<SEC-DOCUMENT>0000930413-20-002282.txt : 20200915
<SEC-HEADER>0000930413-20-002282.hdr.sgml : 20200915
<ACCEPTANCE-DATETIME>20200915071612
ACCESSION NUMBER:		0000930413-20-002282
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20200914
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200915
DATE AS OF CHANGE:		20200915

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIRIUS XM HOLDINGS INC.
		CENTRAL INDEX KEY:			0000908937
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				383916511
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34295
		FILM NUMBER:		201174690

	BUSINESS ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104
		BUSINESS PHONE:		212-584-5100

	MAIL ADDRESS:	
		STREET 1:		1290 AVENUE OF THE AMERICAS
		STREET 2:		11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIRIUS XM RADIO INC.
		DATE OF NAME CHANGE:	20080805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIRIUS SATELLITE RADIO INC
		DATE OF NAME CHANGE:	19991228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CD RADIO INC
		DATE OF NAME CHANGE:	19940203
</SEC-HEADER>
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<p style="font: 16pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 16pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

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<p style="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Pursuant to Section 13 or 15(d) of the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Securities registered pursuant to Section 12(b) of the Ac</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is an emerging growth
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<td style="width: 0"></td><td style="width: 1in"><b>Item 5.02.</b></td><td><b>Departure of Directors or Certain Officers; Election of Directors; <br/>
Appointment of Certain Officers;
Compensatory Arrangements of <br/>
Certain Officers</b></td></tr></table>



<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #212529">On September 15, 2020, we announced
the following changes to our executive management.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #212529">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #212529"><i>Retirement of James E. Meyer as Chief Executive
Officer; Appointment of Jennifer C. Witz as Chief Executive Officer</i></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">James E. Meyer, our Chief Executive Officer,
will retire as an officer of the Company on December 31, 2020 but remain as a member of our board of directors (the &#8220;Board&#8221;)
in the role of Vice Chairman of the Board. In connection with Mr. Meyer&#8217;s retirement, the Board appointed Jennifer C. Witz,
our President, Sales, Marketing and Operations, to succeed Mr. Meyer as Chief Executive Officer effective upon his retirement.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Jennifer C. Witz, age 52, has served as our
President, Sales, Marketing and Operations, since March 2019. From August 2017 until March 2019 she was our Executive Vice President,
Chief Marketing Officer. Ms. Witz joined us in March 2002 and has served in a variety of senior financial and operating roles.
From September 2005 to August 2017, she was our Senior Vice President, Finance, from May 2003 to September 2005, she was our Vice
President, Finance, and from March 2002 to May 2003, she was our Senior Director, Finance. Before joining Sirius XM, Ms. Witz was
Vice President, Planning and Development, at Viacom Inc., a global media company, and prior to that she was Vice President, Finance
and Corporate Development, at Metro-Goldwyn-Mayer, Inc., an entertainment company focused on the production and global distribution
of film and television content. Ms. Witz began her career in the Investment Banking Department at Kidder, Peabody &amp; Co. Inc.
She is a member of the board of directors of LendingTree, Inc., a leading online marketplace that connects consumers with financial
products, and serves on its compensation committee.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On September 14, 2020, our subsidiary, Sirius
XM Radio Inc., entered into a new Employment Agreement with Ms. Witz. This new Employment Agreement will become effective on the
date she assumes the role of Chief Executive Officer and will continue through December 31, 2023. Prior to that date, Ms. Witz&#8217;s
existing Employment Agreement will continue in full force and effect. Ms. Witz will be appointed as a member of the Board shortly
after she assumes the role of Chief Executive Officer.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Ms. Witz&#8217;s new Employment Agreement specifies
an annual base salary of $1,750,000. Her base salary will be reviewed no less frequently than annually and will increase (but not
decrease) with approval by the Board or any committee thereof, but such increase will be no less than 3% in 2022 and 2023. The
Employment Agreement entitles Ms. Witz to participate in any bonus plan generally applicable to our executive officers and provides
for an annual target bonus equal to three times her base salary. The Employment Agreement provides, in the case of certain qualifying
terminations, for continuation of her health insurance benefits for eighteen months and her life insurance benefits for twelve
months and for a lump sum severance payment in an amount equal to one and a half times the sum of (i) Ms. Witz&#8217;s annual base
salary, and (ii) the greater of (1) her target annual bonus or (2) the last annual bonus paid (or due and payable) to her. In the
case of certain qualifying terminations, we are also obligated to pay her a pro-rated bonus for the year in which the termination
occurs (based on actual achievement of applicable</p>

<p style="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">2</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">performance criteria) and any earned but unpaid bonus for the year prior to the
termination. Our obligation to provide these severance benefits to Ms. Witz is subject to the execution of an effective release
of claims against us. The new Employment Agreement also contains other provisions contained in her existing employment agreement,
including confidentiality and non-competition restrictions, as well as a compensation clawback to the extent required by applicable
law, regulations or stock exchange listing requirement, or any company policy adopted pursuant thereto.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with her appointment as Chief
Executive Officer, on the first business day that the trading window for our employees opens after she becomes Chief Executive
Officer, we will grant Ms. Witz an option to purchase shares of our common stock having a value, calculated based upon the Black-Scholes-Merton
option pricing model using the financial inputs consistent with those we use for financial reporting purposes, of $9,500,000 at
an exercise price equal to the closing sale price of our common stock on the Nasdaq Global Select Market on that day (the &#8220;Option&#8221;).
On that day, we will also grant Ms. Witz time-based restricted stock units (&#8220;RSUs&#8221;) with a value of $5,000,000 and
performance-based restricted stock units (&#8220;PRSUs&#8221;) with a value of $10,000,000. The Option will vest in installments
of approximately 26%, 37% and 37% on December 31, 2021, December 31, 2022 and December 31, 2023, respectively. The RSUs will vest
in equal installments on December 31, 2021, December 31, 2022 and December 31, 2023. The PRSU award will vest based upon the achievement
of applicable performance conditions, subject to her continued employment through December 31, 2023. Each of these awards is subject
to acceleration or termination under certain circumstances.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We also entered into an agreement with Ms. Witz
that entitles her to a limited number of hours of personal flight time on a private aircraft. This agreement will become effective
on January 1, 2021 and will expire on the first to occur of: the date that Ms. Witz ceases to be employed by us as a full-time
employee under the new Employment Agreement, and December 31, 2023. Personal use of the aircraft will be treated as income to Ms.
Witz, and we are not required to provide her with any &#8220;gross up&#8221; for additional related taxes.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing description is qualified in its
entirety by the new Employment Agreement attached as Exhibit 10.1 and the letter agreement attached as Exhibit 10.2 to this Current
Report on Form 8-K.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There is no arrangement or understanding between
Ms. Witz and any other person pursuant to which Ms. Witz was selected as an officer, and Ms. Witz does not have a direct or indirect
material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. There is no family relationship
between Ms. Witz and any director or executive officer of the registrant.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As contemplated by Mr. Meyer&#8217;s existing
employment agreement, we expect to enter into a three-year consulting agreement with him on January 1, 2021. In connection with
his service as Vice Chairman of the Board, he will also be entitled to receive the customary compensation payable to other non-employee
members of the Board. Mr. Meyer&#8217;s existing stock options will remain outstanding so long as he continues to serve as Vice
Chairman of the Board.</p>

<p style="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">3</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #212529"><i>David J. Frear, Chief Financial Officer, to Pursue
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #212529">On September 15, 2020, we announced
that David J. Frear, our Senior Executive Vice President and Chief Financial Officer, will be pursuing other opportunities effective
immediately. There were no disagreements between the Company and Mr. Frear. We expect to enter into a separation agreement with
Mr. Frear that honors the terms of his employment agreement.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><i>Appointment of Sean S. Sullivan as Chief Financial Officer </i></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with Mr. Frear&#8217;s departure,
the Board appointed Sean S. Sullivan as Executive Vice President and Chief Financial Officer, effective as of October 26, 2020.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Sean S. Sullivan, age 53, has been the Executive
Vice President and Chief Financial Officer of AMC Networks Inc., a global entertainment company, since June 2011. From September
2010 to June 2011, he was the Chief Corporate Officer of Rainbow Media Holdings LLC, the predecessor of AMC Networks Inc. and then
a subsidiary of Cablevision Systems Corp. Prior to that, Mr. Sullivan was Chief Financial Officer of HiT Entertainment, a children&#8217;s
entertainment company, from 2009 to 2010; the Chief Financial Officer and President of the Commercial Print and Packaging division
of Cenveo, Inc., a diversified manufacturing company focused on print-related products, from 2005 to 2008; and Executive Vice President
and Chief Financial Officer of Spencer Press, Inc., a catalogue printing company, from 2004 to 2005. He is a member of the board
of directors of Acushnet Holdings Corp., a leader in the design, development, manufacturing and distribution of golf products,
and serves on its nominating and corporate governance committee and is the chair of its audit committee.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<div><a id="a_Hlk50028807"></a></div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On September 14,
2020, our subsidiary, Sirius XM Radio Inc., entered into an Employment Agreement with Mr. Sullivan to serve as our Executive Vice
President and Chief Financial Officer through October 26, 2023. Mr. Sullivan&#8217;s Employment Agreement specifies an annual base
salary of $1,100,000. The Employment Agreement entitles Mr. Sullivan to participate in any bonus plan generally applicable to our
executive officers. We have agreed to pay Mr. Sullivan a bonus of at least $700,000 with respect to the year ending December 31,
2020 unless his employment has been terminated in certain circumstances prior to the payment of annual bonuses with respect to
such year. The Employment Agreement also provides, in the case of certain qualifying terminations, for continuation of his health
insurance benefits for eighteen months and his life insurance benefits for twelve months and for a lump sum severance payment in
an amount equal to the sum of (i) Mr. Sullivan&#8217;s annual base salary, (ii) a pro-rated bonus for the year in which the termination
occurs (based on actual achievement of applicable performance criteria) and (iii) the greater of (1) $1,650,000 or (2) the last
annual bonus paid (or due and payable) to him. Our obligation to provide these severance benefits to Mr. Sullivan is subject to
the execution of an effective release of claims against us. The Employment Agreement also contains other provisions contained in
the existing employment agreements with our other executive officers, including confidentiality and non-competition restrictions,
as well as a compensation clawback to the extent required by applicable law, regulations or stock exchange listing requirement,
or any company policy adopted pursuant thereto.</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with his appointment, on the first
business day that the trading window for our employees opens after the effective date of his Employment Agreement, we will grant
Mr. Sullivan an option to purchase shares of our common stock having a value, calculated based</p>
<p style="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">4</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">upon the Black-Scholes-Merton option
pricing model using the financial inputs consistent with those we use for financial reporting purposes, of $2,250,000 at an exercise
price equal to the closing sale price of our common stock on the Nasdaq Global Select Market on that day. On that day, we will
also grant Mr. Sullivan RSUs with a value of $2,250,000 and PRSUs with a value of $4,500,000. On that day, we will also grant Mr.
Sullivan RSUs with a value of $4,000,000 to compensate him for amounts he forfeited from his previous employer. The RSUs will vest
in installments of 44%, 28% and 28% on the first anniversary of the date of grant, the second anniversary of the date of grant
and October 26, 2023, respectively, and the Option will vest in equal installments on such dates. The PRSU award will vest based
upon the achievement of applicable performance conditions, subject to his continued employment through October 26, 2023. Each of
these awards is subject to acceleration or termination under certain circumstances consistent with the terms of equity awards granted
to our other executive officers.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There is no arrangement or understanding between
Mr. Sullivan and any other person pursuant to which Mr.&#160;Sullivan was selected as an officer, and Mr. Sullivan does not have
a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. There
is no family relationship between Mr. Sullivan and any director or executive officer of the registrant.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Additional information about the benefit plans
and programs generally available to our executive officers is included in the Proxy Statement for our 2020 annual meeting of stockholders
filed with the Securities and Exchange Commission on April 21, 2020.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing description of the Employment
Agreement with Mr. Sullivan is qualified in its entirety by the Employment Agreement attached as Exhibit 10.3 to this Current Report
on Form 8-K.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><i>Resignation of Director</i></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On September 14, 2020, George W. Bodenheimer
resigned as a member of the Board effective immediately. The decision of Mr. Bodenheimer to resign was not the result of any disagreement
with us on any matter relating to our operations, policies or practices.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

