Document:

RELEASE
AGREEMENT AND AGREEMENT TO RESCIND AND EXTINGUISH

ASSET
PURCHASE AGREEMENT AND SIDE LETTER

AGREEMENT
DATED MAY 24, 2018

 

This
“Release Agreement and Agreement to Rescind and Extinguish Asset Purchase Agreement and Side Letter Agreement Dated May
24, 2018” (“Agreement”) is entered into on this 31st day of December, 2018, by and between LCG Business
Enterprises, LLC, a California limited liability company (“LCG”), Players Michigan, LLC, a Michigan limited
liability company (“Players”) and Michael Gregory, an individual (“Gregory”), and Sam Snowden,
an individual (“Snowden” Players, LCG, Gregory and Snowden are collectively referred to herein as the “Parties”).

 

RECITALS

 

A.
On or about May 24, 2018 LCG and Players entered into (1) an Asset Purchase Agreement (“Asset Agreement”) and (2)
a Side Letter Agreement (“Letter”). True copies of these documents are respectively attached hereto as Exhibits “A”
and “B”. Capitalized terms used herein have the same meaning as set forth in this Agreement.

 

B.
Buyer is a wholly owned subsidiary of Players Network, a Nevada publicly traded corporation. On closing of the transaction contemplated
in the Asset Agreement and the Letter, Players provided One Million Dollars to LCG, 3,000,000 shares of the stock of PNTV to Gregory
and 400,000 shares of the stock of PNTV to Snowden (the Gregory and Snowden stock grants are referred to herein as “PNTV
Grants”).

 

C.
The Asset Agreement and the Letter provided certain conditions to Closing. The Letter Agreement provided that Installment 2, along
with subsequent Installments were not due prior to the conditions being met. Players contends that despite LCG’s assertions
to the contrary, the Asset Purchase Agreement’s and Side Letter Agreement’s closing conditions have not been satisfied.

 

D.
The Parties have in the course of exercising their reasonable business judgment determined that the final closing of the transaction
is not in their mutual business interests.

 

E.
Further, since the May 24, 2018 effective date of the Asset Purchase Agreement and Side Letter Agreement certain disputes have
arisen between LCG and Players. By letter, dated November 2, 2018, from the law firm of Moncrief & Hart, LCG outlined its
complaints concerning Player’s delay in closing the transaction. A true copy of LCG’s November 2, 2018 letter is attached
hereto as Exhibit “A”. By letter, dated November 2, 2018, from the law firm JRG, Player’s set forth its contentions
concerning LCG’s alleged conduct letter is attached hereto as Exhibit “B”.

 

F.
LCG and Players, have determined as a result of their disagreements that the rescission and extinguishment of the May 24, 2018
Asset Purchase Agreement and Side Letter Agreement is in their respective mutual business interest.

 

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G.
Immediately on entering into this Agreement LCG intends to attempt to sell all of the Purchased Assets or certain membership interests
of LCG to a Third Party (as later defined) (“Subsequent Transaction”).

 

The
Parties desire to fully and completely resolve the dispute arising from the Purchase Agreement and the Letter Agreement described
above and to avoid further litigation and ongoing attorneys’ fees, and any future dispute with each other in connection
with this matter and therefore agree as follows:

 

TERMS
AND CONDITIONS

 

1.
Obligations.

 

(a)
Rescission. The Asset Purchase Agreement and Side Letter Agreement Dated May 24, 2018 are each hereby mutually rescinded
and extinguished pursuant to California Civil Code Section 1689(a), which provides in relevant part that “a. A contract
may be rescinded if all the parties thereto consent.”

 

(b)
Assets. As a consequence of the mutual rescission and extinguishment, all of the “Purchased Assets” as detailed
in Paragraph 2A of the Asset Purchase Agreement are hereby confirmed as the exclusive property of LCG and subject to LCG’s
sole possession, custody and control. All such property transferred to Players in accordance with the Asset Agreement and in the
ownership, possession, custody, or control of Players shall be returned to LCG.

 

(c)
Lease. The Lease Assignment dated May 24, 2018 is hereby extinguished. Players shall prepare any document to further the
effect of terminating any lease assignment.

 

(d)
Press Release. Players Network will send out a public communication as required by law to its shareholder and 8k filing
pertaining to this agreement.

 

(e)
Payments. Concurrently with the execution of this Agreement and subject to all of the terms set forth herein, LCG shall
pay Players the sum of Two Hundred Fifty Thousand and no/100 ($250,000) (“Initial Payment”) due upon signing this
agreement. Thereafter, LCG shall pay Players the sum of Three Hundred Fifty Thousand and no/100 ($350,000) upon the Subsequent
Transaction to any Third Party (“Subsequent Transaction Payment”). Finally, LCG will further pay Players twenty-five
percent (25%) of the gross proceeds of sale less deductions for applicable sales and/or any fair market investment banking commissions
paid to Third Party brokers or investment bankers as a commission engaged by LCG and paid by LCG for referring a purchaser to
LCG for the Subsequent Transaction (which shall not exceed standard and customary sales commissions) of any sale price exceeding
Five Million Dollars ($5,000,000) (“Sale Bonus Paid within 3 business days of closing such transaction, failure to pay such
bonus on time will result in an the maximum amount of interest allowed in the state of California. LCG shall provide Players with
prior notice of any Subsequent Transaction and the name of the Third Party buyer that intends to, or has entered into, an agreement
to enter into a Subsequent Transaction, the earlier of entering into a letter of intent to enter into a Subsequent Transaction
or executing any definitive terms set forth in a purchase agreement including a copy of the transaction.

 

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For
the purposes of this Agreement, “Third Party” shall mean any person (other than the members or their assignees of
LCG or its Affiliates) including, without limitation, any such natural person, business entity (corporation, partnership, trust,
sole proprietorship, or other business entity), any employee, director, officer of LCG, former employee of LCG, or their respective
legal representatives, heirs, beneficiaries, or estates.

