Document:

EXHIBIT 10.6

 

AMENDMENT NO. 1 TO AGENCY AGREEMENT

This Amendment No.
1 to Agency Agreement (this “Amendment”) is made as of the 24th day of July, 2012 by and between Grande Rotunda, LLC
(the “Owner”) and Hekemian Development Resources, LLC (the “Agent”), each with an address at 505 Main Street,
Hackensack, New Jersey 07601. Capitalized terms used herein that are not otherwise defined shall have the meaning given to them
in the Agreement (as hereafter defined).

WHEREAS,
the Owner and the Agent previously entered into that certain Agency Agreement dated as of November 10, 2009 (the “Agreement”),
pursuant to which the Agent would provide certain specified services to the Owner in connection with the Property;

WHEREAS,
the Owner and the Agent have agreed to revise the scope of the Project and the services provided by the Agent under the Agreement;
and

WHEREAS,
in connection with the revision to the scope of the Project and the Agent’s services, the Owner and the Agent wish to revise
the fees payable to the Agent under the Agreement, including, without limitation, the Fee, pursuant to the terms set forth in this
Amendment;

NOW, THEREFORE,
in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.             The
definition of “Development Costs” in Paragraph 1(h) of the Agreement shall be revised to read in its entirety as follows:

“(h) Development Costs:
‘Development Costs’ shall mean the aggregate amount actually expended by Owner for the construction of the Project,
excluding the acquisition costs of the Property and all soft costs expended for financing, taxes, architectural and other professional
fees and other costs and fees similar to such financing and professional fees. The term ‘Development Costs’ shall be
utilized for the determination of Agent’s Fee.”

2.             The
definition of “Development Scope” in Paragraph 1(i) of the Agreement shall be revised to read in its entirety as follows:

“(i) Development Scope:
Approximately three hundred eighty-two (382) residential rental units, structured parking and approximately 77,700 square feet
of new retail space and 43,000 square feet of redeveloped existing retail space.”

3.             Subparagraph
5.1 of the Agreement is revised to read in its entirety as follows:

“Subject to the terms of
this Paragraph 5, Owner shall pay Agent a fee for Agent’s services pursuant to this Agreement (the “Fee”) in
an amount equal to six and three-eighths percent (6 3/8%) of Development Costs less the amount of three million dollars ($3,000,000)
which has been previously paid by Owner to Agent. The payment of the $3,000,000 referenced above is in recognition of the following:

    	 

    	 

    

		(1)	All services rendered by Agent up to November 10, 2009, the date that the parties entered into
the Agreement;

		(2)	Any and all contacts and meetings with governmental authorities relating to the Project Scope occurring
on or after November 10, 2009;

		(3)	Any and all future dealings with the Architect, Engineer and attorneys engaged in obtaining the
necessary government approvals up to and including the obtaining of Project building permits. Thereafter, Agent shall not be entitled
to receive any additional portion of the Fee, except as provided in Subparagraphs 5.2, 5.5 and 5.6 hereof.”

4.             Subsection
(1) of Subparagraph 5.2 of the Agreement is revised to read in its entirety as follows:

“(1) Upon Owner’s
written direction to Agent to obtain a building permit for any of the apartments, retail space or the garage and the issuance of
a building permit therefor, fifty percent (50%) of the Fee shall become due, less the amount of $3,000,000.00 previously paid to
Agent as referenced in Subparagraph 5.1 (the “Credit”). In the event that fifty percent (50%) of the Fee that becomes
due pursuant to this subsection (1) is less than the amount of the Credit ($3,000,000.00), the excess amount shall remain available
to Owner as a credit against the balance of the Fee described in subsection (2) below (the “Remaining Credit”). Example:
Assuming that the Fee is based on 6.375% of Development Costs and that the amount of Development Costs is $84,559,000, at the time
of issuance of the building permit, $2,695,318.13 of the Fee shall be due and payable ($84,559,000 X 0.06375 X 0.5), and after
application of the Credit ($3,00,000.00), and there shall be a Remaining Credit in the amount of $304,681.87.”

5.             Subsection
(2) of Subparagraph 5.2 of the Agreement is revised to read in its entirety as follows:

“(2) Balance of fifty percent
(50%) of the Fee, less the Remaining Credit, if any, shall thereafter be paid in monthly installments, based upon the percentage
of completion of the Project as reflected in the general contractor’s requisition and approved by the Architect, less a hold
back of ten percent (10%), in accordance with the following formula, wherein:

‘C’ is the Architect’s
certification of percentage of completion of entire Project;

‘H’ is one-half of the
amount of the Fee, less the Remaining Credit, if any;

‘I’ is the amount of
the monthly installment due for the most recently completed month;

‘P’ is that portion
of the second half of the Fee which has previously been paid:

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(C x H x 90%) – P = I

The parties shall cause the Architect’s
certification of percentage completion of the Project as of the end of the most recently ended month to be delivered as soon as
reasonably practicable after the end of each month.

Payment of each monthly installment
shall be made not more than ten (10) calendar days after delivery of the Architect’s certification of percentage completion
of the Project to which each installment relates.”

6.             Subsection
(3) of Subparagraph 5.2 of the Agreement is revised to delete the last sentence thereof.

7.             Subparagraph
5.3 shall be deleted in its entirety.

8.             Subparagraph
5.4 shall be revised to add the following sentence after the last sentence thereof:

“Compensation for the redesign
of the Project approved by the Owner on July 24, 2012 is provided for in Subparagraph 5.5 hereof.”

