Document:

Document

Exhibit 10.24

Inducement, Severance & Change in Control Agreement
This Inducement, Severance & Change in Control Agreement (“Agreement”) is entered into as of July 19, 2021, by and between Patterson Companies, Inc. (the “Company”) and Tim E. Rogan (referred to herein as “Executive”) (the Company and Executive are collectively referred to herein as “Parties,” and each a “Party”).
WHEREAS, the Company desires to employ Executive to render services to the Company on the terms and conditions set forth in this Agreement; and
WHEREAS, Executive desires to be employed by the Company on such terms and conditions;
NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, it is hereby agreed:
1.Severance Benefits. In the event that Executive’s employment with the Company is terminated by the Company without Cause as defined in Section 1(g), Executive shall, in lieu of any other cash severance benefits under any other Company agreement, plan, policy or program, be entitled to severance benefits as follows:
a.Severance Payment.  Executive shall receive cash in an amount equal to the sum of (i) one-and-one-half (1.5) times Executive’s then-current base salary and (ii) the average of Executive’s annual cash incentive compensation paid to him under the Company’s Management Incentive Compensation Plan (“MICP”) (or any other similar annual non-equity compensation plan of the Company) for each of the last three full fiscal years (or such lesser number of years for which Executive was employed by the Company) prior to the year in which Executive’s employment is terminated.  In the event that Executive was not employed by the Company for the whole of any such fiscal year, but received pro-rated cash incentive compensation for such fiscal year, such amount shall be annualized for computation purposes.
b.Prorated Non-Equity Incentive Compensation.  Executive shall receive cash in an amount equal to his prorated annual cash incentive compensation under the MICP (or any other similar annual non-equity incentive compensation plan of the Company) for the fiscal year in which termination occurs based on actual performance through the date of termination.
c.Continued Eligibility for Benefits Programs.  Medical/Dental/Vision/Life insurance coverage will terminate following the last day of Executive’s employment.  However, Executive may elect to continue coverage for himself and his eligible dependents by electing continuation coverage under the federal law, the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), or applicable state law.  If Executive timely elects COBRA continuation, the Company will pay for his COBRA premiums until the earlier of: (i) eighteen (18) months following the termination of Executive’s employment, pursuant to the terms of the applicable plan, (ii) the date Executive is eligible for such coverage from another employer, or (iii) such time as the reimbursement would result in the Company being subject to an excise tax for a discriminatory health insurance benefit based on the Company’s reasonable interpretation of applicable law.
d.Release Agreement.  Executive shall not receive the severance benefits set forth in Sections 1(a)-(c) unless he has first signed and returned to the Company, and 
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Exhibit 10.24

not rescinded pursuant to the terms thereof, a separation agreement containing a release of claims in a reasonably customary form that is provided by and reasonably acceptable to the Company (the “Release”).  The severance payments in Sections 1(a) and 1(b) will be paid in equal monthly installments over the 18-month period following Executive’s termination beginning on the sixtieth (60th) day following Executive’s termination, provided that all statutory rescission periods contained in the Release have expired without revocation, and subject to provisions of Section 5(l).  Where the period available to execute (and to not revoke) the Release spans more than one calendar year, the payment shall not be made until the second calendar year as required by the applicable terms of this Agreement and Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
e.Forfeiture.  Notwithstanding the foregoing, if Executive materially breaches any of his obligations in Section 4 hereof or the terms of the Release, the termination automatically shall be deemed one by the Company for Cause and any severance payment already made to Executive shall be determined unearned and must be promptly repaid to the Company.
f.Unvested Equity Interests.  All unvested equity interests held by Executive as of the date of his termination shall terminate and be forfeited, unless those unvested grants shall be deemed to have vested in their entirety as of Executive’s termination pursuant to the terms of the applicable grant agreement and the Company’s Amended and Restated 2015 Omnibus Incentive Plan (the “Omnibus Plan”), or any successor plan thereto, if applicable.
g.Cause.  For purposes of this Agreement, “Cause” shall mean:  (i) Executive’s willful or repeated and material failure or refusal to perform his reasonably assigned and lawful duties (other than any such failure resulting from incapacity due to physical or mental illness or disability), or serious neglect or willful and material misconduct in the performance of his reasonably assigned and lawful duties; (ii) Executive’s willful and material failure to comply with any reasonably assigned and legal directive of the Company’s Board of Directors (the “Board”); (iii) Executive’s disclosure or misuse of Confidential Information as defined in Section 4(g); (iv) Executive’s engagement in illegal conduct, embezzlement, misappropriation, fraud, dishonesty or breach of fiduciary duty, resulting in loss, damage or injury to the Company; (v) Executive’s conduct related to his employment for which either criminal or civil penalties against Executive or the Company may be sought; (vi) Executive’s conviction of, or plea of guilty or nolo contendere to, any crime (whether or not involving the Company) that constitutes a felony in the jurisdiction involved; or (vii) Executive’s material violation of any Company policy or material breach of the terms of this Agreement or any other agreement between Executive and the Company.  For the avoidance of doubt, mere failure of the Company to achieve any performance goals shall not constitute “Cause.”  For purposes of the first sentence of this paragraph, no act, or failure to act, on Executive’s part shall be considered willful unless done or omitted to be done, by him not in good faith or without reasonable belief that his action or omission was in the best interest of the Company.
2.Change In Control.  In the event that (x) Executive’s employment with the Company is terminated by the Company without Cause or (y) Executive resigns his employment for Good Reason as defined in Section 2(f), in either case within two (2) years immediately following a Change in Control as defined in Section 2(e), Executive shall, in lieu of the payment of severance benefits under Section 1 of this Agreement or any other cash severance benefits under 
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Exhibit 10.24

any other Company agreement, plan, policy or program, be entitled to severance benefits as follows:  
a.Severance Payment.  Executive shall receive cash in an amount equal to the sum of (i) two (2) times Executive’s then-current base salary and (ii) Executive’s target annual cash incentive compensation under the MICP (or any other similar annual non-equity compensation plan of the Company) for the fiscal year in which Executive’s employment is terminated.
b.Prorated Non-Equity Incentive Compensation.  Executive shall receive cash in an amount equal to his prorated annual cash incentive compensation under the MICP (or any other similar annual non-equity incentive compensation plan of the Company) for the fiscal year in which termination occurs based on Executive’s target award through the date of termination.
c.Continued Eligibility for Benefits Programs.  Medical/Dental/Vision/Life insurance coverage will terminate following the last day of Executive’s employment.  However, Executive may elect to continue coverage for himself and his eligible dependents by electing continuation coverage under the federal law, COBRA, or applicable state law.  If Executive timely elects COBRA continuation, the Company will pay for his COBRA premiums until the earlier of: (i) eighteen (18) months following the termination of Executive’s employment, pursuant to the terms of the applicable plan, (ii) the date Executive is eligible for such coverage from another employer, or (iii) such time as the reimbursement would result in the Company being subject to an excise tax for a discriminatory health insurance benefit based on the Company’s reasonable interpretation of applicable law.
d.Release Agreement.  Executive shall not receive the severance benefits set forth in Sections 2(a)-(c) unless he has first signed and returned to the Company, and not rescinded pursuant to the terms thereof, the Release.  The severance payments in Sections 2(a) and 2(b) will be paid in a lump sum on the sixtieth (60th) day following Executive’s termination, provided that all statutory rescission periods contained in the Release have expired without revocation, and subject to provisions of Section 5(l).  Where the period available to execute (and to not revoke) the Release spans more than one calendar year, the payment shall not be made until the second calendar year as required by the applicable terms of this Agreement and Section 409A of the Code.
e.Change in Control.  For purposes of this Agreement, “Change in Control” shall mean:  (i) if any “person” or “group” as those terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any successors thereto, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act or any successor thereto), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities, provided, that the acquisition of additional securities by any person or group that owns 50% or more of the voting power prior to such acquisition of additional securities shall not be a Change in Control; (ii) during any 12-month period, individuals who at the beginning of such period constitute the Board and any new directors whose election by the Board or nomination for election by the Company’s shareholders was approved by at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election was previously so approved, cease for any reason to constitute a majority thereof; (iii) the 
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Exhibit 10.24

shareholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation (x) which would result in all or a portion of the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or (y) by which the corporate existence of the Company is not affected and following which the Company’s chief executive officer and directors retain their positions with the Company (and constitute at least a majority of the Board) and such merger or consolidation is consummated; or (iv) the shareholders of the Company approve an agreement for the sale or disposition by the Company of all or substantially all the Company’s assets and such sale or disposition is consummated.
f.Good Reason.  For purposes of this Agreement, “Good Reason” shall mean any refusal to accept:  (i) a material diminution in Executive’s base compensation, which for purposes of this Agreement will mean a reduction of 10% or more in Executive’s base salary plus MICP target; (ii) discontinuation of eligibility to participate in a material long-term cash or equity award or equity-based grant program (or in a comparable substitute program) in which other officers of the Company are generally eligible to participate; (iii) any material diminution of authority, duties or responsibilities, including any change in the authority, duties or responsibilities of Executive that is inconsistent in any material and adverse respect with Executive’s then-current position(s), authority, duties and responsibilities with the Company or any subsidiary; provided, however, that “Good Reason” will not be deemed to exist pursuant to this clause (iii) solely on account of the Company no longer being a publicly traded entity or solely on account of a change in the reporting relationship of Executive; or (iv) a material adverse change in the geographic location at which the Company requires Executive to be based as compared to the location where Executive was based immediately prior to the change, which for purposes of this Agreement will mean:  (x) a relocation that results in an increase in the commuting distance from Executive’s principal residence to his new job location of more than 50 miles, or (y) a relocation that requires Executive to relocate his principal residence.
Notwithstanding the foregoing, however, “Good Reason” will not be deemed to exist as a result of any of the actions stated in clauses (i) or (ii) above to the extent that such actions are in connection with an across-the-board change or termination that equally affects at least ninety percent (90%) of all officers of the Company, and an act or omission will not constitute a “Good Reason” unless Executive gives written notice to the Company of the existence of such act or omission within ninety (90) days of its initial existence, the Company fails to cure the act or omission within thirty (30) days after the notification, and actual termination of employment occurs within two (2) years of the initial existence of the act or omission.
g.Forfeiture.  Notwithstanding the foregoing, if Executive materially breaches any of his obligations in Section 4 hereof or the terms of the Release, the termination automatically shall be deemed one by the Company for Cause and any severance payment already made to Executive shall be determined unearned and must be promptly repaid to the Company.  
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Exhibit 10.24

