Document:

Exhibit 10.2

 

FIRST AMENDMENT

 

FIRST AMENDMENT, dated as of February 16,
2021 (this “First Amendment”), to the Employment Agreement, dated as of September 14, 2020 (the “Agreement”),
between SIRIUS XM RADIO INC., a Delaware corporation (the “Company”), and SEAN S. SULLIVAN (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Company and the Executive jointly
desire to amend certain provisions of the Agreement in the manner provided for in this First Amendment;

 

NOW, THEREFORE, for valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and in consideration of the premises contained herein, the Company
and the Executive hereby agree as follows:

 

1. PRSU Agreements. the Executive
and the Company agree that Performance–Based Restricted Stock Unit Agreement attached to the Agreement as Exhibit C shall
be deleted and replaced with Performance–Based Restricted Stock Unit Agreement attached to this First Amendment as Exhibit
C-1 and the Performance–Based Restricted Stock Unit Agreement (Relative TSR) attached to this First Amendment as Exhibit
C-2.

 

2. No Other Amendments. Except as
expressly amended, modified and supplemented by this First Amendment, the provisions of the Agreement are and shall remain in full
force and effect.

 

3. Governing Law. This First Amendment
shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

 

4.
Counterparts. This First Amendment 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.

 

5. Entire Agreement. This First Amendment
represents the entire agreement of the Company and the Executive with respect to the subject matter hereof, and there are no promises,
undertakings, representations or warranties by the parties hereto relative to the subject matter hereof not expressly set forth
or referred to herein.

 

6. No “Good Reason”. The
Executive acknowledges and agrees that neither the execution nor implementation of this First Amendment shall give rise to any
claim for “Good Reason” by the Executive under the Agreement.

    	 

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IN WITNESS WHEREOF, the parties hereto have
caused this First Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year
first above written.

 

	 	SIRIUS XM RADIO INC.
	 	 	 
	 	By:	/s/ Dara F. Altman	 
	 	 	Dara F. Altman
	 	 	Executive Vice President, 
	 	 	Chief Administrative Officer
	 	 	 
	 	 	/s/ Sean S. Sullivan	 
	 	 	SEAN S. SULLIVAN

    	 

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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 February 16, 2021, is between SIRIUS XM HOLDINGS INC., a Delaware corporation
(the “Company”), and SEAN S. SULLIVAN (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 September 14, 2020 between Sirius XM Radio Inc. (“Sirius XM”) and the
Executive (as amended, the “Employment Agreement”), the Company hereby grants 381,663 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 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

    	 

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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 each of
the years ending December 31, 2021 and 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 falls between 80% and 100% of the Performance Metric Target, the number of PRSUs that become Eligible
PRSUs shall be determined by straight line interpolation between the thresholds set forth in subsections (i) and (ii) of this Section
4(b).

 

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. Except as otherwise provided in Section 5, in
order to receive the Eligible PRSUs, the Executive must be employed by Sirius XM on October 26, 2023.

 

(c) Issuance of Eligible PRSUs. Subject
to earlier issuance pursuant to the terms of this Agreement or the Plan, on October 26, 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 October 26, 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

    	 

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“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

    	 

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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 meaning as in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review it and comply
with its terms. This Agreement, the 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.

    	 

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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
	 	Dara Altman	 	SEAN S. SULLIVAN
	 	Executive Vice President and	 	 
	 	Chief Administrative Officer	 	 

    	 

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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 February 16, 2021, is between SIRIUS XM HOLDINGS INC., a
Delaware corporation (the “Company”), and SEAN S. SULLIVAN (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 September 14, 2020 between Sirius XM Radio Inc. and the Executive (the “Employment
Agreement”), the Company hereby grants 381,663 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 Performance Metric (such actual date of certification, the “Certification Date”). Upon
the

    	 

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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 vest, subject to the Executive’s continuous employment with Sirius XM Radio Inc. or any of its subsidiaries or
affiliates (“Sirius XM”) through October 26, 2023 (except as otherwise set forth herein) (such PRSUs, the “Vested
Units”). On the Certification Date, any PRSUS which do not become Vested 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 Vested 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
the first business day following the Certification Date, subject to the Executive’s continuous service with Sirius XM on
October 26, 2023, a number of Shares equal to the number of Vested Units. In no event shall the Shares issued hereunder be issued
later than the March 15th following the end of the Performance Period.

