Document:

Exhibit 10.3

 

		 	Sirius XM Radio Inc.

1290 Avenue of the Americas

New York, NY 10104
	 	 
	 	T: 212-584-5100

F: 212-584-5200

 

	 	March 5, 2019

 

Joseph A. Verbrugge

 

Dear Joe:

 

This letter (this “Agreement”)
will confirm your continued employment with Sirius XM Radio Inc. (the “Company” or “Sirius XM”)
on a full-time basis in your position as Executive Vice President and Division President, Connected Vehicle, reporting to the President,
Sales, Marketing and Operations, of the Company. Your services will be performed primarily at the Company’s office in Michigan.
Your duties and responsibilities in this role will be managing the Company’s connected vehicles services business, including
the business of Automatic Labs, Inc., and emerging businesses.

 

If you accept this offer of continued employment,
the terms of this Agreement shall take effect on March 5, 2019 (the “Effective Date”) and shall end on the third
(3rd) anniversary of the Effective Date (the “Term End Date”), unless terminated earlier pursuant
to the provisions set forth herein. This Agreement also will serve as notice that the previous employment agreement, dated December
11, 2015, between the Company and you (the “Prior Agreement”) is terminated.

 

During your employment, you shall be paid
an annual base salary of $725,000 (your “Base Salary”), less applicable withholdings, to be paid on a bi-weekly
basis through the Company’s regular payroll system and subject to any increases that the Company may approve in its sole
discretion.

 

On March 5, 2019 (the “Grant Date”),
the Company shall cause Sirius XM Holdings Inc. (“Holdings”) to grant the following to you:

 

(i) an option to purchase shares
of Holding’s common stock, par value $.001 per share (the “Common Stock”), at an exercise price equal
to the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, with the number of shares of Common
Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be
equal to $2,250,000, determined by using inputs consistent with those the Company uses for its financial reporting purposes. Such
option shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A.

 

(ii) a number of restricted stock
units (“RSUs”) equal to the number that results from dividing $2,250,000 by the closing price of the Common
Stock on the Nasdaq Global Select Market on the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in
the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B.

    	 

    		 

    
		 	Sirius XM Radio Inc.

1290 Avenue of the Americas

New York, NY 10104
	 	 
	 	T: 212-584-5100

F: 212-584-5200

 

(iii) a number of performance-based
restricted stock units (“PRSUs”) equal to the number that results from dividing $4,500,000 by the closing price
of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such PRSUs shall be subject to the terms and conditions
set forth in the Performance-Based Restricted Stock Unit Agreement attached to this Agreement as Exhibit C.

 

You will be eligible to participate in any
bonus plans generally offered to executive officers of the Company. You understand that the existence and terms of any bonus programs
are subject to the Company’s sole discretion. Further, any bonuses will be subject to your individual performance and satisfaction
of Company objectives, as determined by the Company in its sole discretion.

 

You also will be eligible to participate
in any Company-provided benefit programs, including our deferred compensation program, and other policies and fringe benefits which
may generally be made available to full-time employees at your level.

 

You agree to comply in all respects with
the terms of the Company’s Employee Handbook, including its Code of Ethics and Information Security and Privacy Policies,
and all other applicable policies, rules and procedures of the Company in effect from time to time. The Company reserves the right
in its sole discretion to change or terminate any and all of its policies, including its benefit plans, and the specific duties
of your position from time to time, including not providing any benefits or bonuses.

 

If the Company terminates your employment
without Cause (as defined below), and your employment is not terminated due to your death or Disability (as defined below), or
if you terminate your employment for Good Reason (as defined below), in each case, on or before the Term End Date, then, in addition
to your rights under any equity award agreements between you and the Company, you shall be entitled to receive the following as
severance (the “Severance Amount”) (in addition to any salary, benefits, earned and unused vacation pay or other
sums due to you through your termination date):

 

(i) an amount equal to your Base
Salary then in effect as of your termination date;

 

(ii) an amount equal to the annual
bonus that was paid to you for the calendar year preceding the calendar year of your termination date; and

 

(iii) continuation of group health
insurance benefits for a period of twelve (12) months following your termination date (the “Severance Period”),
provided pursuant to Section 4980B of the Internal Revenue Code of 1986 (“COBRA”), and comparable to the terms
in effect for you as of your termination date, except that the benefits otherwise receivable by you pursuant to this paragraph
will be applied against the maximum period of continuation coverage under COBRA; provided that (a) the Company will not
provide for cash in lieu of such benefits; (b) you timely complete all required paperwork to continue such benefits pursuant to
COBRA and continue to pay the employee’s share of

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		 	Sirius XM Radio Inc.

1290 Avenue of the Americas

New York, NY 10104
	 	 
	 	T: 212-584-5100

F: 212-584-5200

 

the COBRA premium during the Severance Period; and
(c) such coverage, and the Company’s agreement to pay for such coverage, shall terminate as of the date that you are eligible
for comparable benefits from a new employer. You shall notify the Company within thirty (30) days after becoming eligible for coverage
of any such comparable benefits.

 

The Company’s obligations to pay or
provide you with all or any portion of the Severance Amount shall be conditioned upon you executing, delivering, and not revoking
during any applicable revocation period, a separation agreement, and waiver and release of claims against the Company (“Release”),
substantially in the form attached to this Agreement as Exhibit D, within forty-five (45) days of the date of termination of your
employment. The base salary and annual bonus components of the Severance Amount shall be paid in a lump sum on the sixtieth (60th)
day following the date of termination of your employment.

 

For purposes of this Agreement, “Cause”
means the occurrence or existence of any of the following:

 

(i) a breach by you of the terms
of this Agreement, provided that such breach remains uncured, as determined by the Company in its reasonable discretion, after
thirty (30) days have elapsed following the date on which the Company gives you written notice of such breach;

 

(ii) performance of your duties
in a manner deemed by the Company, in its reasonable discretion, to be negligent;

 

(iii) any act of insubordination,
dishonesty, misappropriation, embezzlement, fraud, or other misconduct by you involving the Company or any of its affiliates;

 

(iv) any conviction of, or any plea
of nolo contendere or the equivalent by you to, any crime other than a traffic violation;

 

(v) any action by you causing damage
to or misappropriation of any Company property;

 

(vi) your failure to comply with
the policies, rules and procedures of the Company in effect from time to time, including its Code of Ethics and Information and
Security Policies; or

 

(vii) conduct by you that demonstrates
unfitness to serve as an employee of the Company, including but not limited to any act, whether or not performed in the workplace,
which subjects, or if publicly known, would likely subject the Company or any of its affiliates to contempt, ridicule or embarrassment,
or would likely be detrimental or damaging to the Company’s or any of its affiliates’ reputation or their relationships
with subscribers, customers, vendors or employees.