h.Unvested Equity Interests.  All unvested equity interests held by Executive as of the date of his termination shall be governed by the terms of the applicable grant agreement and the Omnibus Plan, or any successor plan thereto, if applicable.
i.Section 280G.  Notwithstanding anything to the contrary herein contained, under no circumstances shall the payments made to Executive pursuant to Section 2 result in an “excess parachute payment” as defined under Section 280G of the Code.  To the extent that such payments could result in an “excess parachute payment,” the payments shall be reduced to avoid such result, the manner of which reduction shall be in the discretion of the Board.  Any amounts reduced pursuant to this Section 2(i) shall be deemed forfeited by Executive, and Executive shall have no authority whatsoever to determine the order in which benefits under this Agreement shall be so reduced.
3.Inducement Award.  On July 19, 2021, Executive shall be granted a non-statutory stock option, a restricted stock unit award and performance units under the Omnibus Plan.  The stock option will have an approximate value of $68,750 based on the per-share closing price of the Company’s common stock on the date of grant, a per-share exercise price equal to the per-share closing price of the Company’s common stock on the date of grant, and a term of ten years. Such award will, subject to continued employment, utilize three-year pro-rata vesting commencing on the first anniversary of the date of grant.  The restricted stock unit award will have an approximate value of $68,750 based on the per-share closing price of the Company’s common stock on the date of grant.  Such award will vest, subject to continued employment, in the same manner as the stock option.  The performance awards, which will have an approximately value of $137,500, may be earned based upon 3-year cumulative non-GAAP adjusted earnings per diluted share, subject to a 3-year relative TSR modifier based on the Company’s TSR against the S&P 400 Mid-Cap Index.  All of such awards shall have such other terms and conditions as specified by the Company.
4.Executive Agreements. In exchange for the severance benefits set forth in Sections 1(a)-(c) and Sections 2(a)-(c) and the inducement award set forth in Section 3, Executive agrees as follows:  
a.Non-Encouragement Provision.  Executive agrees that during his employment with the Company and thereafter he will not instigate, cause, advise or encourage any other persons, groups of persons, corporations, partnerships or any other entity to file litigation against the Company. 
b.Cooperation in Transitional Matters.  After Executive’s employment ends, Executive agrees to make himself reasonably available to the Company thereafter without additional compensation to answer questions, provide information and otherwise reasonably cooperate with the Company in any pending or transitional matters on which Executive has worked or about which Executive may have personal knowledge.  Executive agrees to reasonably cooperate with the Company, including its attorneys, managers and accountants, in connection with any transitional matters, potential or actual litigation, or other real or potential disputes, which directly or indirectly involve the Company.  
c.Non-competition and Notification.  During Executive’s employment with the Company and for a period of (i) eighteen (18) months following the voluntary or involuntary termination of his employment without Cause or (ii) twenty-four (24) months following (x) the involuntary termination of his employment without Cause or (y) his resignation for Good Reason, in either case within two (2) years immediately following a Change in Control (the “Restricted Period”), Executive 
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Exhibit 10.24

agrees not to directly or indirectly engage in, be interested in, or be employed by, anywhere in the United States, Canada, the United Kingdom or any additional geographic markets the Company enters, any direct competitor of the Company (including, without limitation, Henry Schein, Inc., Benco Dental Supply Company, Burkhart Dental Supply Co., Amazon.com, Inc., MWI Veterinary Supply, Inc. and AmerisourceBergen Corp.) or any other business which offers, markets or sells any service or product that competes indirectly with any services or products of the Company (a “Competing Business”).  By way of example, but not by way of limitation, “any service or product that competes indirectly with any services or products of the Company” includes dental services, dental products, animal health services and animal health products.  For purposes of this provision, Executive shall be deemed to be interested in a Competing Business if he is engaged or interested in such Competing Business as a stockholder, director, officer, employee, salesperson, sales representative, agent, partner, individual proprietor, consultant, or otherwise, but not if such interest in the Competing Business is limited solely to the ownership of 2% or less of the equity or debt securities of any class of a corporation whose shares are listed for trading on a national securities exchange or traded in the over-the-counter market.
In the event that Executive obtains new employment prior to expiration of the Restricted Period, Executive shall:  (i) disclose this Agreement to his new employer prior to beginning the employment; and (ii) notify the Company of the identity of his new employer within seven (7) days after accepting any offer of employment by sending a written notification to the Company.
Executive agrees that the foregoing restrictions are in consideration of the consideration offered in this Agreement, and that the restrictions are reasonable and necessary for the purpose of protecting the Company’s legitimate business interests.  Executive agrees that the scope of the business of the Company is independent of the location (such that it is not practical to limit the restrictions contained herein to a specific state, city or part thereof) and therefore acknowledges and agrees that the geographic scope of this restriction throughout the United States, Canada and the United Kingdom is reasonable and necessary.
Executive further agrees that the remedy of damages at law for breach by Executive of any of the covenants and obligations contained in this Agreement is an inadequate remedy.  In recognition of the irreparable harm that a violation by Executive of the covenants and obligations in this Agreement would cause the Company, or any company with which the Company has a business relationship, Executive agrees that if he breaches or proposes to breach, any provision of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach or proposed breach without showing or proving any actual damage to the Company, it being understood by Executive and the Company that both damages and equitable relief shall be proper modes of relief and are not to be considered alternative remedies.
d.Non-Solicitation of Customers, Suppliers, or Distributors.  Executive agrees that during his employment with the Company and during the Restricted Period, Executive shall not directly or indirectly, whether individually or as an owner, agent, representative, consultant or employee, participate or assist any individual or business entity to solicit or encourage any customer, supplier, or distributor of the Company to (i) do business that could be done with the Company with any 
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Exhibit 10.24

person or entity other than the Company or (ii) terminate or otherwise modify adversely its business relationship with the Company. 
e.Non-Solicitation of Employees.  Executive agrees that during his employment with the Company and during the Restricted Period, Executive shall not directly or indirectly, whether individually or as an owner, agent, representative, consultant or employee, participate or assist any individual or business entity to solicit, employ or conspire with others to employ any of the Company’s employees. The term “employ” for purposes of this Section 4(e) means to enter into an arrangement for services as a full-time or part-time employee, independent contractor, agent or otherwise.  Notwithstanding the foregoing, any general advertisement or public solicitation that is not directed specifically to employees of the Company shall not constitute a breach of this Section 4(e).
f.Non-Disparagement Provision.  Executive agrees that during his employment with the Company and thereafter, Executive will not make any disparaging or damaging statements about the Company, its products, services or management, whether or not libelous or defamatory, provided that this provision shall not affect Executive’s right to provide truthful information to any governmental entity.  Similarly, the Board shall not at any time, whether during or after the termination of Executive’s employment with the Company, make any disparaging or damaging statements concerning Executive whether or not libelous or defamatory, provided that this provision shall not affect the Company’s right to provide truthful information to any governmental entity.
g.Confidential Information.  Executive acknowledges that in the course of his employment with the Company, he will have access to Confidential Information. “Confidential Information” includes but is not limited to information not generally known to the public, in spoken, printed, electronic or any other form or medium relating directly or indirectly to: business processes, practices, policies, plans, documents, operations, services and strategies; contracts, transactions, and potential transactions; negotiations and pending negotiations; customer and prospect information including, without limitation, customer and prospect lists, purchase and order histories, and equipment pipelines; proprietary information, trade secrets and intellectual property; supplier and vendor agreements, strategies, plans and information; financial information and results; legal strategies and information; marketing plans and strategies; pricing plans and strategies; personnel information and staffing and succession planning practices and strategies; internal controls and security policies, strategies and procedures; and/or other confidential business information that Executive will learn, receive or use at any time during his employment with the Company, whether or not such information has been previously identified as confidential or proprietary.
Confidential Information may be contained in written materials, such as documents, files, reports, manuals, drawings, diagrams, blueprints and correspondence, as well as computer hardware and software, and electronic or other form or media.  It may also consist of unwritten knowledge, including ideas, research, processes, plans, practices and know-how.
Confidential Information does not include information that: (i) is in or becomes part of the public domain or information generally known in the trade, other than as a result of a disclosure by or through Executive in violation of this Agreement or by a third-party in breach of a confidentiality obligation; (ii) information that Executive acquires or independently develops completely independently of his 
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Exhibit 10.24

