days.

    

    

    
      

      
        

      

    

    6. Remedies.

    

    

    (a) Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
      Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of
      which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

    

    

    (b) Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all
      other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

    

    

    (c) Late payments shall accrue interest at a rate of 8% per annum, or such lesser rate as is permissible by law.

    

    

    7. Waivers. Maker and all
      endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee
      under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy
      or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any
      writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

    

    

    8. Unconditional Liability.
      Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
      and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by
      Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

    

    

    9. Notices. All notices,
      statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
      transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic
      mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if
      delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

    

    

    10. Construction. THIS NOTE
      SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

    

    

    11. Severability. Any provision
      contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
      prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

    

    

    12. Trust Waiver.
      Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to
      any distribution of or from the trust account to be established in which the proceeds of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private
      placement to occur prior to the consummation of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby
      agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

    

    

    13. Amendment; Waiver. Any
      amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

    

    

    14. Assignment. No assignment or
      transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
      shall be void.

    

    

    [Signature page follows]

    

    

    
      

      
        

      

    

    IN WITNESS WHEREOF, Maker, intending
      to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

    

    

    

    

    	 	
            SANDBRIDGE X2 CORPORATION,

            a Delaware corporation

          
	 	 	 
	 	
            By:

          	
            /s/ Richard Henry

          
	 	 	
            Name: Richard Henry

          
	 	 	
            Title:   Chief Financial Officer

          

    

    

    Accepted and agreed this 25th day of January, 2021

    

    

    	
            SANDBRIDGE X2 HOLDINGS LLC,

            a Delaware limited liability company

          	 
	 	 	 
	
            By:

          	
            /s/ Richard Henry

          	 
	 	
            Name: Richard Henry

          	 
	 	
            Title:   Manager

          	 

    

    

    [Signature Page to Promissory Note]Exhibit 10.1

 

FIRST AMENDMENT

 

FIRST AMENDMENT, dated as of February 16,
2021 (this “First Amendment”), to the Employment Agreement, dated as of September 14, 2020 (the “Agreement”),
between SIRIUS XM RADIO INC., a Delaware corporation (the “Company”), and JENNIFER C. WITZ (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Company
and the Executive jointly desire to amend certain provisions of the Agreement in the manner provided for in this First Amendment;

 

NOW, THEREFORE, for
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the premises contained
herein, the Company and the Executive hereby agree as follows:

 

1. Amendments to
Section 4 (Compensation) of the Agreement. (a) Section 4(b) of the Agreement is hereby amended by deleting the first sentence
thereof in its entirety and replacing it with the following sentence:

 

“On February
3, 2021 (such date, as applicable, the “Grant Date”), Holdings has granted to the Executive the awards set forth
in subsections (i) and (ii) of this Section 4(b), and on February 16, 2021, the Company shall cause Holdings to grant to the Executive
the awards set forth in subsections (iii) and (iv) of this Section 4(b):”

 

(b) Section 4(b) of
the Agreement is hereby amended by deleting subsection (iii) thereof in its entirety and replacing it with the following subsections:

 

“(iii)
a number of performance-based restricted stock units (“PRSUs”) equal to $5,000,000, divided by the average
closing price of the Common Stock on the Nasdaq Global Select Market on the twenty (20) trading days preceding, but not including,
February 16, 2021. 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-1; and

 

(iv) a
number of PRSUs equal to $5,000,000, divided by the average closing price of the Common Stock on the Nasdaq Global Select Market
on the twenty (20) trading days preceding, but not including, February 16, 2021. Such PRSUs shall be subject to the terms and conditions
set forth in the Performance–Based Restricted Stock Unit Agreement (Relative TSR) attached to this Agreement as Exhibit C-2.”

 

2. PRSU Agreements.
In order to effectuate the intent of this First Amendment, the Executive and the Company agree that Performance–Based Restricted
Stock Unit Agreement attached to the Agreement as Exhibit C shall be deleted and replaced with Performance–Based Restricted
Stock Unit Agreement attached to this First Amendment as Exhibit C-1 and the

    	 

    		2

    

Performance–Based Restricted Stock Unit Agreement
(Relative TSR) attached to this First Amendment as Exhibit C-2.

 

3. No Other Amendments.
Except as expressly amended, modified and supplemented by this First Amendment, the provisions of the Agreement are and shall remain
in full force and effect.

 

4. Governing Law.
This First Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

 

5.
Counterparts. This First Amendment 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.

 

6. Entire Agreement.
This First Amendment represents the entire agreement of the Company and the Executive with respect to the subject matter hereof,
and there are no promises, undertakings, representations or warranties by the parties hereto relative to the subject matter hereof
not expressly set forth or referred to herein.

