Document:

EXHIBIT 10.5
​

MERIT MEDICAL SYSTEMS, INC 2018 LONG-TERM INCENTIVE PLAN 
Performance Stock Unit Award Agreement
(Three Year Performance Period)
This Performance Stock Unit Award Agreement (this “Award Agreement”), dated as of March 19, 2021 (the “Grant Date”), is made by and between Merit Medical Systems, Inc. (the “Company”), and ​ ​​ ​​ ​, an employee of the Company (“you”). 
 
	1.
	Award of Performance Stock Units 

The Company hereby grants to you an award of performance stock units (“PSUs”) with respect to its common stock, no par value (the “Shares”), pursuant to the Merit Medical Systems, Inc. 2018 Long-Term Incentive Plan (as amended from time to time, the “Plan”), subject to the terms and conditions set forth in this Award Agreement and the Plan. The PSUs constitute performance-based Restricted Stock Units and this Award Agreement constitutes an “Award Agreement” under the Plan. Capitalized terms used but not otherwise defined in this Award Agreement and the Appendix A attached hereto have the applicable meanings set forth in the Plan. With respect to your PSUs granted hereunder, the applicable Total Target Number of Shares and Performance Period are as follows: 
 
	Total Target Number of Shares 
	  
		3,555
	
	Performance Period
	  
	 
	Calendar years 2021 through 2023
	  

 
	2.
	Conditions to Award 

Subject to the other terms and conditions of this Award Agreement and the Plan, you will be entitled to a payment in Shares with respect to your PSUs based on your Total Target Number of Shares set forth above and the Company’s performance during the above Performance Period with respect to the following performance measures - “Free Cash Flow” (“FCF”) and “Relative Total Shareholder Return versus the Russell 2000” (“rTSR”), each as defined on Appendix A attached hereto and each a “Metric” for purposes of this Award Agreement.  
The actual number of Shares to be issued to you in payment of your PSUs will be determined by multiplying the Total Target Number of Shares listed above by the applicable FCF Multiplier and applicable rTSR Multiplier from the tables in this Section 2 (each a “Multiplier”). The applicable Multiplier for each Metric will be determined based on the level of the Company’s performance during the Performance Period relative to that Metric as set forth in the tables below. The precise extent to which the Company will have satisfied the Metrics, and any Shares will have been earned, will be determined by the Committee as soon as reasonably practicable following the close of the Performance Period and, to the extent reasonably practicable, will be calculated without regard to any change in applicable accounting standards after the grant of this Award. The Committee has the sole authority and discretion to determine the achievement level with respect to each Metric and the number of Shares earned at the end of the Performance Period.
 
	FCF Metric Level
	  
	FCF Metric Amount
(in thousands)
	  
	FCF Multiplier

	Maximum
	  
	$396,000
	  
	200%

	Target
	  
	$330,000
	  
	100%

	Threshold
	  
	$264,000
	  
	50%

		  
		  
	

​
	  
	rTSR Metric Level
	  
	rTSR Multiplier

	  
	1st (Top) Quartile
	  
	125%

	  
	2nd Quartile
	  
	100%

	  
	3rd Quartile
	  
	100%

	​
	4th (Bottom) Quartile
	​
	75%

For the FCF Metric, the applicable Multiplier will be determined on an interpolated linear basis between (i) the Threshold 50% FCF Multiplier achievement level and Target 100% FCF Multiplier achievement level if Company actual performance falls between those two levels; or (ii) the Target 100% FCF Multiplier achievement level and the 

Maximum 200% FCF Multiplier achievement level if Company actual performance falls between those two levels. For purposes of determining relative achievement, actual results are to be rounded to the nearest tenth of one percent (0.1%) and rounded upward from the midpoint. The number of Shares to be issued upon payment and settlement of your PSUs is to be rounded to the nearest whole Share and rounded upward from the midpoint.
​
	3.
	Effect of Death, Disability and Termination of Service. 

(a)Except as provided in Sections 3(b) and 4 below, you must remain in Continuous Service with the Company until the second day of the calendar year following the end of the Performance Period and at least one year from the Grant Date in order to be entitled to any payment pursuant to this Award Agreement. Failure to satisfy the foregoing service-based vesting condition will result in total forfeiture of your PSUs and all rights to payment hereunder. 
​
(b)Notwithstanding Section 3(a) above, if your Continuous Service with the Company ends prior to the second day of the calendar year following the end of the Performance Period and more than one year after the Grant Date because (i) you die or incur a Disability, (ii) you are involuntarily terminated from employment without Cause, or (iii) you resign from employment for Good Reason, then after the end of the Performance Period, you (or in the event of your death, your estate or other designated beneficiary) will be entitled to receive a pro rata portion of the number of Shares you would have received, if any, had you remained in Continuous Service with the Company until the second day of the calendar year following the end of the Performance Period. The pro rata portion will be based on the number of full months in the Performance Period during which you are in Continuous Service with the Company as compared to the total number of months in the Performance Period.
 
	4.
	Effect of a Change in Control 

If a Change in Control occurs during the Performance Period, then you will be entitled to receive, no later than thirty (30) days following the effective date of the Change in Control, the Total Target Number of Shares covered by this Award Agreement without regard to the extent to which the otherwise applicable performance conditions of Section 2 above have been satisfied. 
 
	5.
	Payment 

 
(a) Settlement of Award. Except as otherwise provided in Section 4, the actual number of Shares that you will receive on settlement and payment of your PSUs after the end of the Performance Period listed above will be determined based upon the degree to which the Company attains each amount or level of Metric performance specified in Section 2 above during the applicable Performance Period. If Company performance for the applicable Performance Period falls below the Threshold amount for the FCF Metric, no Shares will be awarded or paid under this Award Agreement. If Company performance for the applicable Performance Period with respect to the FCF Metric is at or above the FCF Metric Threshold amount indicated in Section 2 above, Shares will be paid out based upon the Company’s level of actual performance during the Performance Period with respect to the above Metrics as described in Section 2 above.  The maximum number of Shares that you may receive under this Award Agreement is two and one-half (2.5) times the Total Target Number of Shares; however, that maximum will be payable only if the Company attains both the Maximum level of FCF Metric performance and 1st Quartile level of rTSR Metric performance indicated in Section 2 above.  
​
(b)  Timing of Settlement. Promptly following determination of the number of Shares you have earned under your PSUs and this Award Agreement, such number of Shares, if any, will be issued to you. Such issuance and payment will be made during the calendar year that commences immediately after the end of the Performance Period, and in no event later than March 15 of such calendar year, in accordance with Section 5(d) below; provided, however, that in the event of a Change in Control, your PSUs will be settled and paid within the thirty (30) day period specified in Section 4 above. PSUs will not be settled or paid in cash. 
(c) No Dividend Equivalents. No Dividend Equivalents will be paid on or with respect to the PSUs.
(d) Form of Payment. All amounts payable with respect to your PSUs will be paid in the form of Shares.
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(e) Taxes. Taxes may be assessed and/or withheld as required by law at applicable United States federal, state and/or other tax rates (under the laws of the jurisdictions in which you reside or that may otherwise be applicable to you) with respect to your PSUs and the issuance of Shares in payment of your PSUs. Notwithstanding anything in this Award Agreement to the contrary, any withholding tax payment with respect to your PSUs and issuance of Shares in payment of your PSUs described in this Award Agreement will be reduced by a number of Shares having a then Fair Market Value equal to the amount necessary to satisfy the minimum tax withholding obligations applicable to such PSUs and Share issuance.  
​
(f)Unearned PSUs. All PSUs that are not earned at the end of the Performance Period will be forfeited.
 