employment with the Company; (iii) is lawfully disclosed to Executive by a third party provided the third party did not receive it due to a breach of this Agreement or any other obligation of confidentiality; (iv) was lawfully in Executive’s possession prior to providing services for the Company, provided that said information was not obtained from the Company; or (v) is required to be disclosed by law or the order of any court or governmental agency, or in any litigation or similar proceeding; provided that prior to making any such required disclosure, Executive shall notify the Company in sufficient time to permit the Company to seek an appropriate protective order.
Executive agrees that he shall not, at any time during his employment with the Company or thereafter, disclose or otherwise make available Confidential Information to any person, company or other party. Further, Executive shall not use or disclose any Confidential Information at any time without the Company’s prior written consent. This Agreement shall not limit any obligations Executive may have under any other employee confidentiality agreement with the Company or under applicable law nor shall it limit his right to provide truthful information to any governmental agency.
h.Defend Trade Secrets Act of 2016.  Executive understands that if he breaches the provisions of Section 4(g) above, Executive may be liable to the Company under the federal Defend Trade Secrets Act of 2016 (“DTSA”).  Executive further understands that by providing him with the following notice, the Company may recover from Executive its attorney fees and exemplary damages if it brings a successful claim against Executive under the DTSA:  Under the DTSA, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made:  (a)(i) in confidence to a federal, state, or local governmental official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Without limiting the foregoing, if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to his attorney and use the trade secret information in the court proceeding, if Executive (i) files any document containing the trade secret under seal and (ii) does not disclose the trade secret, except pursuant to court order.
i.Return of Documents, Materials, and Property.  Executive agrees that at the end of his employment with the Company, or at the Company’s earlier request, he will return all originals and copies of any documents, materials or other property of the Company and the Company’s customers, whether generated by Executive or any other person on his behalf or on behalf of the Company or its customers.  This includes all copies and all materials on paper, on disk, on a computer, or in any computerized or electronic medium. All documents, files, records, reports, policies, training materials, communications materials, lists and information, e-mail messages, products, keys and access cards, cellular phones, computers, other materials, equipment, physical and electronic property, whether or not pertaining to Confidential Information, which were furnished to Executive by the Company, purchased or leased at the expense of the Company, or produced by the Company or Executive in connection with Executive’s employment will be and remain the sole property of the Company, except as otherwise provided herein.  All copies of Company property, whether in tangible or intangible form, are also the property of the Company.  Executive agrees that he will not retain any paper or electronic copies of these documents and materials.
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Executive agrees that, following the termination of his employment with the Company, the Company may open all mail (including but not limited to regular mail, electronic mail and voicemail) delivered to the Company and addressed to Executive.  Notwithstanding the foregoing, the Company shall not open any mail (including but not limited to regular mail, electronic mail and voicemail) delivered to the Company and addressed to Executive if it is readily apparent that such mail is a personal item, in which case the Company will promptly forward such mail to Executive without opening it; provided, however, that this provision does not create any reasonable expectation of privacy on behalf of Executive in his use of the Company’s communications and technology systems.
j.Class Action Waiver and Arbitration Agreement. Any dispute, controversy or claim arising out of, relating to or in connection with this Agreement, including the breach, termination or validity thereof, shall be finally resolved by arbitration.  The tribunal shall have the power to rule on any challenge to its own jurisdiction or to the validity or enforceability of any portion of the agreement to arbitrate.  The Parties agree to arbitrate solely on an individual basis, and that the agreement to arbitrate does not permit class arbitration or any claims brought as a plaintiff or class member in any class or representative arbitration proceeding.  The arbitral tribunal may not consolidate more than one person’s claims, and may not otherwise preside over any form of a representative or class proceeding.  In the event the prohibition on class arbitration is deemed invalid or unenforceable, then the remaining portions of the arbitration agreement will remain in force.
k.Reasonable and Necessary.  Executive acknowledges that he is a key employee of the Company and that Executive participates in and contributes to key phases of the Company’s operations.  Executive agrees that the covenants provided for in this Section 4 are reasonable and necessary to protect the Company and its confidential information, goodwill and other legitimate business interests and, without such protection, the Company’s customer and client relationships and competitive advantage would be materially adversely affected.  Executive agrees that the provisions of this Section 4 are an essential inducement to the Company to enter into this Agreement and they are in addition to, rather than in lieu of, any similar or related covenants with the Company to which Executive may be bound.  Executive further acknowledges that the restrictions contained in this Section 4 shall not impose an undue hardship on him since he has general business skills which may be used in industries other than that in which the Company conducts its business and shall not deprive Executive of his livelihood.  In exchange for Executive agreeing to be bound by these reasonable and necessary covenants, the Company is providing Executive with the benefits as set forth in this Agreement.  Executive acknowledges and agrees that these benefits constitute full and adequate consideration for his obligations hereunder.  
l.Company Defined.  For purposes of this Section 4, “Company” shall mean Patterson Companies, Inc., its affiliated and related entities, and any of their respective direct or indirect subsidiaries.
m.Survival.  Notwithstanding any termination of this Agreement or Executive’s employment with the Company, Executive shall remain bound by the provisions of this Agreement which specifically relate to periods, activities or obligations upon or subsequent to the termination of his employment, irrespective of whether Executive is eligible for severance benefits under Sections 1 or 2 of this Agreement.
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n.Company Policies.  Executive agrees that during his employment with the Company and thereafter, Executive shall be subject to and shall abide by each of the personnel policies applicable to officers of the Company, including without limitation any policy restricting pledging and hedging investments in Company equity by Company officers, and any policy the Company adopts regarding recovery of incentive compensation (sometimes referred to as “clawback”) and any additional clawback provisions as required by law and applicable stock exchange listing rules.
5.General Provisions.  This Agreement is subject to the following general provisions:
a.Consideration. Executive acknowledges that the consideration offered in this Agreement is good and valuable consideration in exchange for the terms of this Agreement.
b.Effect of Breach.  Executive agrees that it would be impossible to measure in money the damages caused by the irreparable harm the Company would suffer for any breach by him of the terms of this Agreement.  Accordingly, Executive agrees that if the Company institutes any action or proceeding to enforce the terms of this Agreement, the Company shall be entitled to temporary and permanent injunctive or other equitable relief to enforce the provisions of this Agreement, such relief may be granted without the necessity of proving actual damages, Executive hereby waives to the extent permitted by law the claim or defense that the Company has an adequate remedy at law, and Executive shall not argue in any such action or proceeding that any such remedy at law exists.  This provision with respect to equitable relief shall not, however, diminish the right of the Company to claim and recover damages in addition to injunctive relief.  Executive agrees that he shall reimburse the Company for its attorney fees and costs incurred in seeking to enforce the terms of this Agreement.
c.Notice.  Any notice required or permitted to be given under this Agreement shall be deemed to have been delivered on the date following the day the notice is deposited in the United States mail, certified or registered, postage prepaid, return receipt requested, and addressed as follows:
If to Executive:

Tim E. Rogan
979 Autumn Circle
Eagan, MN 55123

or such other address as Executive elects by giving to the Company not less than 30 days advance written notice.

If to the Company:

Mark S. Walchirk
President and Chief Executive Officer
Patterson Companies, Inc.
1031 Mendota Heights Road
St. Paul, MN 55120

or such other address as the Company elects by giving to Executive not less than 30 days advance written notice.
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d.Conflicting Agreements.  Executive hereby represents that Executive is not subject to any non-competition agreement, non-disclosure agreement, or any other kind of agreement or duty that would prohibit or restrict Executive from vigorously and fully performing services for the Company.
e.Waiver.  The waiver by either Party of the breach or nonperformance of any provision of this Agreement by the other Party will not operate or be construed as a waiver of any future breach or nonperformance under any such provision of this Agreement or, in the case of the Company, any similar agreement with any other employee.
f.Severability and Blue Penciling.  To the extent that any provision of this Agreement shall be determined to be invalid or unenforceable as written, the validity and enforceability of the remainder of such provision and of this Agreement shall be unaffected.  If any particular provision of this Agreement shall be adjudicated to be invalid or unenforceable, the Company and Executive specifically authorize the tribunal making such determination to edit the invalid or unenforceable provision to allow this Agreement, and the provisions thereof, to be valid and enforceable to the fullest extent allowed by law or public policy.  Executive expressly stipulates that this Agreement shall be construed in a manner which renders its provisions valid and enforceable to the maximum extent (not exceeding its express terms) possible under applicable law.
g.Enforceable Contract.  The Parties agree that this Agreement shall be deemed to have been entered into and shall be construed and enforced in accordance with the laws of the State of Minnesota, without regard to conflicts of law provisions.  If any part of this Agreement is construed to be in violation of the law, such part will be modified to achieve the objective of the Parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.
h.Exclusivity of and Consent to Jurisdiction.  Subject to the arbitration provisions of Section 4(j) of this Agreement, Executive and the Company agree that the courts of Minnesota shall have exclusive judicial jurisdiction over disputes concerning this Agreement.  The Parties specifically consent to the jurisdiction of the state and federal courts of Minnesota.  Accordingly, Executive and the Company submit to the personal jurisdiction of such courts for purposes of this Agreement.  
i.Counterparts.  The Parties agree that this Agreement may be executed in counterparts and each executed counterpart shall be as effective as a signed original.  Photographic or faxed copies of such signed counterparts may be used in lieu of the originals for any purpose.
j.Successors and Assigns.  Executive may not assign this Agreement to any third party for whatever purpose and any such purported assignment shall be void.  The Company may assign this Agreement to any successor or assign.
k.Entire Agreement.  Except for the offer letter dated July __, 2021 and the agreements described herein, this Agreement contains the entire agreement between the Parties relating to Executive’s employment by the Company and supersedes all prior agreements and understandings, whether written or oral, between the Parties relating to such employment.  This Agreement may not be amended or changed except in writing executed by both Parties.
11