9.             The
following shall be added as new Subparagraph 5.5:

“The Owner shall pay an
additional fee to the Agent in connection with the redesign of the Project approved by the Owner on July 24, 2012 in the amount
of one million four hundred thousand dollars ($1,400,000), payable as follows:

		(a)	five hundred thousand dollars ($500,000) shall be paid in equal monthly installments during the
design phase of the Project, which shall be six (6) months, with the first such monthly payment due on August 1, 2012 (the parties
hereto acknowledge that the $500,000 owed pursuant to this subparagraph of the Agreement has been paid in full); and

		(b)	nine hundred thousand dollars ($900,000) shall be paid upon the earlier of (i) the issuance of
an unconditional certificate of occupancy (or equivalent jurisdictional approval) for that portion of the Project that relates
to multi-family apartment units, and (ii) the Owner electing not to proceed with the Project in accordance with the Project Scope
as revised by Amendment No. 1 to this Agreement as of July 24, 2012.”

10.          The
following shall be added as new Subparagraph 5.6:

“The Owner shall pay a mortgage
origination fee to the Agent as follows:

		(a)	in the event that a third party broker is engaged to secure a mortgage loan for the Project, the
Owner shall pay a fee of one-half of one percent (0.5%) of the principal amount of such mortgage, which fee shall be shared between
the Agent and the third party broker as they shall agree between them;

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		(b)	in the event that no third party broker is engaged, the Owner shall pay a fee to the Agent in the
amount of three-eighths of one percent (0.375%) of the principal amount of such mortgage for any mortgage that it secures for the
Project.”

11.           Except
as modified herein, all of the terms, conditions and provisions of the Agreement shall remain in full force and effect. To the
extent that any term, condition or provision of this Amendment is inconsistent with any term, condition or provision of the Agreement,
the term, condition or provision of this Amendment shall control.

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

	 	GRANDE ROTUNDA, LLC
	 	 
	 	By:  FIRST REAL ESTATE INVESTMENT TRUST OF NEW

                                                                                JERSEY, its Managing Member

	 	 
	 	By:	/s/ Donald W. Barney
	 	Name:	Donald W. Barney
	 	Title:	President
	 	 	 
	 	HEKEMIAN DEVELOPMENT RESOURCES, LLC
	 	 	 
	 	By:	/s/ Bryan Hekemian
	 	Name:	Bryan Hekemian
	 	Title:	Managing Member

 

 

 

    	4Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (this “Agreement”),
dated as of January 10, 2014 (the “Effective Date”), is between SIRIUS XM RADIO INC., a Delaware corporation
(the “Company”), and PATRICK L. DONNELLY (the “Executive”).

 

WHEREAS, the Company and the Executive previously
entered into an employment agreement dated as of January 14, 2010 (the “Prior Agreement”); and

 

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

 

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

 

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

 

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

 

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

 

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

 

(d)          Notwithstanding anything contained in this
Agreement, under no circumstances shall the Company or Holdings be considered to have breached this Agreement or

    	 

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to have terminated the Executive’s employment
with or without Cause (as defined below), or shall a Good Reason event (as defined below) be deemed to have occurred, solely as
a result of Holdings merging with and/or into the Company, Liberty Media Corporation or any of their wholly-owned subsidiaries
(excluding a merger that would result in a Change of Control (as defined in the Sirius XM Radio Inc. 2009 Long-Term Stock Incentive
Plan)).

 

3.          Term. The term of this Agreement
shall commence on the Effective Date and shall end on January 13, 2017, unless terminated earlier pursuant to the provisions of
Section 6 or extended in accordance with Section 6(f)(v) (as applicable, the “Term”).

 

4.          Compensation. (a) During the Term,
the Executive shall be paid an annual base salary of $725,000, which may be subject to any increase from time to time by recommendation
of the CEOs to, and approval by, the Board of Directors of Holdings (the “Board”) or any committee thereof (such
amount, as increased, the “Base Salary”). All amounts paid to the Executive under this Agreement shall be in
U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the Company, may be paid more frequently.

 

(b)          On January 10, 2014, the Executive shall
be granted the following:

 

(i)          an option to purchase shares
of Holdings’ common stock, par value $.001 per share (the “Common Stock”), at an exercise price equal
to the closing price of the Common Stock on the Nasdaq Global Select Market on January 10, 2014, 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 January 10, 2014 to
be equal to $4,000,000, determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such
option shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A;
and

 

(ii)          a number of restricted stock
units equal to $1,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on January 10, 2014.
Such restricted stock units shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached
to this Agreement as Exhibit B.

 

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

 

5.          Additional Compensation; Expenses and
Benefits. (a) During the Term, the Company shall reimburse the Executive for all reasonable and necessary business expenses
incurred and advanced by him in carrying out his duties under this Agreement; 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
eligible to participate fully in any other benefit plans, programs, policies and fringe benefits which may be made available to
the executive officers of the Company and Holdings generally, including, without limitation,

    	 

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disability, medical, dental and life insurance
and benefits under the Company’s or Holdings’ 401(k) savings plan.