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<td style="width: 0"></td><td style="width: 1in"><b>Item 7.01.</b></td><td><b>Regulation FD Disclosure</b></td></tr></table>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On September 15, 2020, we issued a press release
announcing the events described in Item 5.02 above. A copy of the press release is furnished as Exhibit&#160;99.1.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information furnished in this Item 7.01
shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference
in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference
in such a filing.</p>
<p style="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">5</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>



<p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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    <td><span style="font-family: Times New Roman, Times, Serif"><a href="c100492_ex10-1.htm" style="-sec-extract: exhibit">Employment Agreement, dated as of September 14, 2020, between Sirius XM Radio Inc. and Jennifer C. Witz</a></span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif"><a href="c100492_ex10-2.htm" style="-sec-extract: exhibit">Letter Agreement, dated September 14, 2020, regarding private use of aircraft between Sirius XM Radio Inc. and Jennifer C. Witz</a></span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif"><a href="c100492_ex10-3.htm" style="-sec-extract: exhibit">Employment Agreement, dated as of September 14, 2020, between Sirius XM Radio Inc. and Sean S. Sullivan</a></span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif"><a href="c100492_ex99-1.htm" style="-sec-extract: exhibit">Press release dated September 15, 2020</a></span></td></tr>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>


<p style="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">6</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SIGNATURES</b></p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">SIRIUS XM HOLDINGS INC.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">Dated: September 15, 2020</p>