Exhibit 10.24

l.Section 409A. Notwithstanding any other provision of this Agreement to the contrary, Executive and the Company agree that the payments hereunder shall be exempt from, or satisfy the applicable requirements, if any, of Section 409A of the Code in a manner that will preclude the imposition of penalties described in Section 409A of the Code.  Payments made pursuant to this Agreement are intended to satisfy the short-term deferral rule or separation pay exception within the meaning of Section 409A of Code.  Executive’s termination of employment shall mean a “separation from service” within the meaning of Section 409A of the Code.  Notwithstanding anything herein to the contrary, this Agreement shall, to the maximum extent possible, be administered, interpreted and construed in a manner consistent with Section 409A of Code; provided, that in no event shall the Company have any obligation to indemnify Executive from the effect of any taxes under Section 409A of the Code.  
If any payment or benefit provided to Executive in connection with his termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the termination or, if earlier, on Executive’s death (the “Specified Employee Payment Date”).  The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.
m.Clawback.  The Company may terminate Executive’s right to the unvested equity compensation under Section 3, and may require reimbursement to the Company by Executive of any incentive compensation previously paid or vested within the prior 12-month period pursuant to any applicable incentive compensation plan or award agreement, in the event:  (i) of a willful or reckless breach by Executive of his obligations under Section 4 of this Agreement; (ii) of Executive’s misconduct constituting Cause as defined in Section 1(g) of this Agreement; or (iii) Executive is obligated to disgorge to or reimburse the Company for such compensation paid or payable to Executive by reason of application of Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other applicable law or regulation requiring recapture, reimbursement or disgorgement of incentive-based pay.
n.Withholding.  The Company shall withhold from the compensation payable to Executive hereunder all appropriate deductions necessary for the Company to satisfy its withholding obligations under federal, state and local income and employment tax laws.
o.Acknowledgement.  Executive affirms that he has read this Agreement and that the provisions of this Agreement are understandable to him and Executive has entered into this Agreement freely and voluntarily.

[SIGNATURE PAGE FOLLOWS]

12

Exhibit 10.24

IN WITNESS WHEREOF, the Parties have executed this Agreement by their signatures below.

Dated: July 19, 2021                                     
                        Tim E. Rogan

Dated: July 19, 2021                PATTERSON COMPANIES, INC.

    By:                        
    Mark S. Walchirk
    Chief Executive Officer

[Signature Page to Inducement, Severance & Change in Control Agreement by and between Patterson Companies, Inc. and Tim E. Rogan, effective July 19, 2021]
13Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (this “Agreement”),
dated as of June 28, 2022 (the “Effective Date”), is between SIRIUS XM RADIO INC., a Delaware corporation (the
“Company”), and JOSEPH A. VERBRUGGE (the “Executive”).

 

WHEREAS, the Company and the Executive previously
entered into an employment agreement dated February 9, 2022 (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 as of the Effective
Date, 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 the Executive’s
employment with the Company and Sirius XM Holdings Inc. (“Holdings”).

 

2. Duties and Reporting Relationship.
(a) The Executive shall be employed as the Chief Commercial Officer of both the Company and Holdings. In such capacity, the Executive
shall oversee the commercial activities of the Company, which the Company defines as responsibility for the consumer subscription
revenue, automotive distribution, streaming distribution and consumer marketing activities solely for the existing Sirius XM brand
and business as of the Effective Date. During the Term (as defined below), the Executive shall use the Executive’s skills
and render services to the best of the Executive’s ability, consistent with the needs of the Company and Holdings. The Executive
shall perform such activities and duties consistent with the Executive’s position that the Chief Executive Officer of the
Company and Holdings (the “CEO”) shall from time to time reasonably specify and direct. During the Term, the
Executive shall not perform any consulting services for, or engage in any other business enterprises with, any third parties without
the express written consent of the CEO, other than charitable, civic and other non-business activities that do not interfere with
the Executive’s duties to the Company and/or Holdings, and (i) passive investments; (ii) serving as an advisor to an organization
mutually approved by the Executive and the CEO; provided that such advisory role does not interfere or conflict with the
Executive’s obligations to the Company and/or Holdings under this Agreement; or (iii) service on a board of directors for
one public or private company, in each case subject to the express written consent of the Company.

 

(b) The Executive shall generally perform
the Executive’s duties and conduct the Executive’s business at the Company’s offices in Michigan or Washington,
D.C, or in such office as directed by the CEO.

 

(c) The Executive shall report solely and
directly to the CEO.

    	 

    	

    

3. Term; Effective Date. The term
of this Agreement shall commence on the Effective Date and shall end on June 27, 2024, unless terminated earlier pursuant to the
provisions of Section 6 (the “Term”).

 

4. Compensation. (a) During the Term,
the Executive shall be paid an annual base salary of $1,100,000, which annual base salary shall be increased on June 28, 2023
to $1,150,000. Such annual base salary, as in effect from time to time, may be subject to increase (but not decrease) from time
to time by recommendation of the CEO to, and approval by, the Board of Directors of Holdings (the “Board”)
or any committee thereof (such amount, as increased, the “Base Salary”). All amounts paid to the Executive
under this Agreement shall be in U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the Company,
may be paid more frequently.

 

(b) On the first business day following
the Effective Date on which Holdings and the Executive are not subject to a blackout restriction, or if there is no such blackout
restriction then on the Effective Date (such date, as applicable, the “Grant Date”), the Company shall cause
Holdings to grant to the Executive the following:

 

(i) an option to purchase shares of Holdings’
common stock, par value $0.001 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 $1,250,000,
determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such option shall be subject
to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A;

 

(ii) a number of restricted stock units
(“RSUs”) equal to $1,250,000, divided by the average closing price of the Common Stock on the Nasdaq Global
Select Market for the twenty (20)-trading day period preceding, but not including, 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 $2,500,000, divided by the average closing price of the Common Stock on the
Nasdaq Global Select Market for the twenty (20)-trading day period preceding, but not including, the Grant Date. Fifty percent
(50%) of such PRSUs shall be subject to the terms and conditions set forth in the Performance–Based Restricted Stock Unit
Agreement (Free Cash Flow) attached to this Agreement as Exhibit C-1 and fifty percent (50%) of such PRSUs shall be subject to
the terms and conditions set forth in the Performance–Based Restricted Stock Unit Agreement (Relative TSR) attached to this
Agreement as Exhibit C-2.

 

(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, state and local income tax withholding, federal unemployment tax and social security (FICA).

    	2

    	

    

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 the Executive in carrying out the Executive’s duties under this Agreement; provided that
such expenses are 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 entitled 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.

 

(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 CEO, or the Board or the compensation
committee of the Board (the “Compensation Committee”). During the Term, the Executive shall have a target bonus
of 150% of the Base Salary (the “Target Bonus Opportunity”). Bonus(es) shall be subject to the Executive’s
individual performance and satisfaction of objectives established by the CEO or the Board or the Compensation Committee, and further
are subject to the exercise of discretion by the CEO and review and approval by the Compensation Committee. Bonus(es), if any,
shall be paid in the form of cash and shall be paid by March 15th of the following year.

 

(d) During the Term, the Executive shall
be entitled to accrue vacation under the Company’s policy at a rate of not less than four (4) weeks per year.

 

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

 

(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

    	3

    	

    

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 and/or any of their respective affiliates, if any such material breach or violation described
in clauses (A), (B) or (C), to the extent curable, remains uncured after fifteen (15) days have elapsed following the date on
which the Company gives the Executive written notice of such material breach or violation;

 

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

 

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

 

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

 

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

 

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

 

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

    	4

    	

    

purposes of Section 6(a) may be delivered,
in addition to the requirements set forth in Section 17, through the use of electronic mail) and a reasonable opportunity for
the Executive, together with the Executive’s counsel, to be heard before the Board prior to such vote, finding that in the
good faith opinion of the Board, the Executive committed the conduct set forth in any of clauses (i) through (vii) of Section
6(a) and specifying the particulars thereof in reasonable detail. For purposes of Section 6(a), the Executive’s employment
and the Term shall terminate on the date specified by the Board in the Notice of Termination for Cause and one (1) day following
the receipt by the Executive of a notice of a termination without Cause.

 

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

 

(ii) If the Executive is unable to perform
the essential duties and functions of the Executive’s employment because of a disability, even with a reasonable accommodation,
for one hundred eighty (180) days within any three hundred sixty-five (365) day period (“Disability”), the
Company shall have the right and may elect to terminate the services of the Executive by a Notice of Disability Termination. The
Executive shall not be terminated following a Disability except pursuant to this Section 6(c)(ii). For purposes of this Agreement,
a “Notice of Disability Termination” shall mean a written notice that sets forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of the Executive’s employment under this Section 6(c)(ii).
For purposes of this Agreement, no such purported termination shall be effective without such Notice of Disability Termination.
The Term of this Agreement and the Executive’s employment shall terminate on the day such Notice of Disability Termination
is received by the Executive.