 

For
the purposes of this Agreement “Affiliate” shall mean, with respect to any individual, partnership (whether general
or limited), limited liability company, corporation, trust, estate, association, nominee, or other entity (“Person”)
(i) any Person directly or indirectly controlling, controlled by or under common control with such Person, (ii) any Person owning
or controlling ten percent (10%) or more of the outstanding voting interests of such Person, (iii) any officer, director, general
partner, member or trustee of, or Person serving in a similar capacity with respect to, such Person, or (iv) any Person who is
an officer, director, general partner, member, trustee, or holder of ten percent (10%) or more of the voting interests of any
Person described in clauses (i), (ii), or (iii) of this sentence. For purposes of this definition, the terms “controlling,”
“controlled by,” or “under common control with” shall mean the possession, direct or indirect, of the
power to direct or cause the direction of the management and policies of a Person or entity, whether through the ownership of
voting securities, by contract or otherwise.

 

(f)
Loan Agreement and Guaranty Release. Upon execution of this Agreement, the Parties agree as follows:

 

	 	(i)	LCG
    and Mike Gregory will release Players from all further obligations with respect to the Payments Agreements loans, notes or
    any obligations. 
	 	 	 
	 	(ii)	LCG
    will release all obligations under any Guaranty. The Parties understand and acknowledge that consideration of this Agreement
    is that upon execution, Players shall not be liable for any further payments to LCG.

 

(g)
Accounting Assistance. LCG shall cooperate in good faith and provide an accounting resource and access to accounting books
and records solely in order to assist Players with closing any accounting required by SEC law as a public company,

 

(h)
Compliance. LCG understands that the value of LCG is dependent on LCG being properly licensed, paying local and state tax
obligations and maintaining compliance with all laws, rules and regulations, including but not limited to, California Department
of Food and Agriculture Regulations and Monterey County ordinances (“Applicable Laws”). Accordingly, LCG shall maintain
compliance with all Applicable Laws until the closing of the Subsequent Transaction and payment of Bonus Payment to Players.

 

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(i)
PNTV Grants. Gregory and Snowden will return the PNTV shares and Gregory and Snowden will take all further acts to effectuate
the return as reasonably requested by PNTV to effectuate the return of the PNTV Shares.

 

(j)
Until such time all payment are paid Players Network will have the right at anytime to be on the property and inspect the location
and have access to all inventory, books and records

 

2.
Late Charge. LCG recognizes failure to close the Subsequent Transaction and make the Subsequent Transaction Payment and
the Sale Bonus Payment by February 1, 2019, will result in Players incurring additional expenses. LCG agrees that if, for any
reason, it fails to pay the Subsequent Transaction Payment and the Sale Bonus Payment when timely due, Payee shall be entitled
to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such
damages and the actual damages to Players would be unreasonably difficult, costly, inconvenient or impracticable to calculate.
Accordingly, the parties agree to liquidated damages that bear a reasonable relationship to the actual harm suffered. LCG therefore
agrees that, the Subsequent Transaction Payment and the Sale Bonus Payment are not paid by March 15, 2019, then, in addition to
all other rights set forth herein, LCG shall pay Players $50,000 for every month that Subsequent Transaction Payment and the Sale
Bonus Payment remains unpaid up until the total amount of $1,100,000 is paid in liquidated damages and such amount is a good faith
and fair and reasonable estimate of Payee’s damages resulting from such delinquency or failure to pay the Subsequent Transaction
Payment and the Sale Bonus Payment. Such liquidated damages shall be due and payable on March 15, 2019 and every month thereafter
on the fifteenth day of the month they are due and any payment in liquidated damages under this Section will be set off from any
Sale Bonus payment due.

 

MUTUAL
REPRESENTATIONS AND WARRANTIES; COVENANTS

 

Each
party represents and warrants to the other party that:

 

3.
Mutual Release.

 

3.1
Each party on behalf of itself and its heirs, respective partners, agents, assigns, heirs, officers, directors, employees executors,
insurers, trustees, executors, trust beneficiaries, attorneys, and any other agents or representatives, Affiliates hereby forever
and finally releases, relieves, acquits, absolves and discharges the other party and their Affiliates and any and all of their
heirs, predecessors, successors, assigns, attorneys, insurers, trustees, executors, trust beneficiaries and any other agents or
representatives from any and all past, present or future losses, claims, debts, liabilities, entitlements, lawsuits, demands,
obligations, promises, acts, omissions, agreements, costs and expenses, damages, injuries, suits, actions and causes of action,
of whatever kind or nature, whether known or unknown, suspected or unsuspected, contingent or fixed, that they may have against
the other party and their Affiliates, based upon, related to, or by reason of any matter, cause, fact, act or omission occurring
or arising at any moment out of the operations of the business from the date of the Closing Date until the date of this Agreement,
including liabilities for taxes, rent, accounting fees, management fees, legal expenses, and any liabilities, obligations, fees,
taxes, that arise from any Payment Agreements, which include loans, notes entered into between the Parties and Consulting Agreements
entered into between any of the parties or that may arise under the Asset Purchase Agreement and Side Letter Agreement or the
failure to comply with the terms of any agreements between the parties.

 

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3.2
Each party acknowledges that this mutual release does not constitute any admission of liability whatsoever on the part of any
of the undersigned.

 

3.3
It is understood and agreed that this Agreement is a general release of the Parties and shall be effective as the full and final
accord and satisfaction, and as a bar to all actions, causes of action, costs, expenses, attorney’s fees, damages, claims
for sanctions and any other action by or between the Parties whether known or unknown, suspected, claimed or concealed, with respect
to all issues, claims and disputes pertaining to the claims in the above-stated action. Each party knowingly and voluntarily waives
any and all rights that it or its Affiliates has or may have under the provisions of Section 1542 of the Civil Code of California,
which reads as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH, IF KNOWN BY HIM, MUST HAVE MATERIALLY, AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

Each
party acknowledges and agrees that this waiver is an essential and material term of this Agreement which this Agreement would
not have been executed.

 

3.4
Each party represents and warrants that there has been no assignment or transfer of or giving of a security interest in or encumbrance
upon any interest in any claim which he/it or his/its Affiliates may have against any other party. Each of the parties further
represents that such party: (i) has carefully read this Agreement; (ii) knows the contents of this Agreement; (iii) has had the
advice of counsel of such party’s choosing in connection with the subject matter hereof, and the advice thereof is reflected
in the provisions of this Agreement; and (iv) has not been influenced to any extent whatsoever in doing so by any other party
or by any other person or entity, except for those representations, statements and promises expressly set forth herein.