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		 	Sirius XM Radio Inc.

1290 Avenue of the Americas

New York, NY 10104
	 	 
	 	T: 212-584-5100

F: 212-584-5200

 

For purposes of this Agreement, “Good
Reason” shall mean the continuance of any of the following events (without your prior written consent) for a period of
thirty (30) days after delivery to the Company by you of a written notice within thirty (30) days of the initial occurrence of
such event, during which such thirty (30)-day period of continuation the Company shall be afforded an opportunity to cure such
event; provided that no resignation shall be for Good Reason unless you actually resign from employment within seventy-five
(75) days after the initial occurrence of the event constituting Good Reason:

 

(i) any material reduction in your
duties, responsibilities or title level (Executive Vice President and Division President);

 

(ii) you ceasing to report solely
and directly to the President, Sales, Marketing and Operations, or a higher level executive;

 

(iii) any reduction in your Base
Salary; or

 

(iv) the Company’s failure
to make a bona fide offer in writing to renew this Agreement, for at least an additional one (1)-year term, on terms and
conditions at least as favorable as those set forth in this Agreement (including your Base Salary, but excluding any equity-based
compensation), at least ninety (90) days prior to (x) the Term End Date and (y) each subsequent anniversary of the Term End Date
on which this Agreement is otherwise scheduled to expire; provided that (for purposes of this clause (y) only) this Agreement
has been renewed on the Term End Date or subsequent anniversary thereof on which this Agreement was otherwise most recently scheduled
to expire.

 

For purposes of this Agreement, “Disability”
means your incapacity due to physical or mental illness to perform the duties of your position for more than one hundred and eighty
(180) days within any twelve (12) month period.

 

During your employment and for twelve (12)
months following the termination of your employment by you or the Company for any reason, you will not, directly or indirectly,
enter into the employment of, render services to, acquire any interest whatsoever in (whether
for your own account as an individual proprietor, or as a partner, associate, shareholder, officer, director, consultant, trustee
or otherwise), or otherwise assist any person or entity (other than the Company) that is engaged, or proposes to engage,
in any operations in North America involving the transmission, streaming or production of radio programming or that competes with
any business of the Company, including, without limitation, telematics (any such person or entity, a “Competitor”);
provided that nothing herein shall prevent
the purchase or ownership by you by way of investment of up to four percent (4%) of the shares or equity interest of any corporation
or other entity. For purposes of this Agreement, the term “radio”
shall be defined broadly and shall include any and all forms and mediums of audio distribution now existing or hereafter
developed, including terrestrial radio, streaming audio services and on-demand audio services.
Should any provision of this paragraph be declared unenforceable by a court, then to the extent applicable

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		 	Sirius XM Radio Inc.

1290 Avenue of the Americas

New York, NY 10104
	 	 
	 	T: 212-584-5100

F: 212-584-5200

 

this paragraph shall be deemed modified to restrict your competition
with the Company to the maximum extent of time, scope and geography which the court shall find enforceable, and such paragraph
shall be so enforced.

 

Without limiting the generality of the foregoing,
you agree that during your employment you will not negotiate or enter into any discussions,
or allow any other person or entity to discuss or negotiate on your behalf, with any Competitor concerning employment with or rendering
services to such Competitor. You also agree that during your employment, except as required to perform your duties, and for twelve
(12) months following the termination of your employment for any reason, you shall not, directly or indirectly: (i) solicit, recruit,
request, encourage, entice or otherwise induce or attempt to induce any employees to leave the employment of the Company; (ii) interfere
with or disrupt the Company’s relationship with any of its employees, accounts, vendors, subscribers or partners, including
engaging in any conduct that publicly identifies you as a customer of a Competitor; (iii) induce or attempt to induce any
person or entity which is an advertiser, sponsor, vendor or partner with the Company to cease doing business with the Company,
or reduce its business with the Company; or (iv) influence or attempt to influence any person or persons, firm, association, syndicate,
partnership, company, corporation, or other entity that is a contracting party with the Company to terminate any written or oral
agreement with the Company, or enter into any agreement with any such person or entity which would have an adverse effect on the
Company.

 

You shall not solicit, accept or receive,
either directly or indirectly, any money, services or any other valuable consideration, including gifts, loans, favors, gratuities,
other valuables, hospitality or reimbursement of travel expenses (other than your compensation paid directly through the Company’s
payroll department) in connection with or related to your participation, directly or indirectly, in any program material broadcast
by the Company, or for playing, promoting, recommending, advocating or encouraging the playing of certain content or broadcasting
any matter, including references to, or endorsement or identification of, any artist, music, product, service or content. 
You shall fully comply with all of the Company policies and applicable laws prohibiting such practices or conduct now and in the
future. You shall also notify the Company’s General Counsel immediately in writing upon receipt of any such payment or thing
of value or any approaches or overtures made to you to violate this paragraph or to insert, use or otherwise mention, refer or
endorse of any product, service, content or other matter in any programming by the Company.

 

Except as you have previously disclosed in
writing to the Company’s General Counsel, you represent and warrant that neither you nor any member of your immediate family
has any interest, either directly or indirectly, in any broadcasting company, record company, music or video publishing company
(physical or electronic), internet or new technology interests, concert promotion company, professional singers or musicians. 
Should you or any such family member acquire any such interest (other than an interest acquired solely as a result of the purchase
of up to four percent (4%) of the equity securities of a publicly traded corporation),
such acquisitions shall be promptly reported in writing to the Company’s General Counsel.

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		 	Sirius XM Radio Inc.

