Document:

Form of Non-qualified Stock Option Agreement

 Exhibit 10.2 
 Option No.:              
 XM
SATELLITE RADIO HOLDINGS INC. 
 2007 STOCK INCENTIVE PLAN 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 XM Satellite Radio Holdings Inc., a Delaware corporation
(the “Company”), hereby grants an option to purchase shares of its common stock, $.01 par value, (the “Stock”) to the optionee named below. Additional terms and conditions of the grant are set forth in this cover sheet and in the
attachment (collectively, the “Agreement”) and in the Company’s 2007 Stock Incentive Plan (the “Plan”). 
 Grant Date:
                    , 200   
 Name of Optionee:
                                        
                                        

 Optionee’s Employee Identification Number:
            -            -            

 Number of Shares Covered by Option:              
 Option Price per Share:
$                .         (At least 100% of Fair Market Value) 
 Vesting Start Date:                     ,
         
 By signing this cover sheet, you agree to all of the terms and conditions
described in this Agreement and in the Plan, a copy of which is also attached. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be
inconsistent with the Plan. Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan. 
  

					
	 Optionee:
	 	  

		 		  	(Signature)
		
	 Company:
	 	  

		 		  	(Signature)
			
		 	 Title:
	  	  

 This is not a stock certificate or a negotiable instrument. 

 XM SATELLITE RADIO HOLDINGS INC. 
 2007 STOCK INCENTIVE PLAN 
 NON-QUALIFIED STOCK OPTION AGREEMENT

  

			
	Non-Qualified Stock Option	  	This option is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code and will be interpreted accordingly.
		
	Vesting	  	 This option is only exercisable before it expires and then only with respect to the vested portion of the option. Subject to the preceding sentence,
you may exercise this option, in whole or in part, to purchase a whole number of vested shares not less than 100 shares, unless the number of shares purchased is the total number available for purchase under the option, by following the procedures
set forth in the Plan and below in this Agreement.
  
 Your right to purchase shares of
Stock under this option vests as to one-third (1/3rd) of the total number of shares covered by this option, as shown on the cover sheet, on each of the first three one-year anniversaries of the Vesting Start Date, provided you then continue in
Service. The resulting aggregate number of vested shares will be rounded down to the nearest whole number, and you cannot vest in more than the number of shares covered by this option.
  
 No additional shares of Stock will vest after your Service has terminated for any reason;
notwithstanding the foregoing, your option shall become 100% vested upon your termination of Service if your Service terminates as a result of your death or Disability.

		
	Term	  	Your option will expire in any event at the close of business at Company headquarters on the day before the 10th anniversary of the Grant Date, as shown on the cover sheet. Your option will
expire earlier if your Service terminates, as described below.
		
	Terminations	  	If your Service terminates, your option will be exercisable for the following periods after such termination: three (3) months in the case of voluntary termination, six (6) months following an
involuntary termination, or twelve (12) months in the case of death, Disability, retirement or voluntary or involuntary termination after a Corporate Transaction.
		
	Leaves of Absence	  	For purposes of this option, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by the Company in writing, if the terms of the leave
provide for continued Service crediting, or when continued Service crediting is

			
		  	 required by applicable law. However, your Service will be treated as terminating 90 days after you went on employee leave, unless your right to
return to active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.
  
 The Company determines, in its sole discretion, which leaves count for this purpose, and when your
Service terminates for all purposes under the Plan.

		
	Notice of Exercise	  	 When you wish to exercise this option, you must notify the Company by filing the proper “Notice of Exercise” form at the address given on
the form. Your notice must specify how many shares you wish to purchase (in a parcel of at least 100 shares generally). Your notice must also specify how your shares of Stock should be registered (e.g. in your name only or in your and your
spouse’s names as joint tenants with right of survivorship). The notice will be effective when it is received by the Company.
  
 If someone else wants to exercise this option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do
so.

		
	Form of Payment	  	 When you submit your notice of exercise, you must include payment of the option price for the shares you are purchasing. Payment may be made in one
(or a combination) of the following forms:
  
 • Cash, your personal check, a
cashier’s check, a money order or another cash equivalent acceptable to the Company.
  
 • Shares of Stock which have already been owned by you and which are surrendered to the Company. The value of the shares, determined as of the effective date of the option exercise, will be applied to the option price.
  
 • By delivery (on a form prescribed by the Company) of an irrevocable direction to a licensed
securities broker acceptable to the Company to sell Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate option price and any withholding taxes.