 

(c)          During the Term, the Executive shall be
eligible to participate in any bonus plans generally offered to executive officers of the Company or Holdings. The Executive’s
annual bonus (the “Bonus”) shall be determined annually by the CEOs, or the Board or the compensation committee
of the Board (the “Compensation Committee”). Bonus(es) may be subject to the Executive’s individual performance
and satisfaction of objectives established by the CEOs or the Board or the Compensation Committee, and further are subject to the
exercise of discretion by the CEOs and review and approval by the Compensation Committee. Bonus(es), if any, will be paid in the
form of cash, stock options, restricted stock, restricted stock units or other securities of Holdings, as determined by the Compensation
Committee in its sole discretion.

 

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.

 

(a)          The Company has the right and may elect
to terminate this Agreement for Cause at any time. For purposes of this Agreement, “Cause” means the occurrence
or existence of any of the following:

 

(i)          (A) a material breach by the
Executive of the terms of this Agreement, (B) a material breach by the Executive of the Executive’s duty not to engage in
any transaction that represents, directly or indirectly, self-dealing with the Company or any of its 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)
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 Code of Ethics or any other written Company policy which is demonstrably and materially injurious to the Company,
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 or any of its affiliates;

    	 

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(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 or any of its affiliates caused by the Executive’s willful misconduct or gross negligence;

 

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

 

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

 

(vii)          conduct by the Executive that,
in the reasonable good faith written determination of the Board, demonstrates unfitness to serve as an officer of the Company or
its affiliates, including a finding by the Board or any judicial or regulatory authority that the Executive committed acts of unlawful
harassment or violated any other state, federal or local law or ordinance prohibiting discrimination in employment.

 

(b)          Termination of the Executive for Cause
pursuant to Section 6(a) shall be communicated by a Notice of Termination for Cause. For purposes of this Agreement, a “Notice
of Termination for Cause” shall mean delivery to the Executive of a copy of a resolution or resolutions duly adopted
by the affirmative vote of not less than a majority of the directors (other than the Executive, if the Executive is then serving
on the Board) present (in person or by teleconference) and voting at a meeting of the Board called and held for that purpose after
fifteen (15) days’ notice to the Executive (which notice the Company shall use reasonable efforts to confirm that the Executive
has actually received) and 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 was guilty of the conduct
set forth in any of clauses (i) through (vii) of Section 6(a) and specifying the particulars thereof in reasonable detail. For
purposes of Section 6(a), this Agreement shall terminate on the date specified by the Board in the Notice of Termination for Cause.

 

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

 

(ii)          If the Executive is unable to perform
the essential duties and functions of his position 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

    	 

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effective without such Notice of Disability Termination.
This Agreement and the Executive’s employment shall terminate on the day such Notice of Disability Termination is received
by the Executive.

 

(d)          The Executive shall have the absolute
right to terminate his employment at any time with or without Good Reason (as defined below). Should the Executive wish to resign
from his position with the Company and Holdings during the Term for other than Good Reason (as defined below), the Executive shall
give at least fourteen (14) days’ prior written notice to the Company. 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
that the Executive perform no job responsibilities and cease his active employment immediately upon receipt of such notice from
the Executive. Further, any resignation by Executive of his position with the Company shall be deemed a resignation of his position
with Holdings (and vice versa).

 

(e)          The Company shall have the absolute right
to terminate the Executive’s employment without Cause at any time. This Agreement shall terminate one (1) day following receipt
of such notice by the Executive; provided that the Company may, at its sole discretion, instruct that the Executive cease
active employment and perform no more job duties immediately upon provision of such notice to the Executive.

 

(f)          Should the Executive wish to resign from
his position with the Company and Holdings for Good Reason during the Term, the Executive shall give at least seven (7) days’
prior written notice to the Company. This Agreement shall terminate on the date specified in such notice; provided that
the Company may, at its sole discretion, instruct that the Executive cease active employment and perform no more job duties immediately
upon receipt of such notice from the Executive. Further, any resignation by Executive of his position with the Company shall be
deemed a resignation of his position with Holdings (and vice versa).

 

For purposes of this Agreement, “Good
Reason” shall mean the continuance of any of the following events (without the Executive’s prior written consent)
for a period of thirty (30) days after delivery to the Company by the Executive of a written notice within ninety (90) days of
the Executive becoming aware of the initial occurrence of such event, during which thirty (30) day period of continuation the Company
and Holdings shall be afforded an opportunity to cure such event:

 

(i)          the assignment to the Executive
by the Company or Holdings of duties not reasonably consistent with the Executive’s positions, duties, responsibilities,
titles or offices at the commencement of the Term, any material reduction in the Executive’s duties or responsibilities as
described in Section 2 (provided that any reduction in the Executive’s duties and responsibilities with respect to
the Company’s customer care department shall not constitute a Good Reason event) or any removal of the Executive from or
any failure to re-elect the Executive to any of such positions or the Executive not being the most senior executive, other than
the CEOs, who is responsible for all legal matters and legal personnel of the Company and Holdings (except in connection with the
termination of the 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

    	 

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

 

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

 

(iv)          any reduction in the Base Salary;
or

 