	6.
	Other Provisions 

 
(a) Future Adjustments. In the event of any merger, acquisition, disposition or other corporate event affecting the Company during the Performance Period, the Committee, in addition to adjustments under Section 12.2 of the Plan, may make such adjustments to the applicable Metric performance amounts and levels set forth in Section 2 above as it may determine would most nearly carry out the original purposes and intent of this Award Agreement.
​
(b) No Guaranty of Future Awards. This Award Agreement in no way guarantees you the right to or expectation that you may receive similar awards with respect to any other similar performance Period or period which the Committee may, in its discretion, establish and as to which the Committee may elect to grant Awards under the Plan.
​
(c) No Rights as Shareholder. You will not be considered a shareholder of the Company with respect to the Shares covered by this Award Agreement unless and until such underlying Shares are issued to you in settlement of your PSUs.
​
(d) No Rights to Continued Employment. This Award Agreement will not be deemed to create a contract or other promise of continued employment with the Company and will not in any way prohibit or restrict the ability of the Company to terminate your employment at any time for any reason, with or without Cause, at will with or without notice.
​
(e) Compliance with Section 409A of the Code. This Award Agreement and your PSUs are intended to constitute and result in a “short-term deferral” that is exempt from the definition of a “nonqualified deferred compensation plan” under Section 409A of the Code. Notwithstanding anything in this Award Agreement to the contrary, if and to the extent that this Award Agreement constitutes a nonqualified deferred compensation plan to which Code Section 409A applies, this Award Agreement and your PSUs (including time and manner of payments under it) will be administered and interpreted to comply with Section 409A and the Treasury Regulations thereunder.  Without limiting the foregoing, the payment provisions of Section 5(b) are intended to provide for payment upon: (i) a fixed date in conformity with Treasury Regulation Section 1.409A-3(a)(4) (i.e., by March 15 of the first calendar year commencing after the end of the applicable Performance Period); or (ii) if earlier, upon a Change in Control constituting a permissible payment event under Treasury Regulation Section 1.409A-3(a)(5).
​
(f) Clawback. If you are an officer of the Company, in addition to any other remedies available to the Company under the Plan or otherwise (but subject to applicable law), if the Committee determines that it is appropriate, the Company may recover (in whole or in part) from you any Shares (or the value thereof) paid pursuant to this Award Agreement if: (i) the payment was predicated upon achieving certain financial results that were subsequently the subject of a restatement of Company financial statements filed with the Securities and Exchange Commission; (ii) the Committee determines that you engaged in intentional misconduct, gross negligence or fraudulent or illegal conduct that caused or substantially caused the need for the financial statement restatement; and (iii) a lower amount would have been made to you pursuant to this Award Agreement based upon the restated financial results.
​
(g) Plan. All terms and conditions of the Plan are incorporated herein by reference and constitute an integral part hereof. In the event of any conflict between the provisions of this Award Agreement and the Plan, the provisions of the Plan, including without limitation Sections 4.2, 13.5, 13.6 (other than the requirement under 

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Section 13.6 of the Plan to deliver Shares within 30 days of vesting) and 13.15 of the Plan, will govern and be controlling.
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(h)Transfers.  Neither the PSUs nor the right to receive Shares hereunder may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by you. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the PSUs or the rights relating thereto will be wholly ineffective.  Notwithstanding the foregoing, in the event of your death, Shares deliverable with respect to the PSUs will be delivered to your designated beneficiary under the Plan (or if none, to your estate).
​
(i)Securities Law Restrictions.  The issuance of Shares hereunder is conditioned upon compliance by the Company and you with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company's Shares may be listed. No Shares will be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. In addition, the Company may require that prior to the issuance of Shares hereunder you enter into a written agreement to comply with any restrictions on subsequent disposition that the Company deems necessary or advisable under any applicable federal and state securities laws. The Shares issued hereunder may be legended to reflect such restrictions.
​
(j)Governing Law. This Award Agreement will be construed and interpreted in accordance with the laws of the State of Utah without regard to conflict of law principles.
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(k)Effect on Other Benefits. Participation in the Plan is voluntary. The value of the PSUs is an extraordinary item of compensation outside the scope of your normal employment and compensation rights, if any. As such, the PSUs are not part of normal or expected compensation for purposes of calculating any severance, bonuses, awards, or retirement benefits or similar payments unless specifically and otherwise provided in the plans or agreements governing such compensation.
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(l) Entire Agreement. This Award Agreement supersedes in its entirety all prior undertakings and agreements of the Company and you, whether oral or written, with respect to the PSUs granted hereunder.
​
By executing and accepting this Award Agreement, you agree to be bound as a Participant by the terms and conditions herein, the Plan and all conditions established by the Committee and the Company in connection with Awards issued under the Plan. 
​
	MERIT MEDICAL SYSTEMS, INC.
​
​ ​​ ​​ ​​ ​​ ​​
By: Fred Lampropoulos  
Its: Chairman and Chief Executive Officer  
​
	​
​
​ ​​ ​​ ​​ ​​ ​​ ​​
Participant 

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APPENDIX A
​
(Definitions) 
​
For purposes of this Award Agreement, the following terms have the following meanings:
​
“Cause” has the meaning set forth in your Employment Agreement with the Company.
​
“Change in Control” has the meaning set forth in the Plan; provided, that no event will constitute a Change of Control unless it is described in Code Section 409A(a)(2)(A)(v) and the Treasury Regulations thereunder.
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“Continuous Service” has the meaning set forth in the Plan and includes service with the Company as an employee or Director of the Company. 
​
“Disability” has the meaning set forth in in your Employment Agreement with the Company; provided, that you will not be considered to have terminated employment on account of Disability unless you are also “Disabled” within the meaning of Code Section 409A(a)(2)(C) and the Treasury Regulations thereunder.
​
“Employment Agreement” means your Employment Agreement with the Company dated as of May 26, 2016, as amended.
​
“FCF” means, for the Performance Period, an amount equal to (i) Operating Cash Flow (as determined in accordance with GAAP and as presented in the Company’s financial statements) for the Performance Period, less (ii) Capital Expenditures (as determined in accordance with GAAP and as presented in the Company’s financial statements) for the Performance Period, adjusted up (or down), as approved by the Board of Directors, for the cash effect of any (iii) non-GAAP adjustments or “add-backs” to the Company’s financial statements, such as acquisition and integration expenses, severance expenses, contingent payments and non-recurring expenses, among others.  FCF constitutes a “Performance Measure” within the meaning of the Plan.
​
 “Good Reason” has the meaning set forth in your Employment Agreement with the Company provided, that no event will constitute “Good Reason” hereunder unless it is described in the Treasury Regulation Section 1.409A-1(n)(2).
​
“Performance Period” means the time period specified in Section 1 of this Award Agreement.
​
“rTSR” means the percentile rank of the Company’s Total Shareholder Return as compared to the Total Shareholder Return of each member of the Russell 2000 Index, determined by dividing the number of members of the Russell 2000 Index with Total Shareholder Return equal to or lower than the Company’s Total Shareholder Return for the Performance Period by the total number of members of the Russell 2000 Index minus one (1).  For such determination of percentile rank, the members of the Russell 2000 Index shall be those companies that are members of the Russell 2000 Index during the entire Performance Period.  rTSR constitutes a “Performance Measure” within the meaning of the Plan.
​
“Total Shareholder Return” means the change in a company’s stock price over the Performance Period (counting any dividends paid as if such dividends were reinvested at the time of issuance) divided by that company’s stock price at the beginning of the Performance Period, expressed as a percentage.  The stock price at the beginning of the Performance Period shall be calculated using the relevant company’s closing stock price on the first trading day of the Performance Period. The stock price at the end of the Performance Period shall be calculated using the relevant company’s closing stock price on the last trading day of the Performance Period. 
​
“Total Target Number of Shares” means the number of Shares specified in Section 1 of this Award Agreement. 
​
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4825-0270-4556, v. 5

5
​Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (this “Agreement”),
dated as of May 5, 2021 (the “Effective Date”), is between SIRIUS XM RADIO INC., a Delaware corporation (the
“Company”), and DARA F. ALTMAN (the “Executive”).