 

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4.
Confidentiality. Except as provided in Section 1 (d), the Parties, including employees, agents, representatives, officers,
principals, and assigns and their attorneys agree that each of the terms and conditions of this settlement and the history, background,
negotiations, terms and conditions of all settlements involving the Parties herein, of which the undersigned or its attorneys
are or may become aware of, shall remain confidential and private in all respects. The undersigned and their attorneys further
agree that they will not voluntarily make any statements, either directly or indirectly by implication or innuendo, to anyone,
including the press or media, or any friends, relatives or neighbors of the undersigned concerning the rescission, actions, the
amount of settlement negotiations, or describing or characterizing the settlement in any way, including reference to any documents,
facts, and other oral or written evidence presented or arising from the terms set forth in this Agreement, unless compelled to
do so under authority of law. The undersigned and their attorneys agree that these confidentiality provisions are essential elements
of this Agreement. An inquiry concerning this settlement will be met by a statement that the matter was disposed of amicably between
the Parties and that the undersigned has no further comment.

 

5.
Complete Agreement. This Agreement represents the complete agreement between the Parties concerning the matters
addressed herein, and supersedes any prior written and oral agreements between the Parties concerning the subject matter hereof.
Any representations, warranties, promises, or conditions, whether written or oral, not specifically and expressly incorporated
in this Settlement Agreement, shall not be binding on any of the Parties, and each of the Parties acknowledges that they have
not relied, in entering into this Settlement Agreement, on any representation, warranty, promise or condition, not specifically
and expressly set forth herein. 

 

6.
Amendments. Any amendments or modifications to this Settlement Agreement must be in writing and signed by the Parties.

 

7.
Law and Forum. This Settlement Agreement shall be governed by the laws of the State of California without giving
effect to the principles of conflicts of laws thereof. The Parties irrevocably submit to the venue and jurisdiction of the State
and Federal Courts located in Monterey County, California in connection with any dispute arising out of and/or related to this
Agreement. 

 

8.
No Assignment of Claims. The Parties each acknowledge and represent that they have not assigned any claim arising
out of and/or in connection with the Asset Purchase Agreement and/or Side Letter Agreement Dated May 24, 2018 to any third party
prior to the date of this Agreement. The Parties acknowledge and represent that they have not assigned any claim arising out of
and/or in connection with the Asset Purchase Agreement and/or Side Letter Agreement Dated May 24, 2018 to any third party prior
to the date of this Settlement Agreement.

 

9.
Acknowledgements. The Parties each acknowledge and represent that:

 

(a)
they have the right, power, legal capacity and authority to enter into and to perform each of the obligations undertaken in this
Agreement;

 

(b)
each of the covenants and agreements contained in this Agreement shall bind and inure to the benefit of their respective heirs,
executors, administrators, successors and assigns;

 

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(c)
they have read this Agreement;

 

(d)
they clearly understand this Agreement and each of its terms;

 

(e)
they have had the benefit and advice of counsel of their own selection, or have had the opportunity to consult with counsel of
their own selection prior to entering into this Agreement;

 

(f)
each and every term and provision of this Agreement has been mutually agreed to and negotiated, and shall be construed simply
according to its fair meaning and not strictly for or against any Party, including any negative inference against the Party that
drafted this Agreement;

 

(g)
they have executed this Agreement freely, with knowledge, and without influence or duress; and

 

(h)
they are not relying upon any other representations, either written or oral, express or implied, made to them by any person.

 

10.
Severability Agreement. The invalidity or unenforceability of any provision of this Agreement shall in no way affect
the validity or enforceability of any other provision of this Agreement. Any such provision found to be invalid is severable from
the remaining provisions of this Agreement.

 

11.
Non Waiver Provision. No breach of any provision of this document can be waived unless in writing. Waiver of any one
breach shall not be deemed to be a waiver of any other breach of the same or any other provision here. No delay or omission by
a Party in the exercise of any of its rights or remedies constitutes a waiver of (or otherwise impairs) such right or remedy.
A consent to or approval of an act does not waive or render unnecessary the consent to or approval of any other or subsequent
act. This Agreement may be amended only by a written agreement executed by the Parties in interest at the time of the amendment.

 

12.
No Admission of Liability of Misconduct. Nothing in this Agreement and compliance with it shall be construed as an
admission by any Party of any liability, misconduct, or wrongdoing whatsoever, or as an admission by any Party of any violation
of the rights of the other, or of any person, or violation of any order, law, statute, duty, or contract whatsoever against any
other person or entity.

 

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13.
Covenant Not to Sue. The Parties further covenant and agree never to commence and/or prosecute and/or continue prosecuting
against any of the other Parties any further legal action and/or other proceeding based in whole or in part upon the claims, demands,
causes of action, obligations, damages, and/or liabilities released or otherwise waived in this Agreement. This Agreement may
be plead as a full and complete defense to any action or proceeding, as a basis for abatement of, or injunction against such action.
Except as to the matters specifically referred to in this Agreement, the Parties affirmatively warrant and represent that such
Parties have not commenced any legal action and/or proceeding against the other Parties based in whole or in part upon the claims,
demands, causes of action, obligations, damages, and/or liabilities released or waived in this Agreement. Nothing in this Paragraph
prevents the Parties from instituting any action or special proceedings in connection with the enforcement of this Agreement,
or for claims arising out of or in any way connected with a breach of the promises, covenants, or conditions of this Agreement.

 

14.
Binding on Successors. This Agreement will bind the Parties, and their heirs, administrators, representatives, executors,
successors, beneficiaries and assigns, and shall inure to the benefit of said Parties and each of them, and to their heirs, administrators,
representatives, executors, successors, beneficiaries, and assigns.

 

15.
Costs and Attorneys’ Fees. The Parties will bear their own attorney’s fees and costs that have been incurred
in connection with the preparation of, prosecution, and ultimate settlement of the issues presented herein. If litigation is required
to enforce the terms and conditions of this Agreement, however, the prevailing Party in such matter will be entitled to his, her,
or its reasonable attorney’s fees in connection with such litigation.

