Document:

Exhibit 4.2

  

 

 

FIRST SUPPLEMENTAL INDENTURE 

 

between 

 

OWL ROCK CAPITAL CORPORATION II 

 

and 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Trustee 

  

Dated as of November 26, 2019 

 

 

  

    

     

    

  

FIRST SUPPLEMENTAL INDENTURE

 

THIS FIRST SUPPLEMENTAL
INDENTURE (this “First Supplemental Indenture”), dated as of November 26, 2019, is between Owl Rock Capital
Corporation II, a Maryland corporation (the “Company”), and Wells Fargo Bank, National Association, as trustee
(the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as
defined below) unless otherwise defined herein.

 

RECITALS OF THE COMPANY

 

The Company and the
Trustee executed and delivered an Indenture, dated as of November 26, 2019 (the “Base Indenture” and, as supplemented
by this First Supplemental Indenture, collectively, the “Indenture”), to provide for the issuance by the Company
from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”),
to be issued in one or more series as provided in the Indenture.

 

The Company desires
to issue and sell $300,000,000 aggregate principal amount of the Company’s 4.625% Notes due 2024 (the “Notes”).

 

Sections 9.01(iv) and
9.01(vi) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture,
the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture
when there is no Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled
to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 2.01
and Section 3.01 of the Base Indenture.

 

The Company desires
to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture
for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future
Supplemental Indenture”)).

 

The Company has duly
authorized the execution and delivery of this First Supplemental Indenture to provide for the issuance of the Notes and all acts
and things necessary to make this First Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute
a valid agreement of the Company, in accordance with its terms, have been done and performed.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration
of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the Notes, as follows:

 

    	 	1	 

     

    

 

ARTICLE
I

TERMS OF THE NOTES

 

Section 1.01       
Terms of the Notes. The following terms relating to the Notes are hereby established:

 

(a)           The Notes shall constitute a series of Securities having the title “4.625% Notes due 2024” and shall be designated
as Senior Securities under the Indenture. The Notes shall bear a CUSIP number of 69121D AA8 and an ISIN number of US69121DAA81.

 

(b)          The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes
authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections
3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be $300,000,000. Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders
of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same
interest rate, maturity, CUSIP number and other terms as the Notes; provided that such Additional Notes must either (i) be
issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount of original
issue discount, or otherwise (ii)  be part of the same issue as the Notes for U.S. federal income tax purposes. Any Additional
Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein
shall include the Additional Notes unless the context otherwise requires.

 

(c)          The entire Outstanding principal amount of the Notes shall be payable on November 26, 2024, unless earlier redeemed or repurchased
in accordance with the provisions of this First Supplemental Indenture.

 

(d)          The rate at which the Notes shall bear interest shall be 4.625% per annum (the “Applicable Interest Rate”).
The date from which interest shall accrue on the Notes shall be November 26, 2019, or the most recent Interest Payment Date to
which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be May 26 and November 26 of each
year, commencing May 26, 2020 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest
payment will be made on the next succeeding Business Day with the same force and effect as if made on the scheduled Interest Payment
Date and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period
from and including November 26, 2019 (or the most recent Interest Payment Date to which interest has been paid or provided for),
to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including
an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the
Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which
shall be May 15 and November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of
the Paying Agent, which shall initially be the Trustee, in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts; provided, however, that in the case of Notes that are not in
global form, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day
year of twelve 30-day months.

 

    	 	2	 

     

    

 

(e)          The Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes
and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this
First Supplemental Indenture. Each Global Note shall represent the Outstanding Notes as shall be specified therein and each shall
provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that the aggregate
amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of Outstanding
Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of
the Base Indenture.

 

(f)           Every Note authenticated and delivered hereunder shall bear an additional legend in substantially the following form (the
 “Restricted Securities Legend”) unless and until such Restricted Securities Legend is no longer required in
accordance with Section 1.01(h) of this First Supplemental Indenture:

 

THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY,
PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR (OR SUCH OTHER DATE WHEN RESALES
OF SECURITIES BY NON-AFFILIATES ARE FIRST PERMITTED UNDER RULE 144(d)) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR ANY
PREDECESSOR OF THIS SECURITY) OR THE DATE OF ANY SUBSEQUENT REOPENING OF THE SECURITIES AND THE LAST DATE ON WHICH THE COMPANY
OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR
ANY OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C)
FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING ANY STATE
OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO EACH OF THEM AND/OR A CERTIFICATE OF TRANSFER OR EXCHANGE IN THE
FORM PRESCRIBED IN THE INDENTURE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.

 

    	 	3	 

     

    

 

(g)          With respect to any proposed registration of transfer of any Note prior to (x) the date which is one year (or such other
date when resales of securities by non-Affiliates are first permitted under Rule 144(d) of the Exchange Act) after the later of
the date of the original issue date of the applicable Notes or the date of any subsequent reopening of such Notes and the last
date on which the Company or any of the Company’s Affiliates were the owner of such Notes (or any predecessor thereto) or
(y) such later date, if any, as may be required by applicable law (the “Resale Restriction Termination Date”),
the Holder of such Note and each subsequent Holder thereof shall offer, sell, or otherwise transfer such Note only (i) to the Company
or any of the Company’s Subsidiaries, (ii) pursuant to a registration statement which has become effective under the Securities
Act, (iii) for so long as such Note is eligible for resale pursuant to Rule 144A, to a Person it reasonably believes is a QIB that
purchases for its own account or for the account of a QIB to whom notice is given that the transfer is being made in reliance on
Rule 144A, or (iv) pursuant to any other available exemption from the registration requirements of the Securities Act; in each
of the foregoing cases subject to any requirements of law that the disposition of its property or the property of such investor
account or accounts be at all times within its or their control and in compliance with any applicable state securities laws. The
foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date.