 

WHEREAS, the Company and the Executive previously
entered into an employment agreement dated as of May 31, 2018 (the “Prior Agreement”); and

 

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

 

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

 

1. Employment.
Subject to the terms and conditions of this Agreement, the Company hereby employs the Executive, and the Executive hereby agrees
to continue her employment with the Company and Sirius XM Holdings Inc. (“Holdings”). The Executive acknowledges
that entry into this Agreement shall not constitute “Good Reason” under the Prior Agreement or this Agreement.

 

2. Duties
and Reporting Relationship. (a) The Executive shall continue her employment as the Executive Vice President and Chief Administrative
Officer of both the Company and Holdings, which shall include being the head of each of the Human Resources, Facilities, Real Estate
and Security functions. During the Term (as defined below), the Executive shall use her skills and render services to the best
of her ability, consistent with the needs of the Company and Holdings. The Executive shall perform such activities and duties consistent
with her position that the Chief Executive Officer of the Company and Holdings (the “CEO”) shall from time to
time reasonably specify and direct. During the Term, the Executive shall not perform any consulting services for, or engage in
any other business enterprises with, any third parties without the express written consent of the CEO, other than charitable, civic
and other non-business activities that do not interfere with her duties to the Company and Holdings, and passive investments.

 

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

 

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

 

3. Term;
Effective Date. The term of this Agreement shall commence on, and this Agreement shall become effective as of, the Effective
Date and shall end on June 30, 2023, unless terminated earlier pursuant to the provisions of Section 6. The Executive shall be
employed on, and expected to perform her duties and responsibilities on, a full-time basis from the Effective Date through May
31, 2022 (the “Full-Time Term”), and shall be employed on, and

    	 

    	

    

expected to perform her duties and responsibilities
on, a part-time basis from June 1, 2022 through June 30, 2023 (the “Part-Time Term”), in each case, unless terminated
earlier pursuant to the provisions of Section 6 (the Full-Time Term and the Part-Time Term, together through the date on which
the Executive’s employment terminates, is referred to herein as the “Term”). During the Part-Time Term,
the Executive shall work the equivalent of three full-time days per week and shall assist the Company with any transition of the
Executive’s duties and responsibilities, as requested by the Company. The Executive shall also serve as an advisor to SiriusXM
Cares, the Company’s charitable effort, during the Part-Time Term. The Executive shall not be required to be in the Company’s
offices during the Part-Time Term.

 

4. Compensation.
(a) During the Term, the Executive shall be paid an annual base salary of $625,000, which may be subject to increase (but not decrease)
from time to time by recommendation of the CEO to, and approval by, the Board of Directors of Holdings (the “Board”)
or any committee thereof (such amount, as increased, the “Base Salary”). All amounts paid to the Executive under
this Agreement shall be in U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the Company, may
be paid more frequently.

 

(b) On
May 5, 2021 (the “Grant Date”), the Company shall cause Holdings to grant to the Executive the following:

 

(i) an option to purchase shares of Holdings’
common stock, par value $.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 $750,000,
determined by using inputs consistent with those Holdings uses for its financial reporting purposes. Such option shall be subject
to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A;

 

(ii) a number of restricted stock units
(“RSUs”) equal to $750,000, divided by the average closing price of the Common Stock on the Nasdaq Global Select
Market for the twenty (20)-trading day period preceding, but not including, the Grant Date. Such RSUs shall be subject to the terms
and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B; and

 

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

 

(c) All
compensation paid to the Executive hereunder shall be subject to any payroll and withholding deductions required by applicable
law, including, as and where

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applicable, federal, New York State and New
York City income tax withholding, federal unemployment tax and social security (FICA).

 

5. Additional
Compensation; Expenses and Benefits. (a) During the Term, the Company shall reimburse the Executive for all reasonable and
necessary business expenses incurred and advanced by her in carrying out her duties under this Agreement; provided that
such expenses are incurred in accordance with the policies and procedures established by the Company. The Executive shall be entitled
to fly business, or if business is not offered on such flight, first class when traveling for business purposes. The Executive
shall present to the Company an itemized account of all expenses in such form as may be required by the Company from time to time.

 

(b) During
the Full-Time Term, the Executive shall be entitled to participate fully in any other benefit plans, programs, policies and fringe
benefits which may be made available to the executive officers of the Company and/or Holdings generally, including, without limitation,
disability, medical, dental and life insurance and benefits under the Company’s and/or Holdings’ 401(k) savings plan
and deferred compensation plan. During the Part-Time Term, the Executive shall be entitled to participate in such plans to the
extent eligible pursuant to the terms of such plan(s) and the Company’s policies, and in accordance with applicable law.
To the extent the Executive is not eligible for medical, dental or vision insurance during the Part-Time Term, the Company
shall pay the Executive for the employer-portion of obtaining those benefits under COBRA while the Executive remains employed during
the Part-Time Term.

 

(c) For
calendar years 2021 and 2022, the Executive shall be eligible to participate in any bonus plans generally offered to executive
officers of the Company and/or Holdings. The Executive’s annual bonus (the “Bonus”), if any, shall be
determined annually by the CEO, or the Board or the compensation committee of the Board (the “Compensation Committee”).
Notwithstanding the foregoing, any Bonus earned in respect of calendar year 2022 shall be pro-rated to reflect the number of days
that the Executive remained employed by the Company during the Full-Time Term in calendar year 2022. Bonus(es) shall be subject
to the Executive’s individual performance and satisfaction of objectives established by the CEO or the Board or the Compensation
Committee, and further are subject to the exercise of discretion by the CEO and review and approval by the Compensation Committee.
Bonus(es), if any, shall be paid in the form of cash and shall be paid by March 15th of the following year. The Executive
will not be eligible to participate in any bonus plans in respect of the Part-Time Term.

 

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

 

6. Termination.
The date upon which the Executive’s employment with the Company under this Agreement is deemed to be terminated in accordance
with any of the provisions of this Section 6 is referred to herein as the “Termination Date.” With respect to
any payment or benefits that would be considered deferred compensation subject to Section 409A (“Section 409A”)
of the Internal Revenue Code of 1986, as amended (the “Code”), and which are payable upon or following a termination
of employment, a termination of employment shall not be deemed to have occurred unless such termination also constitutes a “separation
from service” within the meaning of Section 409A and the regulations thereunder (a “Separation from

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Service”), and notwithstanding
anything contained herein to the contrary, the date on which a Separation from Service takes place shall be the Termination Date.
In the event of the Executive’s death, any amounts owed to the Executive hereunder shall instead be paid to the Executive’s
designated beneficiary (or, if none, to the Executive’s estate).

 

(a) The
Company has the right and may elect to terminate the Executive’s employment under this Agreement with or without Cause at
any time. For purposes of this Agreement, “Cause” means the occurrence or existence of any of the following:

 

(i) (A)
a material breach by the Executive of the terms of this Agreement, (B) a material breach by the Executive of the Executive’s
duty not to engage in any transaction that represents, directly or indirectly, self-dealing with the Company, Holdings or any of
their respective affiliates (which, for purposes hereof, shall mean any individual, corporation, partnership, association, limited
liability company, trust, estate, or other entity or organization directly or indirectly controlling, controlled by, or under direct
or indirect common control with the Company and/or Holdings) which has not been approved by a majority of the disinterested directors
of the Board, or (C) the Executive’s violation of the Company’s and/or Holdings’ Code of Ethics, or any other
written Company or Holdings policy that is communicated to the Executive in a similar manner as such policy is communicated to
other employees of the Company and/or Holdings, which is demonstrably and materially injurious to the Company, Holdings and/or
any of their respective affiliates, if any such material breach or violation described in clauses (A), (B) or (C), to the extent
curable, remains uncured after fifteen (15) days have elapsed following the date on which the Company gives the Executive written
notice of such material breach or violation;

 

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

 

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

 

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

 

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

 

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

 

(vii) conduct
by the Executive that, in the reasonable good faith written determination of the Board, manifests the Executive’s lack of
fitness to serve as an officer of the Company, Holdings or their respective affiliates, including but not limited to a finding
by the Board or any judicial or regulatory authority that the Executive committed acts of unlawful

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harassment or violated any other state, federal
or local law or ordinance prohibiting discrimination in employment.