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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: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 72pt">This EMPLOYMENT AGREEMENT (this &#8220;<U>Agreement</U>&#8221;),
dated as of September 14, 2020, is between SIRIUS XM RADIO INC., a Delaware corporation (the &#8220;<U>Company</U>&#8221;), and
JENNIFER C. WITZ (the &#8220;<U>Executive</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">WHEREAS, the Company and the Executive previously
entered into an employment agreement dated as of March 5, 2019 (the &#8220;<U>Prior Agreement</U>&#8221;); and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">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 (as defined below)), to reflect the terms and conditions of the Executive&#8217;s continued employment with the
Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">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: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employment</U>. 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. This Agreement shall become effective as of the date on which the Executive assumes the role
of Chief Executive Officer of the Company and Sirius XM Holdings Inc. (&#8220;<U>Holdings</U>&#8221;), which is expected to occur
on January 1, 2021 (the date the Executive actually assumes such role, the &#8220;<U>Effective Date</U>&#8221;). Prior to the
Effective Date, the terms of the Executive&#8217;s employment with the Company and Holdings (including any termination thereof)
shall be governed by the terms of the Prior Agreement, and this Agreement shall not be of any force or effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties and Reporting Relationship</U>.
(a) Upon the Effective Date, the Executive shall be employed as the Chief Executive Officer of both the Company and Holdings,
and shall have the rights, powers, authorities and duties commensurate with the position of the Chief Executive Officer. The Executive
shall also be appointed to the Board of Directors of Holdings (the &#8220;<U>Board</U>&#8221;) at the next regularly scheduled
meeting of the Board after the Effective Date. During the Term (as defined below), the Executive shall, on a full-time basis and
consistent with the needs of the Company and Holdings to achieve the goals of the Company and Holdings, use her skills and render
services to the best of her ability, and devote all of her working time and efforts, in supervising the business affairs of the
Company and Holdings. In addition, the Executive shall perform such other activities and duties consistent with her position as
the Board 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 Board,
other than (i) passive investments, (ii) service as a director on the board of directors of LendingTree, Inc., or (iii) service
on other boards of directors with the express written consent of the Board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive shall generally perform
her duties and conduct her business at the principal offices of the Company in New York, New York.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise required by law,
administrative regulation or the listing standards of the exchange on which Holdings&#8217; shares are primarily traded, the Executive,
in her capacity as Chief Executive Officer, shall report solely and exclusively to the full Board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. The term of this Agreement
shall commence on the Effective Date and shall end on December 31, 2023 (the &#8220;<U>Term End Date</U>&#8221;), unless terminated
earlier pursuant to the provisions of Section 6 or extended in accordance with Section 6(e)(vi) (as applicable, the &#8220;<U>Term</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>. (a) During the
Term, the Executive shall be paid an annual base salary of $1,750,000, which shall be reviewed no less frequently than annually
and shall be subject to increase (but not decrease) from time to time with approval by the Board or any committee thereof; <U>provided</U> that such increase shall be no less than 3% for each of the second and third calendar years during the Term (such amount,
as increased, the &#8220;<U>Base Salary</U>&#8221;). 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the first business day following
the Effective Date on which Holdings and the Executive are not subject to a blackout restriction, which date is expected to be
the first business day following the filing by Holdings of its Annual Report on Form 10-K for the year ended December 31, 2020
(such date, as applicable, the &#8220;<U>Grant Date</U>&#8221;), the Company shall cause Holdings to grant to the Executive the
following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an option to purchase shares
of Holdings&#8217; common stock, par value $.001 per share (the &#8220;<U>Common Stock</U>&#8221;), 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 $9,500,000, 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a number of restricted
stock units (&#8220;<U>RSUs</U>&#8221;) equal to $5,000,000, divided by the closing price of the Common Stock on the Nasdaq Global
Select Market on the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit
Agreement attached to this Agreement as Exhibit B; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a number of performance-based
restricted stock units (&#8220;<U>PRSUs</U>&#8221;) equal to $10,000,000, divided by the closing price of the Common Stock on
the Nasdaq Global Select Market on the Grant Date. Such PRSUs shall be subject to the terms and conditions set forth in the Performance&#8211;Based
Restricted Stock Unit Agreement attached to this Agreement as Exhibit C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All compensation paid to the Executive
hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">applicable, federal, New York State and New
York City income tax withholding, federal unemployment tax and social security (FICA).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Compensation; Expenses
and Benefits</U>. (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. Such expenses shall be incurred in accordance with
the policies and procedures established by the Company. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Term, the Executive shall
be eligible 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&#8217;s and/or Holdings&#8217; 401(k) savings plan and deferred compensation
plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Term, the Executive shall
be entitled to participate in any bonus plans generally offered to executive officers of the Company and/or Holdings. The Executive&#8217;s
annual bonus (the &#8220;<U>Bonus</U>&#8221;), if any, shall be determined annually by the Board or the compensation committee
of the Board (the &#8220;<U>Compensation Committee</U>&#8221;). During the Term, the Executive shall have a target Bonus of 300%
of the Base Salary, which shall be subject to increase in the discretion of the Compensation Committee from time to time. Bonus(es)
shall be subject to the Executive&#8217;s individual performance and satisfaction of objectives established by the Board or the
Compensation Committee, and further are subject to the exercise of discretion by the Compensation Committee. The Executive&#8217;s
Bonus for a year, if any, shall be paid in the form of cash and will be paid by March 15<SUP>th</SUP> of the following year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Term, the Company shall
provide a car and driver for the Executive&#8217;s use for travel to and from her home to the Company&#8217;s offices in New York,
New York, or reimburse the Executive for up to $2,000 per month to cover the costs of a car and driver or other travel-related
expenses (such as parking if the Executive drives her own car) associated with travel to and from her home to the Company&#8217;s
offices in New York, New York (in accordance with Section 5(a)).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. The date upon
which the Executive&#8217;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 &#8220;<U>Termination Date</U>.&#8221; With respect to any payment
or benefits that would be considered deferred compensation subject to Section 409A (&#8220;<U>Section 409A</U>&#8221;) of the
Internal Revenue Code of 1986, as amended (the &#8220;<U>Code</U>&#8221;), 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 &#8220;separation
from service&#8221; within the meaning of Section 409A and the regulations thereunder (a &#8220;<U>Separation from Service</U>&#8221;),
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&#8217;s death, any amounts owed to the Executive hereunder shall instead be
paid to the Executive&#8217;s designated beneficiary (or, if none, to the Executive&#8217;s estate).</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has the right and may
elect to terminate Executive&#8217;s employment under this Agreement with or without Cause at any time. For purposes of this Agreement,
&#8220;<U>Cause</U>&#8221; means the occurrence or existence of any of the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a material breach by
the Executive of the terms of this Agreement, (B) a material breach by the Executive of the Executive&#8217;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 the Nominating and Corporate Governance Committee or Audit Committee thereof), or (C) the Executive&#8217;s violation
of the Company&#8217;s and/or Holdings&#8217; Code of Ethics, or any other written Company and/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 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&#8217;s willful
act of dishonesty, misappropriation, embezzlement, intentional fraud, or similar intentional misconduct by the Executive involving
the Company, Holdings or any of their respective affiliates;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&#8217;s
conviction or the plea of <I>nolo contendere</I> or the equivalent in respect of a felony;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any damage of a material
nature to any property of the Company, Holdings or any of their respective affiliates caused by the Executive&#8217;s willful
misconduct or gross negligence;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&#8217;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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&#8217;s failure
to comply with the Board&#8217;s reasonable written instructions consistent with her position on a material matter within five
(5) days; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conduct by the Executive
that, in the reasonable good faith written determination of the Board, manifests the Executive&#8217;s lack of fitness to serve
as an officer of the Company, Holdings or their respective affiliates, including but</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 0pt">not limited to a finding by the
Board or any judicial or regulatory authority that the Executive committed acts of unlawful harassment or violated any other state,
federal or local law or ordinance prohibiting discrimination in employment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#8220;<U>Notice
of Termination for Cause</U>&#8221; shall mean delivery to the Executive of a copy of a resolution or resolutions duly adopted
by the affirmative vote of not less than two-thirds of the directors (other than the Executive, if the Executive is then serving
on the Board) present (in person or by teleconference) and voting at a meeting of the Board called and held for that purpose after
fifteen (15) days&#8217; 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&#8217;s
counsel, to be heard before the Board at such meeting prior to such vote, finding that in the good faith opinion of the Board,
the Executive was found to have 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&#8217;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement and the Executive&#8217;s
employment shall terminate upon the death of the Executive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (&#8220;<U>Disability</U>&#8221;), 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 &#8220;<U>Notice
of Disability Termination</U>&#8221; 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&#8217;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&#8217;s employment shall terminate on the day such Notice of Disability Termination is received by the Executive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive may elect to resign
from employment with the Company and Holdings at any time with or without Good Reason (as defined below). Should the Executive
wish to resign from employment with the Company and Holdings during the Term for other than Good Reason, the Executive shall give
at least fourteen (14) days&#8217; prior written notice to the Company. The Executive&#8217;s employment and the Term of this
Agreement shall terminate on the effective date of the resignation set forth in the notice of resignation; <U>provided</U> that
the Company may, at its sole discretion, instruct the Executive to perform no more job responsibilities and cease active employment
immediately upon or following receipt of such notice from the Executive. Further, any resignation by the Executive of employment
with the Company shall be deemed a resignation of employment with Holdings (and vice versa).</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should the Executive wish to resign
from employment with the Company and Holdings during the Term for Good Reason following the Company&#8217;s failure to cure an
applicable event as contemplated below, the Executive shall give at least seven (7) days&#8217; prior written notice to the Company.
The Executive&#8217;s employment and the Term of this Agreement shall terminate on the date specified in such notice given in
accordance with the relevant provision; <U>provided</U> 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 employment with the Company shall be deemed a resignation of employment with Holdings
(and vice versa).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">For purposes of this Agreement, &#8220;<U>Good
Reason</U>&#8221; shall mean the continuance of any of the following events (without the Executive&#8217;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 <U>provided</U> that the Executive&#8217;s effective
date of resignation for Good Reason is within one hundred thirty-five (135) days of the Good Reason event):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any diminution of the Executive&#8217;s
title or any material diminution in the Executive&#8217;s duties and/or responsibilities or authority, as set forth herein; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive ceasing to
report solely and exclusively to the full Board (unless otherwise required by Section 2(c) or provided by Section 6(h)); or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;any requirement that the
Executive report for work to a location more than twenty-five (25) miles from the Company&#8217;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 or destruction
of such offices as a result of natural disasters, terrorism, acts of war or acts of God or travel in the ordinary course of business;
or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;any reduction in the Base
Salary or target bonus opportunity; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company&#8217;s failure
to grant the equity awards set forth in Section 4(b) by April 1, 2021, other than as a result of Holdings and the Executive being
subject to a blackout restriction which prevents the issuance of such equity awards and provided such equity awards are granted
on the first business day following the date that Holdings and the Executive are no longer subject to such blackout restriction;
or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company&#8217;s failure
to make a <I>bona fide </I>offer in writing to renew this Agreement, for at least an additional one (1)-year term, on terms and
conditions at least as favorable as those set forth in this Agreement (including the Base Salary set forth in Section 4(a), but
excluding any equity-based</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 0pt">compensation set forth in Section
4(b)), at least ninety (90) days prior to (x) the Term End Date and (y) each subsequent anniversary of the Term End Date on which
this Agreement is otherwise scheduled to expire; <U>provided</U> that (for purposes of this clause (y) only) this Agreement has
been renewed on the Term End Date or subsequent anniversary thereof on which this Agreement was otherwise most recently scheduled
to expire; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 72pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any material breach
by the Company of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp; If the employment of the Executive
is terminated 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 any other benefit or incentive plans or programs (including any equity plans and applicable award agreements) in accordance
with the terms of such plans and programs (collectively, the &#8220;<U>Accrued Payments and Benefits</U>&#8221;). In addition
to the Accrued Payments and Benefits, in the event the Executive&#8217;s employment is terminated due to the Executive&#8217;s
death or Disability, the Executive shall be paid (A) a pro-rated Bonus for the year in which the termination occurs (based on
actual achievement of applicable performance criteria and based on the number of days the Executive was employed by the Company
as a portion of the applicable calendar year), payable when annual bonuses are normally paid to other executive officers of the
Company and (B) any earned but unpaid annual bonus with respect to the year prior to the year of termination, payable when annual
bonuses are normally paid to other executive officers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 108pt">(ii)&nbsp;&nbsp;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:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(A) the Accrued Payments and Benefits;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(B) (x) 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 portion of the applicable calendar year), payable when annual bonuses are
normally paid to other executive officers of the Company and (y) any earned but unpaid annual bonus with respect to the year prior
to the year of termination, payable when annual bonuses are normally paid to other executive officers;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(C) a lump sum amount equal to
one and a half (1 &frac12;) times the sum of (x) the Executive&#8217;s annualized Base Salary then in effect and (y) an amount
in cash equal to the greater of (I) the Executive&#8217;s target Bonus opportunity for the year in which the Termination Date
occurs or (II) 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;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(D) the continuation for eighteen
(18) months, at the Company&#8217;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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(E) life insurance benefits on
substantially the same terms as provided by the Company for active employees for twelve (12) months following the Termination
Date; provided that (I) the Company&#8217;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 an 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 twelve (12)-month period; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">(F) if such termination occurs
prior to the grant of the equity award set forth in Section 4(b), $24,500,000 in cash, to be paid in a lump sum on the sixtieth
(60<SUP>th</SUP>) day following the Termination Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s obligations under
Section 6(f)(ii) shall be conditioned upon the Executive or the Executive&#8217;s representative executing, delivering, and not
revoking 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 &#8220;<U>Release</U>&#8221;), within sixty (60) days following the Termination Date; <U>provided</U> that the Company&#8217;s General Counsel may waive such requirement in the case of the Executive&#8217;s death.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#8217;s employment with or without Cause, or shall a Good Reason event be deemed to have occurred, solely
as a result of or in connection with 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; <U>provided</U>, that, if Holdings is not the publicly traded parent
company of the combined enterprises, immediately following any such merger or business combination, the Executive (i) shall have
retained substantially similar duties and responsibilities with respect to the business and operations owned and/or operated prior
to such transaction by Holdings and the Company (the &#8220;<U>Legacy Business</U>&#8221;) (including remaining the Chief Executive
Officer of the subsidiary owning and/or operating the Legacy Business ), (ii) shall report solely and exclusively to the full
board of directors of the new publicly traded parent company of the Legacy Business (the &#8220;<U>New Parent Company</U>&#8221;)
(unless otherwise required by Section 2(c)) or to the current Chief Executive Officer of Liberty Media Corporation if he is the
Chief Executive Officer of the New Parent Company, and (iii) shall serve on the board of directors of the New Parent Company;
and <U>provided</U> further that no circumstances shall have occurred at such time, which would separately constitute a breach
of this Agreement, termination of the Executive&#8217;s employment (other than for Cause) or a Good Reason event. Further, upon
the consummation of any such merger or business combination, New Parent Company shall assume the rights and obligations of the
Company under this Agreement. The assumption of the Executive&#8217;s equity</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">awards by any New Parent Company and any
related adjustments to such awards effected pursuant to the terms of the applicable incentive plan and equity award agreements
shall not be a breach of this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provisions of
this Agreement to the contrary, if the Executive is a &#8220;specified employee&#8221; (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 (&#8220;<U>Nonqualified Deferred Compensation</U>&#8221;), amounts that would otherwise be payable pursuant
to this Agreement during the six (6)-month period immediately following the Executive&#8217;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&#8217;s Separation from Service that constitute Nonqualified Deferred Compensation
will instead be paid or made available on the earlier of (x) the first (1<SUP>st</SUP>) business day of the seventh (7<SUP>th</SUP>)
month following the date of the Executive&#8217;s Separation from Service and (y) the Executive&#8217;s death.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the termination of the
Executive&#8217;s employment for any reason, the Executive shall 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; <U>provided</U> that if the Executive does not promptly tender her resignation,
then the Company will be empowered to remove the Executive from such offices and positions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to
the contrary, in the event the Company fails to appoint the Executive to the role of Chief Executive Officer of the Company and
Holdings, either upon the retirement of Mr. James E. Meyer or, if Mr. Meyer does not step down as Chief Executive Officer prior
to March 31, 2021, by March 31, 2021, except where such failure occurs as a result of the Executive&#8217;s earlier termination