		
	Withholding Taxes	  	You will not be allowed to exercise this option unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the option exercise or sale of Stock
acquired under this option. In the event that the Company determines that any federal, state, local or foreign tax or

  

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		  	withholding payment is required relating to the exercise or sale of shares arising from this grant, the Company shall have the right to require such payments from you, or withhold such amounts
from other payments due to you from the Company or any Affiliate. Subject to the prior approval of the Company, which may be withheld by the Company, in its sole discretion, you may elect to satisfy this withholding obligation, in whole or in part,
by causing the Company to withhold shares of Stock otherwise issuable to you or by delivering to the Company shares of Stock already owned by you. The shares of Stock so delivered or withheld must have an aggregate Fair Market Value equal to the
withholding obligation and may not be subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.
		
	Corporate Transaction	  	 Notwithstanding the vesting schedule set forth above, upon the consummation of a Corporate Transaction, this option will become 100% vested (i) if it
is not assumed, or equivalent options are not substituted for the options, by the Company or its successor, or (ii) if assumed or substituted for, upon your Involuntary Termination within the 12-month period following the consummation of the
Corporate Transaction. Notwithstanding any other provision in this Agreement, if assumed or substituted for, the option will expire one year after the date of termination of Service.
  
 “Involuntary Termination” means termination of your Service by reason of (i) your
involuntary dismissal by the Company or its successor for reasons other than Cause; or (ii) your voluntary resignation for Good Reason as defined in any applicable employment or severance agreement, plan, or arrangement between you and the Company,
or if none, then as set forth in the Plan following (x) a substantial adverse alteration in your title or responsibilities from those in effect immediately prior to the Corporate Transaction; (y) a reduction in your annual base salary as of
immediately prior to the Corporate Transaction (or as the same may be increased from time to time) or a material reduction in your annual target bonus opportunity as of immediately prior to the Corporate Transaction; or (z) the relocation of your
principal place of employment to a location more than 35 miles from your principal place of employment as of the Corporate Transaction or the Company’s requiring you to be based anywhere other than such principal place of employment (or
permitted relocation thereof) except for required travel on the Company’s business to an extent substantially consistent with your business travel obligations as of immediately prior to the Corporate Transaction.

		
	Transfer of Option	  	During your lifetime, only you (or, in the event of your legal

  

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		  	 incapacity or incompetency, your guardian or legal representative) may exercise the option. You cannot transfer or assign this option. For
instance, you may not sell this option or use it as security for a loan. If you attempt to do any of these things, this option will immediately become invalid. You may, however, dispose of this option in your will or it may be transferred upon your
death by the laws of descent and distribution.
  
 Regardless of any marital property
settlement agreement, the Company is not obligated to honor a notice of exercise from your spouse, nor is the Company obligated to recognize your spouse’s interest in your option in any other way.

		
	Retention Rights	  	Neither your option nor this Agreement give you the right to be retained by the Company (or any Parent, Subsidiaries or Affiliates) in any capacity. The Company (and any Parent, Subsidiaries
or Affiliates) reserve the right to terminate your Service at any time and for any reason.
		
	Shareholder Rights	  	You, or your estate or heirs, have no rights as a shareholder of the Company until a certificate for your option’s shares has been issued (or an appropriate book entry has been made). No
adjustments are made for dividends if the applicable record date occurs before your stock certificate is issued (or an appropriate book entry has been made), except as described in the Plan.
		
	Forfeiture of Rights	  	 If during your term of Service you should take actions in competition with the Company, the Company shall have the right to cause a forfeiture of
your rights, including, but not limited to, the right to cause: (i) a forfeiture of any outstanding option, and (ii) with respect to the period commencing twelve (12) months prior to your termination of Service with the Company and ending
twelve (12) months following such termination of Service (A) a forfeiture of any gain recognized by you upon the exercise of an option or (B) a forfeiture of any Stock acquired by you upon the exercise of an option (but the Company will pay you the
option price without interest).
  
 Unless otherwise specified in an employment or other
agreement between the Company and you, you take actions in competition with the Company if you directly or indirectly, own, manage, operate, join or control, or participate in the ownership, management, operation or control of, or are a proprietor,
director, officer, stockholder, member, partner or an employee or agent of, or a consultant to any business, firm, corporation, partnership or other entity which competes with any business in which the Company or any of its Affiliates is engaged
during your

  

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		  	employment or other relationship with the Company or its Affiliates or at the time of your termination of Service. Under the prior sentence, ownership of less than 1% of the securities of a
public company shall not be treated as an action in competition with the Company.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Stock, the number of shares covered by this option and the option price per share shall be adjusted (and rounded down
to the nearest whole number) pursuant to the Plan. Your option shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity in accordance with the terms of the
Plan.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of this Agreement to the substantive law of another jurisdiction.
		