 

(b) Termination
of the Executive for Cause pursuant to Section 6(a) shall be communicated by a Notice of Termination for Cause. For purposes of
this Agreement, a “Notice of Termination for Cause” shall mean delivery to the Executive of a copy of a resolution
or resolutions duly adopted by the affirmative vote of not less than a majority of the directors present (in person or by teleconference)
and voting at a meeting of the Board called and held for that purpose after fifteen (15) days’ notice to the Executive (which
notice the Company shall use reasonable efforts to confirm that the Executive has actually received and which notice for purposes
of Section 6(a) may be delivered, in addition to the requirements set forth in Section 17, through the use of electronic mail)
and a reasonable opportunity for the Executive, together with the Executive’s counsel, to be heard before the Board prior
to such vote, finding that in the good faith opinion of the Board, the Executive committed the conduct set forth in any of clauses
(i) through (vii) of Section 6(a) and specifying the particulars thereof in reasonable detail. For purposes of Section 6(a), the
Executive’s employment and the Term shall terminate on the date specified by the Board in the Notice of Termination for Cause
and one (1) day following the receipt by the Executive of a notice of a termination without Cause.

 

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

 

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

 

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

    	5

    	

    

(e) Should
the Executive wish to resign from her employment with the Company and Holdings during the Term for Good Reason following the Company’s
failure to cure an applicable event as contemplated below, the Executive shall give at least seven (7) days’ prior written
notice to the Company. The Executive’s employment and the Term of this Agreement shall terminate on the date specified in
such notice given in accordance with the relevant provision; provided that the Company may, at its sole discretion, instruct
the Executive to cease active employment and perform no more job duties immediately upon or following receipt of such notice from
the Executive. Further, any resignation by the Executive of her position with the Company shall be deemed a resignation of her
position with Holdings (and vice versa).

 

For purposes of this Agreement, “Good
Reason” shall mean the continuance of any of the following events (without the Executive’s prior written consent)
for a period of thirty (30) days after delivery to the Company by the Executive of a written notice within ninety (90) days of
the Executive becoming aware of the initial occurrence of such event, during which thirty (30)-day period of continuation the Company
and Holdings shall be afforded an opportunity to cure such event (and provided that the Executive’s effective date of resignation
for Good Reason is within one hundred thirty-five (135) days of the Good Reason event); provided that, during the Part-Time
Term, “Good Reason” shall only mean the occurrences described in subsections (ii), (iv) and (v) below:

 

(i) the
assignment to the Executive by the Company and/or Holdings of duties not reasonably consistent with the Executive’s positions,
duties, responsibilities, titles or offices on the Effective Date, any reduction in the Executive’s title, any material reduction
in the Executive’s duties or responsibilities as described in Section 2, or any removal of the Executive from, or any failure
to re-elect the Executive to, any of such positions (except in connection with the termination of the Executive’s employment
for Cause, Disability or as a result of the Executive’s death or by the Executive other than for Good Reason); or

 

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

 

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

 

(iv) any
reduction in the Base Salary; or

 

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

 

(f) (i)
If the employment of the Executive is terminated during the Term by the Company for Cause, by the Executive other than for Good
Reason or due to death or Disability, the Executive shall, in lieu of any future payments or benefits under this Agreement, be
entitled to (A) any earned but unpaid Base Salary and any business expenses incurred but not reimbursed, in each case, prior to
the Termination Date and (B) any other vested benefits under

    	6

    	

    

any other benefit or incentive plans or programs
in accordance with the terms of such plans and programs (collectively, the “Accrued Payments and Benefits”).

 

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

 

(A) the Accrued Payments and Benefits;

 

(B) if the Termination Date occurs
prior to June 1, 2022, a lump sum amount equal to the sum of (x) the Executive’s annualized Base Salary then in effect and
(y) an amount in cash equal to the Bonus last paid (or due and payable) to the Executive, with such lump sum amount to be paid
on the sixtieth (60th) day following the Termination Date;

 

(C) if the Termination Date occurs
on or after June 1, 2022, an amount equal to the Executive’s annualized Base Salary then in effect, with such amount to be
paid on the sixtieth (60th) day following the Termination Date;

 

(D) if the Termination Date occurs
prior to January 1, 2023, a pro-rated Bonus for the year in which the termination occurred (based on actual achievement of applicable
performance criteria, and based on the number of days the Executive was employed by the Company as a full time employee as a portion
of the applicable calendar year), payable when annual bonuses are normally paid to other executive officers of the Company; provided
that there (x) shall be no duplication with the pro-rated Bonus for calendar year 2022 described in Section 5(c), and (y) if the
Termination Date occurs in calendar year 2023 but prior to the payment of such pro-rated Bonus for calendar year 2022, such Bonus
shall still be paid to the Executive at the same time when annual bonuses are normally paid to other executive officers of the
Company;

 

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

 

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

 

(g) The
Company’s obligations under Section 6(f)(ii) shall be conditioned upon the Executive or the Executive’s representative
executing, delivering, and not revoking

    	7

    	

    

during the applicable revocation period a
waiver and release of claims against the Company and Holdings, substantially in the form attached as Exhibit D (the “Release”)
within sixty (60) days following the Termination Date; provided that the Company’s General Counsel may waive such
requirement in the case of the Executive’s death. Upon expiration of the Term on June 30, 2023, the Executive shall not be
entitled to receive, and the Company shall have no obligation to pay, the payments/benefits set forth above in Section 6(f)(ii).

 

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

 

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

 

(j) Unless
prohibited by applicable law or the terms of the Company’s applicable medical or dental insurance plan, in the case of any
termination of the Executive’s employment (other than due to the Executive’s death or by the Company for Cause) where
there is a “lapse” period between the expiration of the Medical Severance Benefit and June 30, 2023, then the Executive
and her eligible dependents shall be entitled to participate in the Company’s medical and dental insurance plans until June
30, 2023 or, if earlier, until the date of the Executive’s death (as applicable, the “Medical Continuation Period”)
at the Company’s expense (by direct payment, not reimbursement to the Executive) in a manner that will not be taxable to
the Executive. In the event that either (i) the terms of the Company’s applicable medical or dental insurance plan prohibit
participation by the Executive or her eligible dependents or (ii) the Company is unable, after using its commercially reasonable
efforts, to secure a stop-loss insurance policy that covers claims with respect to the continued insurance coverage contemplated
by this Section 6(j) in excess of not more than 150% of the cost of stop-loss insurance coverage for the then-current employees
of the Company, then the Company shall, in lieu of the applicable continued insurance coverage contemplated by this Section 6(j),
obtain comparable coverage for the Executive and her eligible dependents at no additional cost to the Executive for the duration
of the Medical Continuation Period, provided that the cost to provide

    	8

    	

    

such comparable coverage shall not exceed
three (3) times the amount that the Company would have paid to provide such coverage to the Executive as if she were an active
employee. The Company shall not amend any applicable medical or insurance plan primarily for the purpose of defeating the Executive’s
rights as set forth in this Section 6(j).