(v)          the Company’s failure to
make a bona fide offer in writing to renew this Agreement, for an additional one (1)-year term, on the terms and conditions
set forth in this Agreement (including the Base Salary set forth in Section 4(a), but excluding any equity–based compensation
set forth in Section 4(b)), at least ninety (90) days prior to (x) the third anniversary of the Effective Date and (y) each subsequent
anniversary of the Effective Date following the third anniversary of the Effective Date; provided that (for purposes of
this clause (y) only) this Agreement has been renewed on the previous anniversary of the Effective Date; or

 

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

 

(g)          (i) If the employment of the Executive
is terminated by the Company for Cause, by the Executive other than for Good Reason or due to death or Disability, the Executive
(or his estate in the case of death) shall, in lieu of any future payments or benefits under this Agreement, be entitled to (A)
any earned but unpaid Base Salary and any business expenses incurred but not reimbursed, in each case, prior to the Termination
Date and (B) any other vested benefits under any other benefit or incentive plans or programs in accordance with the terms of such
plans and programs (collectively, the “Accrued Payments and Benefits”).

 

(ii)          If, during the Term, the employment of
the Executive is terminated by the Company without Cause or if the Executive terminates his employment for Good Reason, then, subject
to Section 6(h), the Executive shall have an absolute and unconditional right to receive, and the Company shall pay to the Executive
without setoff, counterclaim or other withholding, except as set forth in Section 4(c), the following:

 

(A) the Accrued Payments and Benefits;

 

(B) a lump sum amount equal to the sum
of (x) the Executive’s annualized Base Salary then in effect and (y) an amount in cash equal to the Bonus last paid (or due
and payable) to the Executive in respect of the fiscal year immediately preceding the year in which the Termination Date occurs,
with such lump sum amount to be paid on the sixtieth (60th) day following the Termination Date;

 

(C) the continuation for eighteen (18)
months, at the Company’s expense (by direct payment, not reimbursement to the Executive), of medical and dental benefits

    	 

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in a manner that will not be taxable
to the Executive (the “Medical Severance Benefit”); and

 

(D) life insurance benefits on the same
terms as provided by the Company for active employees for one (1) year following the Termination Date; provided that (I)
the Company’s cost for such life insurance shall not exceed twice the amount that the Company would have paid to provide
such life insurance benefit to the Executive if he were an active employee on the Termination Date, and (II) such life insurance
coverage shall cease if the Executive obtains a life insurance benefit from another employer during the remainder of such one (1)-year
period.

 

(h)          The Company’s obligations under
Section 6(g)(ii) shall be conditioned upon the Executive 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 C (the “Release”)
within sixty (60) days following the Termination Date.

 

(i)          Notwithstanding any provisions of this
Agreement to the contrary, if the Executive is a “specified employee” (within the meaning of Section 409A and determined
pursuant to policies adopted by the Company and Holdings) at the time of his Separation from Service and if any portion of the
payments or benefits to be received by the Executive upon Separation from Service would be considered deferred compensation under
Section 409A (“Nonqualified Deferred Compensation”), amounts that would otherwise be payable pursuant to this
Agreement during the six (6)-month period immediately following the Executive’s Separation from Service that constitute Nonqualified
Deferred Compensation and benefits that would otherwise be provided pursuant to this Agreement during the six (6)-month period
immediately following the Executive’s Separation from Service that constitute Nonqualified Deferred Compensation will instead
be paid or made available on the earlier of (x) the first (1st) business day of the seventh (7th) month following
the date of the Executive’s Separation from Service and (y) the Executive’s death.

 

(j)          Unless prohibited by applicable law or
the terms of the Company’s applicable medical or dental insurance plan, in the case of any termination of the Executive’s
employment (other than due to the Executive’s death or by the Company for Cause), the Executive and his eligible dependents
shall be entitled to participate in the Company’s medical and dental insurance plans until the third (3rd) anniversary
of the date of termination of the Executive’s employment or, if earlier, until the date of the Executive’s death (as
applicable, the “Medical Continuation Period”); provided that the Executive shall be solely responsible
for the full payment of both the employee and employer portions of the premiums with respect to the continued insurance coverage
after the expiration of the Medical Severance Benefit, if applicable, as contemplated by this Section 6(j) at the applicable COBRA
rates in effect from time to time with respect to the Company’s medical and dental insurance plans; and provided further
that, in the event that either (i) the terms of the Company’s applicable medical or dental insurance plan prohibit participation
by the Executive or his eligible dependents or (ii) the Company is unable, after using its commercially reasonable efforts, to
secure a stop-loss insurance policy that covers claims with respect to the continued insurance coverage contemplated by this Section
6(j) in excess of not more than 150% of the cost of stop-loss

    	 

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insurance coverage for the then-current employees
of the Company, then the Company shall, in lieu of the applicable continued insurance coverage contemplated by this Section 6(j),
obtain comparable coverage for the Executive and his eligible dependents at no additional cost to the Executive for the duration
of the Medical Continuation Period, provided that the cost to provide such comparable coverage shall not exceed three (3)
times the amount that the Company would have paid to provide such coverage to the Executive as if he were an active employee. The
Company shall not amend any applicable medical or insurance plan primarily for the purpose of defeating the Executive’s rights
as set forth in this Section 6(j).

 

(k)         Following the termination of the Executive’s
employment for any reason, if and to the extent requested by the Board, the Executive agrees to resign from the Board, all fiduciary
positions (including as trustee) and all other offices and positions the Executive holds with the Company or any of its 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 tender the Executive’s resignation from such offices and positions.