 

(d) The Executive may elect to resign from
the Executive’s employment with the Company and Holdings at any time with or without Good Reason (as defined below). Should
the Executive wish to resign from the Executive’s employment with the Company and Holdings during the Term for other than
Good Reason, the Executive shall give at least thirty (30) days’ prior written notice to the Company. The Executive’s
employment and the Term of this Agreement shall terminate on the effective date of the resignation set forth in the notice of
resignation; provided that the Company may, at its sole discretion, instruct the Executive to perform no more job responsibilities
and cease the Executive’s active employment immediately upon or following receipt of such notice from the Executive. Further,
any resignation by the Executive of the Executive’s employment with the Company shall be deemed a resignation of the Executive’s
employment with Holdings (and vice versa).

 

(e) Should the Executive wish to resign
from the Executive’s employment with the Company and Holdings during the Term for Good Reason following the Company’s
failure to cure an applicable event as contemplated below, the Executive shall give at least seven (7) days’ prior written
notice to the Company. The Executive’s employment and the Term of this Agreement shall terminate on the date specified in
such notice given in accordance with the relevant provision; provided that the Company may, at its sole discretion, instruct
the Executive to cease 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 the Executive’s position with the Company shall be deemed a
resignation of the Executive’s position with Holdings (and vice versa).

    	5

    	

    

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 reduction in the Executive’s title, any material reduction in the Executive’s
duties or responsibilities as described in Section 2, or any removal of the Executive from, or any failure to re-elect the Executive
to, any of such positions (except in connection with the termination of the Executive’s employment for Cause, Disability
or as a result of the Executive’s death or by the Executive other than for Good Reason); or

 

(ii) the Executive ceasing to report solely
and directly to the CEO; or

 

(iii) any requirement that the Executive
report for work to a location (other than the Executive’s residence) more than twenty-five (25) miles from the Company’s
current offices in Michigan or Washington, D.C., or such office as directed by the CEO pursuant to Section 2(b), for more than
thirty (30) days in any calendar year, excluding any requirement that results from the damage, emergency closure or destruction
of such office as a result of natural disasters, terrorism, pandemics, acts of war or acts of God or travel in the ordinary course
of business; or

 

(iv) any reduction in the Base Salary or
the Target Bonus Opportunity;

 

(v) the Company’s failure to grant
the equity awards set forth in Section 4(b) on the Grant Date; or

 

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

 

(f) (i) If the employment of the Executive
is terminated during the Term 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 the Executive’s 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;

    	6

    	

    

(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 Bonus last paid
(or due and payable) to the Executive, with such lump sum amount to be paid on the sixtieth (60th) day following the
Termination Date;

 

(C) a pro-rated Bonus for the year
in which the termination occurred (based on actual achievement of applicable performance criteria, and based on the number of
days the Executive was employed by the Company as a portion of the applicable calendar year), payable when annual bonuses are
normally paid to other executive officers of the Company;

 

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

 

(E) life insurance benefits on
substantially the same terms as provided by the Company for active employees for one (1) year following the Termination Date;
provided that (I) the Company’s cost for such life insurance shall not exceed twice the amount that the Company would
have paid to provide such life insurance benefit to the Executive if the Executive 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 General Counsel may waive such requirement in the case of the Executive’s death.

 

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

 

(i) Notwithstanding any provisions of this
Agreement to the contrary, if the Executive is a “specified employee” (within the meaning of Section 409A and determined
pursuant to policies adopted by the Company and Holdings) at the time of the Executive’s 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

    	7

    	

    

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) 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 the Executive’s employment the Executive will occupy a position of
trust and confidence. The Executive shall not, except in connection with the performance of the Executive’s functions in
accordance with this Agreement or as required by applicable law, or as required in proceedings to enforce or defend the Executive’s
rights under this Agreement or any other written agreement between the Executive and the Company and/or Holdings, disclose to
others or use, directly or indirectly, any Confidential Information.

 

(b) “Confidential Information”
shall mean information about the Company’s and/or Holdings’ (and their respective affiliates’) business and
operations that is not disclosed by the Company or Holdings (or their respective affiliates) for financial reporting purposes
and that was learned by the Executive in the course of the Executive’s employment by the Company and/or Holdings, including,
without limitation, any business plans, product plans, strategy, budget information, proprietary knowledge, patents, trade secrets,
data, formulae, sketches, notebooks, blueprints, information and client and customer lists and all papers and records (including
but not limited to computer records) of the documents containing such Confidential Information, other than information that is
publicly disclosed by the Company and/or Holdings (or their respective affiliates) in writing. The Executive acknowledges that
such Confidential Information is specialized, unique in nature and of great value to the Company and/or Holdings, and that such
information gives the Company and/or Holdings a competitive advantage. The Executive agrees to deliver or return to the Company,
at the Company’s request at any time or upon termination or expiration of the Executive’s 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
the Executive’s employment by the Company and/or Holdings; provided that the Executive will be able to keep the Executive’s
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

    	8

    	

    

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

 

8. Covenant Not to Compete. During
the Executive’s employment with the Company and during the Restricted Period (as defined below), the Executive shall not,
directly or indirectly, enter into the employment of, render services to, or acquire any interest whatsoever in (whether for the
Executive’s 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, transmission, production or streaming
of radio programming or any activity that directly competes with the business of the Company, including but not limited to podcasting,
telematics and audio advertising sales and technology (each, a “Competitive Activity”); provided that
nothing in this Agreement shall prevent the purchase or ownership by the Executive by way of investment of less than five (5)
percent of the shares or equity interest of any corporation or other entity. Without limiting the generality of the foregoing,
the Executive agrees that during the Restricted Period, the Executive shall not call on or otherwise solicit business or assist
others to solicit business as to any product or service that directly competes with any product or service provided or marketed
by the Company or its affiliates on the Termination Date or upon expiration of the Term (such date, as applicable, the “Milestone
Date”); provided that general solicitations that are not specifically targeted to current, former or prospective
customers of the Company with respect to such products or services, and

    	9

    	

    

which products or services have not been
identified by the Executive using Confidential Information, shall not be deemed to be a breach of the immediately preceding sentence.
The Executive also agrees that during the Restricted Period the Executive 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. 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. The Executive’s obligations
under this Section 8 during the Restricted Period are expressly conditioned upon, and subject to, the Company’s compliance
with its applicable payment obligations, if any, under Section 6.

 

9. Change of Control Provisions.
(a) Notwithstanding any other provisions in this Agreement, in the event that any payment or benefit received or to be received
by the Executive (including but not limited to any payment or benefit received in connection with a change of control of the Company
or Holdings or the termination of the Executive’s employment, whether pursuant to the terms of this Agreement or any other
plan, program, arrangement or agreement) (all such payments and benefits, together, the “Total Payments”) would
be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code, or any successor provision thereto (the
“Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section
280G of the Code in such other plan, program, arrangement or agreement, the Company will reduce the Total Payments to the extent
necessary so that no portion of the Total Payments is subject to the Excise Tax (but in no event to less than zero); provided that the Total Payments will only be reduced if (i) the net amount of such Total Payments, as so reduced (and after subtracting
the net amount of federal, state, municipal, and local income and employment taxes on such reduced Total Payments and after taking
into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater
than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal,
state, municipal, and local income and employment taxes on such Total Payments and the amount of Excise Tax to which the Executive
would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions
and personal exemptions attributable to such unreduced Total Payments).

 

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

    	10

    	

    

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

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

 

12. Entire Agreement. The provisions
contained herein constitute the entire agreement between the parties with respect to the subject matter hereof and supersede any
and all prior contracts, 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.

 

15. Assignment. The Executive may
not assign any of the Executive’s rights or delegate any of the Executive’s duties hereunder without the prior written
consent of the

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

 

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

 

17. Notices. All notices and other
communications required or permitted hereunder shall be made in writing and shall be deemed effective when delivered personally
or transmitted by facsimile transmission if received at the recipient’s location during normal business hours or otherwise
on the next business day, one (1) business day after deposit with a nationally recognized overnight courier (with next day delivery
specified) and five (5) days after mailing by registered or certified mail:

 

	 	if to the Company:

Sirius XM Radio Inc.

1221 Avenue of the Americas

35th Floor

New York, New York 10020

Attention: Chief Executive Officer

Telecopier: (212) 584-5353

 

if to the Executive:

Address on file at the offices

of the Company

 

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

 

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

 

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

 

20. Arbitration. (a) The Executive
and the Company agree that if a dispute arises concerning or relating to the Executive’s employment with the Company and/or
Holdings, or the termination of the Executive’s employment, such dispute shall be submitted to binding arbitration under
the rules of the American Arbitration Association regarding resolution of employment disputes in effect at the time such dispute
arises. The arbitration shall take place in New York, New York, before a single experienced arbitrator licensed to practice law
in New York and selected in accordance with the American Arbitration Association rules and

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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 the Executive’s 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 the Executive 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.

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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 the Executive 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 the Executive’s obligations under this Agreement.

 

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

 

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

    	15

    	

    

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

 

	 	SIRIUS XM RADIO INC.	 
	 	 	 