 

(h)          Upon the transfer or replacement of a Global Note (or beneficial interest therein) not bearing a Restricted Securities Legend
(an “Unrestricted Global Note”) the Trustee shall deliver an Unrestricted Global Note (or beneficial interest
therein) and upon the transfer or replacement of a definitive Note not bearing a Restricted Securities Legend (an “Unrestricted
Definitive Note”), the Trustee shall deliver an Unrestricted Definitive Note. Upon the transfer, exchange, or replacement
of a Global Note (or beneficial interest therein) bearing a Restricted Securities Legend (a “Restricted Global Note”)
the Trustee shall deliver only a Restricted Global Note (or beneficial interest therein) and upon the transfer, exchange or replacement
of a definitive Note bearing a Restricted Securities Legend (a “Restricted Definitive Note”), the Trustee shall
deliver only Restricted Definitive Notes unless, in each case, (i) a Note is being transferred pursuant to an effective registration
statement, (ii) Notes are being exchanged for Notes that do not bear the Restricted Securities Legend in accordance with the following
paragraph, or (iii) there is delivered to the Trustee an Opinion of Counsel satisfactory to it stating that neither such legend
nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act,
upon which opinion the Trustee may conclusively rely. Any Notes sold in a registered offering shall not be required to bear the
Restricted Securities Legend.

 

    	 	4	 

     

    

 

Upon the Company’s
satisfaction that the Restricted Securities Legend shall no longer be required in order to maintain compliance with the Securities
Act, beneficial interests in a Restricted Global Note may be automatically exchanged into beneficial interests in an Unrestricted
Global Note without any action required by or on behalf of the Holder (the “Automatic Exchange”) at any time
on or after the date that is the 366th calendar day after the later of the date of the original issue date of the applicable Notes
or the date of any subsequent reopening of such Notes, or in each case, if such day is not a Business Day, on the next succeeding
Business Day.

 

Upon the Company’s
satisfaction that the Restricted Securities Legend shall no longer be required in order to maintain compliance with the Securities
Act, the Company may cause the Restricted Securities Legend to be removed by (i) providing the Depositary an instruction letter
for the Depositary’s mandatory exchange process (or any successor notice, form, or action required pursuant to the Depositary’s
applicable procedures) to the extent required; (ii) providing written notice to the Trustee (x) instructing the Trustee to
take any actions as may be necessary so that the Restricted Securities Legend set forth on the Global Notes shall be deemed removed
from the Global Notes in accordance with the terms and conditions of the Notes and the Indenture, without further action on the
part of Holders and (y) instructing the Trustee to take any actions as may be necessary so that the restricted CUSIP number
for the Notes shall be removed from the Global Notes and replaced with an unrestricted CUSIP number; and (iii) on or prior to the
effective date of the Automatic Exchange (such date, the “Automatic Exchange Date”), deliver to the Trustee
for authentication one or more Unrestricted Global Notes, duly executed by the Company, in an aggregate principal amount equal
to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global Notes. The Restricted
Global Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be cancelled following the
Automatic Exchange.

 

Any definitive Note
delivered in exchange for an interest in a Global Note pursuant to Sections 2.04 and 3.05 of the Base Indenture shall, bear the
applicable legend regarding transfer restrictions applicable thereto set forth in this Section 1.01 of this First Supplemental
Indenture unless (i) the Global Note is an Unrestricted Global Note, or (ii) there is delivered to the Trustee an Opinion of Counsel
satisfactory to it stating that neither such legend nor the related restrictions on transfer are required in order to maintain
compliance with the provisions of the Securities Act, upon which opinion the Trustee may conclusively rely.

 

The Trustee shall have
no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this First Supplemental Indenture and any Notes, and to examine the same to determine substantial compliance as to form with the
express requirements hereof.

 

All certifications,
certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 1.01 of this First Supplemental
Indenture to effect a registration of transfer or exchange may be submitted by facsimile.

 

(i)            The depositary for such Global Notes shall be the Depositary Custodian. The Security Registrar with respect to the Global
Notes shall be the Trustee.

 

    	 	5	 

     

    

 

(j)            The
Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained
in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.07, 10.08, and 10.09 of the
Indenture.

 

(k)           The Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:

 

 (i)           
The Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a
Redemption Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding,
the Redemption Date:

 

A.         
100% of the principal amount of the Notes to be redeemed, or

 

B.         
the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid
interest to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points;

 

provided, however, that
if the Company redeems any Notes on or after October 25, 2024, the Redemption Price for the Notes will be equal to 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

For purposes
of calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the following terms
have the meanings set forth below:

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity
of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the Company.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term
of the Notes being redeemed.

 

“Comparable
Treasury Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

    	 	6	 

     

    

 

“Quotation
Agent” means a Reference Treasury Dealer selected by the Company.

 

“Reference
Treasury Dealer” means each of (1) Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC, or their respective
affiliates which are primary U.S. government securities dealers in the United States (a “Primary Treasury Dealer”)
and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease
to be a Primary Treasury Dealer, the Company shall select another Primary Treasury Dealer and (2) two other Primary Treasury Dealers
selected by the Company.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York
time on the third Business Day preceding such Redemption Date.

 

All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.