 

7.          Nondisclosure of Confidential Information.
(a) The Executive acknowledges that in the course of his employment he will occupy a position of trust and confidence. The Executive
shall not, except in connection with the performance of his functions or as required by applicable law, disclose to others or use,
directly or indirectly, any Confidential Information.

 

(b)         “Confidential Information”
shall mean information about the Company’s and Holdings’ business and operations that is not disclosed by the Company
or Holdings for financial reporting purposes and that was learned by the Executive in the course of his employment by the Company
and 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 computer records) of the documents containing such Confidential Information, other than information that
is publicly disclosed by the Company or Holdings in writing. The Executive acknowledges that such Confidential Information is specialized,
unique in nature and of great value to the Company and Holdings, and that such information gives the Company and Holdings a competitive
advantage. The Executive agrees to deliver or return to the Company, at the Company’s request at any time or upon termination
or expiration of his employment or as soon as possible thereafter, all documents, computer tapes and disks, records, lists, data,
drawings, prints, notes and written information (and all copies thereof) furnished by or on behalf of the Company or Holdings or
prepared by the Executive in the course of his employment by the Company and Holdings; provided that the Executive will
be able to keep his personal cell phones, personal blackberries, personal computers, personal rolodex and the like so long as any
Confidential Information is removed from such items.

 

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

 

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

    	 

    		9

    

stockholder, officer, director, consultant, trustee
or otherwise), or otherwise assist, any person or entity engaged in any operations in North America involving the transmission
of radio entertainment programming, the production of radio entertainment programming, the syndication of radio entertainment programming,
the promotion of radio entertainment programming or the marketing of radio entertainment programming, in each case, in competition
with the Company (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 from any of the customers
of the Company as to any product or service described above that competes with any product or service provided or marketed by the
Company on the date of the Executive’s termination of employment with the Company during the Term (as such Term may be extended
in accordance with Section 6(f)(v) of this Agreement) (the “Milestone Date”). The Executive agrees that during
the Restricted Period he will not solicit or assist others to solicit the employment of or hire any employee of the Company 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 mean
terrestrial radio, satellite radio, HD radio, internet radio and other audio delivered terrestrially, by satellite, HD or the internet.
Notwithstanding anything to the contrary in this Section 8, it shall not be a violation of this Section 8 for the Executive to
join a division or business line of a commercial enterprise with multiple divisions or business lines if such division or business
line is not engaged in a Competitive Activity; provided that the Executive performs services solely for such non-competitive
division or business line.

 

9.          Change of Control Provisions. (a)
Notwithstanding any other provisions in this Agreement, in the event that any payment or benefit received or to be received by
the Executive (including 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 Internal Revenue Code of 1986, as amended (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).

    	 

    		10

    

(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 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 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 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

    	 

    		11

    

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.

 

(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 of this Agreement, this Agreement shall, to the extent
applicable in the circumstances before such court or arbitrator, be deemed to be modified to restrict the Executive’s competition
with the Company to the maximum extent of time, scope and geography which the court or arbitrator shall find enforceable, and such
provisions shall be so enforced.

 

11.          Indemnification. The Company shall
indemnify the Executive to the full extent provided in the Company’s and Holdings’ respective Certificates of Incorporation
and Bylaws and the law of the State of Delaware in connection with his activities as an officer of the Company and Holdings.

 

12.          Entire Agreement. The provisions
contained herein constitute the entire agreement between the parties with respect to the subject matter hereof and supersede any
and all prior agreements, understandings and communications between the parties, oral or written, with respect to such subject
matter, including the Prior Agreement, but excluding any equity award agreements between the Executive and the Company or Holdings.

 

13.          Modification. Any waiver, alteration,
amendment or modification of any provisions of this Agreement shall not be valid unless in writing and signed by both the Executive
and the Company.

 

14.          Severability. If any provision
of this Agreement shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability shall
not affect the remaining provisions hereof, which shall remain in full force and effect.

 

15.          Assignment. The Executive may not
assign any of his rights or delegate any of his duties hereunder without the prior written consent of the Company. The Company
may not assign any of its rights or delegate any of its obligations hereunder without the prior

    	 

    		12

    

written consent of the Executive, except that
any successor to the Company by merger or purchase of all or substantially all of the Company’s or Holdings’ assets
shall assume this Agreement.

 

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

 

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

 

if to the Company:

Sirius XM Radio Inc.

1221 Avenue of the Americas

36th Floor

New York, New York 10020

Attention: Chief Executive Officer

Telecopier: (212) 584-5353

 

if to the Executive:

Patrick L. Donnelly

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

 

20.          Arbitration. (a) The Executive
and the Company agree that if a dispute arises concerning or relating to the Executive’s employment with the Company, or
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

    	 

    		13

    

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 or his termination, including 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 discretion to award monetary
and other damages, and any other relief that the arbitrator deems appropriate and is allowed by law. The arbitrator 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.

 

(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 of this Agreement, which action may be brought in addition to, or
in place of, an arbitration proceeding in accordance with Section 20(a).