1290 Avenue of the Americas

New York, NY 10104
	 	 
	 	T: 212-584-5100

F: 212-584-5200

 

You acknowledge that in the course of your
employment you will occupy a position of trust and confidence. You shall not, except as may be required to perform your duties
or except as set forth in the next paragraph, disclose to others or use, whether directly or indirectly, any Confidential Information.
“Confidential Information” shall mean information about the Company’s business and operations that is not publicly
disclosed by the Company and that was learned by you in the course of your employment by the Company, including any proprietary
knowledge, business plans, business strategies, budget information, product plans, patents, trade secrets, data, formulae, sketches,
notebooks, blueprints, pricing and cost data, employee information and client and customer lists and all papers and records (including
computer records) containing such Confidential Information. Confidential Information shall not include information that becomes
public other than through disclosure, directly or indirectly, by you or information you are required to disclose by law or legal
process (provided that you provide the Company immediately with prior written notice of the legally required disclosure and reasonably
cooperate with the Company in seeking a protective order or other appropriate protection of such information if it chooses to do
so). You acknowledge that such Confidential Information is specialized, unique in nature and of great value to the Company, and
that such information gives the Company a competitive advantage. You agree to deliver or return to the Company, at the Company’s
request at any time or upon termination of your 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 the Company
or prepared by you in the course of your employment by the Company.

 

You also agree that during your employment
and thereafter, you shall not make any statements or comments that could be considered to shed an adverse light on the business
reputation or personnel of the Company; provided that nothing contained in the preceding paragraph or in this paragraph
shall restrict or prohibit you from (i) responding to any inquiry from, reporting a violation of any applicable law or regulation
to, or otherwise communicating with, any governmental agency or authority, including but not limited to the Securities and Exchange
Commission (the “SEC”); (ii) filing a charge of discrimination with, or participating or cooperating in
any investigation conducted by, any governmental agency or authority, including but not limited to the Equal Employment Opportunity
Commission; (iii) making other disclosures that are protected under the whistleblower provisions of federal law or regulation;
or (iv) exercising your rights under the National Labor
Relations Act. Further, nothing contained herein limits your right to receive an award (including, without limitation, a
monetary reward) for information provided to the SEC and you do not need prior authorization from anyone at the Company, or to
notify the Company in advance, before making any of the reports or disclosures described herein.

 

In addition, you understand
that misappropriation of the Company’s trade secrets in breach of this Agreement may subject you to criminal liability under
the Defend Trade Secrets Act of 2016 (the “DTSA”) and entitle the Company to injunctive relief, and require
you to pay damages and attorneys’ fees.  Notwithstanding any other provision of this Agreement, you are hereby notified
in accordance with the DTSA that you will not be held criminally or civilly liable under any federal or state trade secret law
for the disclosure of a trade secret that is made (1) in

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		 	Sirius XM Radio Inc.

1290 Avenue of the Americas

New York, NY 10104
	 	 
	 	T: 212-584-5100

F: 212-584-5200

 

confidence to a federal, state, or local government
official, either directly or indirectly, or to an attorney, in each case solely for the purpose of reporting or investigating a
suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal.  You are further notified that if you file a lawsuit for retaliation by the Company for reporting a suspected
violation of law, you may disclose the Company’s trade secrets to your attorney and use the trade secret information in the
court proceeding if you: (1) file any document containing the trade secret under seal; and (2) do not disclose the trade secret,
except pursuant to court order.

 

The results and proceeds of your services
(collectively, the “Work Product”) shall be “works made for hire” for the Company under United States
Copyright Law and shall be the exclusive property of the Company. You shall promptly execute and deliver all documents necessary
to transfer all right, title and interest in the Work Product to the Company. You hereby covenant to the Company that no Work Product
will infringe upon or violate any intellectual property rights or any other rights whatsoever of any third parties. To the extent
that any of the results and proceeds of your services may not, by operation of law, be “works made for hire,” you hereby
assign to the Company ownership of these materials, and the Company shall have the right to obtain and hold in its own name or
transfer to others, copyrights, and similar protection which may be available in such materials. Any preexisting works utilized
by you in the performance of your duties shall remain your exclusive property.

 

With
respect to any payment or benefits that would be considered deferred compensation subject to Section 409A of the Internal Revenue
Code of 1986, as amended (“Section 409A”), and 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 such Separation from Service takes place shall be your termination
date. Notwithstanding any provisions of this Agreement to the contrary, if you are a “specified employee” (within the
meaning of Section 409A and determined pursuant to policies adopted by the Company) at the time of your Separation from Service
and if any portion of the payments or benefits to be received by you upon Separation from Service would be considered deferred
compensation under Section 409A, amounts that would otherwise be payable pursuant to this Agreement during the six (6)-month period
immediately following your Separation from Service and benefits that would otherwise be provided pursuant to this Agreement during
the six (6)-month period immediately following your Separation from Service will instead be paid or made available on the earlier
of (1) the first (1st) business day of the seventh (7th) month following the date of your Separation from
Service; or (2) your death.

 

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,

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		 	Sirius XM Radio Inc.

1290 Avenue of the Americas

New York, NY 10104
	 	 
	 	T: 212-584-5100

F: 212-584-5200

 

distributions
upon termination of your employment 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 you harmless from any or all such taxes, interest or penalties, or liability
for any damages related thereto. You acknowledge that you have been advised to obtain independent legal, tax or other counsel in
connection with Section 409A. Each payment under this Agreement shall be regarded as a “separate payment” and not of
a series of payments for purposes of Section 409A.

 

With respect to any amount of business expenses
eligible for reimbursement pursuant to Company policy, such expenses will be reimbursed by the Company within thirty (30) days
following the date on which the Company receives the applicable invoice from you in accordance with the Company’s expense
reimbursement policies, but in no event later than the last day of your taxable year following the taxable year in which you incur
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 your right to reimbursement
or in-kind benefits be subject to liquidation or exchange for another benefit.

 

You
acknowledge that a portion of the compensation being paid to you by the Company is paid expressly in consideration of the covenants
contained herein. You also acknowledge that: (a) the restrictions contained in this Agreement are reasonable in order to protect
the legitimate business interests of the Company; (b) a breach by you of any of the terms of this Agreement could result in immediate
and irreparable harm to the Company that may not be adequately compensated by a monetary award; and (c) in the event of any such
breach, in addition to all of the other remedies available to the Company at law or in equity, it would be reasonable for the Company
to seek a restraining order, injunction, a decree of specific performance and/or other equitable relief to ensure compliance with
the terms of this Agreement.