 

(ii)           
Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing
next-day delivery, or sent electronically in accordance with Applicable Procedures with respect to Notes in global form, to each
Holder of the Notes to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s
address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04
of the Base Indenture. If the Redemption Price is not known at the time such notice is to be given, the actual Redemption Price,
calculated as described in the terms of the Notes, will be set forth in an Officers’ Certificate of the Company delivered
to the Trustee no later than two Business Days prior to the Redemption Date.

 

(iii)         
Any exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act,
to the extent applicable.

 

(iv)         
If the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected by the
Trustee on a pro rata basis to the extent practicable, or, if a pro rata basis is not practicable for any reason,
by lot or in such other manner as the Trustee shall deem fair and appropriate, and in any case in accordance with the applicable
procedures of the Depositary and in accordance with the Investment Company Act as directed by the Company; provided, however,
that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.

 

(v)          
Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to
accrue on the Notes called for redemption hereunder.

 

    	 	7	 

     

    

 

(l)           
The Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.

 

(m)         
The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

(n)          
Holders of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance
with Article Thirteen of the Indenture.

 

ARTICLE
II

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 2.01        
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series
of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be
amended by adding the following defined terms to Section 1.01 of the Base Indenture in appropriate alphabetical sequence,
as follows:

 

“Below Investment
Grade Rating Event” means the Notes are downgraded below Investment Grade by the Rating Agency on any date from the date
of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public
notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for possible downgrade by the Rating Agency); provided that a Below Investment Grade Rating Event
otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular
Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change
of Control Repurchase Event hereunder) if the Rating Agency making the reduction in rating to which this definition would otherwise
apply do not announce or publicly confirm or inform the Company in writing that the reduction was the result, in whole or in part,
of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Change of
Control” means the occurrence of any of the following:

 

(1)          
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation)
in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries
taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange
Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any
secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer,
conveyance or disposition;

 

(2)          
the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other
than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange
Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather
than number of shares; or

 

    	 	8	 

     

    

 

(3)           
the approval by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the
Company.

 

“Change of
Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 

“Controlled
Subsidiary” means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by
the Company and its direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct
or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or
otherwise.

 

“Depositary”
means, with respect to each Note in global form, The Depository Trust Company, until a successor shall have been appointed and
becomes such person, and thereafter, Depositary shall mean or include such successor.

 

“Investment
Grade” means a rating of BBB- or better by KBRA (or its equivalent under any successor rating categories of KBRA) (or
if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade
credit rating from any Rating Agency selected by the Company as a replacement Rating Agency).

 

“KBRA”
means Kroll Bond Rating Agency or any successor thereto.

 

“Permitted
Holders” means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) Owl
Rock Capital Advisors LLC, any Affiliate of Owl Rock Capital Advisors LLC that is organized under the laws of a jurisdiction located
in the United States of America and in the business of managing or advising clients, or any entity that is managed by Owl Rock
Capital Advisors LLC or by any such affiliate of Owl Rock Capital Advisors LLC.

 

“Rating Agency”
means (1) KBRA; and (2) if KBRA ceases to rate the Notes or fails to make a rating of the Notes publicly available for
reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined
in Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for KBRA.

 

“QIB”
means any “qualified institutional buyer” as such term is defined in Rule 144A under the Securities Act.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
as amended.

 

“Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02
of Regulation S-X under the Exchange Act, as such regulation is in effect on the original date of this Indenture (but excluding
any Subsidiary which is (a) a non-recourse or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle
or (c) not consolidated with the Company for purposes of GAAP).

 

    	 	9	 

     

    

 

“Voting Stock”
as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.

 

ARTICLE
III

REMEDIES

 

Section 3.01       
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series
of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall
be amended by replacing clause (ii) thereof with the following:

 

“(ii)        default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity, including
upon any Redemption Date or required repurchase date; or”

 

Section 3.02       
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series
of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall
be amended by adding the following language as clause (ix):

 

“(ix):       default
by the Company or any of its Significant Subsidiaries, with respect to any mortgage, agreement or other instrument under which
there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100
million in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter
be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure
to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration
of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed
or annulled, within a period of 30 calendar days after written notice of such failure is given to the Company by the Trustee or
to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.”

  

Section 3.03         Except as may be provided in in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other
series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.02 of the Base Indenture
shall be amended by replacing the first paragraph of Section 5.02 with the following:

 

“If an Event of Default
with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section 5.01(v) or
5.01(vi)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal
of all the Outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal shall become immediately due and payable; provided that 100%
of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable in the case of an
Event of Default specified in Section 5.01(v) or 5.01(vi) hereof.”

 

    	 	10	 

     

    

 

ARTICLE
IV

COVENANTS

 

Section 4.01       
 Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other
series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall
be amended by adding the following new Sections 10.07, 10.08, and 10.09 thereto, each as set forth below:

 

“Section 10.07 
Section 18(a)(1)(A) of the Investment Company Act.

 

The Company hereby
agrees that for the period of time during which Notes are Outstanding, the Company will not violate, whether or not it is subject
to, Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act or any successor provisions
thereto of the Investment Company Act, giving effect to any exemptive relief granted to the Company by the Commission.”

 

“Section 10.08 
Commission Reports and Reports to Holders.

 

If, at any time, the
Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Commission, the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which
the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company, audited annual consolidated
financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than
the Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial
statements shall be prepared, in all material respects, in accordance with GAAP, as applicable.

 

Delivery of such reports,
information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively
on Officers’ Certificates).”

 

“Section 10.09 
144A Information.

 

If, at any time, the
Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Commission, the Company will, so long as any of the Notes, at such time, are Outstanding and constitute “restricted
securities” within the meaning of Rule 144 under the Securities Act, furnish to the Holders of the Notes and prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.”