 

21.          Compliance with Section 409A. (a)
To the extent applicable, it is intended that the compensation arrangements under this Agreement be in full compliance with Section
409A (it being understood that certain compensation arrangements under this Agreement are intended not to be subject to Section
409A). This Agreement shall be construed, to the maximum extent permitted, in a manner to give effect to such intention. Notwithstanding
anything in this Agreement to the contrary, distributions upon termination of the Executive’s employment that constitute
Nonqualified Deferred Compensation may only be made upon a Separation from Service. Neither the Company nor any of its affiliates
shall have any obligation to indemnify or otherwise hold the Executive harmless from any or all such taxes, interest or penalties,
or liability for any damages related thereto. The Executive acknowledges that he has been advised to obtain independent legal,
tax or other counsel in connection with Section 409A.

 

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

 

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

    	 

    		14

    

22.          Counterparts. This Agreement may
be executed in counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or
more counterparts have been signed by each of the parties and delivered to the other party.

 

23.          Executive’s Representation.
The Executive hereby represents and warrants to the Company that he is not now under any contractual or other obligation that is
inconsistent with or in conflict with this Agreement or that would prevent, limit, or impair the Executive’s performance
of his obligations under this Agreement.

 

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

 

25.          Clawback Provisions. Notwithstanding
any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to the
Executive pursuant to this Agreement or any other agreement or arrangement with the Company or any of its 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 or Holdings or any of their affiliates pursuant to any such law, government regulation or stock
exchange listing requirement).

 

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

 

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

    	 

    		15

    

Exhibit A

 

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

OF DESCENT AND DISTRIBUTION.

 

SIRIUS XM RADIO INC. 2009 LONG-TERM STOCK INCENTIVE
PLAN

 

STOCK OPTION AGREEMENT

 

This STOCK OPTION AGREEMENT (this “Agreement”),
dated January 10, 2014, is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”), and PATRICK
L. DONNELLY (the “Executive”).

 

1.          Grant of Option; Vesting. (a) Subject
to the terms and conditions of this Agreement, the Sirius XM Radio Inc. 2009 Long-Term Stock Incentive Plan (the “Plan”),
and the Employment Agreement, dated as of January 10, 2014, 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 in three (3) equal installments on January 10, 2015, January 10, 2016 and January
10, 2017, subject to the Executive’s continued employment with Sirius XM on each of these dates other than as specifically
stated herein.

 

(c)          If the Executive’s employment with
Sirius XM terminates for any reason, this Option, to the extent not then vested, shall immediately terminate without consideration;
provided that if the Executive’s employment with Sirius XM is terminated (x) due to death or “Disability”
(as defined in the Employment Agreement), (y) by Sirius XM without “Cause” (as defined in the Employment Agreement),
or (z) by the Executive for “Good Reason” (as defined in the Employment Agreement), the unvested portion of
this Option, to the extent not previously cancelled or forfeited, shall immediately become vested and exercisable. The waiver of
the condition contained above that the Executive be an employee of Sirius XM shall, in the event of the termination of the Executive’s
employment with Sirius XM due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason, be conditioned
upon the Executive (or his estate in the case of death) executing a release in accordance with Section 6(h) of the Employment Agreement.

 

 

 

	1	Number to be computed in accordance with Section 4(b)(i) of the Employment Agreement.
	2	Closing price on the “Effective Date,” as defined in the Employment Agreement.

    	 

    		16

    

2.          Term. This Option shall terminate
on January 10, 2023 (the “Option Expiration Date”); provided that if:

 

(a)          the Executive’s employment
with Sirius XM is terminated due to the Executive’s death or Disability, by Sirius XM without Cause, or by the Executive
for Good Reason, the Executive (or his beneficiary, in the case of death) may exercise this Option in full until the first (1st)
anniversary of such termination (at which time this Option shall be cancelled), but not later than the Option Expiration Date;

 

(b)          the Executive’s employment
with Sirius XM is terminated for Cause, this Option shall be cancelled upon the date of such termination; and

 

(c)          the Executive voluntarily terminates
his employment with Sirius XM without Good Reason, the Executive may exercise any vested portion of this Option until ninety (90)
days following the date of such termination (at which time this Option shall be cancelled), but not later than the Option Expiration
Date.

 

3.          Exercise. Subject to Sections 1
and 2 of this Agreement and the terms of the Plan, this Option may be exercised, in whole or in part, in accordance with Section
6 of the Plan.

 

4.          Change of Control. In the event
of a Change of Control, this Option shall be governed by the terms of the Plan; provided that any transactions between the
Company and/or Sirius XM, on the one hand, and Liberty Media Corporation and/or any of its affiliates, on the other hand, shall
not constitute a Change of Control.

 

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.

 

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 certificates representing 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 his withholding obligations in the
manner contemplated by Section 14(d) of the Plan.

 

7.          Rights of the Executive. Neither
this Option, the execution of this Agreement nor the exercise of any portion of this Option shall confer upon the Executive any
right to, or guarantee of, continued employment by Sirius XM, or in any way limit the right of Sirius XM to terminate employment
of the Executive at any time, subject to the terms of the Employment Agreement or any other written employment or similar agreement
between or among Sirius XM, the Company and the Executive.

    	 

    		17

    

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

 

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

 

10.          Governing Law. This Agreement shall
be governed by, and construed in accordance with, the laws of the State of New York without regard to its conflict of laws principles,
and shall bind and inure to the benefit of the heirs, executors, personal representatives, successors and assigns of the parties
hereto. Any disputes arising from or relating to this Agreement shall be subject to arbitration pursuant to Section 20 of the Employment
Agreement.