of employment with the Company (i) due to death or Disability, (ii) by the Company for Cause or (iii) by the Executive without
Good Reason, then the Executive shall have the ability to terminate her employment with the Company and such termination of employment
shall be treated as a Good Reason termination and the Executive shall have the right to receive the payments and benefits provided
under Section 6(f)(ii) rather than any payments and benefits under the Prior Agreement. In order for the Executive to terminate
her employment pursuant to this Section 6(k) the Executive must deliver notice to the Company within ninety (90) days after becoming
aware of the occurrence of such event, the Company shall have a thirty (30) day period in which to cure and the Executive&#8217;s
resignation shall be effective no later than one hundred thirty-five days of the Good Reason event.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nondisclosure of Confidential Information</U>.
(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, 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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Executive and the Company and/or Holdings,
disclose to others or use, directly or indirectly, any Confidential Information.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8220;<U>Confidential
Information</U>&#8221; shall mean information about the Company&#8217;s and/or Holdings&#8217; (and their respective
affiliates&#8217;) business and operations that is not disclosed by the Company and/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 or otherwise becomes publicly known other than as a result of the Executive&#8217;s breach
of this Section 7. 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&#8217;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; <U>provided</U> 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#8220;<U>SEC</U>&#8221;); (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
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&#8217;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. &sect;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</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section 7
shall survive indefinitely. The Executive&#8217;s obligations under this Section 7 and Section 8 following the Executive&#8217;s
termination of employment for Good Reason or by the Company without Cause are expressly conditioned upon, and subject to, the
Company&#8217;s compliance with any applicable payment obligations under Section 6.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenant Not to Compete</U>. During
the Executive&#8217;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 &#8220;<U>Competitive Activity</U>&#8221;); <U>provided</U> 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
from any of the customers of the Company or its affiliates as to any product or service that competes with any product or service
provided or marketed by the Company or its affiliates on the date of the Executive&#8217;s termination of employment with the
Company during the Term (as such Term may be extended in accordance with Section 6(e)(vi)) (the &#8220;<U>Milestone Date</U>&#8221;);
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 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
&#8220;<U>Restricted Period</U>&#8221; shall mean a period of one (1) year following the Milestone Date; <U>provided</U>, <U>however</U>,
that if (i) the Company has made an offer to renew this Agreement in accordance with Section 6(e)(vi), (ii) the Executive does
not accept such offer, and (iii) the Executive&#8217;s employment terminates at the end of the Term, then there shall be no Restricted
Period and the provisions of this Section 8 shall be of no further force and effect. For purposes of this Agreement, the term
&#8220;<U>radio</U>&#8221; 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change of Control Provisions</U>.
(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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">change of control of the Company or Holdings
or the termination of the Executive&#8217;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 &#8220;<U>Total Payments</U>&#8221;) would be subject
(in whole or part), to any excise tax imposed under Section 4999 of the Code, or any successor provision thereto (the &#8220;<U>Excise
Tax</U>&#8221;), 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); <U>provided</U> 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).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&#9;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&amp;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&amp;A 24(a), with the highest values reduced first (as such values are determined under Treasury
Regulation Section 1.280G-1, Q&amp;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&amp;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-1, Q&amp;A 24, with the highest values reduced first (as such values are determined under Treasury Regulation Section
1.280G-1, Q&amp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#8220;payment&#8221;
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 (&#8220;<U>Tax Counsel</U>&#8221;) reasonably acceptable to the Executive and
selected by the accounting firm which was, immediately prior to the change of control, the Company&#8217;s independent auditor
(the &#8220;<U>Auditor</U>&#8221;), does not constitute a &#8220;parachute payment&#8221; 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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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 &#8220;base amount&#8221; (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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#8217;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&#8217;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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>. 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&#8217;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>. The Company
shall indemnify the Executive, both during and after the Term, to the full extent provided in the Company&#8217;s and Holdings&#8217;
respective</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Certificates of Incorporation and Bylaws
and the law of the State of Delaware in connection with her activities as an officer or director of the Company and Holdings,
provided, that the indemnification required by this Section 11 shall not be construed to be the exclusive indemnification available
to the Executive. In addition, the Executive shall be covered by the Company&#8217;s directors&#8217; and officers&#8217; liability
insurance policy in connection with her activities during the Term as an officer or director of the Company and Holdings on a
basis generally consistent with other directors and officers of the Company and Holdings.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>. 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 and the letter agreement dated as of even date herewith. 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, or to supersede
or waive the Executive&#8217;s right to unpaid Base Salary and benefits unconditionally accrued prior to the date hereof under
the Prior Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>. 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 and/or Holdings by merger or purchase of all or substantially all of the Company&#8217;s
and/or Holdings&#8217; assets shall assume this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect</U>. This Agreement
shall be binding upon and inure to the benefit of the successors in interest of the Executive and the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. 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&#8217;s location during normal business hours and 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:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 162pt">if to the Company:</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 162pt">Sirius XM Radio Inc.<BR>
1221 Avenue of the Americas<BR>
35<SUP>th</SUP> Floor<BR>
New York, New York 10020<BR>
Attention: General Counsel<BR>
Telecopier: (212) 584-5353</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 162pt">if to the Executive:<BR>
<BR>
Address on file at the offices of the Company</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">or to such other person or address as either party shall furnish
in writing to the other party from time to time.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Mitigation</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>. (a) The Executive
and the Company agree that if a dispute arises concerning or relating to the Executive&#8217;s employment with the Company or
Holdings, or the termination of the Executive&#8217;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 from the Executive&#8217;s employment with the Company and/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. <B>The parties expressly waive the right to a jury trial,
and agree that the arbitrator&#8217;s award shall be final and binding on both parties, and shall not be appealable. </B>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&#8217;
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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Section 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).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Section 409A</U>.
(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&#8217;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#8217;s expense
reimbursement policies, but in no event later than the last day of the Executive&#8217;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&#8217;s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each payment under this Agreement
shall be regarded as a &#8220;separate payment&#8221; and not one of a series of payments for purposes of Section 409A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Executive&#8217;s Representation</U>.
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&#8217;s performance
of her obligations under this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survivorship</U>. Upon the expiration
or other termination of the Term of this Agreement or the Executive&#8217;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Clawback Provisions</U>. 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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">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).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attorneys&#8217;
Fees.</U> The Company shall promptly reimburse the Executive for the reasonable professional fees and expenses incurred by
the Executive in the negotiation and preparation of this Agreement and related agreements; provided, however, that the amount
required to be reimbursed by the Company shall in no event exceed $25,000.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">SIRIUS XM RADIO INC.</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 55%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">By:&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; border-bottom: Black 1px solid">/s/ Patrick L. Donnelly</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Patrick L. Donnelly</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Executive Vice President, General Counsel and Secretary</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; border-bottom: Black 1px solid">/s/ Jennifer
    c. Witz</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">JENNIFER C. WITZ</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit A</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIRIUS XM HOLDINGS INC. 2015 LONG-TERM
STOCK INCENTIVE PLAN<BR>
<BR>
STOCK OPTION 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: 72pt">This STOCK OPTION AGREEMENT (this &#8220;<U>Agreement</U>&#8221;),
dated [______] __, 2021,<SUP>1</SUP> is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the &#8220;<U>Company</U>&#8221;),
and JENNIFER C. WITZ (the &#8220;<U>Executive</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of Option; Vesting</U>. (a)
Subject to the terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive Plan (the &#8220;<U>Plan</U>&#8221;),
and the Employment Agreement, dated as of September 14, 2020, between Sirius XM Radio Inc. (&#8220;<U>Sirius XM</U>&#8221;) and
the Executive (the &#8220;<U>Employment Agreement</U>&#8221;), the Company hereby grants to the Executive the right and option
(this &#8220;<U>Option</U>&#8221;) to purchase ______________________ (_________) shares<SUP>2</SUP> of common stock, par value
$0.001 per share, of the Company (the &#8220;<U>Shares</U>&#8221;), at a price per Share of $___ (the &#8220;<U>Exercise Price</U>&#8221;).<SUP>3
</SUP>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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 December 31, 2021, [___] Shares on December 31, 2022, and [____] Shares on December 31, 2023<SUP>4</SUP>, subject to the Executive&#8217;s
continued employment with Sirius XM on each of these dates other than as specifically stated herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Executive&#8217;s employment
with Sirius XM terminates for any reason, this Option, to the extent not then vested, shall immediately terminate without consideration;
<U>provided</U> that if the Executive&#8217;s employment with Sirius XM is terminated (x) due to death or &#8220;<U>Disability</U>&#8221;
(as defined in the Employment Agreement), (y) by Sirius XM without &#8220;<U>Cause</U>&#8221; (as defined in the Employment Agreement),
or (z) by the Executive for &#8220;<U>Good Reason</U>&#8221; (as defined in the Employment Agreement), the unvested portion of
this Option, to the extent not previously cancelled or forfeited, shall immediately become vested and exercisable. The foregoing
condition that the Executive be an employee of Sirius XM shall, in the event of the termination of the Executive&#8217;s employment
with Sirius XM due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason, be waived by the Company;
<U>provided</U> that the Executive executes a release in accordance with Section 6(g) of the Employment Agreement</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> The &#8220;Grant Date,&#8221; as defined in the
Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Number to be computed in accordance with Section
4(b)(i) of the Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Closing price on the Grant Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> The Option shall vest as follows: $2,500,000,
$3,500,000 and $3,500,000 on each of December 31, 2021, December 31, 2022 and December 31, 2023, respectively.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">(except that the Company&#8217;s general
counsel may waive such requirement in the case of the Executive&#8217;s death).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. This Option shall terminate
on [______] __, 20__ (the &#8220;<U>Option Expiration Date</U>&#8221;);<SUP>5</SUP> <U>provided</U> that if:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&#8217;s employment
with Sirius XM is terminated due to the Executive&#8217;s death or Disability, by Sirius XM without Cause, or by the Executive
for Good Reason, the Executive may exercise this Option in full until the first (1<SUP>st</SUP>) anniversary of such termination
(at which time this Option shall be cancelled), but not later than the Option Expiration Date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&#8217;s employment
with Sirius XM is terminated for Cause, this Option shall be cancelled upon the date of such termination; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change of Control</U>. In the event
of a Change of Control, this Option shall be governed by the terms of the Plan; <U>provided</U> 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-transferable</U>. 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&#8217;s death, any amounts owed to the Executive hereunder shall
instead be paid to the Executive&#8217;s designated beneficiary (or, if none, to the Executive&#8217;s estate).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. 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</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> Tenth anniversary of the Grant Date.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">withheld. The Executive may satisfy her withholding
obligations in the manner contemplated by Section 16(e) of the Plan.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights of the Executive</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Professional Advice</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement Subject to the Plan</U>.
This Option and this Agreement are subject to the terms and conditions set forth in the Plan, which terms and conditions are incorporated
herein by reference. Capitalized terms used herein but not defined shall have the meaning set forth in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM&#8217;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect</U>. 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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. 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&#8217;s consent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">SIRIUS XM HOLDINGS INC.</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 55%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">By:&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-left: 10pt">Exhibit A</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 10pt">Name:</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 10pt">Title:</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-left: 10pt">Exhibit A</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 10pt">JENNIFER C. WITZ</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit B</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIRIUS XM HOLDINGS INC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2015 LONG-TERM STOCK INCENTIVE PLAN</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-align: center">RESTRICTED STOCK UNIT 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: 0.5in">This RESTRICTED STOCK UNIT AGREEMENT (this
&#8220;<U>Agreement</U>&#8221;), dated [_____] __, 2021,<SUP>6</SUP> is between SIRIUS XM HOLDINGS INC., a Delaware corporation
(the &#8220;<U>Company</U>&#8221;), and JENNIFER C. WITZ (the &#8220;<U>Executive</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. <U>Grant of RSUs</U>. Subject to the
terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive Plan (the &#8220;<U>Plan</U>&#8221;),
and the Employment Agreement, dated as of September 14, 2020 , between Sirius XM Radio Inc. (&#8220;<U>Sirius XM</U>&#8221;) and
the Executive (the &#8220;<U>Employment Agreement</U>&#8221;), the Company hereby grants ________________<SUP>7</SUP> restricted
share units (&#8220;<U>RSUs</U>&#8221;) 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 &#8220;<U>Share</U>&#8221;) on the dates
specified in this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. <U>Dividends</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">3. <U>No Rights of a Stockholder</U>. The
Executive shall not have any rights as a stockholder of the Company until the Shares have been issued.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">4. <U>Issuance of Shares subject to RSUs</U>.
(a) Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, (i) on December 31, 2021, 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), (ii) on December 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</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> The &#8220;Grant Date,&#8221; as defined in the
Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Number to be determined in accordance with Section
4(b)(ii) of the Employment Agreement.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">under this Agreement (as adjusted pursuant to Section 2 above, if applicable), and (iii) on December
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)<SUP>8</SUP>, in
each case if the Executive continues to be employed by Sirius XM on each of these dates other than as specifically stated herein.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(b) If the Executive&#8217;s employment
with Sirius XM terminates for any reason, the RSUs shall immediately terminate without consideration; <U>provided</U> that if
the Executive&#8217;s employment with Sirius XM is terminated due to (x) death or &#8220;<U>Disability</U>&#8221; (as defined
in the Employment Agreement), (y) by Sirius XM without &#8220;<U>Cause</U>&#8221; (as defined in the Employment Agreement), or
(z) by the Executive for &#8220;<U>Good Reason</U>&#8221; (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. The foregoing
condition that the Executive be an employee of Sirius XM shall, in the event of the termination of the Executive&#8217;s employment
with Sirius XM due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason, be waived by the Company;
<U>provided</U> that the Executive executes a release in accordance with Section 6(g) of the Employment Agreement (except that
the Company&#8217;s general counsel may waive such requirement in the case of the Executive&#8217;s death).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">5. <U>Change of Control</U>. In the event
of a Change of Control, the RSUs shall be governed by the terms of the Plan; <U>provided</U> 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">6. <U>Non-transferable</U>. 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&#8217;s death, any amounts owed to the Executive hereunder shall instead be paid
to the Executive&#8217;s designated beneficiary (or, if none, to the Executive&#8217;s estate).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7. <U>Withholding</U>. 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> The $5.0 million of RSUs, will vest as follows:
$1.0 million on December 31, 2021, $2.0 million on December 31, 2022, and $2.0 million on December 31, 2023.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8. <U>Rights of the Executive</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. <U>Professional Advice</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10. <U>Agreement Subject to the Plan</U>.
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&#8217;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11. <U>Governing Law</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12. <U>Notices</U>. 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):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 34%; font: 12pt Times New Roman, Times, Serif; padding-left: 60pt">Company:</TD>
    <TD STYLE="width: 66%; font: 12pt Times New Roman, Times, Serif">Sirius XM Holdings Inc.</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">1221 Avenue of the Americas</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">35<SUP>th</SUP> Floor</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">New York, New York 10020</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Attention:&nbsp;&nbsp;General Counsel</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 60pt">Executive:</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Address on file at the office of the Company</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Notices sent by email or other electronic means not specifically
authorized by this Agreement shall not be effective for any purpose of this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. 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&#8217;s consent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">SIRIUS XM HOLDINGS INC.&#9;</P>