 

    	 	11	 

     

    

 

ARTICLE
V

THE TRUSTEE

 

Section 5.01         Neither
the Trustee nor any Paying Agent shall be responsible for determining whether any Change of Control or Below Investment Grade
Rating Event has occurred and whether any Change of Control offer with respect to the Notes is required.

 

ARTICLE
VI

OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT

 

Section 6.01       
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series
of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Thirteen of the Base Indenture shall
be amended by replacing Sections 13.01 to 13.05 thereto with the following:

 

“Section 13.01Change
of Control.

 

If a Change of Control
Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make
an offer to each Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of
$1,000 principal amount thereabove) of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal
amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of purchase. Within 30 days
following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the
public announcement of the Change of Control, the Company will send a notice to each Holder and the Trustee describing the transaction
or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the
payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice
is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change
of Control Repurchase Event.

 

To the extent that
the provisions of any securities laws or regulations conflict with this Section 13.01, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under this Section 13.01 by virtue
of such conflict.

 

On the Change of Control
Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the Investment Company Act, the
Company shall, to the extent lawful:

 

(1)           accept for payment all Notes or portions of Notes properly tendered pursuant to its offer;

 

    	 	12	 

     

    

 

(2)           deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes
properly tendered; and

 

(3)           deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate
stating the aggregate principal amount of Notes being purchased by the Company.

 

The Paying Agent will
promptly remit to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate
upon receipt of a Company Order and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof.

 

If any Repayment Date
upon a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on
the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment.

 

The Company will not
be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer
in respect of the Notes in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company
and such third party purchases all Notes properly tendered and not withdrawn under its offer.”

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.01       
  This First Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State
of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction.
This First Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture
and shall, to the extent applicable, be governed by such provisions. If any provision of the Indenture limits, qualifies or conflicts
with the duties imposed by Section 318(c) of the Trust Indenture Act, the imposed duties will control.

 

Section 7.02         In case any provision in this First Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 7.03        This First Supplemental Indenture may be executed in any number of counterparts, each of which will be an original, but
such counterparts will together constitute but one and the same First Supplemental Indenture. The exchange of copies of this First
Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute
effective execution and delivery of this First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted
by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes.

 

Section 7.04          The Base Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed,
and the Base Indenture and this First Supplemental Indenture shall be read, taken and construed as one and the same instrument
with respect to the Notes. All provisions included in this First Supplemental Indenture supersede any conflicting provisions included
in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Indenture,
as supplemented by this First Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture,
as supplemented by this First Supplemental Indenture. All of the provisions contained in the Base Indenture in respect of the rights,
privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this First Supplemental Indenture as
fully and with like force and effect as though fully set forth in full herein.

 

    	 	13	 

     

    

 

Section 7.05         The
provisions of this First Supplemental Indenture shall become effective as of the date hereof.

 

Section 7.06         Notwithstanding anything else to the contrary herein, the terms and provisions of this First Supplemental Indenture shall
apply only to the Notes and shall not apply to any other series of Securities under the Indenture and this First Supplemental Indenture
shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding.

 

Section 7.07         The recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for their correctness. The Trustee makes no representations as to and shall not be responsible for the validity
or sufficiency of this First Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that
it is duly authorized to execute and deliver this First Supplemental Indenture, authenticate the Notes and any Additional Notes
and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the Notes
or any Additional Notes or the proceeds thereof.

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this First Supplemental Indenture to be duly executed as of the date first above written.

 

	 	OWL ROCK CAPITAL CORPORATION II
	 	
        

         

         

        /s/ Alan Kirshenbaum

        

	 	Name: Alan Kirshenbaum
	 	Title: Chief Operating Officer
	 	 
	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

         

         

        /s/ Maddy Hughes

	 	Name: Maddy Hughes
	 	Title: Vice President

 

[Signature Page to First Supplemental Indenture]

 

     

     

    

 

Exhibit A – Form of Global Note

 

THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer,
exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co.,
or such other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an
interest herein. 

 

[Insert
Restricted Securities Legend, if applicable]

 

Owl Rock Capital Corporation II 

 

	No.         	 	Initially $            
	 	 	CUSIP No. 69121D AA8
	 	 	ISIN No. US69121DAA81

 

4.625% Notes due 2024

 

Owl Rock Capital Corporation
II, a corporation duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of                      dollars (U.S. $                     ), or such other principal sum as shall be set forth in
the Schedule of Increases or Decreases attached hereto, on November 26, 2024, and to pay interest thereon from November 26, 2019
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on May 26 and
November 26 in each year, commencing May 26, 2020, at the rate of 4.625% per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular
Record Date for such interest, which shall be May 15 and November 15 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice
whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
This Security may be issued as part of a series.

 

    	 	A-1	 

     

    

 

Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Paying Agent,
which shall initially be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided, further, however, that so long as this Security is registered to Cede & Co., such payment will
be made by wire transfer in accordance with the procedures established by the Depository Trust Company and the Trustee.

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    	 	A-2	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

Dated:                     

 

	 	 	
        OWL ROCK CAPITAL CORPORATION II

         

         

        

        

	 	 	By:	 
	 	 		Name:
	 	 		Title:

 

	Attest:		 
		Name:	 
		Title: Secretary    	 

 

 

    	 	A-3	 

     

    

 

This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.