 

11.          Notices. All notices and other
communications hereunder shall be in writing and shall be deemed given when delivered personally or when telecopied (with confirmation
of transmission received by the sender), three (3) business days after being sent by certified mail, postage prepaid, return receipt
requested or one (1) business day after being delivered to a nationally recognized overnight courier with next day delivery specified
to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): Company:
Sirius XM Holdings Inc., 1221 Avenue of the Americas, 36th Floor, New York, New York 10020, Attention: Chief Executive Officer;
and Executive: Address on file at the office of the Company. Notices sent by email or other electronic means not specifically authorized
by this Agreement shall not be effective for any purpose of this Agreement.

 

12.          Binding Effect. This Agreement
has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.

 

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

    	 

    		18

    

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

 

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

    	 

    		19

    

Exhibit B

 

THE RSUs HAVE NOT BEEN REGISTERED UNDER STATE
OR FEDERAL SECURITIES 

LAWS. THE RSUs MAY NOT BE TRANSFERRED EXCEPT

BY WILL OR UNDER THE LAWS OF DESCENT AND DISTRIBUTION.

 

SIRIUS XM RADIO INC.

2009 LONG-TERM STOCK INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

This RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”),
dated January 10, 2014, is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”), and PATRICK
L. DONNELLY (the “Executive”).

 

1. Grant of RSUs. Subject to the terms
and conditions of this Agreement, the Sirius XM Radio Inc. 2009 Long-Term Stock Incentive Plan (the “Plan”),
and the Employment Agreement, dated as of January 10, 2014, between Sirius XM Radio Inc. (“Sirius XM”) and the
Executive (the “Employment Agreement”), the Company hereby grants ________________3
restricted share units (“RSUs”) to the Executive. Each RSU represents the unfunded, unsecured right of the Executive
to receive one share of common stock, par value $.001 per share, of the Company (each, a “Share”) on the date
specified in this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.

 

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

 

3. No Rights of a Stockholder. The Executive
shall not have any rights as a stockholder of the Company until the Shares have been registered in the Company’s register
of stockholders.

 

4. Issuance of Shares subject to RSUs.
(a) Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, on January 10, 2017, the Company shall issue,
or cause

 

 

 

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

    	 

    		20

    

there to be transferred, to the Executive (or his beneficiary, in
the case of death) an amount of Shares representing an equal number of the RSUs granted to the Executive under this Agreement (as
adjusted pursuant to Section 2 above, if applicable), if the Executive continues to be employed by Sirius XM on January 10, 2017.

 

(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 terminates due to death or “Disability” (as defined in the Employment Agreement),
by Sirius XM without “Cause” (as defined in the Employment Agreement), or 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 (or to the Executive’s
estate in the case of death) the amount of Shares equal to the number of RSUs granted to the Executive under this Agreement (to
the extent not previously transferred, cancelled or forfeited), as adjusted pursuant to Section 2 above, if applicable. The waiver
of the condition contained above that the Executive be an employee of Sirius XM shall, in the event of the termination of the Executive’s
employment with Sirius XM due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason, be conditioned
upon the Executive (or his estate in the case of death) executing a release in accordance with Section 6(h) of the Employment Agreement.

 

5. Change of Control. In the event of
a Change of Control, the RSUs shall be governed by the terms of the Plan; provided that any transactions between the Company
and/or Sirius XM, on the one hand, and Liberty Media Corporation and/or any of its affiliates, on the other hand, shall not constitute
a Change of Control.

 

6. Non-transferable. The RSUs may not
be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will or
by the applicable laws of descent and distribution, and shall not be subject to execution, attachment or similar process. Any attempt
to transfer, assign, pledge, hypothecate or otherwise dispose of RSUs or of any right or privilege conferred hereby shall be null
and void.

 

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

 

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

    	 

    		21

    

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

 

10. Agreement Subject to the Plan. This
Agreement and the RSUs are subject to the terms and conditions set forth in the Plan, which terms and conditions are incorporated
herein by reference. The Executive acknowledges that a copy of the Plan is posted on the 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
	 	 	36th Floor
	 	 	New York, New York 10020
	 	 	Attention:  Chief Executive Officer
	 	 	 
	 	Executive:	Patrick L. Donnelly
	 	 	Address on file at the
	 	 	office of the Company

 

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

    	 

    		22

    

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

 

SIRIUS XM HOLDINGS INC.

 

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

    	 

    		23

    

Exhibit C

 

AGREEMENT AND RELEASE

 

This Agreement and Release, dated as of _________,
20__ (this “Agreement”), is entered into by and between PATRICK L. DONNELLY (the “Executive”)
and SIRIUS XM RADIO INC. (the “Company”).

 

The purpose of this Agreement is to completely
and finally settle, resolve, and forever extinguish all obligations, disputes and differences arising out of the Executive’s
employment with and separation from the Company.

 

NOW, THEREFORE, in consideration of the mutual
promises and covenants contained in this Agreement, the Executive and the Company hereby agree as follows:

 

1.          The Executive’s employment with the
Company is terminated as of _____________, 20__ (the “Termination Date”).