 

16.
Construction. This Agreement shall be interpreted in accordance with the plain meaning of its terms and not strictly for
or against any of the Parties to this Agreement. Faxed signatures shall be deemed to be originals.

 

17.
Counterparts. This agreement may be executed in counterparts and the parties hereto agree that a facsimile transmission of
signature hereon shall have the same force and effect as an original signature.

 

(Signatures
appear on the following page)

 

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IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date set forth above.

 

	LCG BUSINESS ENTERPRISES, LLC

a California Limited Liability Company

	 	PLAYERS MICHIGAN, LLC 

a Michigan Limited Liability Company

	 	                           	 	 	 
	By:	/s/
    Michael     Gregory	 	By:	/s/  Mark
    Bradley
	Name:	Michael
    Gregory	 	Name	Mark
    Bradley
	Title:	Manager	 	Title:	CEO
	 	 	 	 	 
	/s/ Michael Gregory	 	 	
	Michael Gregory, an individual

	 	

        

	 	 	 	 	 
	/s/
    Sam Snowden	 	 	 
	Sam Snowden, an individual	 	 	 

 

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Exhibit
A- Letter

 

    	10

    	 

    

 

Exhibit
B – Letter

 

    	11Exhibit 4.1

 

PANDORA MEDIA, LLC

 

SIRIUS XM HOLDINGS INC.

 

AND

 

CITIBANK, N.A.,

 

as Trustee

 

THIRD SUPPLEMENTAL INDENTURE

 

February 1, 2019

 

1.75% Convertible Senior Notes Due 2020

 

THIRD SUPPLEMENTAL INDENTURE,
dated as of February 1, 2019 (this “Supplemental Indenture”), among Pandora Media, LLC (f/k/a Pandora Media,
Inc.), a Delaware limited liability company (the “Company”), Sirius XM Holdings Inc., a Delaware corporation
(the “Guarantor”), and Citibank, N.A., a national banking association, as trustee (the “Trustee”),
to the Indenture, dated as of December 9, 2015 (the “Original Indenture”), between the Company and the Trustee,
as amended by the First Supplemental Indenture (the “First Supplemental Indenture”), dated as of January 25,
2019, between the Company and the Trustee and the Second Supplemental Indenture, dated as of February 1, 2019 (the “Second
Supplemental Indenture” and, together with the Original Indenture and the First Supplemental Indenture, the “Indenture”),
among the Company, Billboard Holding Company, Inc., a Delaware corporation and the direct parent company of the Company (“New
Holding Company”), and the Trustee.

 

WHEREAS, the Company
has heretofore executed and delivered the Indenture, pursuant to which the Company issued its 1.75% Convertible Senior Notes Due
2020 (the “Notes”) in the original aggregate principal amount of $345,000,000, which were originally convertible
under certain circumstances into cash, the Company’s common stock, par value $0.0001 per share (“Company Common
Stock”), or a combination thereof, at the Company’s election;

 

WHEREAS, pursuant to
the Agreement and Plan of Merger and Reorganization, dated as of September 23, 2018 (as amended, supplemented, restated or otherwise
modified, the “Merger Agreement”), by and among the Company, the Guarantor, Sirius XM Radio Inc., White Oaks
Acquisition Corp. (“Sirius Merger Sub”), New Holding Company and Billboard Acquisition Sub, Inc. (“Pandora
Merger Sub”), Pandora Merger Sub merged with and into the Company, with the Company surviving as a wholly-owned subsidiary
of New Holding Company and each outstanding share of Company Common Stock was converted into one validly issued, fully paid and
non-assessable share of common stock of New Holding Company, par value $0.01 per share (the “Holding Company Common Stock”)
and the right to convert the principal amount of the Notes was changed to the right to convert such principal amount of Notes into
Holding Company Common Stock as set forth in the Second Supplemental Indenture;

    	 

    	

    

WHEREAS, pursuant to
the Merger Agreement, Sirius Merger Sub will, substantially concurrently with the effectiveness of this Supplemental Indenture,
merge with and into New Holding Company, with New Holding Company surviving as a wholly-owned subsidiary of Guarantor (the “Merger”)
and, pursuant to the terms of the Merger, each outstanding Holding Company Common Stock will be converted into 1.44 validly issued,
fully paid and non-assessable shares of common stock, par value $0.001 per share, of the Guarantor (the “Guarantor Common
Stock”);

 

WHEREAS, the Merger
constitutes a Merger Event under the Indenture and Section 14.07 of the Indenture provides that in the case of any Merger Event,
prior to or at the effective time of such Merger Event, the Company shall execute and deliver to the Trustee a supplemental indenture
permitted under Section 10.01(g) of the Indenture which provides that upon such Merger Event (i) subsequent conversions of Notes
shall be into Reference Property in the manner set forth in Section 14.07 of the Indenture and (ii) subsequent anti-dilution and
other adjustments shall be as nearly equivalent as is possible to the adjustments provided for in Article 14 of the Indenture;

 

WHEREAS, from and after
the Effective Time (as defined in Section 4.5 below), the Guarantor desires to fully and unconditionally guarantee all of the payment
obligations of the Company under the Notes and the Indenture primarily so as to make available the exemption from the registration
requirements of the Securities Act of 1933, as amended (the “Act”), provided by Section 3(a)(9) of the Act for
shares of Guarantor Common Stock delivered upon conversion of the Notes following the Merger;

 

WHEREAS, pursuant to
Section 10.01 of the Indenture, the Company and the Trustee may enter into indentures supplemental to the Indenture to, among other
things, make certain changes (i) to add guarantees with respect to the Notes, (ii) that do not adversely affect the rights of any
Holder in any material respect and (iii) in connection with any Merger Event, including to provide that the Notes are convertible
into Reference Property, subject to the provisions of Section 14.02, and make such related changes to the terms of the Notes in
accordance with Section 14.07;

 

WHEREAS, the Board
of Directors of the Guarantor by resolutions adopted on January 29, 2019 and the sole member of the Company by written
consent on February 1, 2019 have duly authorized, on behalf of the Guarantor and the Company, as applicable, this
Supplemental Indenture;

 

WHEREAS, in connection
with the execution and delivery of this Supplemental Indenture, the Trustee has received an Officers’ Certificate and an
Opinion of Counsel as contemplated by Sections 10.05 and 14.07 of the Indenture; and

 

WHEREAS, the Company
and Guarantor have requested that the Trustee execute and deliver this Supplemental Indenture and have satisfied all requirements
necessary to make this Supplemental Indenture a valid instrument in accordance with its terms.