 

You
also acknowledge that notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation,
or any other compensation paid to you pursuant to this Agreement or any other agreement or arrangement with the Company, 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 pursuant to any such law, government regulation or stock exchange listing requirement).

 

You hereby represent and warrant to the Company
that you are not now under any contractual or other obligations, including any non-compete obligations or non-solicitation provisions,
that are inconsistent with or in conflict with this Agreement or that would prevent, limit, restrict, or impair your performance
of your job duties or your obligations under this Agreement. In addition, you acknowledge and agree that you are a manager, and
thereby meet the requirements of a “management employee” for purposes of New York’s Broadcast Employees Freedom
to Work Act.

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		 	Sirius XM Radio Inc.

1290 Avenue of the Americas

New York, NY 10104
	 	 
	 	T: 212-584-5100

F: 212-584-5200

 

The Company shall indemnify you to the extent
provided in the Company’s Certificate of Incorporation and Bylaws and the law of the State of Delaware in connection with
your activities as an officer of the Company.

 

This Agreement, and any documents incorporated
herein by reference, constitutes the entire agreement between you and the Company regarding your employment relationship and supersedes
any and all prior agreements (excluding any equity award agreements between you and the Company), promises, representations, understandings
and communications, including the Prior Agreement. Should any provision of this Agreement be declared invalid or unenforceable,
such invalidity or unenforceability shall not affect the remaining provisions hereof.

 

This Agreement shall be governed by and construed
in accordance with the laws of the State of New York. The parties irrevocably and unconditionally waive any right whatsoever
to a jury trial concerning any dispute between them, including any claims that arise out of or relate to this Agreement.

 

If any term of this Agreement conflicts with
any practice or policy of the Company, now or in the future, the terms of this Agreement will control. The terms of this Agreement
may not be changed except by written agreement signed by you and either the Chief Executive Officer, the Executive Vice President
and Chief Administrative Officer, or the General Counsel of the Company.

 

We ask that you confirm your understanding
and acceptance of the terms and conditions contained herein by signing this Agreement and returning it to me as soon as possible.

 

	 	Sincerely,
	 	 
	 	/s/ Dara F. Altman
	 	 
	 	Dara F. Altman 
	 	Executive Vice President and
	 	Chief Administrative Officer 

 

I have read this Agreement and understand

and agree to its terms,

this 5th day of March, 2019:

 

	/s/ Joseph A. Verbrugge	 
	JOSEPH A. VERBRUGGE	 

    	9

    		 

    

EXHIBIT A

 

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

OF DESCENT AND DISTRIBUTION.

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

STOCK OPTION AGREEMENT

 

This STOCK OPTION AGREEMENT (this “Agreement”),
dated March [__], 20191 (the “Date of Grant”), is between SIRIUS XM HOLDINGS INC., a Delaware corporation
(the “Company”), and JOSEPH A. VERBRUGGE (the “Executive”).

 

1.          Grant
of Option; Vesting. (a)  Subject to the terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015
Long-Term Stock Incentive Plan (the “Plan”), and the letter agreement, dated March 5, 2019, between Sirius
XM Radio Inc. (“Sirius XM”) and the Executive (the “Letter Agreement”), the Company hereby
grants to the Executive the right and option (this “Option”) to purchase ______________________ (_________)
shares 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 March [__], 2020,
March [__], 2021, and March [__], 20223 (or if any such date is not a business day, then on the next succeeding business
day), 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 Letter Agreement), (y) by Sirius XM without “Cause”
(as defined in the Letter Agreement), or (z) by the Executive for “Good Reason” (as defined in the Letter Agreement),
the unvested portion of this Option, to the extent not previously cancelled or forfeited, shall immediately become vested and exercisable.
The foregoing condition that the Executive be an employee of Sirius XM shall, in the event of the termination of the Executive’s
employment with Sirius XM due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason, be waived
by the Company; provided that the Executive executes a release in accordance with the Letter Agreement (except that the
Company’s General Counsel may waive such requirement in the case of the Executive’s death).

 

2.          Term.
This Option shall terminate on March [__], 20294 (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

 

 

1 The “Grant
Date,” as defined in the Letter Agreement.

2 Closing price on the
Grant Date.

3 First, second and third
anniversaries of the “Grant Date,” as defined in the Letter Agreement.

4 10 years from the Grant
Date.

    	10

    		 

    

EXHIBIT A

 

Good
Reason, the Executive may exercise this Option in full until the first (1st) anniversary of such termination (at which
time this Option shall be cancelled), but not later than the Option Expiration Date;

 

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

 

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

 

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

 

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

 

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

 

6.          Withholding.
Prior to delivery of the Shares purchased upon exercise of this Option, the Company shall determine the amount of any United States
federal, state and local income taxes, if any, which are required to be withheld under applicable law and shall, as a condition
of exercise of this Option and delivery of the Shares purchased upon exercise of this Option, collect from the Executive the amount
of any such tax to the extent not previously withheld. The Executive may satisfy the Executive’s withholding obligations
in the manner contemplated by Section 16(e) of the Plan.

 

7.          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 the Executive’s employment at any time, subject to the terms of the Letter Agreement or any other written
employment or similar written agreement between or among Sirius XM, the Company and the Executive.

 

8.          Professional
Advice. The acceptance and exercise of this Option may have consequences under federal and state tax and securities laws that
may vary depending upon the individual circumstances of the Executive. Accordingly, the Executive acknowledges that

    	11

    		 

    

EXHIBIT A

 

the
Executive has been advised to consult the Executive’s 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 as set
forth in the Plan. The Executive acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive
agrees to review it and comply with its terms. This Agreement, the Letter Agreement and the Plan constitute the entire understanding
between or among the Company, Sirius XM and the Executive with respect to this Option.

 

10.        Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, and shall bind
and inure to the benefit of the heirs, executors, personal representatives, successors and assigns of the parties hereto. The
parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts
located in the Borough of Manhattan, State of New York, and expressly waive the right to a jury trial, for any actions, suits or
proceedings arising out of or relating to this Agreement.