 

(k) Following
the termination of the Executive’s employment for any reason, if and to the extent requested by the Board, the Executive
agrees to resign, as may then be applicable, from the Board, all fiduciary positions (including, without limitation, as trustee)
and all other offices and positions the Executive holds with the Company, Holdings or any of their respective affiliates; provided
that if the Executive refuses to tender the Executive’s resignation after the Board has made such request, then the Board
will be empowered to remove the Executive from such offices and positions.

 

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

 

(b) “Confidential
Information” shall mean information about the Company’s and/or Holdings’ (and their respective affiliates’)
business and operations that is not disclosed by the Company or Holdings (or their respective affiliates) for financial reporting
purposes and that was learned by the Executive in the course of her employment by the Company and/or Holdings, including, without
limitation, any business plans, product plans, strategy, budget information, proprietary knowledge, patents, trade secrets, data,
formulae, sketches, notebooks, blueprints, information and client and customer lists and all papers and records (including but
not limited to computer records) of the documents containing such Confidential Information, other than information that is publicly
disclosed by the Company and/or Holdings (or their respective affiliates) in writing. The Executive acknowledges that such Confidential
Information is specialized, unique in nature and of great value to the Company and/or Holdings, and that such information gives
the Company and/or Holdings a competitive advantage. The Executive agrees to deliver or return to the Company, at the Company’s
request at any time or upon termination or expiration of her employment or as soon as possible thereafter, all documents, computer
tapes and disks, records, lists, data, drawings, prints, notes and written information (and all copies thereof) furnished by or
on behalf of the Company and/or Holdings or prepared by the Executive in the course of her employment by the Company and/or Holdings;
provided that the Executive will be able to keep her cell phones, personal computers, personal contact list and the like so long
as any Confidential Information is removed from such items.

 

(c) Nothing
in this Agreement will preclude, prohibit or restrict the Executive from (i) communicating with any federal, state or local administrative
or regulatory agency or authority, including but not limited to the Securities and Exchange Commission (the “SEC”);
(ii) participating or cooperating in any investigation conducted by any governmental agency or authority; or (iii) filing a charge
of discrimination with the United States Equal Employment Opportunity Commission or any other federal state or local administrative
agency or regulatory

    	9

    	

    

authority. Nothing in this Agreement, or any
other agreement between the parties, prohibits or is intended in any manner to prohibit, the Executive from (A) reporting a possible
violation of federal or other applicable law or regulation to any governmental agency or entity, including but not limited to the
Department of Justice, the SEC, the U.S. Congress, and any governmental agency Inspector General, or (B) making other disclosures
that are protected under whistleblower provisions of federal law or regulation. This Agreement does not limit the Executive’s
right to receive an award (including, without limitation, a monetary reward) for information provided to the SEC. The Executive
does not need the prior authorization of anyone at the Company to make any such reports or disclosures, and the Executive is not
required to notify the Company that the Executive has made such reports or disclosures. Nothing in this Agreement or any other
agreement or policy of the Company is intended to interfere with or restrain the immunity provided under 18 U.S.C. §1833(b).
The Executive cannot be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that is made (I) (x) in confidence to federal, state or local government officials, directly or indirectly, or to an attorney,
and (y) for the purpose of reporting or investigating a suspected violation of law; (II) in a complaint or other document filed
in a lawsuit or other proceeding, if filed under seal; or (III) in connection with a lawsuit alleging retaliation for reporting
a suspected violation of law, if filed under seal and does not disclose the trade secret, except pursuant to a court order. The
provisions of this Section 7(c) are intended to comply with all applicable laws. If any laws are adopted, amended or repealed after
the execution of this Agreement, this Agreement shall be deemed to be amended to reflect the same.

 

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

 

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

    	10

    	

    

immediately preceding sentence. The Executive
agrees that during the Restricted Period she will not solicit or assist others to solicit the employment of or hire any employee
of Holdings, the Company, or their subsidiaries or Liberty Media Corporation without the prior written consent of the Company.
For purposes of this Agreement, the “Restricted Period” shall mean a period of one (1) year following the Milestone
Date. For purposes of this Agreement, the term “radio” shall be defined broadly and shall include any and all
forms and mediums of audio distribution now existing or hereafter developed, including terrestrial radio, streaming audio services,
podcasting and on-demand audio services. Notwithstanding anything to the contrary in this Section 8, it shall not be a violation
of this Section 8 for the Executive to join a division or business line of a commercial enterprise with multiple divisions or business
lines if such division or business line is not engaged in a Competitive Activity; provided that the Executive performs services
solely for such non-competitive division or business line. The Executive’s obligations under this Section 8 during the Restricted
Period are expressly conditioned upon, and subject to, the Company’s compliance with its applicable payment obligations,
if any, under Section 6.

 

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

 

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

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1, Q&A 24, with the highest values reduced first (as such
values are determined under Treasury Regulation Section 1.280G-1, Q&A 24), will next be reduced; and (v) all other non-cash
benefits not otherwise described in clauses (ii) or (iv) will be next reduced pro-rata. Any reductions made pursuant to each of
clauses (i)-(v) above will be made in the following manner: first, a pro-rata reduction of cash payment and payments and benefits
due in respect of any equity not subject to Section 409A, and second, a pro-rata reduction of cash payments and payments and benefits
due in respect of any equity subject to Section 409A as deferred compensation.

 

(c) For
purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax: (i) no portion of
the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to
constitute a “payment” within the meaning of Section 280G(b) of the Code will be taken into account; (ii) no portion
of the Total Payments will be taken into account which, in the opinion of tax counsel (“Tax Counsel”) reasonably
acceptable to the Executive and selected by the accounting firm which was, immediately prior to the change of control, the Company’s
independent auditor (the “Auditor”), does not constitute a “parachute payment” within the meaning
of Section 280G(b)(2) of the Code (including, without limitation, by reason of Section 280G(b)(4)(A) of the Code) and, in calculating
the Excise Tax, no portion of such Total Payments will be taken into account which, in the opinion of Tax Counsel, constitutes
reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code (including, without
limitation, any portion of such Total Payments equal to the value of the covenant included in Section 8, as determined by the Auditor
or such other accounting, consulting or valuation firm selected by the Company prior to the change of control and reasonably acceptable
to the Executive), in excess of the “base amount” (as set forth in Section 280G(b)(3) of the Code) that is allocable
to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the
Total Payments will be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.

 

(d) At
the time that payments are made under this Agreement, the Company will provide the Executive with a written statement setting forth
the manner in which such payments were calculated and the basis for such calculations, including but not limited to any opinions
or other advice the Company or Holdings received from Tax Counsel, the Auditor, or other advisors or consultants (and any such
opinions or advice which are in writing will be attached to the statement). If the Executive objects to the Company’s calculations,
the Company will pay to the Executive such portion of the Total Payments (up to 100% thereof) as the Executive determines is necessary
to result in the proper application of this Section 9. All determinations required by this Section 9 (or requested by either the
Executive or the Company in connection with this Section 9) will be at the expense of the Company. The fact that the Executive’s
right to payments or benefits may be reduced by reason of the limitations contained in this Section 9 will not of itself limit
or otherwise affect any other rights of the Executive under this Agreement.

 

(e) If
the Executive receives reduced payments and benefits by reason of this Section 9 and it is established pursuant to a determination
of a court which is not subject to review or as to which the time to appeal has expired, or pursuant to an Internal Revenue Service

    	12

    	

    

proceeding, that the Executive could have received a greater
amount without resulting in any Excise Tax, then the Company shall thereafter pay the Executive the aggregate additional amount
which could have been paid without resulting in any Excise Tax as soon as reasonably practicable.