 

WITNESSETH:

    	2

    	

    

NOW THEREFORE, each
party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1. Definitions in the Supplemental Indenture. Unless otherwise specified herein or the context otherwise requires:

 

(a) a
term defined in the Indenture has the same meaning when used in this Supplemental Indenture unless the definition of such term
is amended or supplemented pursuant to this Supplemental Indenture;

 

(b) the
terms defined in this Article and in this Supplemental Indenture include the plural as well as the singular;

 

(c) unless
otherwise stated, a reference to a Section or Article is to a Section or Article of this Supplemental Indenture; and

 

(d) Article
and Section headings herein are for convenience only and shall not affect the construction hereof.

 

Section 1.2. Definitions
in the Indenture.

 

(a) The
Indenture is hereby amended and supplemented by adding the following additional definitions to Section 1.01 of the Indenture in
the appropriate alphabetical order.

 

“Guarantee”
means, as to any person, a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course
of business), direct or indirect, in any manner, of all or any part of any indebtedness or other obligations.

 

“Guarantee
Obligations” has the meaning set forth in Section 3.1 of the Third Supplemental Indenture.

 

“Guarantor”
means Sirius XM Holdings Inc., a Delaware corporation.

 

“Note Guarantee”
means the Guarantee by the Guarantor of the payment or performance of the Company’s obligations under this Indenture and
the Notes pursuant to Article III of the Third Supplemental Indenture.

 

“Third Supplemental
Indenture” means that certain Supplemental Indenture, dated as of February 1, 2019, by and among the Company, the Guarantor
and the Trustee.

 

(b) The
Indenture is hereby amended by replacing the defined terms “Board of Directors,” “Board Resolution,” “Common
Stock,” “Daily VWAP,” “Ex-Dividend Date,”

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“Fundamental Change,”
“Officer,” “Officers’ Certificate” and “Opinion of Counsel” in their entirety with the
following terms:

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder, or for purposes
of the “Record Date” and Article 14, the board of directors of the Guarantor or a committee of such board duly authorized
to act for it hereunder.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or the Guarantor, as applicable,
to have been duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and
delivered to the Trustee.

 

“Common Stock”
means the common stock of the Guarantor, par value $0.001 per share, at the date of the Third Supplemental Indenture, subject to
Section 14.07.

 

“Daily
VWAP” means, for each of the 40 consecutive Trading Days during the relevant Observation Period, the per share volume-weighted
average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “SIRI <equity> AQR”
(or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the
scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable,
the market value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a
nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP”
shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

 

“Ex-Dividend
Date” means the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market,
regular way, without the right to receive the issuance, dividend or distribution in question, from the Guarantor or, if applicable,
from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange
or market.

 

“Fundamental
Change” shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

 

(a)  a “person”
or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Guarantor, its Wholly Owned Subsidiaries
and the employee benefit plans of the Guarantor and its Wholly Owned Subsidiaries, files a Schedule TO or any schedule, form or
report under the Exchange Act disclosing that such person or group, has become the direct or indirect “beneficial owner,”
as defined in Rule 13d-3 under the Exchange Act, of the Guarantor’s Common Equity representing more than 50% of the voting
power of the Guarantor’s Common Equity;

 

(b)  the consummation
of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or
combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property
or assets; (B) any share exchange, consolidation or merger of the Guarantor pursuant to 

    	4

    	

    

which the
Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one
transaction or a series of transactions of all or substantially all of the consolidated assets of the Guarantor and its Subsidiaries,
taken as a whole, to any Person other than one of the Guarantor’s Wholly Owned Subsidiaries; provided, however,
that a transaction described in clause (B) in which the holders of all classes of the Guarantor’s Common Equity immediately
prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving
corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such
ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b);

 

(c)  the stockholders
of the Guarantor approve any plan or proposal for the liquidation or dissolution of the Guarantor; or

 

(d)  the Common Stock
(or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange, The Nasdaq Global
Select Market or The Nasdaq Global Market (or any of their respective successors);

 

provided, however,
that a transaction or transactions described in clause (a) or clause (b) above shall not constitute a Fundamental Change if at
least 90% of the consideration received or to be received by the common stockholders of the Guarantor, excluding cash payments
for fractional shares, in connection with such transaction or transactions consists of shares of common stock that are listed or
quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective
successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as
a result of such transaction or transactions the Notes become convertible into such consideration, excluding cash payments for
fractional shares (subject to the provisions of Section 14.02(a)). If any transaction in which the Common Stock is replaced by
the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Period (or, in the case
of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following
clause (d) of the definition thereof, following the effective date of such transaction) references to the Guarantor in this definition
shall instead be references to such other entity.

 

“Officer”
means, with respect to the Company or the Guarantor, the President, the Chief Executive Officer, the Chief Financial Officer, the
Treasurer, the Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or
numbers or word or words added before or after the title “Vice President”).

 

“Officers’
Certificate,” when used with respect to the Company or the Guarantor, means a certificate that is delivered to the Trustee
and that is signed by (a) two Officers of the Company or New Holding Company, as applicable, or (b) one Officer of the Company
or New Holding Company, as applicable, and one of the Treasurer, any Assistant Treasurer, the Secretary, any Assistant Secretary
or the Controller of the Company or New Holding Company, as applicable. Each such certificate shall include the statements provided
for in Section 17.05 if and to the extent required by the provisions of such Section. One of the Officers giving an Officers’ Certificate

    	5

    	

    

pursuant to Section 4.08 shall be the principal executive, financial or accounting officer of the Company.

 

“Opinion of
Counsel” means an opinion in writing, signed by legal counsel, who may be an employee of or counsel to the Company or
the Guarantor, as applicable, or other counsel acceptable to the Trustee that is delivered to the Trustee. Each such opinion shall
include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section 17.05.