 

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

 

	 	Company:	Sirius XM Holdings Inc.
	 	 	1290 Avenue of the Americas
	 	 	11th Floor
	 	 	New York, New York 10104
	 	 	Attention:  General Counsel
	 	 	 
	 	Executive:	Address on file at the
	 	 	office of the Company

 

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

 

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. 

    	12

    		 

    

EXHIBIT A

 

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

 

SIRIUS XM HOLDINGS INC.

 

	By:	Exhibit A	 	Exhibit A	 
	 	Dara F. Altman	 	JOSEPH A. VERBRUGGE
	 	Executive Vice President and 	 	 
	 	Chief Administrative Officer	 	 

    	13

    		 

    

EXHIBIT B

 

THE RSUs HAVE NOT BEEN REGISTERED
UNDER STATE OR FEDERAL SECURITIES 

LAWS. THE RSUs MAY NOT BE TRANSFERRED EXCEPT

BY WILL OR UNDER THE LAWS OF DESCENT
AND DISTRIBUTION.

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

This RESTRICTED STOCK UNIT AGREEMENT (this
“Agreement”), dated March [__], 20195,
is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”), and JOSEPH A. VERBRUGGE (the “Executive”).

 

1. Grant of RSUs. Subject to the terms
and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive Plan (the “Plan”),
and the letter agreement dated March 5, 2019 between Sirius XM Radio Inc. (“Sirius XM”) and the Executive (the
“Letter Agreement”), the Company hereby grants ___________________ restricted stock units (“RSUs”)
to the Executive. Each RSU represents the unfunded, unsecured right of the Executive to receive one share of common stock, par
value $.001 per share, of the Company (each, a “Share”) on the dates specified in this Agreement.

 

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

 

3. No Rights of a Stockholder.
The Executive shall not have any rights as a stockholder of the Company until the Shares have been issued.

 

4. Issuance of Shares subject to RSUs.
(a) Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, on each of March [__], 2020, March [__], 2021
and March [__], 20226 (if any such date is not a business
day, then on the next succeeding business day), the Company shall issue, or cause there to be transferred, to the Executive an
amount of Shares representing approximately one-third (1/3) of the number of the RSUs granted to the Executive under this Agreement
(as adjusted pursuant to Section 2 above, if applicable), if the Executive continues to be employed by Sirius XM on each of these
dates other than as specifically stated herein.

 

 

5 The “Grant Date,” as defined in the
Letter Agreement.

6 First, second and third anniversaries of the “Grant
Date,” as defined in the Letter Agreement.

    	14

    		 

    

EXHIBIT B

 

(b) If the Executive’s employment with
Sirius XM terminates for any reason, the RSUs shall immediately terminate without consideration; provided that if the Executive’s
employment with Sirius XM is terminated (x) due to death or “Disability” (as defined in the Letter Agreement),
(y) by Sirius XM without “Cause” (as defined in the Letter Agreement), or (z) by the Executive for “Good
Reason” (as defined in the Letter Agreement), the RSUs, to the extent not previously settled, cancelled or forfeited,
shall immediately become vested and the Company shall issue, or cause there to be transferred, to the Executive the amount of Shares
equal to the number of RSUs granted to the Executive under this Agreement (to the extent not previously transferred, cancelled
or forfeited), as adjusted pursuant to Section 2 above, if applicable. The foregoing condition that the Executive be an employee
of Sirius XM shall, in the event of the termination of the Executive’s employment with Sirius XM due to death or Disability,
by Sirius XM without Cause or by the Executive for Good Reason, be waived by the Company; provided that the Executive executes
a release in accordance with the Letter Agreement (except that the Company’s General Counsel may waive such requirement in
the case of the Executive’s death).

 

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

 

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

 

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

 

8. 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 Executive’s employment at any time, subject to the terms
of the Letter Agreement or any other written employment or similar written agreement between or among Sirius XM, the Company
and the Executive.

 

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

    	15

    	

    

EXHIBIT B

 

10. Agreement Subject to the Plan.
This Agreement and the RSUs are subject to the terms and conditions set forth in the Plan, which terms and conditions are incorporated
herein by reference. Capitalized terms used herein but not otherwise defined shall have the same meaning as in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review it and comply
with its terms. This Agreement, the Letter 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.  The parties hereby irrevocably
and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan,
State of New York, and expressly waive the right to a jury trial, for any actions, suits or proceedings arising out of or relating
to this Agreement.

 

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

 

	 	Company:	Sirius XM Holdings Inc.
	 	 	1290 Avenue of the Americas
	 	 	11th Floor
	 	 	New York, New York 10104
	 	 	Attention:  General Counsel
	 	 	 
	 	Executive:	Address on file at the
	 	 	office of the Company

 

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

 

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

 

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

    	16

    	

    

EXHIBIT B

 

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 F. Altman	 	JOSEPH A. VERBRUGGE
	 	Executive Vice President and 	 	 
	 	Chief Administrative Officer	 	 

    	17

    	

    

EXHIBIT C

 

THE PRSUs HAVE NOT BEEN REGISTERED UNDER
STATE OR FEDERAL SECURITIES 

LAWS. THE PRSUs MAY NOT BE TRANSFERRED EXCEPT

BY WILL OR UNDER THE LAWS OF DESCENT AND DISTRIBUTION.

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT

 

This PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT (this “Agreement”), dated March [__], 20197,
is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”), and JOSEPH A. VERBRUGGE (the “Executive”).

 

1. Grant of PRSUs. Subject to the
terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive Plan (the “Plan”),
and the letter agreement dated March 5, 2019 between Sirius XM Radio Inc. (“Sirius XM”) and the Executive (the
“Letter Agreement”), the Company hereby grants ________________ performance-based restricted stock units (“PRSUs”)
to the Executive. Each PRSU represents the unfunded, unsecured right of the Executive to receive one share of common stock, par
value $.001 per share, of the Company (each, a “Share”) on the date specified in this Agreement.