 

10. Remedies.
The Executive and the Company agree that damages for breach of any of the covenants under Sections 7 and 8 will be difficult to
determine and inadequate to remedy the harm which may be caused thereby, and therefore consent that these covenants may be enforced
by temporary or permanent injunction without the necessity of bond. The Executive believes, as of the date of this Agreement, that
the provisions of this Agreement are reasonable and that the Executive is capable of gainful employment without breaching this
Agreement. However, should any court or arbitrator decline to enforce any provision of Section 7 or 8, this Agreement shall, to
the extent applicable in the circumstances before such court or arbitrator, be deemed to be modified to restrict the Executive’s
competition with the Company to the maximum extent of time, scope and geography which the court or arbitrator shall find enforceable,
and such provisions shall be so enforced.

 

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

 

12. Entire
Agreement. The provisions contained herein constitute the entire agreement between the parties with respect to the subject
matter hereof and supersede any and all prior agreements, understandings and communications between the parties, oral or written,
with respect to such subject matter, including but not limited to the Prior Agreement, but excluding any equity award agreements
between the Executive and the Company and/or Holdings. Nothing herein is intended to supersede or waive obligations of the Executive
to comply with any assignment of invention provisions applicable to the Executive under the Code of Ethics or any assignment of
invention agreement(s) between the Company and/or Holdings and the Executive.

 

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

 

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

 

15. Assignment.
The Executive may not assign any of her rights or delegate any of her duties hereunder without the prior written consent of the
Company. The Company may not assign any of its rights or delegate any of its obligations hereunder without the prior written consent
of the Executive, except that any successor to the Company or Holdings by

    	13

    	

    

merger or purchase of all or substantially
all of the Company’s and/or Holdings’ assets shall assume this Agreement.

 

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

 

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

 

	 	
        if to the Company:

         

        Sirius XM Radio Inc.

        1221 Avenue of the Americas

        35th Floor

        New York, New York 10020

        Attention: Chief Executive Officer

        Telecopier: (212) 584-5353

         

        if to the Executive:

         

        Address on file at the offices

        of the Company

 

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

 

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

 

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

 

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

    	14

    	

    

from the Executive’s employment with
the Company or Holdings or her termination, including but not limited to disputes over rights provided by federal, state, or local
statutes, regulations, ordinances, and common law, including all laws that prohibit discrimination based on any protected classification.
The parties expressly waive the right to a jury trial, and agree that the arbitrator’s award shall be final and binding
on both parties, and shall not be appealable. The arbitrator shall have the discretion to award monetary and other damages,
and any other relief that the arbitrator deems appropriate and is allowed by law. The arbitrator shall also have the discretion
to award the prevailing party reasonable costs and attorneys’ fees incurred in bringing or defending an action, and shall
award such costs and fees to the Executive in the event the Executive prevails on the merits of any action brought hereunder.

 

(b) The
Company shall pay the cost of any arbitration proceedings under this Agreement if the Executive prevails in such arbitration on
at least one substantive issue.

 

(c) The
Company and the Executive agree that the sole dispute that is excepted from Section 20(a) is an action seeking injunctive relief
from a court of competent jurisdiction regarding enforcement and application of Sections 7, 8 or 10, which action may be brought
in addition to, or in place of, an arbitration proceeding in accordance with Section 20(a).

 

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

 

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

 

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

 

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

    	15

    	

    

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

 

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

 

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

    	16

    	

    

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

 

	 	SIRIUS XM RADIO INC.
	 	 	 	 
	 	By: 	/s/ Patrick Donnelly	 
	 	 	Patrick Donnelly	 
	 	 	Executive Vice President, General	 
	 	 	Counsel and Secretary	 
	 	 	 	 
	 	 	/s/ Dara F. Altman	 
	 	 	DARA F. ALTMAN	 

    	17

    	

    

Exhibit A

 

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

 

STOCK OPTION AGREEMENT

 

This STOCK OPTION AGREEMENT (this “Agreement”),
dated May 5, 2021, is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”), and DARA F. ALTMAN
(the “Executive”).

 

1.
Grant of Option; Vesting. (a) Subject to the terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term
Stock Incentive Plan (the “Plan”), and the Employment Agreement, dated as of May 5, 2021, between Sirius XM
Radio Inc. (“Sirius XM”) and the Executive (the “Employment Agreement”), the Company hereby
grants to the Executive the right and option (this “Option”) to purchase ______________________ (_________)
shares1 of common stock, par value $0.001 per share,
of the Company (the “Shares”), at a price per Share of $___ (the “Exercise Price”).2
This Option is not intended to qualify as an Incentive Stock Option for
purposes of Section 422 of the Internal Revenue Code of 1986, as amended. In the case of any stock split, stock dividend or like
change in the Shares occurring after the date hereof, the number of Shares and the Exercise Price shall be adjusted as set forth
in Section 4(b) of the Plan.

 

(b) Subject to the terms of this Agreement,
this Option shall vest and become exercisable as follows: this Option shall vest and become exercisable with respect to _______
Shares on May 31, 2022 and ____________ Shares on May 31, 2023, subject to the Executive’s continued employment with Sirius
XM on each of these dates, other than as specifically stated herein.

 

(c) If the Executive’s employment with
Sirius XM terminates for any reason, this Option, to the extent not then vested, shall immediately terminate without consideration;
provided that if the Executive’s employment with Sirius XM is terminated (x) due to death or “Disability”
(as defined in the Employment Agreement), (y) by Sirius XM without “Cause” (as defined in the Employment Agreement),
or (z) by the Executive for “Good Reason” (as defined in the Employment Agreement), then the unvested portion
of this Option, to the extent not previously cancelled or forfeited, shall immediately become vested and exercisable. In order
for the Executive to receive any accelerated vesting pursuant to this Section 1(c), the Executive must execute a release in accordance
with Section 6(g) of the Employment Agreement (except that the Company’s General Counsel may waive such requirement in the
case of the Executive’s death).

 

2. Term. This Option shall terminate
on May 3, 2031 (the Option Expiration Date”); provided that if:

 

 

 

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

2 Closing price on the Grant Date.

    	18

    	

    

(a) the
Executive’s employment with Sirius XM is terminated due to the Executive’s death or Disability, by Sirius XM without
Cause, or by the Executive for Good Reason, the Executive may exercise this Option 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 her 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 her 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 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 employment of the Executive at any time, subject to the
terms of the Employment Agreement or any other written employment or similar written agreement between or among the Company, Sirius
XM, or any of their respective subsidiaries or affiliates, and the Executive.

    	19

    	

    

8. Professional Advice. The acceptance
and exercise of this Option may have consequences under federal and state tax and securities laws that may vary depending upon
the individual circumstances of the Executive. Accordingly, the Executive acknowledges that the Executive has been advised to consult
her 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 otherwise defined shall have the same meanings as in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review it and comply
with its terms. This Agreement, the Employment Agreement and the Plan constitute the entire understanding between or among the
Company, Sirius XM and the Executive with respect to this Option.

 

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

 

11. Notices. All notices and other
communications hereunder shall be in writing and shall be deemed given when delivered personally or when telecopied (with confirmation
of transmission received by the sender), three (3) business days after being sent by certified mail, postage prepaid, return receipt
requested or one (1) business day after being delivered to a nationally recognized overnight courier with next day delivery specified
to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): Company:
Sirius XM Holdings Inc., 1221 Avenue of the Americas, 35th Floor, New York, New York 10020, Attention: General Counsel; and Executive:
Address on file at the office of the Company. Notices sent by email or other electronic means not specifically authorized by this
Agreement shall not be effective for any purpose of this Agreement.

 

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

 

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

    	20

    	

    

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

 

	 	SIRIUS XM HOLDINGS INC.
	 	 	 	 