 

(d) Termination. Except as otherwise
set forth herein, if the Executive’s employment with Sirius XM terminates for any reason prior to October 26, 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 October 26, 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 sixtieth 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. In no event shall such Target 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). Notwithstanding anything herein to the contrary, if the Executive’s employment terminates
for any reason on or after October 26, 2023, the Executive shall, without any requirement of executing a release, receive the Vested
Units in accordance with, and at the time provided, in Section 3(c).

 

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.

    	 

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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 meanings set forth in the Plan. The
Executive acknowledges that a copy of the Plan is posted on Sirius XM’s intranet site and the Executive agrees to review
it and comply with its terms. This Agreement, the 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.

    	 

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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.

    	 

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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
	 	Dara Altman	 	SEAN S. SULLIVAN
	 	Executive Vice President and	 	 
	 	Chief Administrative Officer	 	 

    	 

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Annex A

 

Performance Matrix

 

Target Award: Participant’s
overall target-level award hereunder is equal to 381,663PRSUs (the “Target PRSUs”).

 

The “Performance Period”
shall be January 1, 2021 through December 31, 2023.

 

The “Performance Metric”
shall be the three-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

    	 

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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%.

    	 

    		16

    

· 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.Exhibit 10.1

 

Execution
Version

 

TRANSITION
SERVICES AND SEPARATION AGREEMENT

 

This
Transition Services and Separation Agreement (the “Agreement”), dated and effective as of February 11,
2021 (the “Notice Date”), between ANI Pharmaceuticals, Inc. (the “Company”)
and Robert Schrepfer (referred to hereinafter as “you” or the “Executive”).
Each of the Company and Executive are sometimes referred to herein individually as a “Party” and together as the “Parties.”

 

RECITALS

 

WHEREAS,
the Executive is currently the Senior Vice President, Business Development and Specialty Sales of the Company;

 

WHEREAS,
the Company and the Executive previously entered into an Employment Agreement dated January 17, 2020 (the “Employment
Agreement”);

 

WHEREAS,
the Executive has provided the Company with notice of his intent to voluntarily resign from the Company without Good Reason (as
defined in the Employment Agreement);

 

WHEREAS,
the Executive and the Company have mutually agreed that the Executive will cease to be the Senior Vice President, Business Development
and Specialty Sales of the Company effective as of the earlier of (x) the date the Company terminates Executive’s employment
with or without Good Cause (as defined in the Employment Agreement), or (y) March 19, 2021 (such earlier date, the “Termination
Date”);

 

WHEREAS,
for the period from the Notice Date until the Termination Date (such period, the “Transition Period”),
the Executive shall continue to perform all the functions as the Senior Vice President, Business Development and Specialty Sales
of the Company pursuant to the terms of the Employment Agreement;

 

WHEREAS,
the Executive is not entitled to any severance benefits under the Employment Agreement related to the Executive’s voluntary
termination;

 

WHEREAS,
as of February 8, 2021, the Executive holds the outstanding equity awards reflected on Annex A attached hereto (the “Equity
Awards”), which were previously granted pursuant to the Company’s Sixth Amended and Restated 2008 Stock Incentive
Plan (the “Plan”);

 

WHEREAS,
subject to the terms of this Agreement, the Company desires to provide the Executive with certain benefits as described herein
in exchange for a general release of claims in favor of the Company; and

 

WHEREAS,
the Parties desire to formalize the terms and conditions related to the termination of the Executive’s employment relationship
with the Company pursuant to this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises and conditions set forth herein, and for other good and sufficient consideration,
the sufficiency of which is hereby acknowledged, the Company and the Executive agree as follows:

 

    1

     

    

 

AGREEMENT

 

1.                  
Transition Services; End of Employment; Termination of Severance Benefits.

 

(a)               
Transition Period. The Executive acknowledges and agrees that during the Transition Period the Executive will remain the
Senior Vice President, Business Development and Specialty Sales of the Company and continue as a full-time employee of the Company.
During the Transition Period, the Executive will (i) provide services consistent with his current duties and (ii) fully support
any transition and integration plans with respect to the Company and its employees. Effective as of the Termination Date, the
Executive will cease to be an employee of, or have any connection with, or claims against the Company (except for payments or
benefits due hereunder).