 

7. No “Good
Reason”. The Executive acknowledges and agrees that neither the execution nor implementation of this First Amendment
shall give rise to any claim for “Good Reason” by the Executive under the Agreement.

    	 

    		3

    

IN WITNESS WHEREOF, the parties hereto have
caused this First Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year
first above written.

 

	 	SIRIUS XM RADIO INC.  
	 	 	 	 	 
	 	By:	/s/ 
    	Dara
    F. Altman	 
	 	 	 	Dara F. Altman	 
	 	 	 	Executive Vice President, 	 
	 	 	 	Chief Administrative Officer	 
	 	 	 	 	 
	 	 	/s/ 
    	Jennifer C. Witz	 
	 	 	 	Jennifer C. Witz 	 

    	 

    		4

    

Exhibit C-1

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT

(FREE CASH FLOW)

 

This PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT (this “Agreement”), dated February 16, 2021, is between SIRIUS XM HOLDINGS INC., a Delaware corporation
(the “Company”), and JENNIFER C. WITZ (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 (as amended, the “Employment Agreement”), the Company hereby grants 812,612 performance-based restricted
stock units (“PRSUs”) to the Executive. Each PRSU represents the unfunded, unsecured right of the Executive
to receive one share of common stock, par value $0.001 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 is issued to the Executive pursuant to Sections 4 and 5, such PRSU is no longer considered a PRSU for
purposes of this Agreement.

 

4. Issuance of Shares
Subject to PRSUs.

 

(a) Performance Metric.
The PRSUs shall be eligible to vest based on the Company’s level of achievement of cumulative free cash flow as set forth
in the budgets (the “Performance Metric Target”) approved by the Company’s Board of Directors (the “Board”)
for the years ending December 31, 2021 and December 31, 2022 (together, the “Performance Period”). The 

    	 

    		5

    

annual
free cash flow component for each of 2021 and 2022 of the Performance Metric Target shall be set at the time such applicable budget
is approved by the Board.

 

Free cash flow shall
be derived from cash flow provided by operating activities, net of additions to property and equipment, restricted and other investment
activity and the return of capital from investment in unconsolidated entities. The Compensation Committee of the Board shall adjust
or modify the calculation of free cash flow and/or the Performance Metric Target for the Performance Period in accordance with
Sections 4(b) and 12(c) of the Plan, as applicable.

 

The Performance Metric
Target for each of the years ending December 31, 2021 and 2022 shall be reasonable in light of the Company’s business plan
and budget for the applicable year and other factors affecting the Company’s business taken as a whole.

 

(b) Calculation of
Shares to be Issued. No later than 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, 0% of the 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 increase (but not decrease) the percentage of PRSUs that vest hereunder. Any PRSUs that
do not constitute Eligible PRSUs as of the Certification Date shall be cancelled on the Certification Date. Except as otherwise
provided in Section 5, in order to receive the Eligible PRSUs, the Executive must be employed by Sirius XM on December 31, 2023.

 

(c) Issuance of Eligible
PRSUs. Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, on December 31, 2023, the Company shall
issue, or cause there 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 December 31, 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 (x) due
to death or

    	 

    		6

    

 “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 on or 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;
and

 

(ii) if the
PRSU Termination Date occurs after the last day of 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 in order to give
effect to the foregoing Section 5(a); 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).

 

(c) The Company shall
issue, or cause there to be transferred, to the Executive an amount of Shares representing the Eligible PRSUs (as adjusted pursuant
to Section 2 above, if applicable) as provided in Section 5(a)(i) or (ii), as applicable, on the 60th day following
the Executive’s termination of employment, but in no event later than March 15th of the year following the year
of such termination of employment.

 

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.

 

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 

    	 

    		7

    

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 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 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):

    	 

    		8

    

	 	Company:	Sirius XM Holdings Inc.
	 	 	1221 Avenue of the Americas
	 	 	35th Floor
	 	 	New York, New York 10020
	 	 	Attention:  General Counsel
	 	 	 
	 	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.

 

16. Section 409A. This Award Agreement
and the PRSUs granted hereunder are intended to be exempt from Section 409A of the Code and the rules and regulations thereunder
such as to avoid any additional taxation under the Section 409A of the Code. Any ambiguity herein shall be interpreted in accordance
with the foregoing.

    	 

    		9

    

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

 

SIRIUS XM HOLDINGS INC.