	 	By: 	Exhibit A	 
	 	 	Patrick Donnelly	 
	 	 	Executive Vice President, General	 
	 	 	Counsel and Secretary	 
	 	 	 	 
	 	 	Exhibit A	 
	 	 	DARA F. ALTMAN	 

    	21

    	

    

Exhibit B

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

This RESTRICTED STOCK UNIT AGREEMENT (this
“Agreement”), dated May 5, 2021, is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the “Company”),
and DARA F. ALTMAN (the “Executive”).

 

1.
Grant of RSUs. Subject to the terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive
Plan (the “Plan”), and the Employment Agreement, dated as of May 5, 2021, between Sirius XM Radio Inc. (“Sirius
XM”) and the Executive (the “Employment Agreement”), the Company hereby grants ________________3
restricted share units (“RSUs”) to the Executive. Each
RSU represents the unfunded, unsecured right of the Executive to receive one share of common stock, par value $.001 per share,
of the Company (each, a “Share”) on the 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, (i) on May 31, 2022, the Company shall issue,
or cause there to be transferred, to the Executive ____ Shares representing an equal number of RSUs granted to the Executive under
this Agreement (as adjusted pursuant to Section 2 above, if applicable), and (ii) on May 31, 2023, the Company shall issue, or
cause there to be transferred, to the Executive _____ Shares, representing an equal number of RSUs granted to the Executive under
this Agreement (as adjusted pursuant to Section 2 above, if applicable), in each case, if the

 

 

 

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

    	22

    	

    

Executive continues to be employed by Sirius XM on each of these
dates, other than as specifically stated herein.

 

(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 due to (x) death or “Disability” (as defined in the Employment Agreement),
(y) by Sirius XM without “Cause” (as defined in the Employment Agreement), or (z) by the Executive for “Good
Reason” (as defined in the Employment Agreement), the RSUs, to the extent not previously settled, cancelled or forfeited,
shall immediately become vested and the Company shall issue, or cause there to be transferred, to the Executive the amount of Shares
equal to the number of RSUs granted to the Executive under this Agreement (to the extent not previously transferred, cancelled
or forfeited), as adjusted pursuant to Section 2 above, if applicable. In order for the Executive to receive any accelerated vesting
pursuant to this Section 4(b), the Executive must execute a release in accordance with Section 6(g) of the Employment Agreement
(except that the Company’s General Counsel may waive such requirement in the case of the Executive’s death).

 

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
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 Employment Agreement or any other written employment or
similar written agreement between or among the Company, Sirius XM, or any of their respective subsidiaries or affiliates, and the
Executive.

    	23

    	

    

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 her personal legal and
tax advisors in connection with this Agreement and the RSUs.

 

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

 

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

 

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

 

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

    	24

    	

    

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.

 

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
	 	Patrick Donnelly	 	DARA F. ALTMAN
	 	Executive Vice President, General	 	 
	 	Counsel and Secretary	 	 

    	25

    	

    

Exhibit C-1

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT

(FREE CASH FLOW)

 

This PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT (this “Agreement”), dated May 5, 2021, is between SIRIUS XM HOLDINGS INC., a Delaware corporation
(the “Company”), and DARA F. ALTMAN (the “Executive”).

 

1.
Grant of PRSUs. Subject to the terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock
Incentive Plan (the “Plan”), and the Employment Agreement dated as of May 5, 2021 between Sirius XM Radio Inc.
(“Sirius XM”) and the Executive (the “Employment Agreement”), the Company hereby grants __________4
performance-based restricted stock units (“PRSUs”)
to the Executive. Each PRSU represents the unfunded, unsecured right of the Executive to receive one share of common stock, par
value $0.001 per share, of the Company (each, a “Share”) on the date specified in this Agreement.

 

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

 

3. No Rights of a Stockholder. The
Executive shall not have any rights as a stockholder of the Company until the Shares have been issued. Once a PRSU vests and a
Share is issued to the Executive pursuant to Sections 4 and 5, such PRSU is no longer considered a PRSU for purposes of this Agreement.

 

4. Issuance of Shares Subject to PRSUs.

 

(a) Performance Metric. 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

 

 

 

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

    	26

    	

    

Metric Target”) approved by the Company’s
Board of Directors (the “Board”) for the years ending December 31, 2021 and December 31, 2022 (together, the
“Performance Period”). The annual free cash flow component for each of 2021 and 2022 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.

 

The Performance Metric Target for the year
December 31, 2022 shall be reasonable in light of the Company’s business plan and budget for the applicable year and other
factors affecting the Company’s business taken as a whole.

 

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

 

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

 

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

 

(iii) If
the Company’s achievement of the Performance Metric Target is at least 80% but less than 100% of the Performance Metric Target,
the number of PRSUs that become Eligible PRSUs shall be determined by straight line interpolation between the thresholds set forth
in subsections (i) and (ii) of this Section 4(b).

 

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

 

(c) Issuance of Eligible PRSUs. Subject
to earlier issuance pursuant to the terms of this Agreement or the Plan, on May 31, 2023, 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 May 31, 2023.

 

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

    	27

    	

    

“Disability” (as defined in the Employment
Agreement), (y) by Sirius XM without “Cause” (as defined in the Employment Agreement), or (z) by the Executive
for “Good Reason” (as defined in the Employment Agreement) (any such applicable date of termination, the “PRSU
Termination Date”), then the PRSUs shall be treated in the following manner:

 

(i) if the PRSU Termination Date
occurs on or prior to the end of the Performance Period, or if the PRSU Termination Date occurs prior to the establishment of the
Performance Metric Target for the Performance Period, then the PRSUs granted to the Executive under this Agreement, 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 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 last day of 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 in order to give effect to the foregoing Section
5(a); provided that the Executive executes a release in accordance with Section 6(g) of the Employment Agreement (except
that the Company’s General Counsel may waive such requirement in the case of the Executive’s death).

 

(c) The Company shall issue, or cause there
to be transferred, to the Executive an amount of Shares representing the Eligible PRSUs (as adjusted pursuant to Section 2 above,
if applicable) as provided in Section 5(a)(i) or (ii), as applicable, on the 60th day following the Executive’s
termination of employment, but in no event later than March 15th of the year following the year of such termination
of employment.

 

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

    	28

    	

    

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 Employment Agreement, or any other written employment
or similar written agreement between or among the Company, Sirius XM or any of their 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 has been advised to consult the Executive’s
personal legal and tax advisors in connection with this Agreement and the PRSUs.

 

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

 

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

 

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

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

 

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

 

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

 

	SIRIUS XM HOLDINGS INC.
	 	 	 	 
	By: 	Exhibit C-1	 	Exhibit C-1
	 	Patrick Donnelly	 	DARA F. ALTMAN
	 	Executive Vice President, General	 	 
	 	Counsel and Secretary	 	 

    	30

    	

    

Exhibit C-2

 

SIRIUS XM HOLDINGS INC.

2015 LONG-TERM STOCK INCENTIVE PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT

(RELATIVE TSR)

 

This PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT (RELATIVE TSR) (this “Agreement”), dated May 5, 2021, is between SIRIUS XM HOLDINGS INC., a Delaware
corporation (the “Company”), and DARA F. ALTMAN (the “Executive”).

 

1.
Grant of PRSUs. Subject to the terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock
Incentive Plan (the “Plan”) and the Employment Agreement dated as of May 5, 2021 between Sirius XM Radio Inc.
and the Executive (the “Employment Agreement”), the Company hereby grants __________5 performance-based
restricted stock units (“PRSUs”) to the Executive, representing the target number of PRSUs eligible to be earned
under this Agreement (the “Target PRSUs”). Each PRSU represents the unfunded, unsecured right of the Executive
to receive one share of common stock, par value $0.001 per share, of the Company (each, a “Share”) on the date
specified in this Agreement.