	The Plan	  	 The text of the Plan is incorporated in this Agreement by reference.
  

This Agreement and the Plan constitute the entire understanding between you and the Company regarding this option. Any prior agreements, commitments or negotiations
concerning this option are superseded.

		
	Data Privacy	  	 In order to administer the Plan, the Company may process personal data about you. Such data includes but is not limited to the information provided
in this Agreement and any changes thereto, other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information and any other information that might be deemed
appropriate by the Company to facilitate the administration of the Plan.
  
 By accepting
this option, you give explicit consent to the Company to process any such personal data. You also give explicit consent to the Company to transfer any such personal data outside the country in which you work or are employed, including, with respect
to non-U.S. resident Optionees, to the United States, to transferees who shall include the Company and other persons who are designated by the Company to administer the Plan.

		
	Consent to Electronic Delivery	  	The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this option grant you agree that the Company may deliver the Plan prospectus
and the Company’s annual report to you in an electronic format. If

  

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		  	at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies. Please contact
[                     ] at [                    
] to request paper copies of these documents.

 By signing the cover sheet of this Agreement, you agree to all of the terms and conditions
described above and in the Plan. 
  

 6Form of Restricted Stock Agreement

 Exhibit 10.3 
 Grant No.:              
 XM
SATELLITE RADIO HOLDINGS INC. 
 2007 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AGREEMENT 
 XM Satellite Radio Holdings Inc., a Delaware corporation (the
“Company”), hereby grants shares of its common stock, $.01 par value (the “Stock”), to the Grantee named below, subject to the vesting conditions set forth in the attachment. Additional terms and conditions of the grant are set
forth in this cover sheet and in the attachment (collectively, the “Agreement”) and in the Company’s 2007 Stock Incentive Plan (the “Plan”). 
 Grant Date:                          ,
         
 Name of Grantee:
                                        
                                        

 Grantee’s Employee Identification Number:
                             
 Number of Shares of Stock Covered by Grant:
                             
 Purchase Price per Share of Stock: $                .         
 Vesting Start Date:                     ,
         
 By signing this cover sheet, you agree to all of the terms and conditions
described in this Agreement and in the Plan, a copy of which is also attached. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be
inconsistent with the Plan. Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan. 
  

			
	 Grantee:
	  	  

		  	(Signature)
		
	 Company:
	  	  

		  	(Signature)
		
	 Title:
	  	  

 This is not a stock certificate or a negotiable instrument. 

 XM SATELLITE RADIO HOLDINGS INC. 
 2007 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AGREEMENT 
  

			
	Restricted Stock/ Nontransferability	  	This grant is an award of Stock in the number of shares set forth on the cover sheet, at the purchase price set forth on the cover sheet, and subject to the vesting conditions described below
(“Restricted Stock”). The purchase price is deemed paid by your prior services to the Company. To the extent not yet vested, your Restricted Stock may not be transferred, assigned, pledged or hypothecated, whether by operation of law or
otherwise, nor may the Restricted Stock be made subject to execution, attachment or similar process.
		
	Vesting	  	 The Company will issue your Restricted Stock in your name as of the Grant Date.
  
 Your right to the Stock under this Restricted Stock Agreement vests as to one-third (1/3rd) of the
total number of shares of Stock covered by this grant, as shown on the cover sheet, on each of the first three one-year anniversaries of the Vesting Start Date (each an “Anniversary Date”), provided you then continue in Service. If,
however, such Anniversary Date occurs during a period in which you are (i) subject to a lock-up agreement restricting your ability to sell shares of Stock in the open market or (ii) restricted from selling shares of Stock in the open market because
you are not then eligible to sell under the Company’s insider trading or similar plan as then in effect (whether because a trading window is not open or you are otherwise restricted from trading), vesting in such shares of Stock will be delayed
until the first date on which you are no longer prohibited from selling shares of Stock due to a lock-up agreement or insider trading plan restriction applicable to you (the “Vesting Date”), and provided, further, that you have been
continuously in Service to the Company or a Subsidiary from the Grant Date until the Vesting Date. The resulting aggregate number of vested shares of Stock will be rounded down to the nearest whole number, and you cannot vest in more than the number
of shares covered by this grant.
  
 No additional shares of Stock will vest after your
Service has terminated for any reason; notwithstanding the foregoing, your right to the Stock under this grant shall become 100% vested upon your termination of Service if your Service terminates as a result of your death or
disability.

  

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	Forfeiture of Unvested Stock	  	In the event that your Service terminates for any reason other than your death or Disability, you will forfeit to the Company all of the shares of Stock subject to this grant that have not
yet vested or with respect to which all applicable restrictions and conditions have not lapsed.
		