 

ARTICLE
II

EFFECT OF MERGER ON CONVERSION PRIVILEGE

 

Section
2.1. Conversion Right. From and after the Effective Time, the consideration due upon conversion of any
Notes shall be determined in the same manner as if each reference to any number of shares of Holding Company Common Stock
in Article 14 of the Indenture were instead a reference to the corresponding number of shares of Guarantor Common Stock that
a Holder of such number of Holding Company Common Stock equal to the Conversion Rate immediately prior to the Effective Time
would have been entitled to receive upon the consummation of the Merger; provided that, at and after the Effective
Time, any amount otherwise payable in cash in lieu of fractional shares of Guarantor Common Stock upon conversion of the
Notes will continue to be payable as described in Section 14.02 of the Indenture. For clarity, the initial Conversion Rate
from and after the Effective Time will be 87.7032 shares of Guarantor Common Stock.

 

Section
2.2. Additional Amendments to the Indenture. The Indenture is hereby amended as follows:

 

(a) The
seventh paragraph of Section 2.05(a) of the Indenture is hereby amended by adding the words “the Guarantor,” after
each occurrence of the words “the Company”.

 

(b) The
last paragraph of Section 2.05(c) of the Indenture is hereby amended by adding the words “the Guarantor,” after each
occurrence of the words “the Company”.

 

(c) The
third sentence of Section 2.10 of the Indenture is hereby amended and restated in full to read as follows:

 

“In addition,
the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to
the Company), repurchase Notes in the open market or otherwise, whether by the Guarantor, the Company or its Subsidiaries or through
a private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or
other derivatives.”

 

(d) Section
12.01 of the Indenture is hereby amended and restated in full to read as follows:

 

“Section 12.01.
Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or accrued and unpaid
interest on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation,
covenant or agreement of the Company or the Guarantor
in this Indenture or in any supplemental indenture, 

    	6

    	

    

any Note or any Note Guarantee, nor because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer or director or Subsidiary, as
such, past, present or future, of the Guarantor, the Company or of any successor corporation, either directly or through the Guarantor,
the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of the Notes.”

 

(e) 
Section 14.01(b)(ii) of the Indenture is hereby amended and restated in full to read as follows:

 

“(ii) If, prior
to the close of business on the Business Day immediately preceding July 1, 2020, the Guarantor elects to:

 

		(A)	issue to all or substantially all holders of the Common Stock any rights, options or warrants entitling
them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase
shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock
for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement
of such issuance; or

 

		(B)	distribute to all or substantially all holders of the Common Stock the Guarantor’s assets,
securities or rights to purchase securities of the Guarantor, which distribution has a per share value, as reasonably determined
by the Board of Directors, exceeding 10% of the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding
the date of announcement for such distribution,

 

then, in either case, the Company shall
notify all Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) at least 50 Scheduled Trading
Days prior to the Ex-Dividend Date for such issuance or distribution. Once the Company has given such Notice, each Holder may surrender
all or any portion of its Notes for conversion at any time until the earlier of (i) the close of business, on the Business Day
immediately preceding the Ex-Dividend Date for such issuance or distribution and (ii) the announcement by the Company that such
issuance or distribution will not take place, in each case, even if the Notes are not otherwise convertible at such time.”

 

(f) 
Section 14.01(b)(iii) of the Indenture is hereby amended and restated in full to read as follows:

 

“(iii) If (i)
a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the close of business
on the Business Day immediately preceding July 1, 2020, regardless of whether a Holder has the right to require the Company to
repurchase the Notes pursuant to Section 15.02, or if the Guarantor is a party to a consolidation, merger, binding share exchange,
or transfer or lease of all or substantially all of its assets, in each 

    	7

    	

    

case, pursuant to which the Common Stock would be converted
into cash, securities or other assets, all or any portion of a Holder’s Notes may be surrendered for conversion at any time
from or after the date that is 50 Scheduled Trading Days prior to the anticipated effective date of the transaction (or, if later,
the Business Day after the Guarantor or the Company gives notice of such transaction) until 35 Trading Days after the actual effective
date of such transaction or, if such transaction also constitutes a Fundamental Change, until the related Fundamental Change Repurchase
Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) (x) as promptly as practicable
following the date the Guarantor or the Company publicly announces such transaction but in no event less than 50 Scheduled Trading
Days prior to the anticipated effective date of such transaction or (y) if the Guarantor or the Company does not have knowledge
of such transaction at least 50 Scheduled Trading Days prior to the anticipated effective date of such transaction, within one
Business Day of the date upon which the Guarantor or the Company receives notice, or otherwise becomes aware, of such transaction,
but in no event later than the actual effective date of such transaction.”

 

(g) Section
14.02(a)(iii) of the Indenture is hereby amended to add the following as a new sentence at the end of such Section 14.02(a)(iii):

 

“In accordance
with this Section 14.02(a)(iii), the Company hereby irrevocably elects and determines Cash Settlement as the Settlement Method
in respect of any Conversion Date that occurs on or after the date of the Third Supplemental Indenture and such election shall
constitute an irrevocable Settlement Notice.”

 

(h) Section
14.02(j) of the Indenture is hereby amended and restated in full to read as follows:

 

“(j) The Company
shall not deliver any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of delivering
any fractional share of Common Stock issuable upon conversion based on the Daily VWAP for the relevant Conversion Date (in the
case of Physical Settlement) or based on the Daily VWAP for the last Trading Day of the relevant Observation Period (in the case
of Combination Settlement). For each Note surrendered for conversion, if the Company has elected (or is deemed to have elected)
Combination Settlement, the full number of shares that shall be issued upon conversion thereof shall be computed on the basis of
the aggregate Daily Settlement Amounts for the relevant Observation Period and any fractional shares remaining after such computation
shall be paid in cash.”