 

Dated:                     

  

	 	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

         

        

        

        

	 	 	By:	 
	 	 		Authorized Signatory

 

    	 	A-4	 

     

    

 

 

[BACK OF NOTE] 

 

Owl Rock Capital Corporation II 

4.625% Notes due 2024

 

This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in
one or more series under an Indenture, dated as of November 26, 2019 (herein called the “Base Indenture”, which term
shall have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is
hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered, as supplemented by the First Supplemental Indenture, relating to the Securities, dated as of November 26, 2019,
by and between the Company and the Trustee (herein called the “First Supplemental Indenture”; and together with the
Base Indenture, the “Indenture”). In the event of any conflict between the Base Indenture and the First Supplemental
Indenture, the First Supplemental Indenture shall govern and control.

 

This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $                    . Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Securities, provided that such
Additional Securities must either (i) be issued in a “qualified reopening” for U.S. Federal income tax purposes,
with no more than a de minimis amount of original issue discount, or otherwise (ii)  be part of the same issue as the Securities
for U.S. federal income tax purposes. Any Additional Securities and the existing Securities will constitute a single series under
the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise
requires. The aggregate amount of Outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate,
to reflect exchanges and redemptions.

 

The Securities of this
series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption
Date:

 

		(a)	100% of the principal amount of the Securities to be redeemed, or

 

		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis
points;

 

    	 	A-5	 

     

    

 

provided, however, that if the Company
redeems any Securities on or after October 25, 2024, the Redemption Price for the Securities will be equal to 100% of the principal
amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

For purposes of calculating
the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the
meanings set forth below:

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable
Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
The Redemption Price and the Treasury Rate will be determined by the Company.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable
to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Securities being redeemed.

 

“Comparable Treasury
Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

 

“Quotation Agent”
means a Reference Treasury Dealer selected by the Company.

 

“Reference Treasury
Dealer” means each of (1) Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC, or their respective affiliates which
are primary U.S. government securities dealers in the United States (a “Primary Treasury Dealer”) and their respective
successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury
Dealer, the Company shall select another Primary Treasury Dealer and (2) two other Primary Treasury Dealers selected by the Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third Business Day preceding such Redemption Date.

 

All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.

 

Notice of redemption
shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent
electronically in accordance with Applicable Procedures with respect to Notes in global form, to each Holder of the Securities
to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.

 

    	 	A-6	 

     

    

 

Any exercise of the
Company’s option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.

 

If the Company elects
to redeem only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance
with the applicable procedures of the Depositary and in accordance with the Investment Company Act. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.

 

Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities
called for redemption.

 

Holders will have the
right to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set
forth in the Indenture.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default
with respect to Securities of this series shall occur and be continuing (other than Events of Default related to certain events
of bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy,
insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities
will automatically become due and payable.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

    	 	A-7	 

     

    

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not
have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for 90 days after receipt of such
notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for
the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in substantially the form Exhibit A hereto duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this
series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

    	 	A-8	 

     

    

 

The Indenture and this
Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws.  

 

    	 	A-9	 

     

    

 

 

Assignment
Form 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to: 	 
		(Insert Assignee’s Legal Name)

 

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

	 
	 
	 
	 
	 
	 
	 

 

(Print or type assignee’s name, address
and zip code)

 

	and irrevocably appoint	 

 

to transfer this Note on the books of the Company. The agent
may substitute another to act for him.

 

	Date:	 	 

 

	Your Signature:	 
	 	(Sign exactly as your name appears on the face of this Note)

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

The undersigned hereby certifies that it
 ̈ is /  ̈ is not an Affiliate of
the Company and that, to its knowledge, the proposed transferee  ̈ is /  ̈
is not an Affiliate of the Company.

 

In connection with
any transfer or exchange of any of the Securities evidenced by this certificate occurring prior to the Resale Restriction Termination
Date, the undersigned confirms that such Securities are being transferred:

 

CHECK ONE BOX BELOW:

 

	 	(1)	 ̈	To Owl Rock Capital Corporation II or a subsidiary thereof; or

 

    	 	A-10	 

     

    

 

	 	(2)	 ̈	To a “qualified institutional buyer” pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 	 	 
	 	(3)	 ̈	transferred pursuant to an effective registration statement under the Securities Act; or
	 	 	 	 
	 	(4)	 ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.

 

Unless one of the boxes
is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof, provided, however, that if box (4) is checked, the Company may require, prior to registering
any such transfer of the Securities, in its sole discretion, such legal opinions, certifications and other information as the Company
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such
Act.

 

	Your Signature:	 
	 	(Sign exactly as your name appears on the face of this Note)

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

TO BE COMPLETED BY PURCHASER IF BOX (2)
ABOVE IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under
the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.

 

	 	Dated:  	 	 

 

	Your Signature:	 
	 	Notice: To be executed by an executive officer

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

    	 	A-11	 

     

    

 

 

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL
NOTE

 

The
initial principal amount of this Global Note is $[●]. The following increases and decreases
to this Global Note have been made: 

 

	
        Date of Increase or

Decrease 
	 	Amount of Decrease in

Principal Amount at

Maturity

of this Global Note	 	Amount of Increase in

Principal Amount at

Maturity

of this Global Note	 	Principal Amount at

Maturity

of this Global Note

Following such

decrease (or  increase)	 	Signature of

Authorized Signatory

of Trustee or DTC

Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 	A-12	 

     

    

 

Exhibit A

 

[FORM OF CERTIFICATE OF TRANSFER]

 

Owl Rock Capital Corporation II

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Chief Financial Officer

 

email:

  

Wells Fargo Bank, National Association, as Trustee and Registrar

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re: 4.625% Notes due 2024

 

Reference is hereby made to the Indenture, dated as of November
26, 2019 (the “Base Indenture”), by and among the Owl Rock Capital Corporation II (the “Company”)
and Well Fargo Bank, National Association (the “Trustee”) as supplemented by the First Supplemental Indenture,
dated as of November 26, 2019 (the “First Supplemental Indenture” and together with the Base Indenture, the
 “Indenture”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

[●] (the “Transferor”) owns and proposes
to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $[●] in such
Note[s] or interests (the “Transfer”), to [●] (the “Transferee”), as further specified
in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.       [_] CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT RESTRICTED GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A.
The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as
amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial
interest or definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities
laws of any state of the United States.