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

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<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; font: 12pt Times New Roman, Times, Serif">By:&nbsp;</TD>
    <TD STYLE="width: 33%; font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">Exhibit B</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 33%; font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">Exhibit B</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Name:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">JENNIFER C. WITZ</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Title:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit C</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIRIUS XM HOLDINGS INC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2015 LONG-TERM STOCK INCENTIVE PLAN</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-align: center">PERFORMANCE-BASED RESTRICTED STOCK UNIT
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: 0.5in">This PERFORMANCE-BASED RESTRICTED STOCK
UNIT AGREEMENT (this &#8220;<U>Agreement</U>&#8221;), dated [______] [__], 2021,<SUP>9</SUP> is between SIRIUS XM HOLDINGS INC.,
a Delaware corporation (the &#8220;<U>Company</U>&#8221;), and JENNIFER C. WITZ (the &#8220;<U>Executive</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. <U>Grant of PRSUs</U>. Subject to the
terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive Plan (the &#8220;<U>Plan</U>&#8221;),
and the Employment Agreement dated as of September 14, 2020 between Sirius XM Radio Inc. (&#8220;<U>Sirius XM</U>&#8221;) and
the Executive (the &#8220;<U>Employment Agreement</U>&#8221;), the Company hereby grants ________________<SUP>10</SUP> performance-based
restricted stock units (&#8220;<U>PRSUs</U>&#8221;) to the Executive. Each PRSU represents the unfunded, unsecured right of the
Executive to receive one share of common stock, par value $.001 per share, of the Company (each, a &#8220;<U>Share</U>&#8221;)
on the date specified in this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. <U>Dividends</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">3. <U>No Rights of a Stockholder</U>. The
Executive shall not have any rights as a stockholder of the Company until the Shares have been issued. Once a PRSU vests and a
Share is issued to the Executive pursuant to Section 4, such PRSU is no longer considered a PRSU for purposes of this Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> The &#8220;Grant Date,&#8221; as defined in the
Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> Number to be determined in accordance with Section
4(b)(iii) of the Employment Agreement, which represents the target number of PRSUs.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">4. <U>Issuance of Shares Subject to PRSUs</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(a) <I>Performance Metric</I>. All or a
portion of the PRSUs shall be eligible to vest based on the Company&#8217;s level of achievement of one or more financial and/or
operating goals or combination of goals (the &#8220;<U>Performance Metric Target</U>&#8221;) for the years ending December 31,
2021 and December 31, 2022 (the &#8220;<U>Performance Period</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">With respect to the year ending December
31, 2021, the Performance Metric Target shall be the Company&#8217;s level of achievement of free cash flow as set forth in the
budget approved by the Company&#8217;s Board of Directors (the &#8220;<U>Board</U>&#8221;) for the year ending December 31, 2021
consistent with past practice. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">With respect to the year ending December
31, 2022, the Performance Metric Target shall be the Company&#8217;s level of achievement of one or more financial and/or operating
goals or combination of goals for such year as set by the Compensation Committee of the Board, which Performance Metric Target
shall be consistent with the performance metric target set for other executive officers of the Company. The Performance Metric
Target may include, among other things, return on net assets, return on stockholders&#8217; equity, return on assets, return on
capital, revenue, average revenue per subscriber, total stockholder returns, profit margin, earnings per share, free cash flow
per share, net earnings, operating earnings, free cash flow, adjusted earnings before interest, taxes, depreciation and amortization,
earnings before interest, taxes, depreciation and amortization, number of subscribers, growth of subscribers, operating expenses,
capital expenses, subscriber acquisition costs or other metrics provided for under the Plan approved by the Board or the Compensation
Committee thereof for the year ending December 31, 2022.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Performance Metric Target for each of
the years ending December 31, 2021 and 2022 shall be reasonable in light of the Company&#8217;s business plan and budget for the
applicable year and other factors affecting the Company&#8217;s business taken as a whole.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The Company shall deliver to the Executive
on or before March 31, 2021 and March 31, 2022, as applicable, a statement setting forth the applicable Performance Metric Target
for 2021 and 2022 on a cumulative basis, or 2021 and 2022 taken separately, as applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(b) <I>Calculation of Shares to be Issued</I>.
Within sixty (60) days following the end of the Performance Period, the Company shall certify the Company&#8217;s level of achievement
of the Performance Metric Target (such actual date of certification, the &#8220;<U>Certification Date</U>&#8221;) 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 &#8220;<U>Eligible PRSUs</U>&#8221;):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 54pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails
to achieve at least 80% of the Performance Metric Target, 0% of the PRSUs shall constitute Eligible PRSUs;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 54pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon achieving 100%
or more of the Performance Metric Target, 100% of the PRSUs shall constitute Eligible PRSUs; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 54pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company&#8217;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).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(c) <I>Issuance of Eligible PRSUs</I>. Subject
to earlier issuance pursuant to the terms of this Agreement or the Plan, on December 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); <U>provided</U> that the Executive continues to be employed by Sirius XM on December 31, 2023.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">5. <U>Termination of Employment</U>. (a)
If the Executive&#8217;s employment with Sirius XM terminates for any reason, then the PRSUs shall immediately terminate without
consideration; <U>provided</U> that if the Executive&#8217;s employment with Sirius XM is terminated (x) due to death or &#8220;<U>Disability</U>&#8221;
(as defined in the Employment Agreement), (y) by Sirius XM without &#8220;<U>Cause</U>&#8221; (as defined in the Employment Agreement),
or (z) by the Executive for &#8220;<U>Good Reason</U>&#8221; (as defined in the Employment Agreement) (any such applicable date
of termination, the &#8220;<U>PRSU Termination Date</U>&#8221;), then the PRSUs shall be treated in the following manner:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(i) if the PRSU Termination Date
occurs 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; <U>provided</U>, that,<U>
</U>if the Performance Metric Target is based on separate goals for 2021 and 2022 and the PRSU Termination Date occurs following
December 31, 2021 but prior to the end of the Performance Period, then the PRSUs granted under this Agreement that relate to the
2021 performance period will vest based on &#8220;actual&#8221; level of achievement of the Performance Metric Target established
for 2021; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(ii) if the PRSU Termination Date
occurs after the Performance Period, all Eligible PRSUs, to the extent not previously settled, cancelled or forfeited, shall,
subject to Section 5(b), immediately (or, if later, on the Certification Date) become vested and the Company shall issue, or cause
there to be transferred, to the Executive the amount of Shares equal to the number of Eligible PRSUs earned pursuant to Section
4(b), as adjusted pursuant to Section 2 above, if applicable.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">(b) In the event the Executive&#8217;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); <U>provided</U> that the Executive executes a release in accordance with Section 6(g) of the Employment Agreement (except
that the Company&#8217;s general counsel may waive such requirement in the case of the Executive&#8217;s death).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">6. <U>Change of Control</U>. In the event
of a Change of Control, the PRSUs shall be governed by the terms of the Plan; <U>provided</U> 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">7. <U>Non-transferable</U>. 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&#8217;s death, any amounts owed to the Executive hereunder shall instead be paid
to the Executive&#8217;s designated beneficiary (or, if none, to the Executive&#8217;s estate).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8. <U>Withholding</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. <U>Rights of the Executive</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10. <U>Professional Advice</U>. 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&#8217;s
personal legal and tax advisors in connection with this Agreement and the PRSUs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11. <U>Agreement Subject to the
Plan</U>. 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&#8217;s</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12. <U>Governing Law</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13. <U>Notices</U>. 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):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 36pt">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 33%; font: 12pt Times New Roman, Times, Serif; padding-left: 60pt">Company:</TD>
    <TD STYLE="width: 67%; font: 12pt Times New Roman, Times, Serif">Sirius XM Holdings Inc.</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 60pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">1221 Avenue of the Americas</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 60pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">35<SUP>th</SUP> Floor</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 60pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">New York, New York 10020</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 60pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Attention:&nbsp;&nbsp;General Counsel</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 60pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-left: 60pt">Executive:</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Address on file at the office of the Company</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Notices sent by email or other electronic means not specifically
authorized by this Agreement shall not be effective for any purpose of this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">14. <U>Binding Effect</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">15. <U>Amendment</U>. 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&#8217;s consent.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">SIRIUS XM HOLDINGS INC.&#9;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 2%; font: 12pt Times New Roman, Times, Serif">By:&nbsp;</TD>
    <TD STYLE="width: 33%; font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">Exhibit C</TD>
    <TD STYLE="width: 18%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 33%; font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">Exhibit C</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Dara Altman</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">JENNIFER C. WITZ</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Executive Vice President and<BR>
Chief Administrative Officer</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0"><U>Exhibit D</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 360pt; text-align: left; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREEMENT AND RELEASE</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: 72pt">This Agreement and Release, dated as of
_________, 20__ (this &#8220;<U>Agreement</U>&#8221;), is entered into by and between JENNIFER C. WITZ (the &#8220;<U>Executive</U>&#8221;)
and SIRIUS XM RADIO INC. (the &#8220;<U>Company</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">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&#8217;s
employment with and separation from the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">NOW, THEREFORE, in consideration of the
mutual promises and covenants contained in this Agreement, the Executive and the Company hereby agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive&#8217;s employment with
the Company is terminated as of _____________, 20__ (the &#8220;<U>Termination Date</U>&#8221;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 September
14, 2020 (the &#8220;<U>Employment Agreement</U>&#8221;) [and shall be provided accelerated vesting of equity awards in accordance
with the equity award agreements listed on Appendix A<SUP>11</SUP>]; <U>provided</U> 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&#8217;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&#8217;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&#8217; and officers&#8217; 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
&#8220;<U>Released Parties</U>&#8221;), from any and all grievances, </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> Appendix A to include any equity award agreements
that provide for accelerated vesting and a release requirement.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">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&#8217;s
execution hereof, including, without limiting the generality of the foregoing, (a) any act, cause, matter or thing stated, claimed
or alleged, or which was or which could have been alleged in any manner against the Released Parties prior to the execution of
this Agreement and (b) all claims for any payment under the Employment Agreement; <U>provided</U> that nothing contained in this
Agreement shall affect the Executive&#8217;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 Holdings, the Company or their affiliates
covering officers and directors; (iii) to other benefits which by their express terms extend beyond the Executive&#8217;s separation
from employment (including, without limitation, the Executive&#8217;s rights under Section 6(f) 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&#8217;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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. &sect;&sect; 621&#45;634,
as amended (&#8220;<U>ADEA</U>&#8221;), including, without limitation, those arising out of or relating to the Executive&#8217;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)]<SUP>12
</SUP>days to consider this Agreement, and (3) she has seven (7) days after signing this Agreement to revoke this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This release does not affect or impair
the Executive&#8217;s rights with respect to workman&#8217;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> To be determined by the Company in connection
with the termination.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">whatsoever, including but not limited to, potential claims and remedies for discrimination, harassment, retaliation, or wrongful
termination, and that no other person or entity of any kind has had, or now has, any financial or other interest in any of the
demands, obligations, causes of action, debts, liabilities, rights, contracts, damages, costs, expenses, losses or claims which
could have been asserted by the Executive against the Company or any other Released Party.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive shall not make any disparaging
remarks about any of Sirius XM Holdings Inc. (&#8220;<U>Holdings</U>&#8221;), the Company, Liberty Media Corporation or any of
their directors, officers, agents or employees (collectively, the &#8220;<U>Nondisparagement Group</U>&#8221;) and/or any of their
respective practices or products; <U>provided</U> 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 her 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; <U>provided</U> 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&#8217;s agents or family members.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#8217; 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties declare and represent
that no promise, inducement, or agreement not expressed herein has been made to them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 </P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, the Employment Agreement,
<B>[and list any outstanding award agreements]</B> 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;
<U>provided</U> 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 (as defined in the Employment Agreement) is removed from such items.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any existing obligations the Executive
has with respect to confidentiality, nonsolicitation of employees and third parties and noncompetition under Sections 7 and 8
of the Employment Agreement shall remain in full force and effect in accordance with their terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any disputes arising from or relating
to this Agreement shall be subject to arbitration pursuant to Section 20 of the Employment Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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,</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the respective dates set forth below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">SIRIUS XM RADIO INC.</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 6%">Dated:&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 18%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 31%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 3%">By:&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; width: 42%">Exhibit D</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Title:</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 6%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 18%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 32%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 41%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Dated:&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">Exhibit D</TD></TR>