 

(b)               
No Authority to Bind. The Executive understands that effective as of the Termination Date, the Executive will cease to
be the Senior Vice President, Business Development and Specialty Sales of the Company. After the Termination Date, the Executive
will not hold himself out as representing the Company or otherwise attempt to bind the Company to any contractual arrangements.

 

(c)               
Transition Period Compensation. During the Transition Period, subject to the compliance with the terms of this Agreement
and the reasonable requests of the Company, the Executive shall continue to receive his base salary based on his current annual
rate of base salary of $481,320.06, which shall be paid in accordance with the Company’s normal payroll practices, subject
to applicable federal, state, local and employment tax withholding. Additionally, during the Transition Period, the Executive
will remain eligible to participate in the employee benefits offered by the Company in accordance with the terms of such employee
benefit plans, including, without limitation, continued vacation accrual during the Transition Period and continued vesting until
the Termination Date with respect to any outstanding equity award granted to you pursuant to the Plan that vests based on the
passage of time. The Executive’s right to participate in the employee benefits offered by the Company shall cease on the
Termination Date, except as set forth herein or as required by applicable law.

 

(d)               
Termination of Severance Benefits. The Executive acknowledges and agrees that the Executive has elected to voluntarily
terminate employment with the Company without Good Reason under the Employment Agreement. Therefore, the Executive acknowledges
and agrees that effective as of the date hereof, the Executive is no longer entitled to any severance protections under Section
3 or Section 8 of the Employment Agreement, or otherwise under the Employment Agreement or any other arrangement with the Company,
after the date hereof in connection with the Executive’s termination of employment for any reason, or no reason, after the
date hereof. After the date hereof, the Executive’s sole right to any benefits related to the Executive’s termination
of employment shall be governed by the terms of the Agreement.

 

2.                  
Accrued Benefits. As soon as practical following the Termination Date (but in all cases within any time period required
by applicable law), you will receive your final paycheck and all of your accrued but unused vacation/PTO and all other wages earned
through such date, less all applicable withholdings and required deductions. You will receive this payment even if you choose
to not enter into this Agreement. The Executive agrees that as of the Termination Date, the Executive will have been paid all
compensation due the Executive as of the Termination Date by virtue of the Executive’s employment, in keeping with the Company’s
policy and practice, except any payments or rights pursuant to this Agreement that will be paid following the Termination Date.

 

3.                  
Restrictive Covenants; Inventions; Confidentiality. The provisions set forth in Section 4 (Non-Solicitation; Non-Competition);
Section 5 (Inventions) and Section 6 (Confidential Information and Trade Secrets) from the Employment Agreement are hereby incorporated
by reference into this Agreement (and together with Section 10 below (Mutual Non-Disparagement) are collectively referred to as
the “Executive Obligations”). Because of the difficulty of measuring economic losses to the Company
as a result of a breach of any of the covenants related to the Executive Obligations because of the immediate and irreparable
damage that such a breach is likely to cause the Company for which it would have no other adequate remedy, Executive agrees that
each of the covenants related to the Executive Obligations may be enforced by the Company, by permanent, preliminary and temporary
injunctions and restraining orders, in addition to any other remedies allowable at law or in equity.

 

    2

     

    

 

4.                  
Separation Benefits. Subject to and in consideration for your execution of this Agreement within 21 days following
your receipt of this Agreement (the “First Release”) and again within five (5) days of your Termination
Date (or, if longer, within 21 days after receipt of this Agreement) (the “Second Release”), in each
case without revocation, and provided (a) you comply with all of the terms and conditions of this Agreement and the Executive
Obligations and all Company policies, (b) you are not terminated by the Company for Good Cause prior (as defined in the Employment
Agreement) to the Termination Date, and (c) you do not voluntarily resign for any reason prior to the Termination Date, you will
be entitled to the following separation benefits as follows:

 

(a)               
As consideration for the First Release, the Company agrees to pay to you an annual bonus for calendar year 2020 at target, which
amount shall be $288,780 (the “2020 Bonus”). The 2020 Bonus will be paid, less applicable withholdings,
on April 2, 2021, but in no event prior to the Initial Effective Date.