 

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

 

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

 

4. Issuance of Shares Subject to PRSUs.

 

(a) Performance Metric. All or a portion
of the PRSUs shall be eligible to vest based on the Company’s level of achievement of cumulative free cash flow as set forth
in the budgets (the “Performance Metric Target”) approved by the Company’s Board of Directors (the “Board”)
for the years ending December 31, 2019 and December 31, 2020 (together, the “Performance

 

 

7 The “Grant
Date,” as defined in the Letter Agreement.

    	18

    	

    

EXHIBIT C

 

Period”). The annual free cash flow component for
each of 2019 and 2020 of the Performance Metric Target shall be set at the time such applicable budget is approved by the Board.

 

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

 

(b) Calculation of Shares to be Issued.
Within sixty (60) days following the end of the Performance Period, the Company shall certify the Company’s level of achievement
of the Performance Metric Target (such actual date of certification, the “Certification Date”) and determine
the number of PRSUs that shall remain eligible to vest, as set forth below, in accordance with the terms of the Plan and/or this
Agreement (such PRSUs, the “Eligible PRSUs”):

 

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

 

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

 

(iii)         If
the Company’s level of free cash flow falls between 80% and 100% of the Performance Metric Target, the number of PRSUs that
become Eligible PRSUs shall be determined by straight line interpolation between the thresholds set forth in subsections (i) and
(ii) of this Section 4(b).

 

Any PRSUs that do not constitute Eligible
PRSUs as of the Certification Date shall be cancelled on the Certification Date.

 

(c) Issuance of Eligible PRSUs. Subject
to earlier issuance pursuant to the terms of this Agreement or the Plan, on March _, 2022, the Company shall issue, or cause there
to be transferred, to the Executive an amount of Shares representing the Eligible PRSUs (as adjusted pursuant to Section 2 above,
if applicable); provided that the Executive continues to be employed by Sirius XM on March _, 2022.

 

5. Termination of Employment. (a)
If the Executive’s employment with Sirius XM terminates for any reason, then the PRSUs shall immediately terminate without
consideration; provided that if the Executive’s employment with Sirius XM is terminated (x) due to death or “Disability”
(as defined in the Letter Agreement), (y) by Sirius XM without “Cause” (as defined in the Letter Agreement),
or (z) by the Executive for “Good Reason” (as defined in the Letter Agreement) (any such applicable date of
termination, the “PRSU Termination Date”), then the PRSUs shall be treated in the following manner:

 

(i)         if
the PRSU Termination Date occurs prior to the end of the Performance Period, then the PRSUs, to the extent not previously settled,
cancelled or forfeited, shall, subject to Section 5(b), immediately become vested and the Company shall issue, or cause there to
be transferred, to the Executive the amount of Shares equal to the number

    	19

    	

    
EXHIBIT C

 

of PRSUs granted to the Executive under this Agreement,
notwithstanding Section 4(b), and as adjusted pursuant to Section 2 above, if applicable; and

 

(ii)         if
the PRSU Termination Date occurs after the Performance Period, all Eligible PRSUs, to the extent not previously settled, cancelled
or forfeited, shall, subject to Section 5(b), immediately (or, if later, on the Certification Date) become vested and the Company
shall issue, or cause there to be transferred, to the Executive the amount of Shares equal to the number of Eligible PRSUs earned
pursuant to Section 4(b), as adjusted pursuant to Section 2 above, if applicable.

 

(b) In the event the Executive’s employment
with Sirius XM terminates due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason, the condition
in Section 4(c) that the Executive be an employee of Sirius XM shall be waived; provided that the Executive executes a release
in accordance with the Letter Agreement (except the Company’s General Counsel may waive such requirement in the case of the
Executive’s death).

 

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

 

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

 

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

 

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

 

10. Professional Advice. The acceptance
of the PRSUs may have consequences under federal and state tax and securities laws that may vary depending upon the individual
circumstances of the Executive. Accordingly, the Executive acknowledges that the Executive

    	20

    	

    

EXHIBIT C

 

has been advised to consult the Executive’s personal legal
and tax advisors in connection with this Agreement and the PRSUs.

 

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

 

12. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York, and shall bind and inure to the benefit
of the heirs, executors, personal representatives, successors and assigns of the parties hereto. The parties hereby irrevocably
and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan,
State of New York, and expressly waive the right to a jury trial, for any actions, suits or proceedings arising out of or relating
to this Agreement.

 

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

 

	 	Company:	Sirius XM Holdings Inc.
	 	 	1290 Avenue of the Americas
	 	 	11th Floor
	 	 	New York, New York 10104
	 	 	Attention:  General Counsel
	 	 	 
	 	Executive:	Address on file at the
	 	 	office of the Company

 

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

 

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

 

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

    	21

    	

    
EXHIBIT C

 

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

 

SIRIUS XM HOLDINGS INC.

 

	By:	Exhibit C	 	Exhibit C	 
	 	Dara F. Altman	 	JOSEPH A. VERBRUGGE
	 	Executive Vice President and 	 	 
	 	Chief Administrative Office	 	 

    	22

    	

    

EXHIBIT D

 

AGREEMENT AND RELEASE

 

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

 

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

 

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

 

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

 

2.          The
Company and the Executive agree that the Executive shall be provided severance pay and other benefits, less all legally required
and authorized deductions, in accordance with the terms of the letter agreement between the Executive and the Company dated as
of March 5, 2019 (the “Letter Agreement”); provided that no such severance benefits shall be paid or
provided if the Executive revokes this Agreement pursuant to Section 4 below. The Executive acknowledges and agrees that the Executive
is entering into this Agreement in consideration of such severance benefits and the Company’s agreements set forth herein.
All vacation pay earned and unused as of the Termination Date will be paid to the Executive to the extent required by law. Except
as set forth above, the Executive will not be eligible for any other compensation or benefits following the Termination Date other
than any vested accrued benefits under the Company’s compensation and benefit plans, and other than the rights, if any, granted
to the Executive under the terms of any stock option, restricted stock, performance-based restricted stock or other equity award
agreements or plans.