<TR STYLE="vertical-align: top; font: 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">JENNIFER C. WITZ</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 152px; text-align: right; padding-bottom: 4pt"><IMG SRC="x1_c100492x38x1.jpg" ALT=""></TD>
    <TD STYLE="layout-grid-mode: line; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">1221 Avenue of the Americas<BR>
    35<SUP>th</SUP> Floor<BR>
    New York, NY 1020<BR>
    tel 212 584 5100<BR>
    fax 212 584 5200<BR>
    www.siriusxm.com</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 200pt 0pt 0pt; text-align: right; text-indent: 0pt">September
14, 2020</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216pt; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ms. Jennifer C. Witz</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sirius XM Radio Inc.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1221 Avenue of the Americas</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">35<SUP>th</SUP> Floor</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10020</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Use of Private Aircraft</U></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-align: justify">Dear Jennifer:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">This letter (this &ldquo;Agreement&rdquo;)
sets forth our agreement with respect to your use of a private aircraft (the &ldquo;Aircraft&rdquo;) arranged by Sirius XM Radio
Inc. (&ldquo;Sirius XM&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use
of the Aircraft</U><I>.</I> During the Term (as defined below), you may use up to 30 hours per year worth of flight time (the &ldquo;Annual
Allotment&rdquo;) on the Aircraft for personal use, which shall include travel to and from your homes (&ldquo;Personal Flight Time&rdquo;).
The Annual Allotment for any partial year during the Term shall be reduced on a pro rata basis. Sirius XM will not have any obligation
to pay you for any unused Annual Allotment and any unused Annual Allotment with respect to any year may not be carried over to
any subsequent year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>IRS
Reporting</U>. The fair market value of Personal Flight Time will be reflected as income on your W-2 in accordance with applicable
IRS regulations based on the Standard Industry Fare Level formula (SIFL) pursuant to 26 C.F.R. &sect;1.61-21(g) or a comparable
successor provision.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
The term of this Agreement (the &ldquo;Term&rdquo;) will commence on January 1, 2021 and will expire on the earliest of (i) the
date that you cease to be employed as a full-time employee of Sirius XM under the terms of the Employment Agreement, dated September
14, 2020, between you and Sirius XM and (ii) December 31, 2023.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement will be governed by, and will be construed and enforced in accordance with, the laws of the State of New
York.</P>
<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; font: 12pt Times New Roman, Times, Serif">Jennifer C. Witz</TD>
    <TD STYLE="width: 9%; font: 12pt Times New Roman, Times, Serif; text-align: center">2</TD>
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: right">September 14, 2020</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject
matter hereof and supersedes any and all previous written or oral representations, promises, agreements or understandings of whatever
nature between the parties with respect to the subject matter. This Agreement may not be altered or amended except by an agreement
in writing signed by both parties. This Agreement may be signed in counterparts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">If you are in agreement with the foregoing,
please execute the enclosed copy of this letter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Sirius XM Radio Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 2%">By:</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1px solid">/s/ Patrick Donnelly</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Patrick Donnelly</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Executive Vice President, General Counsel and Secretary</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Agreed:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border-bottom: Black 1px solid">/s/ Jennifer C. Witz</TD>
    <TD STYLE="width: 72%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Jennifer C. Witz</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<!-- Field: Page; Sequence: 2 -->
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.3</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 72pt">This EMPLOYMENT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;),
dated as of September 14, 2020, is between SIRIUS XM RADIO INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and
SEAN S. SULLIVAN (the &ldquo;<U>Executive</U>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">WHEREAS, the Company and the Executive jointly
desire to enter into this Agreement to reflect the terms and conditions of the Executive&rsquo;s employment with the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">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: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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, commencing on October 26, 2020 (the &ldquo;<U>Effective Date</U>&rdquo;). 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
inito</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties and Reporting Relationship</U>.
(a) The Executive shall be employed as the Executive Vice President and Chief Financial Officer of both the Company and Sirius
XM Holdings Inc. (&ldquo;<U>Holdings</U>&rdquo;). In such capacity, the Executive shall be responsible primarily for supervising
the financial affairs, including the financial, planning and analysis, controller, treasury, investor relations, internal audit
and information technology functions, of the Company and Holdings. The Executive shall also perform such activities and duties
consistent with his position that the Chief Executive Officer of the Company and Holdings (the &ldquo;<U>CEO</U>&rdquo;) shall
from time to time reasonably specify and direct. During the Term (as defined below), the Executive shall, on a full-time basis
and consistent with the needs of the Company and Holdings, use his skills and render services to the best of his ability. 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 his duties to the Company and Holdings, passive investments and service as a director of Acushnet Holdings Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive shall generally perform
his duties and conduct his 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: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise required by law,
administrative regulation or the listing standards of the exchange on which Holdings&rsquo; shares are primarily traded, 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: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
The term of this Agreement shall commence on the Effective Date and shall end on October </FONT>26<FONT STYLE="font-family: Times New Roman, Times, Serif">,
2023 (the &ldquo;<U>Term End Date</U>&rdquo;), unless terminated earlier pursuant to the provisions of Section 6 or extended in
accordance with Section 6(e)(vi) (as applicable, the &ldquo;<U>Term</U>&rdquo;).</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation. (a) During the
Term, the Executive shall be paid an annual base salary of $1,100,000, 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 to, and approval by, the Board
of Directors of Holdings (the &ldquo;<U>Board</U>&rdquo;) or any committee thereof (such amount, as increased, the &ldquo;<U>Base
Salary</U>&rdquo;). 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the first business day following
the Effective Date on which Holdings and the Executive are not subject to a blackout restriction, which date is expected to be
the first business day following the filing by Holdings of its Quarterly Report on Form 10-Q for the quarter ended September 30,
2020 (such date, as applicable, the &ldquo;<U>Grant Date</U>&rdquo;), the Company shall cause Holdings to grant to the Executive
the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an option to purchase shares
of Holdings&rsquo; common stock, par value $.001 per share (the &ldquo;<U>Common Stock</U>&rdquo;), at an exercise price equal
to the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date, with the number of shares of Common
Stock subject to such option being that necessary to cause the Black-Scholes-Merton value of such option on the Grant Date to be
equal to $2,250,000, determined by using inputs consistent with those 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a number of restricted stock
units (&ldquo;<U>RSUs</U>&rdquo;) equal to $2,250,000, divided by the closing price of the Common Stock on the Nasdaq Global Select
Market on the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement
attached to this Agreement as Exhibit B;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a number of performance-based
restricted stock units (&ldquo;<U>PRSUs</U>&rdquo;) equal to $4,500,000, divided by the closing price of the Common Stock on the
Nasdaq Global Select Market on the Grant Date, which grant shall be made subject to the establishment of performance metric(s)
that are the same as the performance metric(s) established for any 2021 performance-based restricted stock units granted generally
to other executive officers of the Company after the date hereof. Such performance metric(s) shall be reasonable in light of the
Company&rsquo;s business plan and budget for the applicable year and other factors then affecting the Company&rsquo;s business,
taken as a whole. Such PRSUs shall be subject to the terms and conditions set forth in the Performance&ndash;Based Restricted Stock
Unit Agreement attached to this Agreement as Exhibit C;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a number of RSUs equal to
$1,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such RSUs shall
be subject to the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B;
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a number of RSUs equal to
$3,000,000, divided by the closing price of the Common Stock on the Nasdaq Global Select Market on the Grant Date. Such</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 0pt">RSUs shall be subject to the terms
and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All compensation paid to the Executive
hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where applicable,
federal, New York State and New York City income tax withholding, federal unemployment tax and social security (FICA).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Compensation; Expenses
and Benefits</U>. (a) During the Term, the Company shall reimburse the Executive for all reasonable and necessary business expenses
incurred and advanced by him in carrying out his duties under this Agreement. Such expenses shall be incurred in accordance with
the policies and procedures established by the Company. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Term, the Executive shall
be eligible 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&rsquo;s and/or Holdings&rsquo; 401(k) savings plan and deferred compensation
plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Term, the Executive shall
be entitled to participate in any bonus plans generally offered to executive officers of the Company and/or Holdings. The Executive&rsquo;s
annual bonus (the &ldquo;<U>Bonus</U>&rdquo;), if any, shall be determined annually by the CEO, or the Board or the compensation
committee of the Board (the &ldquo;<U>Compensation Committee</U>&rdquo;). During the Term, the Executive shall have a target bonus
of 150% of the Base Salary. Bonus(es) shall be subject to the Executive&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will guarantee the Executive
a Bonus of at least $700,000 with respect to the year ending December 31, 2020 unless the Executive&rsquo;s employment has been
terminated by the Company for Cause (as defined below) or by the Executive without Good Reason (as defined below) prior to the
payment of annual bonuses by the Company with respect to such year. Such bonus, if any, shall be paid to the Executive when annual
bonuses are normally paid to other executive officers of the Company in 2021, but not later than March 15, 2021.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. The date upon which
the Executive&rsquo;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 &ldquo;<U>Termination Date.</U>&rdquo; With respect to any payment or
benefits that would be considered deferred compensation subject to Section 409A (&ldquo;<U>Section 409A</U>&rdquo;) of the Internal
Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), 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 &ldquo;separation from
service&rdquo; within the meaning of Section 409A and the regulations thereunder (a &ldquo;<U>Separation from</U></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"><U>Service</U>&rdquo;), 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&rsquo;s death, any amounts owed to the Executive hereunder shall instead be paid to the Executive&rsquo;s
designated beneficiary (or, if none, to the Executive&rsquo;s estate).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has the right and may
elect to terminate Executive&rsquo;s employment under this Agreement with or without Cause at any time. For purposes of this Agreement,
&ldquo;<U>Cause</U>&rdquo; means the occurrence or existence of any of the following (at any time following the date of this Agreement,
including prior to the Effective Date):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a material breach by
the Executive of the terms of this Agreement, (B) a material breach by the Executive of the Executive&rsquo;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&rsquo;s violation of the Company&rsquo;s and/or Holdings&rsquo; Code of Ethics, or any other written Company
and/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 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&rsquo;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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&rsquo;s conviction
or the plea of <I>nolo contendere </I>or the equivalent in respect of a felony;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any damage of a material
nature to any property of the Company, Holdings or any of their respective affiliates caused by the Executive&rsquo;s willful misconduct
or gross negligence;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&rsquo;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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&rsquo;s failure
to comply with the CEO&rsquo;s reasonable written instructions on a material matter within five (5) days; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conduct by the Executive
that, in the reasonable good faith written determination of the Board, manifests the Executive&rsquo;s lack of fitness to serve
as an</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 0pt">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 harassment or violated any other state, federal or local law or ordinance prohibiting
discrimination in employment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &ldquo;<U>Notice
of Termination for Cause</U>&rdquo; 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 (other than the Executive, if the Executive is then serving
on the Board) present (in person or by teleconference) and voting at a meeting of the Board called and held for that purpose after
fifteen (15) days&rsquo; 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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Term of this Agreement and
the Executive&rsquo;s employment shall terminate upon the death of the Executive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Executive is unable
to perform the essential duties and functions of his 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 (&ldquo;<U>Disability</U>&rdquo;), 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 &ldquo;<U>Notice
of Disability Termination</U>&rdquo; 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&rsquo;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&rsquo;s employment shall terminate on the day such Notice of Disability Termination is received by the Executive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive may elect to resign
from his employment with the Company and Holdings at any time with or without Good Reason (as defined below). Should the Executive
wish to resign from his employment with the Company and Holdings during the Term for other than Good Reason, the Executive shall
give at least thirty (30) days&rsquo; prior written notice to the Company. The Executive&rsquo;s employment and the Term of this
Agreement shall terminate on the effective date of the resignation set forth in the notice of resignation; <U>provided</U> that
the Company may, at its sole discretion, instruct the Executive to perform no more job responsibilities and cease his active employment
immediately upon or following receipt of such</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">notice from the Executive. Further, any resignation
by the Executive of his employment with the Company shall be deemed a resignation of his employment with Holdings (and vice versa).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should the Executive wish to resign
from his employment with the Company and Holdings during the Term for Good Reason following the Company&rsquo;s failure to cure
an applicable event as contemplated below, the Executive shall give at least seven (7) days&rsquo; prior written notice to the
Company. The Executive&rsquo;s employment and the Term of this Agreement shall terminate on the date specified in such notice given
in accordance with the relevant provision; <U>provided</U> that the Company may, at its sole discretion, instruct the Executive
to cease his 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 his employment with the Company shall be deemed a resignation of his employment with