 

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

 

3. Issuance of Shares subject to PRSUs.

 

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

 

(b) Calculation of Shares to be Issued.
No later than sixty (60) days following the end of the Performance Period, the Company shall certify the Company’s level
of achievement of the

 

 

 

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

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Performance Metric (such actual date of certification, the “Certification
Date”). Upon the Certification Date, the applicable portion of the Target PRSUs determined by the Payout Percentage (as
defined in the Performance Matrix) as a percentage of the Target PRSUs shall be calculated and shall remain eligible to vest, subject
to the Executive remaining employed by Sirius XM Radio Inc. or any of its subsidiaries or affiliates (“Sirius XM”)
through May 31, 2023 (except as otherwise set forth herein) (such PRSUs, the “Eligible Units”). On the Certification
Date, any PRSUS which do not become Eligible Units in accordance with the immediately preceding sentence shall immediately be forfeited
and cancelled, and the Executive shall not be entitled to any compensation or other amount with respect thereto.

 

(c) Issuance of Eligible Units. Subject
to the terms of this Agreement and/or the Plan, the Company shall issue, or cause there to be transferred, to the Executive on
May 31, 2023, subject to the Executive’s continuous employment by Sirius XM on May 31, 2023, a number of Shares equal to
the number of Eligible Units.

 

(d) Termination. Except as otherwise
set forth herein, if the Executive’s employment with Sirius XM terminates for any reason prior to May 31, 2023, then all
of the PRSUs shall immediately terminate without consideration. Notwithstanding the foregoing, if the Executive’s employment
with Sirius XM is terminated prior to May 31, 2023 (x) due to death or “Disability” (as defined in the Employment Agreement),
(y) by Sirius XM without “Cause” (as defined in the Employment Agreement), or (z) by the Executive for “Good
Reason” (as defined in the Employment Agreement), then the Target PRSUs, to the extent not previously settled, cancelled
or forfeited, shall, subject to the second to last sentence of this Section 3(d), immediately become vested and the Company shall
issue, or cause there to be transferred, to the Executive, on the 60th day following such termination of employment, the amount
of Shares equal to the number of Target PRSUs granted to the Executive under this Agreement, and as adjusted pursuant to Section
2 above, if applicable; provided that if such termination occurs after the last day of the Performance Period, then the
number of Shares to be issued or transferred shall be based on the greater of (i) the number of Target PRSUs or (ii) the number
or PRSUs that were determined to be Eligible Units as of the Certification Date. In no event shall such PRSUs be issued or transferred
later than the March 15th following the year of the Executive’s termination of employment. In the event the Executive’s
employment with Sirius XM terminates due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason,
the condition in Section 3(c) that the Executive be an employee of Sirius XM shall be waived; provided that the Executive
executes a release in accordance with Section 6(g) of the Employment Agreement (except that the Company’s General Counsel
may waive such requirement in the case of the Executive’s death).

 

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

    	32

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

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

    	33

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	SIRIUS XM HOLDINGS INC.
	 	 	 	 
	By: 	Exhibit C-2	 	Exhibit C-2
	 	Patrick Donnelly	 	DARA F. ALTMAN
	 	Executive Vice President, General	 	 
	 	Counsel and Secretary	 	 

    	34

    	

    

Annex A

 

Performance Matrix

 

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

 

The “Performance Period”
shall be January 1, 2021 through December 31, 2022.

 

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

 

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

 

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

 

(b) is equal to the
Starting Price; and

 

(c) is equal to one.

 

For purposes of determining TSR:

 

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

 

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

 

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

 

“Total Share Count” equals
one share of the Company’s common stock on the first day of the Performance Period, which is adjusted cumulatively for any
dividends declared over the

    	35

    	

    

Performance Period. The adjustment for each dividend declaration
shall increase the Total Share Count by an amount calculated as the sum of (x) and (y), where:

 

(x) equals the Current Total Share Count;
and

 

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

 

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

 

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

 

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

 

 

where:

 

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

 

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

 

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

 

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

 

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

    	36

    	

    

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

 

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

 

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

 

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

 

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

 

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

    	37

    	

    

Exhibit D

 

AGREEMENT AND RELEASE

 

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

 

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

 

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

 

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

 

2. The
Company and the Executive agree that the Executive shall be provided severance pay and other benefits, less all legally required
and authorized deductions, in accordance with the terms of Section 6(f)(ii) of the Employment Agreement between the Executive and
the Company, dated as of May 5, 2021 (the “Employment Agreement”); provided that no such severance benefits
shall be paid or provided if the Executive revokes this Agreement pursuant to Section 4 below. The Executive acknowledges and agrees
that she is entering into this Agreement in consideration of such severance benefits and the Company’s agreements set forth
herein. All vacation pay earned and unused as of the Termination Date will be paid to the Executive to the extent required by law.
Except as set forth above, the Executive will not be eligible for any other compensation or benefits following the Termination
Date other than any vested accrued benefits under the Company’s compensation and benefit plans, and other than the rights,
if any, granted to the Executive under the terms of any stock option, restricted stock, performance-based restricted stock or other
equity award agreements or plans and other than rights to indemnification and to directors’ and officers’ liability
insurance under the Employment Agreement, the Certificates of Incorporation and Bylaws of Holdings and the Company and their affiliates
(or similar constituent documents of affiliates) or the provisions of Delaware law.

 

3. The
Executive, for herself, and for her 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

    	38

    	

    

which could have been alleged in any manner
against the Released Parties prior to the execution of this Agreement and (b) all claims for any payment under the Employment Agreement;
provided that nothing contained in this Agreement shall affect the Executive’s rights (i) to indemnification from
Holdings, the Company or their affiliates as provided in the Employment Agreement or otherwise; (ii) to coverage under the insurance
policies of the Company, Holdings or their affiliates covering officers and directors; (iii) to other benefits which by their express
terms extend beyond the Executive’s separation from employment (including, without limitation, the Executive’s rights
under Sections 6(f) and 6(j) of the Employment Agreement); and (iv) under this Agreement, and (c) all claims for discrimination,
harassment and/or retaliation, under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, as amended,
the New York State Human Rights Law, as amended, as well as any and all claims arising out of any alleged contract of employment,
whether written, oral, express or implied, or any other federal, state or local civil or human rights or labor law, ordinances,
rules, regulations, guidelines, statutes, common law, contract or tort law, arising out of or relating to the Executive’s
employment with and/or separation from the Company, including but not limited to the termination of her 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 she 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 her 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) she may and should consult an attorney before signing this Agreement, (2) she
has [twenty-one (21)/forty-five (45)]6 days to consider
this Agreement, and (3) she 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 she has not made any assignment, transfer, conveyance or alienation of any potential claim, cause of action,
or any right of any kind whatsoever, including but not limited to, potential claims and remedies for discrimination, harassment,
retaliation, or wrongful termination, and that no other person or entity of any kind has had, or now has, any financial or other
interest in any of the demands, obligations, causes of

 

 

 

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

    	39

    	

    

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

 

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

 

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

 

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

 

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

 

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

 

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

    	40

    	

    

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

 

15. The
Executive and the Company represent that they have been afforded a reasonable period of time within which to consider the terms
of this Agreement (including but not limited to the foregoing release), that they have read this Agreement, and they are fully
aware of its legal effects. The Executive and the Company further represent and warrant that they enter into this Agreement knowingly
and voluntarily, without any mistake, duress, coercion or undue influence, and that they have been provided the opportunity to
review this Agreement with counsel of their own choosing. In making this Agreement, each party relies upon her or 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.

 

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

 

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

 

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

 

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

 

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

    	41

    	

    

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

 

	 	SIRIUS XM RADIO INC.
	 	 	 	 
	Dated:                                        	By: 	Exhibit D
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	Dated:                                        	 	Exhibit D	 
	 	DARA F. ALTMAN	 

    	42

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]