SEC Contract Filing

Filing Date: 2021-12-13

Document Content:
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<TYPE>EX-10.1
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<FILENAME>c102652_ex10-1.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EMPLOYMENT AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
EMPLOYMENT AGREEMENT (this &#8220;<U>Agreement</U>&#8221;), dated as of December 10, 2021, is between SIRIUS XM RADIO INC., a Delaware
corporation (the &#8220;<U>Company</U>&#8221;), and JOSEPH INZERILLO</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the
&#8220;<U>Executive</U>&#8221;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">WHEREAS, the Company and the Executive jointly
desire to enter into this Agreement to reflect the terms and conditions of the Executive&#8217;s employment with the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In consideration of the mutual covenants and
conditions set forth herein, the Company and the Executive agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1. <U>Employment</U>. Subject to the terms
and conditions of this Agreement, the Company hereby employs the Executive, and the Executive hereby agrees to accept employment
with the Company and Sirius XM Holdings Inc. (&#8220;<U>Holdings</U>&#8221;), commencing on January 10, 2022 (the &#8220;<U>Effective
Date</U>&#8221;). Except as set forth in Section 6, if the Executive does not commence employment with the Company on or prior
to the Effective Date, this Agreement shall be void <I>ab initio</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2. <U>Duties and Reporting Relationship</U>.
(a) The Executive shall be employed as the Chief Product and Technology Officer of both the Company and Holdings. During the Term
(as defined below), the Executive shall use the Executive&#8217;s skills and render services to the best of the Executive&#8217;s
ability, consistent with the needs of the Company and Holdings. The Executive shall perform such activities and duties consistent
with the Executive&#8217;s position that the Chief Executive Officer of the Company and Holdings (the &#8220;<U>CEO</U>&#8221;)
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 the Executive&#8217;s duties to the Company
and/or Holdings, and (i) passive investments; (ii) serving as an advisor to an organization mutually approved by the Executive
and the CEO; <U>provided</U> that such advisory role does not interfere or conflict with the Executive&#8217;s obligations to the
Company and/or Holdings under this Agreement; or (iii) service on a board of directors for one public or private company and for
two industry organizations, in each case subject to the express written consent of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) The Executive shall generally perform
the Executive&#8217;s duties and conduct the Executive&#8217;s business at the principal offices of the Company in New York, New
York.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) The Executive shall report solely and
directly to the CEO.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3. <U>Term; Effective Date</U>. The term
of this Agreement shall commence on the Effective Date and shall end on the third (3<SUP>rd</SUP>) anniversary of the Effective
Date, unless terminated earlier pursuant to the provisions of Section 6 (the &#8220;<U>Term</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4. <U>Compensation</U>. (a) During the
Term, the Executive shall be paid an annual base salary of $1,250,000, which shall be reviewed no less frequently than annually
and may be subject to increase (but not decrease) from time to time by recommendation of the CEO</P>

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