 

2.          The Company and the Executive agree that
the Executive shall be provided severance pay and other benefits, less all legally required and authorized deductions, in accordance
with the terms of Section 6(g) of the Employment Agreement between the Executive and the Company, dated as of January 10, 2014
(as it may have been amended, the “Employment Agreement”), and the exhibits thereto; provided that no
such severance shall be paid if the Executive revokes this Agreement pursuant to Section 4 below. The Executive acknowledges and
agrees that he is entering into this Agreement in consideration of such severance benefits and the Company’s agreements set
forth herein. All vacation pay earned and unused as of the Termination Date will be paid to the Executive as 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, or other equity award agreements or plans.

 

3.          The Executive, for himself, and for his
heirs, attorneys, agents, spouse and assigns, hereby waives, releases and forever discharges the Company and its parents, subsidiaries,
and affiliated companies and its and their predecessors, successors, and assigns, if any, as well as all of their officers, directors
and employees, stockholders, agents, servants, representatives, and attorneys, and the predecessors, successors, heirs and assigns
of each of them (collectively “Released Parties”), from any and all grievances, claims, demands, causes of action,
obligations, damages and/or liabilities of any nature whatsoever, whether known or unknown, suspected or claimed, which the Executive
ever had, now has, or claims to have against the Released Parties, by reason of any act or omission occurring before the Executive’s
execution hereof, including, without limiting the generality of the foregoing, (a) any act, cause, matter or thing stated, claimed
or alleged, or which was or which could have been alleged in any manner against the Released Parties prior to the execution of
this Agreement and (b) all claims for any payment under the Employment Agreement; provided that nothing contained in this
Agreement shall affect the Executive’s rights (i) to indemnification from the Company as provided in the Employment Agreement
or otherwise; (ii) to coverage under the Company’s

    	 

    		24

    

insurance policies covering officers and directors;
(iii) to other benefits which by their express terms extend beyond the Executive’s separation from employment (including
the Executive’s rights under Sections 6(g) and 6(j) of the Employment Agreement); and (iv) under this Agreement, and (c)
all claims for discrimination, harassment and/or retaliation, under Title VII of the Civil Rights Act of 1964, as amended, the
Civil Rights Act of 1991, as amended, the New York State Human Rights Law, as amended, as well as any and all claims arising out
of any alleged contract of employment, whether written, oral, express or implied, or any other federal, state or local civil or
human rights or labor law, ordinances, rules, regulations, guidelines, statutes, common law, contract or tort law, arising out
of or relating to the Executive’s employment with and/or separation from the Company, including the termination of his employment
on the Termination Date, and/or any events occurring prior to the execution of this Agreement.

 

4.          The Executive specifically waives all rights
or claims that he has or may have under the Age Discrimination In Employment Act of 1967, 29 U.S.C. §§ 621-634, as amended
(“ADEA”), including, without limitation, those arising out of or relating to the Executive’s employment
with and/or separation from the Company, the termination of his employment on the Termination Date, and/or any events occurring
prior to the execution of this Agreement. In accordance with the ADEA, the Company specifically hereby advises the Executive that:
(1) he may and should consult an attorney before signing this Agreement, (2) he has [twenty-one (21)/forty-five (45)]4
days to consider this Agreement, and (3) he has seven (7) days after signing this Agreement to revoke this Agreement.

 

5.          Notwithstanding the above, nothing in this
Agreement prevents or precludes the Executive from (a) challenging or seeking a determination of the validity of this Agreement
under the ADEA; or (b) filing an administrative charge of discrimination under any applicable statute or participating in any investigation
or proceeding conducted by a governmental agency.

 

6.          The Executive acknowledges that he has
read and understands the foregoing release and executes it voluntarily and without coercion.

 

7.          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.

 

8.          The Executive warrants that he has not
made any assignment, transfer, conveyance or alienation of any potential claim, cause of action, or any right of any kind whatsoever,
including but not limited to, potential claims and remedies for discrimination, harassment, retaliation, or wrongful termination,
and that no other person or entity of any kind has had, or now has, any financial or other interest in any of the demands, obligations,
causes of action, debts, liabilities, rights, contracts, damages, costs, expenses, losses or claims which could have been asserted
by the Executive against the Company or any other Released Party.

 

 

 

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

    	 

    		25

    

9.          The Executive shall not make any disparaging
remarks about any of the Released Parties and/or any of their respective practices or products; provided that the Executive
may provide truthful and accurate facts and opinions about the Company where required to do so by law. The Company shall not, and
shall instruct its officers not to, make any disparaging remarks about the Executive; provided that the Released Parties
and their respective officers may provide truthful and accurate facts and opinions about the Executive where required to do so
by law.

 

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.

 

14.          This Agreement, the Employment Agreement,
[and list any outstanding award agreements] between the Executive and the Company 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, 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 or undue influence, and that they have been
provided the opportunity to review this Agreement with counsel of their own choosing. In making this Agreement, each party relies
upon his or its own judgment, belief and knowledge, and has not

    	 

    		26

    

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 shall be as effective as delivery of an originally executed counterpart. This Agreement shall be of no force or effect
until executed by all the signatories.

 

17.          The Executive warrants that he will return
to the Company all software, computers, computer-related equipment, keys and all materials (including copies) obtained or created
by the Executive in the course of his employment with the Company on or before the Termination Date; provided that the Executive
will be able to keep his personal cell phones, personal blackberries, personal computers, personal rolodex and the like so long
as any confidential information 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 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.

 

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

 

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

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