 

(b)               
As consideration for the Second Release, the Company agrees to accelerate the vesting on all of your outstanding Equity Awards
that would have vested had you remained employed by the Company through and including April 10, 2021 (the “Vesting
Acceleration”). As a result of the Vesting Acceleration, you will, subject to the requirements of this Agreement,
become vested as to (i) an additional 16,711 shares subject to your Restricted Stock Awards previously granted to you under four
separate awards with grant dates of March 31, 2017, April 6, 2018, March 28, 2019, April 10, 2020 (each as detailed in Annex 1);
and (ii) additional vesting as to 3,313 options subject to the Equity Award granted on March 31, 2017, 2,400 options subject to
the Equity Award granted on April 6, 2018 and 3,766 options subject to the Equity Award granted on March 28, 2019, with exercise
prices for each such Equity Award as set forth in Annex 1. The unvested portion of your Equity Awards, after given effect to the
Vesting Acceleration will be forfeited for no consideration effective as of your Termination Date. Your post-termination exercise
period for any Equity Award that is an option, as reflected in Annex 1, will commence on your Termination Date in accordance with
the award agreements evidencing your Equity Awards. The Vesting Acceleration will be effective as of the Final Effective Date
and the Equity Award subject to the Vesting Acceleration shall remain outstanding for thirty (30) days following your Termination
Date (the “Vesting Deadline”); provided, however, if the Second Release does not become effective and
irrevocable by Vesting Deadline, all of your unvested Equity Awards, including those eligible for Vesting Acceleration pursuant
to this Section 4(b) will be forfeited for no consideration.

 

5.                  
Early Termination Right; Waiver of Notice. Notwithstanding anything to the contrary in the Employment Agreement,
the Executive hereby agrees that his employment may be terminated by the Company with or without Good Cause at any time with or
without notice (including, without limitation, the 30-day written notice requirement in Section 3(c)(ii) of the Employment Agreement
and any other notice requirements previously provided for in the Employment Agreement); provided, that if the Executive is terminated
without Good Cause, the Executive shall still be entitled to the separation benefits described in Section 4, subject to the terms
and conditions of this Agreement.

 

6.                  
Employment Status. During the Transition Period, you will remain as an at-will employee, meaning that you and the
Company may terminate the employment relationship at any time, with or without cause, and with or without notice.

 

    3

     

    

 

7.                  
General Releases and Waivers of Claims.

 

(a)               
General Release. In consideration for receiving the severance payments and benefits described in Section 4 above, and for
other good and valuable consideration, the sufficiency of which you hereby acknowledge, you hereby waive and release to the maximum
extent permitted by applicable law any and all claims or causes of action, whether or not now known, against the Company and/or
its respective predecessors, successors, past or present subsidiaries, affiliated companies, investors, branches or related entities
(collectively, including the Company, the “Entities”) and/or the Entities’ respective past or
present insurers, officers, directors, members, partners, managers, agents, attorneys, employees, stockholders, assigns and employee
benefit plans (collectively with the Entities, the “Released Parties”), with respect to any matter,
including, without limitation, any matter related to your employment with the Company or the termination of that employment relationship.
This waiver and release includes, without limitation, claims to wages, including overtime or minimum wages, bonuses, incentive
compensation, equity compensation, vacation pay or any other compensation or benefits; any claims for failure to provide accurate
itemized wage statements, failure to timely pay final pay or failure to provide meal or rest breaks; claims for any loss, cost,
damage, or expense arising out of any dispute over the non-withholding or other tax treatment or employment classification, claims
under the Employee Retirement Income Security Act (ERISA); claims for attorneys’ fees or costs; any and all claims for stock,
stock options or other equity securities of the Company; claims of wrongful discharge, constructive discharge, emotional distress,
defamation, invasion of privacy, fraud, breach of contract, and breach of the covenant of good faith and fair dealing; any claims
of discrimination, harassment, or retaliation based on sex, age, race, national origin, disability or on any other basis, under
Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act,
or any other federal, state, or local law prohibiting discrimination and/or harassment; and claims under the New York State Human
Rights Law, the New York Equal Rights Law, the New York Whistleblower Protection Law, the New York Family Leave Law, the New York
Equal Pay Law, the New York City Human Rights Law, and all other laws and regulations relating to employment under the laws of
the State of Minnesota or the State of Maryland.