 

    	 	A-13	 

     

    

 

2.       [_] CHECK AND COMPLETE
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT
OTHER THAN RULE 144A. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests
in Restricted Global Notes and definitive Notes containing the Restricted Securities Legends (“Restricted Definitive Notes”)
and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United
States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)       [_]
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

(b)       [_]
such Transfer is being effected to the Company or a subsidiary thereof; or

 

(c)       [_]
such Transfer is being effected pursuant to an effective registration statement under the Securities Act, and in compliance with
the prospectus delivery requirements of the Securities Act.

 

5.       [_] CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

 

(a)     [_] CHECK IF TRANSFER
IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or definitive Note will no longer be subject to the restrictions
on transfer enumerated in the Restricted Securities Legend printed on the Restricted Global Notes, on definitive Notes and in the
Indenture.

 

(b)      [_] CHECK IF TRANSFER
IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained
in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities
Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or definitive Note will not be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on
the Restricted Global Note or Restricted Definitive Notes and in the Indenture.

 

    	 	A-14	 

     

    

 

This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuers.

 

	 	[Insert Name of Transferor]

 

	 	By:	[●]
	 	 	Name:[●]
	 	 	Title:[●]

 

Dated: [●]

 

    	 	A-15	 

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

  

		1.	The Transferor owns and proposes to transfer the following:

 

[CHECK ONE]

 

		(a)	[  ]	a beneficial interest in the

 

		(i)	[ ] Restricted Global Note (CUSIP [           ]), or

 

		(ii)	[ ] Unrestricted Global Note (CUSIP [             ]); or

 

		(b)	[  ]	a Restricted Definitive Note; or

 

		(c)	[  ]	an Unrestricted Definitive Note.

 

		2.	After the Transfer the Transferee shall hold:

 

[CHECK ONE]

 

		(a)	[  ]	a beneficial interest in the

 

	 	 	(i)	[ ]	Restricted Global Note (CUSIP [            ]), or

 

	 	 	(ii)	[ ]	Unrestricted Global Note (CUSIP [            ]); or

 

		(b)	[  ]	a Restricted Definitive Note; or

 

		(c)	[  ]	an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

 

    	 	A-16Exhibit 10.1

 

EXECUTION VERSION

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (this “Agreement”),
dated as of November 22, 2019 (the “Effective Date”), is between SIRIUS XM RADIO INC., a Delaware corporation
(the “Company”), and PATRICK L. DONNELLY (the “Executive”).

 

WHEREAS, the Company and the Executive previously
entered into an employment agreement dated as of November 22, 2016 (the “Prior Agreement”); and

 

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

 

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

 

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

 

2. Duties
and Reporting Relationship. (a) The Executive shall continue his employment as the Executive Vice President, General Counsel
and Secretary of the Company and serve as the Executive Vice President, General Counsel and Secretary of Sirius XM Holdings Inc.
(“Holdings”). In such capacity, the Executive shall be responsible for the legal affairs of the Company and
Holdings, including all legal aspects of their obligations as reporting companies under the Securities Exchange Act of 1934, as
amended; and the selection, hiring and supervision of outside counsel for the companies. 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. The Executive shall perform such activities and duties consistent with his position that the Chief
Executive Officer of the Company and Holdings (the “CEOs”) shall from time to time reasonably specify and direct.
During the Term, the Executive shall not perform any consulting services for, or engage in any other business enterprises with,
any third parties without the express written consent of the CEOs, other than passive investments.

 

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

 

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

 

3. Term.
The term of this Agreement shall commence on the Effective Date and shall end on November 22, 2022 (the “Term End Date”),
unless terminated earlier pursuant to the provisions of Section 6 or extended in accordance with Section 6(e)(v) (as applicable,
the “Term”).

    	 

    	

    

4. Compensation.
(a) During the Term, the Executive shall be paid an annual base salary of $1,025,000, which may be subject to any increase from
time to time by recommendation of the CEOs 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.

 

(b) On
November 22, 2019 (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 $2,000,000, 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 $2,000,000, 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

 

(iii) a
number of performance-based restricted stock units (“PRSUs”) equal to $4,000,000, divided by the closing price
of the Common Stock on the Nasdaq Global Select Market on the Grant Date. 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.

 

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

 

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

 

(b) 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.

    	2

    	

    

(c) During
the Term, the Executive shall be eligible 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
CEOs, or the Board or the compensation committee of the Board (the “Compensation Committee”). Bonus(es) shall
be subject to the Executive’s individual performance and satisfaction of objectives established by the CEOs or the Board
or the Compensation Committee, and further are subject to the exercise of discretion by the CEOs and review and approval by the
Compensation Committee. Bonus(es), if any, shall be paid in the form of cash.