	Leaves of Absence	  	 For purposes of this grant, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by the
Company in writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, your Service will be treated as terminating 90 days after you went on employee leave,
unless your right to return to active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.
  
 The Company determines, in its sole discretion, which leaves count for this purpose, and when your
Service terminates for all purposes under the Plan.

		
	Issuance	  	The issuance of the Stock under this grant shall be evidenced in such a manner as the Company, in its discretion, will deem appropriate, including, without limitation, book-entry,
registration or issuance of one or more Stock certificates, with any unvested Restricted Stock bearing a legend with the appropriate restrictions imposed by this Agreement. As your interest in the Stock vests as described above, the recordation of
the number of shares of Restricted Stock attributable to you will be appropriately modified.
		
	Withholding Taxes	  	You agree, as a condition of this grant, that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the payment of dividends or the
vesting of Stock acquired under this grant. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the payment of dividends or the vesting of shares arising from this
grant, the Company shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate. Subject to the prior approval of the Company, which may be withheld by the Company,
in its sole discretion, you may elect to satisfy this withholding obligation, in whole or in part, by causing the Company to withhold shares of Stock otherwise issuable to you or by delivering to the Company shares of Stock already owned by you. The
shares of Stock so delivered or withheld must have

  

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		  	an aggregate Fair Market Value equal to the withholding obligation and may not be subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.
		
	 Section 83(b)
 Election
	  	 Under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), the difference between the purchase price paid for the
shares of Stock and their Fair Market Value on the date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary income at that time. For this purpose, “forfeiture restrictions” include the forfeiture as
to unvested Stock described above. You may elect to be taxed at the time the shares are acquired, rather than when such shares cease to be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the
Internal Revenue Service within thirty (30) days after the Grant Date. You will have to make a tax payment to the extent the purchase price is less than the Fair Market Value of the shares on the Grant Date. No tax payment will have to be made to
the extent the purchase price is at least equal to the Fair Market Value of the shares on the Grant Date. The form for making this election is attached as Exhibit A hereto. Failure to make this filing within the thirty (30) day period will
result in the recognition of ordinary income by you (in the event the Fair Market Value of the shares as of the vesting date exceeds the purchase price) as the forfeiture restrictions lapse.
  
 YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY
ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY 83(b)
ELECTION.

		
	Corporate Transaction	  	 Notwithstanding the vesting schedule set forth above, upon the consummation of a Corporate Transaction, this grant will become 100% vested (i) if
it is not assumed, or equivalent awards are not substituted for the grant, by the Company or its successor, or (ii) if assumed or substituted for, upon your Involuntary Termination within the 12-month period following the consummation of the
Corporate Transaction.
  
 “Involuntary Termination” means termination of your
Service by reason of (i) your involuntary dismissal by the Company or its successor for reasons other than Cause; or (ii) your voluntary

  

 4 

			
		  	resignation for Good Reason as defined in any applicable employment or severance agreement, plan, or arrangement between you and the Company, or if none, then following (x) a substantial
adverse alteration in your title or responsibilities from those in effect immediately prior to the Corporate Transaction; (y) a reduction in your annual base salary as of immediately prior to the Corporate Transaction (or as the same may be
increased from time to time) or a material reduction in your annual target bonus opportunity as of immediately prior to the Corporate Transaction; or (z) the relocation of your principal place of employment to a location more than 35 miles from your
principal place of employment as of the Corporate Transaction or the Company’s requiring you to be based anywhere other than such principal place of employment (or permitted relocation thereof) except for required travel on the Company’s
business to an extent substantially consistent with your business travel obligations as of immediately prior to the Corporate Transaction.
		
	Retention Rights	  	Neither your award nor this Agreement give you the right to be retained by the Company (or any Parent, Subsidiaries or Affiliates) in any capacity. The Company (and any Parent, Subsidiaries
or Affiliates) reserve the right to terminate your Service at any time and for any reason.
		
	Shareholder Rights	  	You have the right to vote the Restricted Stock and to receive any dividends declared or paid on such stock. Any distributions you receive as a result of any stock split, stock dividend,
combination of shares or other similar transaction shall be deemed to be a part of the Restricted Stock and subject to the same conditions and restrictions applicable thereto. The Company may in its sole discretion require any dividends paid on the
Restricted Stock to be reinvested in shares of Stock, which the Company may in its sole discretion deem to be a part of the shares of Restricted Stock and subject to the same conditions and restrictions applicable thereto. Except as described in the
Plan, no adjustments are made for dividends if the applicable record date occurs before your stock certificate is issued.
		