 

You
covenant not to sue the Released Parties for any of the claims released above, agree not to participate in any class, collective,
representative, or group action that may include any of the claims released above, and will affirmatively opt out of any such
class, collective, representative or group action. Further, you agree not to participate in, seek to recover in, or assist in
any litigation or investigation by other persons or entities against the Released Parties, except as required by law. Your release
covers only those claims that arose prior to the execution of this Agreement. Execution of this Agreement does not bar any claim
for breach of this Agreement. Additionally, nothing in this Agreement precludes you from participating in any investigation or
proceeding before any federal or state agency or governmental body. However, while you may file a charge and participate in any
such proceeding, by signing this Agreement, you waive any right to bring a lawsuit against the Released Parties, and waive any
right to any individual monetary recovery in any such proceeding or lawsuit; provided, however, nothing in this Agreement is intended
to impede your ability to report securities law violations to the Securities and Exchange Commission under the Dodd-Frank Act,
or to receive a monetary award from a government administered whistleblower-award program. Nothing in this Agreement waives your
right to testify or prohibits you from testifying in an administrative, legislative, or judicial proceeding concerning alleged
criminal conduct or alleged sexual harassment when you have been required or requested to attend the proceeding pursuant to a
court order, subpoena or written request from an administrative agency or the legislature.

 

    4

     

    

 

Notwithstanding
the foregoing, the waiver and release contained in this Agreement does not apply to (i) any rights or claims for indemnification
you may have pursuant to the Indemnification Agreement entered into between you and the Company effective January 17, 2020 (the
 “Indemnification Agreement”), your rights under the indemnification and hold harmless agreement as approved
by the Board of Directors of the Company (the “Board”) on January 24, 2018 (the “Hold Harmless
Agreement”), your indemnification rights under any insurance policy in place and the Company’s internal governing
documents; (ii) any vested benefits under an employee benefit plan sponsored by the Company to which you are legally entitled;
(iii) any claims to enforce your rights under this Agreement; (iv) the right to share in any claim with respect to being a stockholder
of the Company; provided that any such recover is predicated on you not individually bringing any claim or cause of action or
actively participating in, or assisting in any way, with respect to any stockholder initiated cause of action; or (v) any claim
which, as a matter of law, cannot be released by private agreement. If any provision of the waiver and release contained in this
Agreement is found to be unenforceable, it shall not affect the enforceability of the remaining provisions and a court shall enforce
all remaining provisions to the full extent permitted by law.

 

(b)               
ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under
the Federal Age Discrimination in Employment Act (“ADEA Waiver”) and that the consideration given for
the ADEA Waiver is in addition to anything of value to which you are already entitled. You further acknowledge that: (a) your
ADEA Waiver does not apply to any claims that may arise after you sign this Agreement; (b) you should consult with an attorney
prior to executing this Agreement; (c) you have 21 calendar days within which to consider this Agreement (although you may choose
to execute Agreement earlier); (d) you have 7 calendar days following each time you execute this Agreement to revoke your execution
of the Agreement; and (e) the Agreement will not be effective until the eighth day after each time you sign this Agreement provided
that you have not revoked it. You agree that any modifications, material or otherwise, made to this Agreement do not restart or
affect in any manner the original 21-day consideration period provided in this section. To revoke the Agreement after any execution,
you must email Stephen Carey written notice of revocation at stephen.carey@anipharmaceuticals.com prior to the end of the
7-day period. You acknowledge that your consent to this Agreement is knowing and voluntary. The offer described in this Agreement
will be automatically withdrawn if you do not sign the Agreement within the 21-day consideration period.