 

3.          The
Executive, with the intention of binding the Executive and the Executive’s heirs, attorneys, agents, spouse and assigns,
hereby waives, releases and forever discharges Sirius XM Holdings Inc., the Company and their respective parents, subsidiaries
and affiliated companies and its and their predecessors, successors, and assigns, if any, as well as all of their officers, directors
and employees, stockholders, agents, servants, representatives, and attorneys, and the predecessors, successors, heirs and assigns
of each of them (collectively “Released Parties”), from any and all grievances, claims, demands, causes of action,
obligations, damages and/or liabilities of any nature whatsoever, whether known or unknown, suspected or claimed, which the Executive
ever had, now has, or claims to have against the Released Parties, by reason of any act or omission occurring before the Executive’s
execution hereof, including, without limiting the generality of the foregoing, (a) any act, cause, matter or thing stated, 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 Letter Agreement; provided that nothing contained in this Agreement
shall affect the Executive’s rights (i) to indemnification from the Company as provided in the Letter Agreement or otherwise;
(ii) to coverage under the Company’s insurance policies covering officers and directors; (iii) to other benefits which by
their express terms extend beyond the Executive’s separation from employment; 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

    	23

    	

    

EXHIBIT D

 

amended, as well as any and all claims arising out of any alleged
contract of employment, whether written, oral, express or implied, or any other federal, state or local civil or human rights or
labor law, ordinances, rules, regulations, guidelines, statutes, common law, contract or tort law, arising out of or relating to
the Executive’s employment with and/or separation from the Company, including but not limited to the termination of the Executive’s
employment on the Termination Date, and/or any events occurring prior to the execution of this Agreement.

 

4.          The
Executive specifically waives all rights or claims that the Executive has or may have under the Age Discrimination In Employment
Act of 1967, 29 U.S.C. §§ 621-634, as amended (“ADEA”), including, without limitation, those
arising out of or relating to the Executive’s employment with and/or separation from the Company, the termination of the
Executive’s employment on the Termination Date, and/or any events occurring prior to the execution of this Agreement. In
accordance with the ADEA, the Company specifically hereby advises the Executive that: (1) the Executive may and should consult
an attorney before signing this Agreement, (2) the Executive has twenty-one (21)/forty-five (45)8
days to consider this Agreement, and (3) the Executive has seven (7) days after signing this Agreement to revoke this Agreement.

 

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

 

6.          This
release does not affect or impair the Executive’s rights with respect to workman’s compensation or similar claims under
applicable law or any claims under medical, dental, disability, life or other insurance arising prior to the date hereof.

 

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

 

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

 

 

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

    	24

    	

    

EXHIBIT D

 

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

 

10.        In
the event of a dispute concerning the enforcement of this Agreement, the finder of fact shall have the discretion to award the
prevailing party reasonable costs and attorneys’ fees incurred in bringing or defending an action, and shall award such costs
and fees to the Executive in the event the Executive prevails on the merits of any action brought hereunder.

 

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

 

12.        This
Agreement in all respects shall be interpreted, enforced and governed under the laws of the State of New York and any applicable
federal laws relating to the subject matter of this Agreement. The language of all parts of this Agreement shall in all cases be
construed as a whole, according to its fair meaning, and not strictly for or against any of the parties. This Agreement shall be
construed as if jointly prepared by the Executive and the Company. Any uncertainty or ambiguity shall not be interpreted against
any one party. The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state
and federal courts located in the Borough of Manhattan, State of New York, and expressly waive the right to a jury trial, for any
actions, suits or proceedings arising out of or relating to this Agreement.

 

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

 

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

 

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

    	25

    	

    

EXHIBIT D

 

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

 

16.        The
Executive warrants that the Executive will return to the Company all software, computers, computer-related equipment, keys and
all materials (including, without limitation, copies) obtained or created by the Executive in the course of the Executive’s
employment with the Company on or before the Termination Date; provided that the Executive will be able to keep the Executive’s
cell phones, personal computers, personal contact list and the like so long as any confidential information is removed from such
items.

 

17.        Any
existing obligations the Executive has with respect to confidentiality, nonsolicitation of clients, nonsolicitation of employees
and noncompetition, in each case with the Company or its subsidiaries or affiliates, shall remain in full force and effect.

 

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

 

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

 

	 		 	SIRIUS XM RADIO INC.
	 	 	 	 
	Dated: 	 	 	By:	Exhibit D
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	Dated:	 	 	Exhibit D
	 	 	 	JOSEPH A. VERBRUGGE

    	26exhibit101atheneletterto

                                                                   February 25, 2019   FedNat Holding Company  14050 N.W. 14th Street, Suite 180   Sunrise, Florida  33323   Attention:  Ronald A. Jordan, Chief Financial Officer   Re:   Redemption of Senior Unsecured Fixed Rate Notes Due 2022   Ladies and Gentlemen:    Reference  is made  to  the  Indenture  dated  as  of  December  28,  2017  (the  “Base  Indenture”),  as   amended and supplemented by Supplemental Indenture No. 2 dated as of December 29, 2017 (the  “Supplemental  Indenture”  and,  together  with  the  Base  Indenture,  the  “Indenture”),  each  among  FedNat  Holding  Company  (formerly  known  as  Federated  National  Holding  Company),  a  Florida  corporation (the “Company”), The Bank of New York Mellon, as Trustee, The Bank of New York  Mellon, London Branch, as Paying Agent and The Bank of New York Mellon, SA/NV, Luxembourg  Branch,  as  Registrar.  Capitalized  terms  used  but  not  defined  herein  shall  have  the  respective  meanings assigned to them in the Indenture.   The  undersigned,  constituting  Holders  of  100%  of  the  outstanding  principal  amount  of  the  outstanding Senior Unsecured Fixed Rate Notes due 2022 (the “2022 Senior Notes”) issued by the  Company pursuant to the Indenture, hereby state and agree, as follows:    1.   Section 5.1(a) of the Indenture provides that the 2022 Senior Notes shall not be redeemable        by the Company in whole or in part at any time, except as contemplated therein at the option        of the applicable Holders of the 2022 Senior Notes, including in connection with a Change of        Control. Consistent with Section 5.1(a) of the Indenture, the undersigned hereby agrees to the        redemption by the Company of the 2022 Senior Notes, on such terms as specifically set forth        in  the  Officers’  Certificate  executed  by  the  Company  in  favor  of  the  Trustee  attached  as        Exhibit  A hereto  and  in  the  Notice  of  Redemption  by  the  Company  to  the  undersigned        attached as Exhibit B hereto (such redemption, the “Redemption”).     2.   The undersigned waives any and all past, present or future default, Default, Event of Default        or non-compliance with the provisions of the Indenture that may arise in connection with the        Redemption.    3.   The  Trustee,  Paying  Agent  and  Registrar  may  rely  on  this  letter  agreement,  in  connection        with the performance of its duties under the Indenture in relation to the Redemption.                                    [Signature pages follow]         