	Forfeiture of Rights	  	If during your term of Service you should take actions in competition with the Company, the Company shall have the right to cause a forfeiture of your unvested Restricted Stock, and with
respect to those shares of Restricted Stock vesting during the period commencing twelve (12) months prior to your termination of Service with the Company due to taking actions in competition with the Company, the right to cause a
forfeiture

  

 5 

			
		  	 of those vested shares of Stock.
  
 Unless otherwise specified in an employment or other agreement between the Company and you, you take actions in competition with the Company if you directly or
indirectly, own, manage, operate, join or control, or participate in the ownership, management, operation or control of, or are a proprietor, director, officer, stockholder, member, partner or an employee or agent of, or a consultant to any
business, firm, corporation, partnership or other entity which competes with any business in which the Company or any of its Affiliates is engaged during your employment or other relationship with the Company or its Affiliates or at the time of your
termination of Service. Under the prior sentence, ownership of less than 1% of the securities of a public company shall not be treated as an action in competition with the Company.

		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Company Stock, the number of shares covered by this grant shall be adjusted (and rounded down to the nearest whole
number) pursuant to the Plan. Your Restricted Stock shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity in accordance with the terms of the
Plan.
		
	Legends	  	 All certificates representing the Stock issued in connection with this grant shall, where applicable, have endorsed thereon the following
legend:
  
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of this Agreement to the substantive law of another jurisdiction.
		
	The Plan	  	The text of the Plan is incorporated in this Agreement by

  

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		  	 reference.
  
 This Agreement and the Plan constitute the entire understanding between you and the Company regarding this grant of Restricted Stock. Any prior agreements, commitments or negotiations concerning this grant are
superseded.

		
	Data Privacy	  	 In order to administer the Plan, the Company may process personal data about you. Such data includes but is not limited to the information
provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information and any other information that might be deemed
appropriate by the Company to facilitate the administration of the Plan.
  
 By accepting
this grant, you give explicit consent to the Company to process any such personal data. You also give explicit consent to the Company to transfer any such personal data outside the country in which you work or are employed, including, with respect
to non-U.S. resident Grantees, to the United States, to transferees who shall include the Company and other persons who are designated by the Company to administer the Plan.

		
	Consent to Electronic Delivery	  	The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant you agree that the Company may deliver the Plan prospectus and
the Company’s annual report to you in an electronic format. If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies. Please contact
[            ] at [            ] to request paper copies of these documents.

 By signing the cover sheet of this Agreement, you agree to all of the terms and conditions
described above and in the Plan. 
  

 7 

 EXHIBIT A 
 ELECTION UNDER SECTION 83(b) OF 
 THE INTERNAL REVENUE CODE 
 The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and
supplies the following information in accordance with the regulations promulgated thereunder: 
 1. The name, address and social security
number of the undersigned: 
  

					
	 Name:
	 	  
	  	
			
	 Address:
	 	  
	  	
		
	  
	  	
			
	 Social Security No. :
	 	  
	  	

 2. Description of property with respect to which the election is being made: 
                      shares of common stock,
par value $.01 per share, XM Satellite Radio Holdings Inc., a Delaware corporation, (the “Company”). 
 3. The date on which the
property was transferred is                     , 200  . 
 4. The taxable year to which this election relates is calendar year 200  . 
 5. Nature of restrictions to which the property is subject: 
 The shares of stock are subject to the provisions of a Restricted Stock Agreement between the undersigned and the Company. The shares of stock are subject to forfeiture under the terms of the Agreement. 
 6. The fair market value of the property at the time of transfer (determined without regard to any lapse restriction) was
$            per share, for a total of $            . 
 7. The amount paid by taxpayer for the property was $            . 
 8. A copy of this statement has been furnished to the Company. 
 Dated:                     , 2007 
  

	
	  

	Taxpayer’s Signature
	
	  

	Taxpayer’s Printed Name

 PROCEDURES FOR MAKING ELECTION 
 UNDER INTERNAL REVENUE CODE SECTION 83(b) 
 The
following procedures must be followed with respect to the attached form for making an election under Internal Revenue Code section 83(b) in order for the election to be effective: 1/ 
 1. You must file one copy of the completed election form with the IRS Service Center where you file your federal income tax returns within 30 days
after the Grant Date of your Restricted Stock. 
 2. At the same time you file the election form with the IRS, you must also give a copy of
the election form to the Secretary of the Company. 
 3. You must file another copy of the election form with your federal income tax
return (generally, Form 1040) for the taxable year in which the stock is transferred to you. 

	1/	Whether or not to make the election is your decision and may create tax consequences for you. You are advised to consult your tax advisor if you are unsure whether or not to make
the election.

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