	 	By:	/s/ Faye Tylee	 
	 	 	Faye Tylee	 
	 	 	Chief People + Culture Officer	 
	 	 	 	 
	 	 	/s/ Joseph A. Verbrugge	 
	 	 	JOSEPH A. VERBRUGGE	 

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Exhibit A

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

STOCK OPTION AGREEMENT

 

This STOCK OPTION AGREEMENT (this “Agreement”),
dated ___________, 2022 (the “Grant Date”), is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the
“Company”), and JOSEPH A. VERBRUGGE (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 June 28, 2022, 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 ______________________ (_________) shares1 of common stock, par value $0.001
per share, of the Company (the “Shares”), at a price per Share of $___ (the “Exercise Price”).2
This Option is not intended to qualify as an Incentive Stock Option for purposes of Section 422 of the Internal Revenue
Code of 1986, as amended. In the case of any stock split, stock dividend or like change in the Shares occurring after the date
hereof, the number of Shares and the Exercise Price shall be adjusted as set forth in Section 4(b) of the Plan.

 

(b) Subject to the terms of this Agreement,
this Option shall vest and become exercisable with respect to _______ Shares on the first (1st) anniversary of the
Grant Date and _______ Shares on June 27, 2024, 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), then the unvested portion
of this Option, to the extent not previously cancelled or forfeited, shall immediately become vested and exercisable. In order
for the Executive to receive any accelerated vesting pursuant to this Section 1(c), the Executive must execute a release in accordance
with Section 6(g) of the Employment Agreement (except that the Company’s General Counsel may waive such requirement in the
case of the Executive’s death).

 

2. Term. This Option shall terminate
on _____, 2032 (the Option Expiration Date”); provided that if:

 

(a) the Executive’s employment with Sirius XM is terminated
due to the Executive’s death or Disability, by Sirius XM without Cause, or by the Executive for Good Reason, the

 

 

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

2 Closing price on the Grant Date.

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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 the Executive’s
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. Notwithstanding
the foregoing provisions, 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 withheld. The Executive may satisfy the Executive’s withholding obligations in the manner
contemplated by Section 16(e) of the Plan.

 

7. No Rights of a Stockholder. The
Executive shall not have any rights as a stockholder of the Company with respect to any Shares until the Shares purchased upon
exercise of this Option have been issued.

 

8. 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 with 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 the Employment Agreement.

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9. 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 with the Executive’s personal legal and tax advisors in connection with this Agreement and this Option.

 

10. 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 otherwise defined shall have the same meanings as in the Plan. The
Executive acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review
it and comply with its terms. This Agreement, the Employment Agreement and the Plan constitute the entire understanding between
or among the Company, Sirius XM and the Executive with respect to this Option. In the event of any conflict between this Agreement
and the Plan, the Plan shall govern and prevail.

 

11. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York, and shall bind and inure to the benefit
of the heirs, executors, personal representatives, successors and assigns of the parties hereto. Any disputes arising from or
relating to this Agreement shall be subject to arbitration pursuant to Section 20 of the Employment Agreement.

 

12. Notices. All notices and other
communications hereunder shall be in writing and shall be deemed given when delivered personally or when telecopied (with confirmation
of transmission received by the sender), three (3) business days after being sent by certified mail, postage prepaid, return receipt
requested or one (1) business day after being delivered to a nationally recognized overnight courier with next day delivery specified
to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	 	Company:	Sirius XM Holdings Inc.
	 	 	1221 Avenue of the Americas
	 	 	35th Floor
	 	 	New York, New York 10020
	 	 	Attention:  General Counsel
	 	 	 
	 	Executive:	Address on file at the
	 	 	office of Sirius XM

 

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

 

13. Binding Effect. This Agreement
constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

 

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

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15. Clawback Provisions. Notwithstanding
any other provisions in this Agreement to the contrary, any compensation realized by the Executive pursuant to this Agreement
or any other agreement or arrangement with the Company, Sirius XM or any of their respective affiliates, which is subject to recovery
under any law, government regulation or stock exchange listing requirement, shall 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, Sirius XM or any of their respective affiliates pursuant to, but solely to the extent required by, any such law,
government regulation or stock exchange listing requirement).

 

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

 

SIRIUS XM HOLDINGS INC.

 

	By: 	Exhibit A	 	Exhibit A	 
	 	Faye Tylee	 	JOSEPH A. VERBRUGGE	 
	 	Chief People + Culture Officer	 	 	 

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Exhibit B

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

This RESTRICTED STOCK UNIT AGREEMENT (this
“Agreement”), dated ____________, 2022 (the “Grant Date”), is between SIRIUS XM HOLDINGS
INC., a Delaware corporation (the “Company”), and JOSEPH A. VERBRUGGE (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 June 28, 2022 between Sirius XM Radio Inc. (“Sirius XM”) and the
Executive (the “Employment Agreement”), the Company hereby grants ________________3 restricted stock
units (“RSUs”) to the Executive. Each RSU represents the unfunded, unsecured right of the Executive to receive
one share of common stock, par value $0.001 per share, of the Company (each, a “Share”) on the 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. Issuance of Shares subject to RSUs.
(a) Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, (i) on the first (1st) anniversary
of the Grant Date, the Company shall issue, or cause there to be transferred, to the Executive ____ Shares representing an equal
number of RSUs granted to the Executive under this Agreement (as adjusted pursuant to Section 2, if applicable), and (ii) on June
27, 2024, the Company shall issue, or cause there to be transferred, to the Executive _____ Shares, representing an equal number
of RSUs granted to the Executive under this Agreement (as adjusted pursuant to Section 2, if applicable) in each case, if the
Executive continues to be employed with Sirius XM on each of these dates, other than as specifically stated herein.

 

 

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

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(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 (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 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, if applicable. In order for
the Executive to receive any accelerated vesting pursuant to this Section 3(b), the Executive must execute a release in accordance
with Section 6(g) of the Employment Agreement (except that the Company’s General Counsel may waive such requirement in the
case of the Executive’s death).

 

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

 

5. Non-transferable. The RSUs may
not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will
or by the applicable laws of descent and distribution, and shall not be subject to execution, attachment or similar process. Any
attempt to transfer, assign, pledge, hypothecate or otherwise dispose of RSUs or of any right or privilege conferred hereby shall
be null and void. In the event of the Executive’s death, any amounts owed to the Executive hereunder shall instead be paid
to the Executive’s designated beneficiary (or, if none, to the Executive’s estate).

 

6. Withholding. Prior to delivery
of the Shares pursuant to this Agreement, the Company shall determine the amount of any United States federal, state and local
income taxes, if any, which are required to be withheld under applicable law and shall, as a condition of delivery of the Shares
pursuant to this Agreement, collect from the Executive the amount of any such tax to the extent not previously withheld in any
manner permitted by the Plan.

 

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

 

8. Rights of the Executive. Neither
this Agreement nor the RSUs shall confer upon the Executive any right to, or guarantee of, continued employment with 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 the Employment Agreement.

    	22

    	

    

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 the Executive’s
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 used herein but not otherwise defined shall have the same meanings as in the Plan. The
Executive acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review
it and comply with its terms. This Agreement, the Employment Agreement and the Plan constitute the entire understanding between
or among the Company, Sirius XM and the Executive with respect to the RSUs.

 

11. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York, and shall bind and inure to the benefit
of the heirs, executors, personal representatives, successors and assigns of the parties hereto. Any disputes arising from or
relating to this Agreement shall be subject to arbitration pursuant to Section 20 of the Employment Agreement.

 

12. Notices. All notices and other
communications hereunder shall be in writing and shall be deemed given when delivered personally or when telecopied (with confirmation
of transmission received by the sender), three (3) business days after being sent by certified mail, postage prepaid, return receipt
requested or one (1) business day after being delivered to a nationally recognized overnight courier with next day delivery specified
to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	 	Company:	Sirius XM Holdings Inc.
	 	 	1221 Avenue of the Americas
	 	 	35th Floor
	 	 	New York, New York 10020
	 	 	Attention:  General Counsel
	 	 	 
	 	Executive:	Address on file at the
	 	 	office of Sirius XM

 

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

 

13. Binding Effect. This Agreement
constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

 

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

    	23

    	

    

15. Clawback Provisions. Notwithstanding
any other provisions in this Agreement to the contrary, any compensation realized by the Executive pursuant to this Agreement
or any other agreement or arrangement with the Company, Sirius XM or any of their respective affiliates, which is subject to recovery
under any law, government regulation or stock exchange listing requirement, shall 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, Sirius XM or any of their respective affiliates pursuant to, but solely to the extent required by, any such law,
government regulation or stock exchange listing requirement).

 

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	 
	 	Faye Tylee	 	JOSEPH A. VERBRUGGE	 
	 	Chief People + Culture Officer	 	 	 

    	24

    	

    

Exhibit C-1

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT

(FREE CASH FLOW)

 

This PERFORMANCE-BASED RESTRICTED STOCK
UNIT AGREEMENT (this “Agreement”), dated_____________, 2022, is between SIRIUS XM HOLDINGS INC., a Delaware
corporation (the “Company”), and JOSEPH A. VERBRUGGE (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 June 28, 2022 between Sirius XM Radio Inc. and the Executive (the “Employment
Agreement”), the Company hereby grants __________4 performance-based restricted stock units (“PRSUs”)
to the Executive. Each PRSU represents the unfunded, unsecured right of the Executive to receive one share of common stock, par
value $0.001 per share, of the Company (each, a “Share”) on the date specified in this Agreement.