 

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 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 this Agreement with or without Cause at any time. For purposes of this Agreement,
“Cause” means the occurrence or existence of any of the following:

 

(i) (A)
a material breach by the Executive of the terms of this Agreement, (B) a material breach by the Executive of the Executive’s
duty not to engage in any transaction that represents, directly or indirectly, self-dealing with the Company, 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;

    	3

    	

    

(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
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 CEOs’ reasonable written instructions on a material matter within five (5) days,
unless such instructions conflict with the Executive’s duties to the Board; or

 

(vii) conduct
by the Executive that, in the reasonable good faith written determination of the Board, manifests the Executive’s lack of
fitness to serve as an officer of the Company, 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), this Agreement 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)
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

    	4

    	

    

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. 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 fourteen (14) days’ prior written notice to the Company. The Executive’s
employment and 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 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 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
as described in Section 2 (provided that any reduction in the Executive’s duties and responsibilities with respect
to the Company’s customer care department shall not constitute a Good Reason event) or any removal of the Executive from,
or any failure to re-elect the Executive to, any of such positions, or the Executive not being the most senior executive, other
than the CEOs, who is responsible for all legal matters and legal personnel of the Company and Holdings (except in connection with
the termination of the

    	5

    	

    

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

 

(iv) any
reduction in the Base Salary; or

 

(v) 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

 

(vi) 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 in accordance with the terms of such plans
and programs (collectively, the “Accrued Payments and Benefits”).

 

(ii) If,
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, then, 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 (I) $1,537,500
or (II) 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;

    	6

    	

    

(C) 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 (the “Medical Severance Benefit”);
and

 

(D) 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.

 

(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 Chief Executive Officer 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.

 

(j) Unless
prohibited by applicable law or the terms of the Company’s applicable medical or dental insurance plan, in the case of any
termination of the Executive’s employment (other than due to the Executive’s death or by the Company for Cause), the
Executive and his eligible dependents shall be entitled to participate in the Company’s medical

    	7

    	

    

and dental insurance plans until the third (3rd)
anniversary of the date of termination of the Executive’s employment or, if earlier, until the date of the Executive’s
death (as applicable, the “Medical Continuation Period”); provided that the Executive shall be solely
responsible for the full payment of both the employee and employer portions of the premiums with respect to the continued insurance
coverage after the expiration of the Medical Severance Benefit, if applicable, as contemplated by this Section 6(j) at the applicable
COBRA rates in effect from time to time with respect to the Company’s medical and dental insurance plans; and provided
further that, in the event that either (i) the terms of the Company’s applicable medical or dental insurance plan prohibit
participation by the Executive or his eligible dependents or (ii) the Company is unable, after using its commercially reasonable
efforts, to secure a stop-loss insurance policy that covers claims with respect to the continued insurance coverage contemplated
by this Section 6(j) in excess of not more than 150% of the cost of stop-loss insurance coverage for the then-current employees
of the Company, then the Company shall, in lieu of the applicable continued insurance coverage contemplated by this Section 6(j),
obtain comparable coverage for the Executive and his eligible dependents at no additional cost to the Executive for the duration
of the Medical Continuation Period, provided that the cost to provide such comparable coverage shall not exceed three (3)
times the amount that the Company would have paid to provide such coverage to the Executive as if he were an active employee. The
Company shall not amend any applicable medical or insurance plan primarily for the purpose of defeating the Executive’s rights
as set forth in this Section 6(j).

 

(k) 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 proper performance of his functions or as required
by applicable law, disclose to others or use, directly or indirectly, any Confidential Information.

 

(b) “Confidential
Information” shall mean information about the Company’s 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

    	8

    	

    

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.

 

(c) 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 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.

 

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

 

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

    	9

    	

    

(5) percent of the shares or equity interest of
any corporation or other entity. Without limiting the generality of the foregoing, the Executive agrees that during the Restricted
Period, the Executive shall not call on or otherwise solicit business or assist others to solicit business from any of the customers
of the Company or its affiliates as to any product or service that 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)(v)) (the “Milestone Date”). 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.
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. Further, the inclusion of video in audio distribution services shall not be considered inconsistent with
the definition of “radio”. 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.

 

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).

 

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

    	10

    	

    

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

 

(c) For purposes of determining whether
and the extent to which the Total Payments will be subject to the Excise Tax: (i) no portion of the Total Payments the receipt
or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a “payment”
within the meaning of Section 280G(b) of the Code will be taken into account; (ii) no portion of the Total Payments will be taken
into account which, in the opinion of tax counsel (“Tax Counsel”) reasonably acceptable to the Executive and
selected by the accounting firm which was, immediately prior to the change of control, the Company’s independent auditor
(the “Auditor”), does not constitute a “parachute payment” within the meaning of Section 280G(b)(2)
of the Code (including, 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.

 

(d) At
the time that payments are made under this Agreement, the Company will provide the Executive with a written statement setting forth
the manner in which such payments were calculated and the basis for such calculations, including 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

    	11

    	

    

in this Section 9 will not of itself limit or otherwise affect any
other rights of the Executive under this Agreement.

 

(e) If
the Executive receives reduced payments and benefits by reason of this Section 9 and it is established pursuant to a 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 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.
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.

 

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, including but not limited to the Prior Agreement, 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.

    	12

    	

    

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

 

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, 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.
	 	1290 Avenue of the Americas
	 	11th Floor
	 	New York, New York 10104
	 	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

    	13

    	

    

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 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.

 

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

 

(c) The
Company and the Executive agree that the sole dispute that is excepted from Section 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.

 

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

 

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

    	14

    	

    

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 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 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 only to the extent required
by, any such law, government regulation or stock exchange listing requirement).

 

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

 

	 	SIRIUS XM RADIO INC.
	 	 	 