 

	By:	Exhibit C-1	 	Exhibit C-1
	 	Dara Altman	 	JENNIFER C. WITZ
	 	Executive Vice President and	 	 
	 	Chief Administrative Officer	 	 

    	 

    		10

    

Exhibit C-2

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT

(RELATIVE TSR)

 

This PERFORMANCE-BASED
RESTRICTED STOCK UNIT AGREEMENT (RELATIVE TSR) (this “Agreement”), dated February 16, 2021, is between SIRIUS
XM HOLDINGS INC., a Delaware corporation (the “Company”), and JENNIFER C. WITZ (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. and the Executive (the “Employment
Agreement”), the Company hereby grants 812,612 performance-based restricted stock
units (“PRSUs”) to the Executive, representing the target number of PRSUs eligible to be earned under this Agreement
(the “Target PRSUs”). Each PRSU represents the unfunded, unsecured right of the Executive to receive one share
of common stock, par value $0.001 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. 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 the Performance Metric
set forth on the Performance Matrix attached hereto as Annex A (the “Performance Matrix”), subject to
the terms set forth therein and herein.

 

(b) Calculation of
Shares to be Issued. No later than sixty (60) days following the end of the Performance Period, the Company shall certify the
Company’s level of achievement of the Performance Metric (such actual date of certification, the “Certification
Date”). Upon the 

    	 

    		11

    

Certification Date, the applicable portion of the Target PRSUs determined by the Payout Percentage (as
defined in the Performance Matrix) as a percentage of the Target PRSUs shall be calculated and shall vest, subject to the Executive’s
continuous employment with Sirius XM Radio Inc. or any of its subsidiaries or affiliates (“Sirius XM”) through
the last day of the Performance Period (except as otherwise set forth herein) (such PRSUs, the “Vested Units”).
On the Certification Date, any PRSUS which do not become Vested Units in accordance with the immediately preceding sentence shall
immediately be forfeited and cancelled, and the Executive shall not be entitled to any compensation or other amount with respect
thereto.

 

(c) Issuance of Vested
Units. Subject to the terms of this Agreement and/or the Plan, the Company shall issue, or cause there to be transferred. to
the Executive on the first business day following the Certification Date, subject to the Executive’s continuous service with
Sirius XM on the last day of the Performance Period, a number of Shares equal to the number of Vested Units. In no event shall
the Shares issued hereunder be issued later than the March 15th following the end of the Performance Period.

 

(d) Termination.
Except as otherwise set forth herein, if the Executive’s employment with Sirius XM terminates for any reason prior to the
last day of the Performance Period, then all of the PRSUs shall immediately terminate without consideration. Notwithstanding the
foregoing, if the Executive’s employment with Sirius XM is terminated prior to December 31, 2023 (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), then the Target PRSUs, to
the extent not previously settled, cancelled or forfeited, shall, subject to the second to last sentence of this Section 3(d),
immediately become vested and the Company shall issue, or cause there to be transferred, to the Executive, on the sixtieth day
following such termination of employment, the amount of Shares equal to the number of Target PRSUs granted to the Executive under
this Agreement, and as adjusted pursuant to Section 2 above, if applicable. In no event shall such Target PRSUs be issued or transferred
later than the March 15th following the year of the Executive’s termination of employment. 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 3(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). Notwithstanding anything herein to the contrary, if the
Executive’s employment terminates for any reason on or after December 31, 2023, the Executive shall, without any requirement
of executing a release, receive the Vested Units in accordance with, and at the time provided, in Section 3(c).

 

4. Change of Control.
Notwithstanding the foregoing provisions, 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.

    	 

    		12

    

5. 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).

 

6. 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.

 

7. No Rights of a
Stockholder. The Executive shall not have any rights as a stockholder of the Company with respect to any Shares until the Shares
have been issued. Once a PRSU vests and a Share is issued to the Executive pursuant to Section 3, such PRSU is no longer considered
a PRSU for purposes of this Agreement.

 

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

 

9. 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.

 

10. 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 meanings 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 the PRSUs.

 

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.

    	 

    		13

    

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:  General Counsel
	 	 	 
	 	Executive:	Address on file at the 
	 	 	office of Sirius XM

 

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 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.

 

15. Section 409A.
This Award Agreement and the PRSUs granted hereunder are intended to be exempt from Section 409A of the Code and the rules and
regulations thereunder such as to avoid any additional taxation under the Section 409A of the Code. Any ambiguity herein shall
be interpreted in accordance with the foregoing.

    	 

    		14

    

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

 

SIRIUS XM HOLDINGS INC.

 

	By:	Exhibit C-2	 	Exhibit C-2
	 	Dara Altman	 	JENNIFER C. WITZ
	 	Executive Vice President and	 	 
	 	Chief Administrative Officer	 	 

    	 

    		15

    

Annex A

 

Performance Matrix

 

Target Award: Participant’s
overall target-level award hereunder is equal to 812,612 PRSUs (the “Target PRSUs”).

 

The “Performance Period”
shall be January 1, 2021 through December 31, 2023.

 

The “Performance Metric”
shall be the three-year total shareholder return (“TSR”) of the Company relative to the other entities in the
TSR Index (as defined below). Achievement of the Performance Metric shall be determined by the percentile rank of the Company’s
TSR relative to the TSR of each other entity in the TSR Index.