 

(i) Section
14.03(e) of the Indenture is hereby amended and restated in full to read as follows:

 

“(e) The following
table sets forth the number of Additional Shares of Common Stock by which the Conversion Rate shall be increased per $1,000 principal
amount of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date or Redemption Notice Date, as applicable,
set forth below:

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	Effective 

    Date/Redemption 

    Notice Date	

Stock Price
	$8.77 	 	$9.72 	 	$10.42 	 	$11.40 	 	$12.50 	 	$13.89 	 	$17.36 	 	$20.83 	 	$27.78 	 	$34.72 	 	$41.67	 	$48.61
	December 1, 2018	26.3111	 	17.9146	 	14.3097	 	10.5106	 	7.5912	 	5.1955	 	2.4180	 	1.4318	 	0.7593	 	0.4902	 	0.3295	 	0.2179
	December 1, 2019	26.3111	 	16.4190	 	12.2151	 	8.0015	 	5.0520	 	2.9527	 	1.1082	 	0.6556	 	0.3813	 	0.2566	 	0.1764	 	0.1195
	December 1, 2020	26.3111	 	15.1540	 	8.2963	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000

 

The exact Stock Prices
and Effective Dates or Redemption Notice Dates may not be set forth in the table above, in which case:

 

(i) if
the Stock Price is between two Stock Prices in the table above or the Effective Date or Redemption Notice Date, as applicable,
is between two dates in the table above, the number of Additional Shares of Common Stock by which the Conversion Rate shall be
increased shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher
and lower Stock Prices and the earlier and later dates, as applicable, based on a 365-day year;

 

(ii) if
the Stock Price is greater than $48.61 per share (subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate;
and

 

(iii) if
the Stock Price is less than $8.77 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column
headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate.

 

Notwithstanding the
foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 114.0143 shares of Common Stock, subject
to adjustment in the same manner as the Conversion Rate pursuant to Section 14.04.”

 

(j) Sections
14.04(a), 14.04(b), 14.04(c), 14.04(d), 14.04(e), 14.04(i), 14.04(l), 14.06, 14.08 and 14.11 of the Indenture shall be amended
to replace references to “the Company” with references to “the Guarantor.”

 

(k) Section
14.04(h) of the Indenture is hereby amended and restated in full to read as follows:

 

“(h) In addition
to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and to the extent permitted by applicable
law and subject to the applicable rules of any exchange on which any of the Guarantor’s securities are then listed, the Company
from time to time may increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Board of Directors
determines that such increase would be in the Company’s best interest. In addition, to the extent permitted by applicable
law and subject to the applicable rules of any exchange on which any of the Guarantor’s
securities are then listed, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income
tax to holders of 

    	9

    	

    

Common Stock or rights to purchase Common Stock in connection with a dividend or distribution of shares of Common
Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion Rate is increased pursuant to either
of the preceding two sentences, the Company shall deliver to the Holder of each Note at its last address appearing on the Note
Register a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice
shall state the increased Conversion Rate and the period during which it will be in effect.”

 

(l) The
first paragraph of Section 14.07(a) of the Indenture is hereby amended and restated in full to read as follows:

 

“(a)
In the case of:

 

(i) any
recapitalization, reclassification or change of the Common Stock (other than changes resulting from subdivision or combination),

 

(ii) any
consolidation, merger or combination or similar transaction involving the Company or the Guarantor,

 

(iii) any
sale, lease or other transfer to a third party of the consolidated assets of the Guarantor and the Guarantor’s Subsidiaries,
substantially as an entirety, or the Company and the Company’s Subsidiaries, substantially as an entirety, or

 

(iv) any
statutory share exchange,

 

in each case, as a result of which
the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including cash
or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of
such Merger Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such
principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets
(including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate
immediately prior to such Merger Event would have owned or been entitled to receive (the “Reference
Property,” with each “unit of Reference Property” meaning the kind and amount of Reference
Property that a holder of one share of Common Stock is entitled to receive) upon such Merger Event and, prior to or at the
effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute
with the Trustee a supplemental indenture permitted under Section 10.01(g) providing for such change in the right to convert
each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Merger
Event (A) the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the
case may be, upon conversion of Notes in accordance with Section 14.02 and (B) (I) any amount payable in cash upon conversion
of the Notes in accordance with Section 14.02 shall continue to be payable in cash, (II) any shares of Common Stock that the
Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 shall instead be deliverable in the
amount and type of Reference Property that a holder of that number of shares of

    	10

    	

    

 Common Stock would have received in such Merger
Event and (III) the Daily VWAP shall be calculated based on the value of a unit of Reference Property.”

 

(m) Section
14.07(c) of the Indenture is hereby amended and restated in full to read as follows:

 

“(c) Neither the
Company nor the Guarantor shall become a party to any Merger Event unless its terms are consistent with this Section 14.07. None
of the foregoing provisions shall affect the right of a Holder to convert its Notes into cash, shares of Common Stock or a combination
of cash and shares of Common Stock, as applicable, as set forth in Section 14.01 and Section 14.02 prior to the effective date
of such Merger Event.”

 

(n) Section
14.10 of the Indenture is hereby amended and restated in full to read as follows:

 

“Section 14.10. Notice to Holders
Prior to Certain Actions. In case of any:

 

(a) action
by the Guarantor or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section 14.04 or
Section 14.11;

 

(b) Merger
Event; or

 

(c) voluntary
or involuntary dissolution, liquidation or winding-up of the Guarantor or any of its Subsidiaries;

 

then, in each case (unless notice of such
event is otherwise required pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee
and the Conversion Agent (if other than the Trustee) and to be delivered to each Holder at its address appearing on the Note Register,
as promptly as possible but in any event at least 20 days prior to the applicable date hereinafter specified, a notice stating
(i) the date on which a record is to be taken for the purpose of such action by the Guarantor or one of its Subsidiaries or, if
a record is not to be taken, the date as of which the holders of Common Stock of record are to be determined for the purposes of
such action by the Guarantor or one of its Subsidiaries, or (ii) the date on which such Merger Event, dissolution, liquidation
or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of
record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such Merger Event, dissolution,
liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such
action by the Guarantor or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up.”

 

(o) The
first paragraph of Section 17.03 of the Indenture is hereby amended and restated in full to read as follows:

 

“Section 17.03.
Addresses for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be
given, delivered or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made,
for all purposes if given, delivered or served by being deposited postage prepaid by registered or certified mail in a post
office letter box addressed (until another address is filed by the Company or the Guarantor

    	11

    	

    

 with the Trustee) to Pandora Media,
Inc., 2101 Webster Street, Suite 1650, Oakland, California 94612, Attention: General Counsel, with a copy to Sirius XM Holdings
Inc., 1290 Avenue of the Americas, 11th Floor, New York, New York 10104, Attention: General Counsel. Any notice, direction,
request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given, delivered or made, for all
purposes, if given, delivered or served by being deposited postage prepaid by registered or certified mail in a post office letter
box addressed to the Corporate Trust Office or sent electronically in PDF format and received by the Trustee.”