Holdings (and vice versa).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">For purposes of this Agreement, &ldquo;<U>Good
Reason</U>&rdquo; shall mean the continuance of any of the following events (without the Executive&rsquo;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&rsquo;s effective date of resignation
for Good Reason is within one hundred thirty-five (135) days of the Good Reason event):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the assignment to the Executive
by the Company and/or Holdings of duties not reasonably consistent with the Executive&rsquo;s positions, duties, responsibilities,
titles or offices on the Effective Date, any material reduction in the Executive&rsquo;s duties or responsibilities in the areas
of the Company&rsquo;s financial, planning and analysis, controller, treasury, investor relations, internal audit or information
technology functions, 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&rsquo;s employment for Cause, Disability or as a result of the Executive&rsquo;s
death or by the Executive other than for Good Reason); or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive ceasing to
report solely and directly to the CEO (unless otherwise required by Section 2(c)); or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;any requirement that the
Executive report for work to a location more than twenty-five (25) miles from the Company&rsquo;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 or destruction
of such office as a result of natural disasters, terrorism, acts of war or acts of God or travel in the ordinary course of business;
or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;any reduction in the Base
Salary or target bonus opportunity;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solely to the extent that
the Executive has commenced employment with the Company on or before the Effective Date, the Company&rsquo;s failure to grant the
equity awards set forth in Section 4(b) on the Grant Date; or</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company&rsquo;s failure
to make a <FONT STYLE="font-size: 11.5pt"><I>bona fide </I></FONT>offer in writing to renew this Agreement, for at least an additional
one (1)-year term, on terms and conditions at least as favorable as those set forth in this Agreement (including the Base Salary
set forth in Section 4(a), but excluding any equity&ndash;based compensation set forth in Section 4(b)), at least ninety (90) days
prior to (x) the Term End Date and (y) each subsequent anniversary of the Term End Date on which this Agreement is otherwise scheduled
to expire; <U>provided</U> that (for purposes of this clause (y) only) this Agreement has been renewed on the Term End Date or
subsequent anniversary thereof on which this Agreement was otherwise most recently scheduled to expire; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any material breach by
the Company of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the employment of the Executive
is terminated 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 any other benefit or incentive plans or programs (including any equity plans and applicable award agreements) in accordance
with the terms of such plans and programs (collectively, the &ldquo;<U>Accrued Payments and Benefits</U>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (x) during the Term,
the employment of the Executive is terminated by the Company without Cause or if the Executive terminates his employment for Good
Reason (including upon end of the Term if the Company has failed to make the Bona Fide Offer described in Section 6(e)(vi)), or
(y) after the date hereof and prior to the Effective Date, the employment of the Executive is terminated by the Company without
Cause, then, in each case 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:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Accrued Payments and
Benefits;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a lump sum amount equal
to the sum of (x) the Executive&rsquo;s annualized Base Salary then in effect and (y) an amount in cash equal to the greater of
(1) $1,650,000 and (2) the Bonus last paid (or due and payable) to the Executive, with such lump sum amount to be paid on the sixtieth
(60<SUP>th</SUP>) day following the Termination Date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 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 portion of the applicable calendar year), payable when annual bonuses are
normally paid to other executive officers of the Company; provided that such amount shall not be payable in respect of the year
ending December 31, 2020; and (y) if not previously paid, the $700,000 Bonus for the year ending December 31, 2020, payable when
annual bonuses are normally paid to other executive officers of the Company for such year;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the continuation for eighteen
(18) months, at the Company&rsquo;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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;life insurance benefits
on substantially the same terms as provided by the Company for active employees for one (1) year following the Termination Date;
<U>provided</U> that (I) the Company&rsquo;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 he were an 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; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if such termination occurs
prior to the grant of the equity awards set forth in Section 4(b), $13,000,000 in cash, to be paid in a lump sum on the sixtieth
(60<SUP>th</SUP>) day following the Termination Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&rsquo;s obligations under
Section 6(f)(ii) shall be conditioned upon the Executive or the Executive&rsquo;s representative executing, delivering, and not
revoking 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 &ldquo;<U>Release</U>&rdquo;) within sixty (60) days following the Termination Date; <U>provided</U>
that the Company&rsquo;s General Counsel may waive such requirement in the case of the Executive&rsquo;s death.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provisions of
this Agreement to the contrary, if the Executive is a &ldquo;specified employee&rdquo; (within the meaning of Section 409A and
determined pursuant to policies adopted by the Company and Holdings) at the time of his 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 (&ldquo;<U>Nonqualified Deferred Compensation</U>&rdquo;), amounts that would otherwise be payable pursuant
to this Agreement during the six (6)-month period immediately following the Executive&rsquo;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&rsquo;s Separation from Service that constitute Nonqualified Deferred Compensation will
instead be paid or made available on the earlier of (x) the first (1<SUP>st</SUP>) business day of the seventh (7<SUP>th</SUP>)
month following the date of the Executive&rsquo;s Separation from Service and (y) the Executive&rsquo;s death.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the termination of the Executive&rsquo;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; <U>provided</U> that if the Executive refuses to tender
the Executive&rsquo;s resignation after the Board has made such request, then the Board will be empowered to remove the Executive
from such offices and positions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nondisclosure of Confidential Information</U>.
(a) The Executive acknowledges that in the course of his employment he will occupy a position of trust and confidence. The Executive
shall not, except in connection with the performance of his functions in accordance with this Agreement or as required by applicable
law or as required in proceedings to enforce or defend his 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Confidential Information</U>&rdquo;
shall mean information about the Company&rsquo;s and/or Holdings&rsquo; (and their respective affiliates&rsquo;) business and operations
that is not disclosed by the Company and/or Holdings (or their respective affiliates) for financial reporting purposes and that
was learned by the Executive in the course of his 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&rsquo;s request at any time or
upon termination or expiration of his 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 his employment by the Company and/or Holdings; <U>provided</U> that
the Executive will be able to keep his cell phones, personal computers, personal contact list and the like so long as any Confidential
Information is removed from such items.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &ldquo;<U>SEC</U>&rdquo;); (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
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</P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">whistleblower provisions of federal law or
regulation. This Agreement does not limit the Executive&rsquo;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. &sect;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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section 7 shall
survive indefinitely. The Executive&rsquo;s obligations under this Section 7 following the Executive&rsquo;s termination of employment
for Good Reason or by the Company without Cause are expressly conditioned upon, and subject to, the Company&rsquo;s compliance
with its applicable payment obligations, if any, under Section 6.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenant Not to Compete</U>. During
the Executive&rsquo;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 his
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, production, transmission 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 &ldquo;<U>Competitive Activity</U>&rdquo;); <U>provided</U> 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&rsquo;s termination of employment with the Company during the Term (as such Term may be extended in
accordance with Section 6(e)(vi)) (the &ldquo;<U>Milestone Date</U>&rdquo;); <U>provided</U>, 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 immediately preceding sentence. The Executive agrees that during the Restricted Period he 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 &ldquo;<U>Restricted Period</U>&rdquo;
shall mean a period of one (1) year following the Milestone Date;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">provided, however, that if (i) the Company
has made an offer to renew this Agreement in accordance with Section 6(e)(vi), (ii) the Executive does not accept such offer, and
(iii) the Executive&rsquo;s employment terminates at the end of the Term, then there shall be no Restricted Period and the provisions
of this Section 8 shall be of no further force and effect. For purposes of this Agreement, the term &ldquo;<U>radio</U>&rdquo;
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; <U>provided</U> that the Executive performs services solely for such non-competitive division or business line. Executive&rsquo;s
obligations under this Section 8 during the Restricted Period are expressly conditioned upon, and subject to, the Company&rsquo;s
compliance with its applicable payment obligations, if any, under Section 6.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change of Control Provisions</U>.
(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&rsquo;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 &ldquo;<U>Total Payments</U>&rdquo;) would
be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code, or any successor provision thereto (the
&ldquo;<U>Excise Tax</U>&rdquo;), 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); <U>provided</U>
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).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&amp;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&amp;A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation
Section 1.280G-1, Q&amp;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&amp;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 <FONT STYLE="color: black">Regulation
Section 1.280G-</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">1, Q&amp;A 24, with the highest values reduced
first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&amp;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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &ldquo;payment&rdquo;
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 (&ldquo;<U>Tax Counsel</U>&rdquo;) reasonably acceptable to the Executive and
selected by the accounting firm which was, immediately prior to the change of control, the Company&rsquo;s independent auditor
(the &ldquo;<U>Auditor</U>&rdquo;), does not constitute a &ldquo;parachute payment&rdquo; 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 &ldquo;base amount&rdquo; (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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 proceeding, that the Executive
could have received a greater amount without resulting in any</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>. 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&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>. 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&rsquo;s and Holdings&rsquo; respective Certificates of Incorporation and Bylaws and the law of the State
of Delaware in connection with his activities as an officer of the Company and Holdings, which shall survive the termination of
the Executive&rsquo;s employment with the Company or the Term of this Agreement for any reason.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>. 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, 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>. The Executive may
not assign any of his rights or delegate any of his 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 merger or purchase of all or substantially all of the Company&rsquo;s and/or
Holdings&rsquo; assets shall assume this Agreement.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect</U>. This Agreement
shall be binding upon and inure to the benefit of the successors in interest of the Executive and the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. 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&rsquo;s location during normal business hours and 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:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">if to the Company:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">Sirius XM Radio Inc.<BR>
1221 Avenue of the Americas<BR>
35<SUP>th</SUP> Floor<BR>
New York, New York 10020<BR>
Attention: Chief Executive Officer<BR>
<FONT STYLE="color: black">Telecopier: (212) 584-5353</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">if to the Executive:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">Address on file at the offices of the Company</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 144pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">or to such other person or address as either party shall furnish
in writing to the other party from time to time.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Mitigation</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>. (a) The Executive
and the Company agree that if a dispute arises concerning or relating to the Executive&rsquo;s employment with the Company or Holdings,
or the termination of the Executive&rsquo;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
from the Executive&rsquo;s employment with the Company and/or Holdings or his 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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">on any protected classification. <B>The parties
expressly waive the right to a jury trial, and agree that the arbitrator&rsquo;s award shall be final and binding on both parties,
and shall not be appealable</B>. 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&rsquo; 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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Section 409A</U>.
(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&rsquo;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 he has been advised to obtain independent
legal, tax or other counsel in connection with Section 409A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s expense
reimbursement policies, but in no event later than the last day of the Executive&rsquo;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&rsquo;s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each payment under this Agreement
shall be regarded as a &ldquo;separate payment&rdquo; and not one of a series of payments for purposes of Section 409A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Executive&rsquo;s Representation</U>.
The Executive hereby represents and warrants to the Company that he is not now under any contractual or other obligation that is</P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">inconsistent with or in conflict with this
Agreement or that would prevent, limit, or impair the Executive&rsquo;s performance of his obligations under this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survivorship</U>. Upon the expiration
or other termination of the Term of this Agreement or the Executive&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Clawback Provisions</U>. 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).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attorneys&rsquo;
Fees</U>. The Company shall promptly reimburse the Executive for 50% of the reasonable professional fees and expenses incurred
by the Executive in the negotiation and preparation of this Agreement and related agreements. The amount required to be reimbursed
by the Company shall in no event exceed $25,000.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SIRIUS XM RADIO INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1px solid">/s/ Patrick Donnelly</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Patrick Donnelly</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Executive Vice President, General Counsel and Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">/s/ Sean S. Sullivan</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>SEAN S. SULLIVAN</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit A</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THIS OPTION MAY NOT BE TRANSFERRED EXCEPT
BY WILL OR UNDER THE LAWS<BR>
OF DESCENT AND DISTRIBUTION.</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-align: center">SIRIUS XM HOLDINGS INC. 2015 LONG-TERM STOCK
INCENTIVE PLAN</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-align: center">STOCK OPTION AGREEMENT</P>