 

2. Dividends. If on any date while
PRSUs are outstanding the Company shall pay any dividend on the Shares (other than a dividend payable in Shares), the number of
PRSUs granted to the Executive shall, as of the record date for such dividend payment, be increased by a number of PRSUs equal
to: (a) the product of (x) the number of PRSUs held by the Executive as of such record date, multiplied by (y) the per Share amount
of any cash dividend (or, in the case of any dividend payable, in whole or in part, other than in cash, the per Share value of
such dividend, as determined in good faith by the Company), divided by (b) the average closing price of a Share on the Nasdaq
Global Select Market on the twenty (20) trading days preceding, but not including, such record date. In the case of any dividend
declared on Shares that is payable in the form of Shares, the number of PRSUs granted to the Executive shall be increased by a
number equal to the product of (1) the aggregate number of PRSUs held by the Executive on the record date for such dividend, multiplied
by (2) the number of Shares (including any fraction thereof) payable as a dividend on a Share. In the case of any other change
in the Shares occurring after the date hereof, the number of PRSUs shall be adjusted as set forth in Section 4(b) of the Plan.

 

3. 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, 2022 and December 31, 2023 (together, the “Performance
Period”). The annual free cash flow component for each of 2022 and 2023 of the Performance Metric Target shall be set
at the time such applicable budget is approved by the Board.

 

 

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

    	25

    	

    

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.
No later than sixty (60) days following the end of the Performance Period, the Company shall certify the Company’s level
of achievement of the Performance Metric Target (such actual date of certification, the “Certification Date”)
and determine the number of PRSUs that shall remain eligible to vest, as set forth below, in accordance with the terms of the
Plan and/or this Agreement (such PRSUs, the “Eligible PRSUs”):

 

(i) If the Company fails to achieve
at least 80% of the Performance Metric Target, 0% of the PRSUs shall constitute Eligible PRSUs;

 

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

 

(iii) If the Company’s achievement
of the Performance Metric Target is at least 80% but less than 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 3(b).

 

The payout scale set forth above may be
modified in order to increase (but not decrease) the percentage of PRSUs that vest hereunder. Any PRSUs that do not constitute
Eligible PRSUs as of the Certification Date shall be cancelled on the Certification Date.

 

(c) Issuance of Eligible PRSUs. Subject
to the terms of this Agreement and/or the Plan, on June 27, 2024, 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 with Sirius XM Radio Inc. or any of its subsidiaries or affiliates (collectively
“Sirius XM”) on June 27, 2024.

 

4. Termination of Employment. (a)
If the Executive’s employment with Sirius XM terminates for any reason prior to June 27, 2024, then all of the PRSUs, including
the Eligible 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 defined in the Employment Agreement), or (z) by the Executive for “Good
Reason” (as defined in the Employment Agreement) (any such applicable date of termination, the “PRSU Termination
Date”), then the PRSUs shall be treated in the following manner:

 

(i) if the PRSU Termination Date
occurs on or prior to the end of the Performance Period, or if the PRSU Termination Date occurs prior to the establishment of
the Performance Metric Target for the Performance Period, then the PRSUs granted to

    	26

    	

    

the Executive under this Agreement,
to the extent not previously settled, cancelled or forfeited, shall, subject to Section 4(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 3(b), and as adjusted pursuant to Section 2, if applicable; and

 

(ii) if the PRSU Termination Date
occurs after the last day of the Performance Period, all Eligible PRSUs, to the extent not previously settled, cancelled or forfeited,
shall, subject to Section 4(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 3(b), as adjusted pursuant to Section 2, 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 3(c) that the Executive be an employee of Sirius XM shall be waived in order to give effect to Section 4(a); provided
that the Executive executes a release in accordance with Section 6(g) of the Employment Agreement (except that the Company’s
General Counsel may waive such requirement in the case of the Executive’s death).

 

(c) The Company shall issue, or cause there
to be transferred, to the Executive an amount of Shares representing the Eligible PRSUs (as adjusted pursuant to Section 2, if
applicable) as provided in Section 4(a)(i) or (ii), as applicable, on the 60th day following the Executive’s
termination of employment, but in no event later than March 15th of the year following the year of such termination
of employment.

 

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

 

6. 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).

 

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.

    	27

    	

    

8. No Rights of a Stockholder. The
Executive shall not have any rights as a stockholder of the Company until the Shares have been issued. Once a PRSU vests and a
Share is issued to the Executive pursuant to Sections 3 and 4, such PRSU is no longer considered a PRSU for purposes of this Agreement.

 

9. Rights of the Executive. Neither
this Agreement nor the PRSUs shall confer upon the Executive any right to, or guarantee of, continued employment with 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 the Employment Agreement.

 

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 meanings as in the Plan. The
Executive acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review
it and comply with its terms. This Agreement, the Employment Agreement and the Plan constitute the entire understanding between
or among the Company, Sirius XM and the Executive with respect to the PRSUs. In the event of any conflict between this Agreement
and the Plan, the Plan shall govern and prevail.

 

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.
	 	 	1221 Avenue of the Americas
	 	 	35th Floor
	 	 	New York, New York 10020
	 	 	Attention:  General Counsel

    	28

    	

    

	 	Executive:	Address on file at the
	 	 	office of Sirius XM

 

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

 

14. Binding Effect. This Agreement
constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

 

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

 

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

 

17. Clawback Provisions. Notwithstanding
any other provisions in this Agreement to the contrary, any compensation realized by the Executive pursuant to this Agreement
or any other agreement or arrangement with the Company, Sirius XM or any of their respective affiliates, which is subject to recovery
under any law, government regulation or stock exchange listing requirement, shall 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, Sirius XM or any of their respective affiliates pursuant to, but solely to the extent required by, any such law,
government regulation or stock exchange listing requirement).

 

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

 

SIRIUS XM HOLDINGS INC.

 

	By:	Exhibit C-1	 	Exhibit C-1	 
	 	Faye Tylee	 	JOSEPH A. VERBRUGGE	 
	 	Chief People + Culture Officer	 	 	 

    	29

    	

    

Exhibit C-2

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT

(RELATIVE TSR)

 

This PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT
(RELATIVE TSR) (this “Agreement”), dated_____________, 2022, is between SIRIUS XM HOLDINGS INC., a Delaware
corporation (the “Company”), and JOSEPH A. VERBRUGGE (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 June 28, 2022 between Sirius XM Radio Inc. and the
Executive (the “Employment Agreement”), the Company hereby grants __________5
performance-based restricted stock units (“PRSUs”)
to the Executive, representing the target number of PRSUs eligible to be earned under this Agreement (the “Target PRSUs”).
Each PRSU represents the unfunded, unsecured right of the Executive to receive one share of common stock, par value $0.001 per
share, of the Company (each, a “Share”) on the date specified in this Agreement.

 

2. Dividends. If on any date while PRSUs
are outstanding the Company shall pay any dividend on the Shares (other than a dividend payable in Shares), the number of PRSUs
granted to the Executive shall, as of the record date for such dividend payment, be increased by a number of PRSUs equal to: (a)
the product of (x) the number of PRSUs held by the Executive as of such record date, multiplied by (y) the per Share amount of
any cash dividend (or, in the case of any dividend payable, in whole or in part, other than in cash, the per Share value of such
dividend, as determined in good faith by the Company), divided by (b) the average closing price of a Share on the Nasdaq Global
Select Market on the twenty (20) trading days preceding, but not including, such record date. In the case of any dividend declared
on Shares that is payable in the form of Shares, the number of PRSUs granted to the Executive shall be increased by a number equal
to the product of (1) the aggregate number of PRSUs held by the Executive on the record date for such dividend, multiplied by (2)
the number of Shares (including any fraction thereof) payable as a dividend on a Share. In the case of any other change in the
Shares occurring after the date hereof, the number of PRSUs shall be adjusted as set forth in Section 4(b) of the Plan.

 

3. Issuance of Shares Subject to PRSUs.

 

(a) Performance Metric. All or a portion of the
PRSUs shall be eligible to vest based on the Company’s level of achievement of the Performance Metric set forth on the Performance
Matrix attached hereto as Annex A (the “Performance Matrix”), subject to the terms set forth therein
and herein.

 

(b) Calculation of Shares to be Issued. No later
than sixty (60) days following the end of

 

 

 

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

    	30

    	

    

the Performance Period, the Company shall certify the Company’s level
of achievement of the Performance Metric (such actual date of certification, the “Certification Date”). Upon
the Certification Date, the applicable portion of the Target PRSUs determined by the Payout Percentage (as defined in the Performance
Matrix) as a percentage of the Target PRSUs shall be calculated and shall remain eligible to vest, subject to the Executive remaining
employed with Sirius XM Radio Inc. or any of its subsidiaries or affiliates (collectively “Sirius XM”) through
June 27, 2024 (except as otherwise set forth herein) (such PRSUs, the “Eligible Units”). On the Certification
Date, any PRSUs which do not become Eligible Units in accordance with the immediately preceding sentence shall immediately be forfeited
and cancelled, and the Executive shall not be entitled to any compensation or other amount with respect thereto.

 

(c) Issuance of Eligible Units. Subject to the
terms of this Agreement and/or the Plan, the Company shall issue, or cause there to be transferred, to the Executive on June 27,
2024, subject to the Executive’s continuous employment with Sirius XM through June 27, 2024, a number of Shares equal to
the number of Eligible Units.