	 	By: 	/s/  Dara F. Altman
	 	 	Dara F. Altman
	 	 	Executive Vice President and Chief
	 	 	Administrative Officer
	 	 	 
	 	 	/s/  Patrick L. Donnelly
	 	 	PATRICK L. DONNELLY

    	15

    	

    

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 November 22, 2019,1 is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”),
and PATRICK L. DONNELLY (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 November 22, 2019, 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 ______________________ (_________)
shares2 of common stock, par value $0.001 per share, of the Company (the “Shares”), at a price per
Share of $____ (the “Exercise Price”).3 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.

 

(b) Subject
to the terms of this Agreement, this Option shall vest and become exercisable in three (3) equal installments on November 22, 2020,
November 22, 2021, and November 22, 20224, subject to the Executive’s continued employment with Sirius XM on each
of these dates other than as specifically stated herein.

 

(c) 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 Number to be computed in accordance with Section 4(b)(i)
of the Employment Agreement.

3 Closing price on the Grant Date.

4 First, second and third anniversaries of the Grant
Date.

    	16

    	

    

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

 

2. Term.
This Option shall terminate on November 22, 2029 (the “Option Expiration Date”);5 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

 

 

 

5 Tenth anniversary of the Grant Date.

    	17

    	

    

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., 1290 Avenue of the Americas, 11th Floor, New York, New York 10104, 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.

    	18

    	

    

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
	 	 	Dara F. Altman
	 	 	Executive Vice President and Chief
	 	 	Administrative Officer
	 	 	 
	 	 	Exhibit A
	 	 	PATRICK L. DONNELLY

    	19

    	

    

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 November 22, 2019,6 is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”),
and PATRICK L. DONNELLY (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 November 22, 2019, between Sirius XM Radio Inc. (“Sirius XM”) and
the Executive (the “Employment Agreement”), the Company hereby grants ________________7 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 each of November 22, 2020, November 22,
2021 and

 

 

 

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

7 Number to be determined in accordance with Section
4(b)(ii) of the Employment Agreement.

    	20

    	

    

November 22, 2022,8 the Company shall issue, or cause
there to be transferred, to the Executive an amount of Shares representing one-third (1/3) of the number of the RSUs granted to
the Executive under this Agreement (as adjusted pursuant to Section 2 above, if applicable), if the Executive continues to be employed
by 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, 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 Chief Executive Officer
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).

 

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 First, second and third anniversaries of the Grant
Date.

    	21

    	

    

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 Executive’s employment at any time, subject to the terms of any 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 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 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.
	 	 	1290 Avenue of the Americas
	 	 	11th Floor
	 	 	New York, New York 10104
	 	 	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.

    	22

    	

    

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	 	Exhibit B
	 	Dara Altman	 	PATRICK L. DONNELLY
	 	Executive Vice President and	 	 
	 	Chief Administrative Officer	 	 

    	23

    	

    

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 November 22, 2019,9 is between SIRIUS XM HOLDINGS INC., a Delaware
corporation (the “Company”), and PATRICK L. DONNELLY (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 November 22, 2019, between Sirius XM Radio Inc. (“Sirius XM”) and
the Executive (the “Employment Agreement”), the Company hereby grants ________________10 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 $.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 Section 4, such PRSU is no longer considered a PRSU for purposes of this Agreement.

 

 

 

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

10 Number to be determined in accordance with Section
4(b)(iii) of the Employment Agreement.

    	24

    	

    

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 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, 2020 and December 31, 2021 (together, the “Performance Period”). The annual
free cash flow component for each of 2020 and 2021 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.

 

(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
level of free cash flow 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).

 

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 November 22, 2022, 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 November 22, 2022.

 

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 “Disability”
(as defined in the Employment Agreement), (y) by Sirius XM without “Cause” (as

    	25

    	

    

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, then the PRSUs, 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 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 Chief Executive Officer 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.

 

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.

    	26

    	

    

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 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.
	 	 	1290 Avenue of the Americas
	 	 	11th Floor
	 	 	New York, New York 10104
	 	 	Attention:  Chief Executive Officer
	 	 	 
	 	Executive:	Address on file at the
	 	 	office of the Company

    	27

    	

    

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.

 

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

 

	SIRIUS XM HOLDINGS INC.
	 	 	 	 
	By: 	Exhibit C	 	Exhibit C
	 	Dara Altman	 	PATRICK L. DONNELLY
	 	Executive Vice President and	 	 
	 	Chief Administrative Officer	 	 

    	28

    	

    

Exhibit D

 

AGREEMENT AND RELEASE

 

This Agreement and Release, dated as of _________,
20__ (this “Agreement”), is entered into by and between PATRICK L. DONNELLY (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 November 22, 2019 (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.

 

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 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

    	29

    	

    

indemnification from the Company as provided in
the Employment Agreement or otherwise; (ii) to coverage under the Company’s insurance policies covering officers and directors;
(iii) to other benefits which by their express terms extend beyond the Executive’s separation from employment (including,
without limitation, the Executive’s rights under Sections 6(f) and 6(j) 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)]11 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 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

 

 

 

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

    	30

    	

    

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 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
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.

 

10. 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.

 

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

 

12. 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.

 

13. 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.

 

14. 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

    	31

    	

    

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.

 

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

 

16. 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 any confidential information is removed from such items.

 

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

 

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

 

19. 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.

 

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

 

	 	 	 	SIRIUS XM RADIO INC.
	 	 	 	 
	Dated: 	 	 	By: 	Exhibit D
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	Dated:	 	 	Exhibit D
	 	 	 	PATRICK L. DONNELLY

    	32

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