 

                Sincerely,     Athene Annuity & Life Assurance Company  By: Athene Asset Management, L.P., its  investment manager  By: AAM GP Ltd., its general partner        By:   /s/ James Kenney                            Name:    James Kenney  Title:   Authorized Signatory      Athene Annuity and Life Company  By: Athene Asset Management, L.P., its  investment manager  By: AAM GP Ltd., its general partner        By:   /s/ James Kenney                            Name:    James Kenney  Title:   Authorized Signatory                   

 

                                                                                 ACKNOWLEDGED AND AGREED  AS OF THE DATE FIRST ABOVE  WRITTEN BY:   FedNat Holding Company    By: /s/ Ronald A. Jordan                 Name: Ronald A. Jordan     Title: Chief Financial Officer         

 

                                                                                                                    Exhibit A                                  Officers’ Certificate                           FEDNAT HOLDING COMPANY                             OFFICERS’ CERTIFICATE                                FEBRUARY 25, 2019         Pursuant  to  Sections  5.1(a)  and  5.2  of  the  Indenture  dated  as  of  December  28,  2017  among  FedNat  Holding  Company,  f/k/a  Federated  National  Holding  Company,  a  Florida  corporation  (the  “Company”),  The  Bank  of  New  York  Mellon,  as  Trustee,  The  Bank  of  New  York Mellon, London Branch, as Paying Agent  and The Bank of New York Mellon, SA/NV,  Luxembourg  Branch,  as  Registrar  (as  amended  or  supplemented,  the  “Indenture”),  the  undersigned  officers  of  the  Company  do  hereby  certify,  in  their  capacities  as  officers  of  the  Company and in the name and on behalf of the Company, in connection with the Company’s  election to redeem the Senior Unsecured Floating Rate Notes Due 2022 (the “ 2022 Notes”) as  follows:         1.    The  redemptions  of  the  2022  Notes  shall  occur  pursuant  to  an  agreement  negotiated between the Company and the holders of the 2022 Notes.          2.    The Redemption Date shall be March 5, 2019 (subject to adjustment).                                                 3.    The  principal  amount  of  the  2022  Notes  to  be  redeemed  is  $20,000,000,  representing 100% of the 2022 Notes outstanding.         4.    The Redemption Price is 112.5% of the outstanding principal amount of the 2022  Notes to be redeemed, which equates to $22,500,000.         All capitalized terms not otherwise defined herein shall have the meanings assigned to  such terms in the Indenture.         IN  WITNESS  WHEREOF,  Company  has  duly  executed  this  Officer’s  Certificate,  effective as of the date set forth above.                                        FEDNAT HOLDING COMPANY,                                a Florida corporation                                    By:  /s/ Michael H. Braun                                                 Michael H. Braun                                      Chief Executive Officer                                  By:  /s/ Ronald A. Jordan                                                  Ronald A. Jordan                                      Chief Financial Officer     

 

                                      Exhibit B                                                                         Notice of Redemption                             NOTICE OF REDEMPTION                     of Senior Unsecured Fixed Rate Notes due 2022           of FedNat Holding Company, f/k/a Federated National Holding Company                             (ISIN No. [XS1744725562])1                                   February 25, 2019          To  the  Holders  the  FedNat  Holding  Company’s  (f/k/a  Federated  National  Holding  Company) Senior Unsecured Fixed Rate Notes due 2022:           This notice is being given to you as a holder of our Senior Unsecured Fixed Rate Notes  due 2022 (the “2022 Notes”) pursuant to Section 5.4 of the Indenture dated December 28, 2017  among FedNat Holding Company, f/k/a Federated National Holding Company (“FedNat”), The  Bank of New York Mellon, as trustee (in such capacity, the “Trustee”), The Bank of New York  Mellon, London Branch, as paying agent (in such capacity the “Paying Agent”), and The Bank of  New York Mellon SA/NV, Luxembourg Branch, as registrar (as amended or supplemented, the  “Indenture”), that FedNat has elected to redeem all of the Senior Unsecured Fixed Rate Notes  Due 2022 (the “2022 Notes”) held by you.  Such redemption of the 2022 Notes is being made  pursuant to Section 5.1(a) of the Indenture and an agreement negotiated between the Company  and the holders of the 2022 Notes.           FedNat shall redeem all of the 2022 Notes on or about March 5, 2019 (the “Redemption  Date”).  The redemption price shall be $22,500,000, which is equal to 112.5% of the outstanding  principal  amount  of  the  2022  Notes  to  be  redeemed.   Accrued  interest,  to,  but  excluding  the  Redemption  Date  equals  $  $297,777.78.   On  the  Redemption  Date,  the  redemption  price  and  accrued interest to, but excluding, the Redemption Date in the amount of $22,797,777.78 shall  become due and payable upon each 2022 Note to be redeemed, and, unless FedNat defaults in  making  the  redemption  payment,  that  interest  on  the  2022  Notes  called  for  redemption  shall  cease to accrue on or after said date.          The 2022 Notes shall be surrendered for payment of the redemption price and accrued  interest to the Paying Agent at the following address:                       The Bank of New York Mellon, London Branch                                 London EC2N 2DB                                  United Kingdom                        Attention: International Corporate Trust                                                                                             1 The ISIN number appearing herein has been included solely for the convenience of the holders of the Notes. Neither FedNat  nor the Trustee shall be responsible for the selection or use of any such ISIN number nor is any representation made as to its  correctness or accuracy on the Notes or as indicated.       

 

   The 2022 Notes called for redemption must be surrendered in accordance with the procedures of  the Depositaries or to the Paying Agent to collect the redemption price.          Should you have any questions concerning the foregoing, please do not hesitate to contact  the undersigned.                                    Very truly yours,                                  FEDNAT HOLDING COMPANY, F/K/A                                FEDERATED NATIONAL HOLDING COMPANY                                    /s/ Michael H. Braun                                                      Michael H. Braun                                Chief Executive Officer

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