 

Determination of TSR: TSR
for the Company and each other entity in the TSR Index shall be determined in accordance with the following formula. TSR shall
be equal to (a) divided by (b) minus (c), expressed as a percentage, where:

 

(a) is equal to the product of (i) and (ii),
where (i) is the Ending Price and (ii) is the Reinvestment Factor;

 

(b) is equal to the
Starting Price; and

 

(c) is equal to one.

 

For purposes of determining TSR:

 

“Starting Price” means
the average closing price of one share of common stock on the applicable stock exchange during the twenty (20) trading days immediately
preceding and including the first day of the Performance Period. The Starting Price for a Share of the Company is $6.3795.

 

“Ending Price” means the
average closing price of one share of common stock on the applicable stock exchange during the twenty (20) trading days immediately
preceding and including the last day of the Performance Period; provided that, in the case of a Change of Control, the Ending
Price for the Company shall be the fair market value of a Share immediately prior to the Change of Control, and the Ending Price
for all other companies shall be the average closing price of one share of common stock on the applicable stock exchange during
the twenty (20) trading days immediately preceding the date of the Change of Control.

 

“Reinvestment Factor”
means the Total Share Count at the end of the Performance Period.

 

“Total Share Count” equals
one share of the Company’s common stock on the first day of the Performance Period, which is adjusted cumulatively for any
dividends declared over the 

    	 

    		16

    

Performance Period. The adjustment for each dividend declaration shall increase the Total Share Count
by an amount calculated as the sum of (x) and (y), where:

 

(x) equals the Current Total Share Count;
and

 

(y) equals the calculated result of (i) multiplied
by (ii) and divided by (iii), where (i) is the Current Total Share Count, (ii) is the dollar value of the declared dividend, and
(iii) is the closing price of the company’s Common stock on the payment date.

 

“Current Total Share Count”
means the Total Share Count before each dividend adjustment, if any.

 

The Company’s “Rank”
shall be determined by the Company’s position within the ranking of each entity in the TSR Index (including the Company)
in descending order based on their respective TSRs (with the highest TSR having a Rank of one). For purposes of developing the
ordering provided in the immediately-preceding sentence, (A) any entity that filed for bankruptcy protection under the United States
Bankruptcy Code during the Performance Period shall be assigned the lowest order of any entity in the TSR Index such that such
entity’s TSR is fixed at -100%, (B) any entity that is acquired during the Performance Period, or otherwise no longer listed
on a national securities exchange at the end of the Performance Period (other than the Company), shall be removed from the TSR
Index and shall be excluded for purposes of ordering the entities in the TSR Index (and for purposes of calculating the Company’s
Percentile), and (C) any entity that has issued multiples classes of stock that are contained in the TSR Index shall be aggregated
and considered one entity.

 

After determining the Company’s Rank,
the Company’s “Percentile” will be calculated as follows:

 

 

where:

 

“P” represents the Percentile
which will be rounded, if necessary, to the nearest whole percentile by application of regular rounding.

 

“N” represents the total number
of entities in the TSR Index (including the Company, but after removal of any entities in accordance with the calculation of the
Rank).

 

“R” represents Company’s
Rank (as determined above).

 

The “Payout Percentage”
shall be determined as follows, subject to the exception below:

 

· Threshold
Performance: If the Company’s Percentile equals 25%, the Payout Percentage shall be 50% of the Target PRSUs. The Payout Percentage
shall equal zero if the Company Percentile is less than 25%.

    	 

    		17

    

· Target
Performance: If the Company’s Percentile equals 50%, the Payout Percentage shall be 100% of the Target PRSUs.

 

· Maximum
Performance: If the Company’s Percentile equals or exceeds 75%, the Payout Percentage shall be 150% of the Target PRSUs.

 

Straight-line interpolation shall be used
to determine the Payout Percentage for any Company Percentile between 25% and 75%, based upon the Payout Percentages set forth
above.

 

The following exception exists with respect
to the Payout Percentage determination set forth above: If the Company’s absolute TSR (irrespective of its Rank or Percentile)
is less than 0%, then the Payout Percentage shall not exceed 100% of the Target PRSUs (subject to adjustment as set forth in Section
2 of the Agreement, if applicable).

 

In addition to the Company, the “TSR
Index” shall be comprised of the companies in the S&P 500 Index as in effect on the first day of the Performance
Period (subject to adjustment as set forth in the definition of Rank above).

 

The Compensation Committee of the Board of
Directors shall be permitted to adjust or modify the calculations set forth above as it deems appropriate, including pursuant to
any adjustments under Sections 4(b) and 12(c) of the Plan.

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