 

ARTICLE
III

PARENT GUARANTEE

 

Section 3.1. Guarantee.

 

(a) Subject
to the provisions of this Article III, the Guarantor hereby fully and unconditionally guarantees to each Holder of a Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns that: (x) the principal of (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable), the Conversion Obligation with respect to, and interest on the
Notes shall be duly and punctually paid in full and/or performed in accordance with the terms of this Supplemental Indenture and
the Indenture when due, whether at the Maturity Date, upon declaration of acceleration, upon required repurchase, upon redemption,
upon conversion or otherwise, and interest on overdue principal and (to the extent permitted by law) any interest, if any, on the
Notes, (y) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same shall
be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at the Maturity
Date, by acceleration, required repurchase, redemption, conversion or otherwise and (z) all other obligations of the Company to
the Holders or the Trustee under this Supplemental Indenture, the Indenture or the Notes (including fees, expenses or other) shall
be duly and punctually paid in full or performed, all in accordance with the terms hereof or thereof, subject, however, in the
case of clauses (x), (y) and (z) above, to the limitations set forth in Section 3.2 hereof (the obligations set forth in this Section
3.1 collectively, the “Guarantee Obligations”). The Guarantee constitutes a general unsecured and unsubordinated
obligation of the Guarantor.

 

Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor will be obligated to pay or
perform the same immediately. The Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b) The
Guarantor hereby agrees that its obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect
to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or
equitable discharge or defense of a guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the
Company, protest,

    	12

    	

    

 notice and all demands whatsoever and covenants that this Note Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes, this Supplemental Indenture or the Indenture.

 

(c) If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantor or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or the Guarantor any amount paid to either the Trustee
or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

(d) This
Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation, reorganization, or other similar proceeding, should the Company become insolvent or make an assignment
for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s
assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at
any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise
be restored or returned by any obligee on the Notes or the Note Guarantee, whether as a “voidable preference,” “fraudulent
transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any
part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated
and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

 

(e) In
case any provision of this Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

(f) Each
payment to be made by the Guarantor in respect of the Note Guarantee shall be made without set-off, counterclaim, reduction or
diminution of any kind or nature.

 

Section
3.2. Limitation on Guarantor Liability. The Guarantor, and by its acceptance of this Note Guarantee, each Holder,
hereby confirms that it is the intention of all such parties that this Note Guarantee of the Guarantor not constitute a fraudulent
transfer or conveyance for purposes of any bankruptcy, insolvency or other similar law now or hereafter in effect, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
this Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantor hereby agree that the obligations
of the Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of the Guarantor that are relevant under such laws, result in the obligations of the Guarantor under the
Note Guarantee not constituting a fraudulent transfer or conveyance under applicable local law.

 

Section
3.3. Execution and Delivery; Notation Not Required. To evidence the Note Guarantee set forth in Section 3.1 hereof,
the Guarantor hereby agrees that this Supplemental Indenture shall be executed on behalf of the Guarantor by one or more authorized
officers or persons holding an equivalent title. The Guarantor hereby agrees that the Note Guarantee set forth

    	13

    	

    

in Section 3.1 hereof
will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of the Note Guarantee.

 

Section
3.4. Release of Note Guarantee. Upon the satisfaction and discharge of the Indenture in accordance with Article
3 of the Indenture, the Guarantor will be released and relieved of any obligations under the Note Guarantee.

 

Section
3.5. Subrogation. The Guarantor shall be subrogated to all rights of Holders against the Company in respect of
any amounts paid by the Guarantor pursuant to the provisions of Section 3.1 hereof; provided that, if an Event of Default
has occurred and is continuing, the Guarantor shall not be entitled to enforce or receive any payments arising out of, or based
upon, such right of subrogation until all amounts then due and payable by the Company under this Indenture or the Notes shall have
been paid in full.

 

Section
3.6. Benefits Acknowledged. The Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by the Indenture and that the guarantee and waivers made by it pursuant to the Note Guarantee
are knowingly made in contemplation of such benefits.

 

ARTICLE
IV

MISCELLANEOUS

 

Section
4.1. Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects
ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein
and therein provided.

 

Section
4.2. Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and Guarantor
and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation
as to the validity or sufficiency of this Supplemental Indenture. All of the provisions contained in the Indenture in respect of
the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this Supplemental Indenture
as fully and with like force and effect as though set forth in full herein.

 

Section
4.3. Governing Law. THIS SUPPLEMENTAL INDENTURE, THE NOTE GUARANTEE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING
UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE AND THE NOTE GUARANTEE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

 

Section
4.4. Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each
of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of
copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture
for all purposes. Signatures of the parties

    	14

    	

    

hereto transmitted
by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section
4.5. Effectiveness. This Supplemental Indenture shall become effective upon, without further action by the parties
hereto, upon the effectiveness of the Merger, which shall be 8:15 a.m. Eastern time on February 1, 2019 (the “Effective
Time”).

 

[Signature Page Follows]

    	15

    	

    

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

 

	 	PANDORA MEDIA, LLC 	 
	 	 	 	 	 
	 	By: BILLBOARD HOLDING COMPANY, INC., 

its sole member
	 	 	 	 	 
	 	By:	/s/ Steve Bené	 
	 	 	Name:	Steve Bené	 
	 	 	Title:	General Counsel and Corporate
Secretary	 
	 	 	 	 	 
	 	SIRIUS XM HOLDINGS INC. 	 
	 	 	 	 	 
	 	By:	/s/ Patrick L. Donnelly 	 
	 	 	Name:	Patrick L. Donnelly	 
	 	 	Title:	Executive Vice President, General Counsel and Secretary
	 	 	 	 	 
	 	CITIBANK, N.A., as Trustee	 
	 	 	 	 	 
	 	By:	/s/ Danny Lee	 
	 	 	Name: 	Danny Lee	 
	 	 	Title:	Senior Trust Officer	 

 

SIGNATURE PAGE TO THIRD SUPPLEMENTAL INDENTURE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]