 

(c)               
Unknown Claims Waiver. You understand and acknowledge that you are releasing potentially unknown claims, and that you may
have limited knowledge with respect to some of the claims being released. You acknowledge that there is a risk that, after signing
this Agreement, you may learn information that might have affected your decision to enter into this Agreement. You assume this
risk and all other risks of any mistake in entering into this Agreement. You agree that this Agreement is fairly and knowingly
made. In addition, you expressly waive and release any and all rights and benefits conferred upon you by the provisions of Section
1542 of the Civil Code of the State of California (or any other applicable law), which reads substantially as follows:

 

“A
general release does not extend to claims THAT the creditor OR RELEASING PARTY does not know or suspect to exist in his OR HER
favor at the time of executing the release AND THAT, if known by him OR HER, would have materially affected his or HER settlement
with the debtor OR RELEASED PARTY.”

 

You
understand and agree that claims or facts in addition to or different from those which are now known or believed by you to exist
may hereafter be discovered, but it is your intention to release all claims that you have or may have against the Released Parties,
whether known or unknown, suspected or unsuspected.

 

    5

     

    

 

8.                  
 Resignation Letter. As a condition to entering into this Agreement, you must also concurrently execute, and deliver
to the Secretary of the Board, the Resignation Letter that is attached hereto as Attachment A.

 

9.                  
Breach. If the Company determines that you breached any of your obligations under this Agreement or as otherwise
imposed by law (a “Breach”), the Company will provide you with written notice of such Breach (the “Breach
Notice”) and a right to cure such Breach, to the extent curable, within 15 days of the Breach Notice (the “Breach
Cure Period“); provided that such period may be extended as is reasonably necessary, as determined by the Company
in good faith, if the Executive is not able to cure the Breach within the Breach Cure Period, but is diligently pursuing the cure.
If the Breach is uncured as of the Breach Cure Period (or any extended period provided by the Company), the Company will be entitled
to recover all severance and other consideration paid or provided under this Agreement and to obtain all other relief provided
by law or equity.

 

10.              
Mutual Non-disparagement. Executive agrees not to make any negative or disparaging statements or communications
regarding either the Company or its affiliates or any of their respective operations, officers, directors or stockholders. The
Company will direct the officers and directors of the Company not to make any negative or disparaging statements or communications
regarding the Executive.

 

11.              
No Admission. Nothing contained in this Agreement shall constitute or be treated as an admission by the Company
of any liability, wrongdoing, or violation of law.

 

12.              
Proceedings. The Executive has not filed any complaint, charge, claim or proceeding against the Company before any
local, state or federal agency, court or other body relating to the Executive’s employment or the termination thereof.

 

13.              
Return of Company Property. You agree that, as of the Termination Date, you will return to the Company any and all
Company records, materials and other physical objects relating to your employment with the Company, including, without limitation,
all Company credit cards, phone cards, equipment, documents (in paper and electronic form), computers, personal digital assistants
and access keys and all materials and things embodying, relating to, containing or derived from any Inventions, Trade Secrets
or Confidential Information and you will return and/or destroy all Company property stored in electronic form or media (including,
but not limited to, any Company property stored in your personal computer, USB drives or in a cloud environment).

 

14.              
Cooperation with the Company. In addition, the Executive shall, without further compensation, cooperate with and
assist the Company in the investigation of, preparation for or defense of any actual or threatened third party claim, investigation
or proceeding involving the Company or its predecessors or affiliates and arising from or relating to, in whole or in part, the
Executive’s employment with the Company or its predecessors or affiliates for which the Company requests the Executive’s
assistance, which cooperation and assistance shall include, but not be limited to, providing truthful testimony and assisting
in information and document gathering efforts. In connection herewith, it is agreed that the Company will use its reasonable best
efforts to assure that any request for such cooperation will not unduly interfere with the Executive’s other material business
and personal obligations and commitments. Executive will be reimbursed for any travel expenses related to the Executive’s
compliance with this Section 14 and shall be compensated at the rate of $240 per hour for services provided under this Section
14, excluding any time related to the provision of testimony.