 

(d) Termination. If the Executive’s employment
with Sirius XM terminates for any reason prior to June 27, 2024, then all of the PRSUs shall immediately terminate without consideration.
Notwithstanding the foregoing, 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), then the Target PRSUs, to the extent
not previously settled, cancelled or forfeited, shall, subject to the second to last sentence of this Section 3(d), immediately
become vested and the Company shall issue, or cause there to be transferred, to the Executive, on the sixtieth (60th)
day following such termination of employment, the amount of Shares equal to the number of Target PRSUs granted to the Executive
under this Agreement, and as adjusted pursuant to Section 2, if applicable; provided that if such termination occurs after
the last day of the Performance Period, then the number of Shares to be issued or transferred shall be based on the number of PRSUs
that were determined to be Eligible Units as of the Certification Date. In no event shall such PRSUs be issued or transferred later
than the March 15th following the year of the Executive’s termination of employment. In the event the Executive’s
employment with Sirius XM terminates due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason,
the condition in Section 3(c) that the Executive be an employee of Sirius XM through June 27, 2024 shall be waived; provided
that the Executive executes a release in accordance with Section 6(g) of the Employment Agreement (except that the Company’s
General Counsel may waive such requirement in the case of the Executive’s death).

 

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

    	31

    	

    

5. Non-transferable. The PRSUs may not be transferred,
assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise), other than by will or by the applicable
laws of descent and distribution, and shall not be subject to execution, attachment or similar process. Any attempt to transfer,
assign, pledge, hypothecate or otherwise dispose of PRSUs or of any right or privilege conferred hereby shall be null and void.
In the event of the Executive’s death, any amounts owed to the Executive hereunder shall instead be paid to the Executive’s
designated beneficiary (or, if none, to the Executive’s estate).

 

6. Withholding. Prior to delivery of the Shares
pursuant to this Agreement, the Company shall determine the amount of any United States federal, state and local income taxes,
if any, which are required to be withheld under applicable law and shall, as a condition of delivery of the Shares pursuant to
this Agreement, collect from the Executive the amount of any such tax to the extent not previously withheld in any manner permitted
by the Plan.

 

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

 

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

 

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

 

10. Agreement Subject to the Plan. This Agreement
and the PRSUs are subject to the terms and conditions set forth in the Plan, which terms and conditions are incorporated herein
by reference. Capitalized terms used herein but not otherwise defined shall have the same meanings as in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review it and comply
with its terms. This Agreement, the Employment Agreement and the Plan constitute the entire understanding between or among the
Company, Sirius XM and the Executive with respect to the PRSUs. In the event of any conflict between this Agreement and the Plan,
the Plan shall govern and prevail.

 

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.

    	32

    	

    

12. Notices. All notices and other communications
hereunder shall be in writing and shall be deemed given when delivered personally or when telecopied (with confirmation of transmission
received by the sender), three (3) business days after being sent by certified mail, postage prepaid, return receipt requested
or one (1) business day after being delivered to a nationally recognized overnight courier with next day delivery specified to
the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	 	Company:	Sirius XM Holdings Inc.	 
	 	 	1221 Avenue of the Americas	 
	 	 	35th Floor	 
	 	 	New York, New York 10020	 
	 	 	Attention:  General Counsel	 
	 	 	 	 
	 	Executive:	Address on file at the	 
	 	 	office of Sirius XM	 

 

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

 

13. Binding Effect. This Agreement constitutes
the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

 

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

 

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

 

16. Clawback Provisions. Notwithstanding
any other provisions in this Agreement to the contrary, any compensation realized by the Executive pursuant to this Agreement or
any other agreement or arrangement with the Company, Sirius XM or any of their respective affiliates, which is subject to recovery
under any law, government regulation or stock exchange listing requirement, shall 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, Sirius XM or any of their respective affiliates pursuant to, but solely to the extent required by, any such law,
government regulation or stock exchange listing requirement).

    	33

    	

    

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

 

SIRIUS XM HOLDINGS INC.

 

	By: 	Exhibit C-2	 	Exhibit C-2	 
	 	Faye Tylee	 	JOSEPH A. VERBRUGGE	 
	 	Chief People + Culture Officer	 	 	 

    	34

    	

    

Annex A

 

Performance Matrix

 

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

 

The “Performance Period” shall be
January 1, 2022 through December 31, 2023.

 

The “Performance Metric” shall be
the two (2)-year total shareholder return (“TSR”) of the Company relative to the other entities in the TSR Index
(as defined below). Achievement of the Performance Metric shall be determined by the percentile rank of the Company’s TSR
relative to the TSR of each other entity in the TSR Index.

 

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

 

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

 

(b) is equal to the Starting Price;
and

 

(c) is equal to one.

 

For purposes of determining TSR:

 

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

 

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

 

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

 

“Total Share Count” equals one share
of the Company’s common stock on the first day of the Performance Period, which is adjusted cumulatively for any dividends
declared over the Performance Period. The adjustment for each dividend declaration shall increase the Total Share Count by an amount
calculated as the sum of (x) and (y), where:

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(x) equals the Current Total Share Count; and

 

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

 

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

 

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

 

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

 

 

where:

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

    	37

    	

    

Exhibit D

 

AGREEMENT AND RELEASE

 

This Agreement and Release, dated as of _________,
20__ (this “Agreement”), is entered into by and between JOSEPH A. VERBRUGGE (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 June 28, 2022
(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 the Executive is entering
into this Agreement in consideration of such severance benefits and the Company’s agreements set forth herein. All vacation
pay earned and unused as of the Termination Date will be paid to the Executive to the extent required by law. Except as set forth
above, the Executive will not be eligible for any other compensation or benefits following the Termination Date other than any
vested accrued benefits under the Company’s compensation and benefit plans, and other than the rights, if any, granted to
the Executive under the terms of any stock option, restricted stock, performance-based restricted stock or other equity award agreements
or plans and other than rights to indemnification and to directors’ and officers’ liability insurance under the Employment
Agreement, the Certificates of Incorporation and Bylaws of Holdings and the Company and their affiliates (or similar constituent
documents of affiliates) or the provisions of Delaware law.

 

3. The Executive, with the intention of binding
the Executive and the Executive’s 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,

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claimed or alleged, or which was or which could
have been alleged in any manner against the Released Parties prior to the execution of this Agreement and (b) all claims for any
payment under the Employment Agreement; provided that nothing contained in this Agreement shall affect the Executive’s
rights (i) to indemnification from Holdings, the Company or their affiliates as provided in the Employment Agreement or otherwise;
(ii) to coverage under the insurance policies of the Company, Holdings or their affiliates covering officers and directors; (iii)
to other benefits which by their express terms extend beyond the Executive’s separation from employment (including, without
limitation, the Executive’s rights under Section 6(f) of the Employment Agreement); and (iv) under this Agreement, and (c)
all claims for discrimination, harassment and/or retaliation, under Title VII of the Civil Rights Act of 1964, as amended, the
Civil Rights Act of 1991, as amended, the New York State Human Rights Law, as amended, as well as any and all claims arising out
of any alleged contract of employment, whether written, oral, express or implied, or any other federal, state or local civil or
human rights or labor law, ordinances, rules, regulations, guidelines, statutes, common law, contract or tort law, arising out
of or relating to the Executive’s employment with and/or separation from the Company, including but not limited to the termination
of the Executive’s 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 the Executive 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 the Executive’s
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) the Executive may and should consult an attorney before signing
this Agreement, (2) the Executive has [twenty-one (21)/forty-five (45)]6
days to consider this Agreement, and (3) the Executive 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 the Executive 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

 

 

 

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

    	39

    	

    

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

 

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

 

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

 

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

 

11. In the event of a dispute concerning the enforcement
of this Agreement, the finder of fact shall have the discretion to award the prevailing party reasonable costs and attorneys’
fees incurred in bringing or defending an action, and shall award such costs and fees to the Executive in the event the Executive
prevails on the merits of any action brought hereunder. All other requests for relief or damages awards shall be governed by Sections
20(a) and 20(b) of the Employment Agreement.

 

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

 

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

    	40

    	

    

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

 

15. The Executive and the Company represent that
they have been afforded a reasonable period of time within which to consider the terms of this Agreement (including but not limited
to the foregoing release), that they have read this Agreement, and they are fully aware of its legal effects. The Executive and
the Company further represent and warrant that they enter into this Agreement knowingly and voluntarily, without any mistake, duress,
coercion or undue influence, and that they have been provided the opportunity to review this Agreement with counsel of their own
choosing. In making this Agreement, each party relies upon their own judgment, belief and knowledge, and has not been influenced
in any way by any representations or statements not set forth herein regarding the contents hereof by the entities who are hereby
released, or by anyone representing them.

 

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

 

17. The Executive warrants that the Executive
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 the Executive’s employment with the Company on or before the
Termination Date; provided that the Executive will be able to keep the Executive’s cell phones, personal computers,
personal contact list and the like so long as any Confidential Information (as defined in the Employment Agreement) is removed
from such items.

 

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

 

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

 

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

    	41

    	

    

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

 

SIRIUS XM RADIO INC.

 

	By: 	Exhibit D	 	Exhibit D	 
	 	Faye Tylee	 	JOSEPH A. VERBRUGGE	 
	 	Chief People + Culture Officer	 	 	 

    	42

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