 

15.              
Arbitration. Except for any claim for injunctive relief arising out of a breach of a party’s obligations to
protect the other’s confidential and/or proprietary information, to ensure rapid and economical resolution of any disputes
regarding this Agreement, you and the Company agree that any and all claims, disputes or controversies of any nature whatsoever
arising out of, or relating to, this Agreement, or its interpretation, enforcement, breach, performance or execution, shall be
resolved by final, binding and confidential arbitration in New York, NY conducted under the Judicial Arbitration and Mediation
Service (JAMS) Streamlined Arbitration Rules & Procedures, which can be reviewed at http://www.jamsadr.com/rules-streamlined-arbitration/.
You and the Company each acknowledge that by agreeing to this arbitration procedure, you and the Company waive the right to resolve
any such dispute, claim or demand through a trial by jury or judge or by administrative proceeding. The arbitrator, and not a
court, shall also be authorized to determine whether the provisions of this paragraph apply to a dispute, controversy, or claim
sought to be resolved in accordance with these arbitration procedures. The arbitrator may in his or her discretion award attorneys’
fees to the prevailing party. All claims, disputes, or controversies subject to arbitration as set forth in this paragraph must
be submitted to arbitration on an individual basis and not as a representative, class and/or collective action proceeding on behalf
of other individuals. Claims will be governed by applicable statutes of limitations. This arbitration agreement shall be construed
and interpreted in accordance with the laws of the State of New York and the Federal Arbitration Act (“FAA”).
In the case of a conflict, the FAA will control.

 

    6

     

    

 

16.              
Opportunity to Consult with Counsel. The Executive acknowledges that he has had an opportunity to consult with and
be represented by counsel of the Executive’s choosing in the review of this Agreement, that he has been advised by the Company
to do so, that he is fully aware of the contents of the Agreement and of its legal effect, that the preceding paragraphs recite
the sole consideration for this Agreement, and that he enters into this Agreement freely, without duress or coercion, and based
on his own judgment and wishes and not in reliance upon any representation or promise made by the Company, other than those contained
herein.

 

17.              
No Reemployment. You acknowledge that you will have no right to employment with the Company after the Termination
Date and that you shall not apply for reemployment with the Company after the Termination Date.

 

18.              
Section 409A. The intent of the Parties is that payments and benefits under this Agreement comply with, or are exempt
from, Section 409A of the Internal Code of 1986, as amended (“Section 409A”), to the extent subject
thereto, and accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be exempt therewith
and the remainder to be interpreted and administered to be in compliance therewith. Each amount to be paid or benefit to be provided
under this Agreement shall be construed as a separate payment for purposes of Section 409A. Notwithstanding anything contained
herein to the contrary, you will not be considered to have terminated employment for purposes of any payments under this Agreement
that are subject to Section 409A until you have incurred a “separation from service” within the meaning of Section
409A. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in
order to avoid an accelerated or additional tax under Section 409A, amounts that would otherwise be payable and benefits that
would otherwise be provided to you during the six-month period immediately following your separation from service shall instead
be paid on the first business day after the date that is six months following your separation from service (or, if earlier, upon
your death).

 

19.              
Confidentiality; Invention Assignment. You agree that you will remain bound by any previously executed standard
Company agreement related to confidential information and assignment of inventions that is in additional to the provisions in
the Employment Agreement (such additional Agreement, the “Confidential Information Agreement”). If you
have not signed a Confidential Information Agreement as of the date hereof, you agree to execute a Confidential Information Agreement
in connection prior to your Termination Date, if requested by the Company.

 

    7

     

    

 

20.              
 Entire Agreement. You agree that except as otherwise expressly provided in this Agreement and the Indemnification
Agreement, the Hold Harmless Agreement, this Agreement renders null and void any and all prior or contemporaneous agreements between
you and the Company or any affiliate of the Company, including, but not limited to, the Employment Agreement. You and the Company
agree that this Agreement constitutes the entire agreement between you and the Company and any affiliate of the Company regarding
the subject matter of this Agreement, and that this Agreement may be modified only in a written document signed by you and a duly
authorized officer of the Company.

 

21.              
Choice of Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of New
York without giving effect to provisions governing the choice of law

 

22.              
Severability. The provisions of this Agreement are severable. If any provision of this Agreement is held invalid
or unenforceable, such provision shall be deemed deleted from this Agreement and such invalidity or unenforceability shall not
affect any other provision of this Agreement, the balance of which will remain in and have its intended full force and effect;
provided, however that if such invalid or unenforceable provision may be modified so as to be valid and enforceable as a matter
of law, such provision shall be deemed to have been modified so as to be valid and enforceable to the maximum extent permitted
by law.

 

23.              
Headings. The headings of the Sections of this Agreement are provided for convenience only. They do not alter or
limit, in any way, the text of any Section of this Agreement.

 

24.              
Execution in Counterparts. You agree that this Agreement may be executed in counterparts, each of which shall be
an original, but all of which together shall constitute one agreement. Execution of a facsimile copy or scanned image shall have
the same force and effect as execution of an original, and a facsimile signature or scanned image of a signature shall be deemed
an original and valid signature.

 

[Signature
Page Follows]

 

    8

     

    

 

To
accept this Agreement, please sign and date this Agreement and return it to me. With respect to the first release indicated below,
you have until 5:00 p.m. PT on the date that is 21 days following your receipt of this Agreement to review and consider this Agreement
and to provide me with an executed copy thereof. Please indicate your agreement with the above terms by signing below.

 

	 	Sincerely,
	 	 
	 	ANI
    PHARMACEUTICALS, INC.
	 	 
	 	By:	/s/
    Nikhil Lalwani
	 	(Signature)
	 	 
	 	Name:	Nikhil
    Lalwani
	 	 
	 	Title:	Chief
    Executive Officer

 

 

[Remainder
of Page Intentionally Blank]

 

    9

     

    

 

You
have up to 21 days after receipt of this Agreement within which to review it and to discuss with an attorney of your own choosing,
at your own expense, whether or not you wish to sign it (the “First Release”). Furthermore, you have
7 days after you have signed this Agreement for the First Release during which time you may revoke this Agreement. If you wish
to revoke this Agreement, you may do so by delivering a letter of revocation to Stephen Carey, which may be delivered via e-mail
at stephen.carey@anipharmaceuticals.com, no later than the close of business on the 7th day after you sign this Agreement
for the First Release. Because of the revocation period, if you don’t revoke this Agreement, you understand that this Agreement
shall not become effective or enforceable until the 8th day after the date you sign this Agreement for the First Release (the
 “Initial Effective Date”).

 

My
agreement with the terms of this Agreement is signified by my signature below. Furthermore, I acknowledge that I have read and
understand this Agreement and that I sign this release of all claims voluntarily, with full appreciation that at no time in the
future may I pursue any of the rights I have waived in this Agreement.

 

	FIRST RELEASE	 	 
	 	 	 	 
	Signed	/s/ Robert Schrepfer	 	Dated:	2/11/2021
	 	Robert Schrepfer	 	 

 

You
must execute this Agreement again within five (5) days of your Termination Date (or, if longer, within 21 days after receipt of
this Agreement) (the “Second Release”), but not prior to the Termination Date. Furthermore, you have
7 days after you have signed this Agreement for the Second Release during which time you may revoke this Agreement. If you wish
to revoke this Agreement, you may do so by delivering a letter of revocation to Stephen Carey, which may be delivered via e-mail
at stephen.carey@anipharmaceuticals.com, no later than the close of business on the 7th day after you sign this Agreement
for the Second Release. Because of the revocation period, if you don’t revoke this Agreement, you understand that this Agreement
shall not become effective or enforceable until the 8th day after the date you sign this Agreement for the Second Release (the
 “Final Effective Date”).

 

My
agreement with the terms of this Agreement is signified by my signature below. Furthermore, I acknowledge that I have read and
understand this Agreement and that I sign this release of all claims voluntarily, with full appreciation that at no time in the
future may I pursue any of the rights I have waived in this Agreement.

 

	SECOND RELEASE	 	 
	 	 	 
	Signed	 	 	Dated:	 
	 	Robert Schrepfer	 	 

 

Annex
1: Outstanding Equity Award

Attachment
A: Resignation Letter

 

    10

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