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

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">This STOCK
OPTION AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;), dated [______]</FONT><FONT STYLE="color: black"><SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">,
2020, is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and SEAN S. SULLIVAN (the
&ldquo;<U>Executive</U>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Option; Vesting</U>. (a) Subject to the terms and conditions of this Agreement, the Sirius XM <FONT STYLE="color: black">Holdings
Inc. 2015 Long-Term Stock Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;), and the Employment Agreement, dated as of September 14,
2020, between Sirius XM Radio Inc. (&ldquo;<U>Sirius XM</U>&rdquo;) and the Executive (the &ldquo;<U>Employment Agreement</U>&rdquo;),
the Company hereby grants to the Executive the right and option (this &ldquo;<U>Option</U>&rdquo;) to purchase ____________________________
(_______) shares of common stock, par value $0.001 per share, of the Company (the &ldquo;<U>Shares</U>&rdquo;), at a price per
Share of $____ (the &ldquo;<U>Exercise Price</U>&rdquo;)</FONT></FONT><FONT STYLE="color: black"><SUP>2</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif">.
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.</FONT></FONT></P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms of this Agreement, this Option shall vest and become exercisable in three (3) equal installments on [_____],2021 [_____],
2022, and [_____], 2023</FONT><FONT STYLE="color: black"><SUP>3</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">,
subject to the Executive&rsquo;s continued employment with Sirius XM on each of these dates other than as specifically stated herein.</FONT></P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Executive&rsquo;s employment with Sirius XM terminates for any reason, this Option, to the extent not then vested, shall immediately
terminate without consideration; <U>provided</U> that if the Executive&rsquo;s employment with Sirius XM is terminated (x) due
to death or &ldquo;<U>Disability</U>&rdquo; (as defined in the Employment Agreement), (y) by Sirius XM without &ldquo;<U>Cause</U>&rdquo;
(as defined in the Employment Agreement), or (z) by the Executive for &ldquo;<U>Good Reason</U>&rdquo; (as defined in the Employment
Agreement), the unvested portion of this Option, to the extent not previously cancelled or forfeited, shall immediately become
vested and exercisable. The foregoing condition that the Executive be an employee of Sirius XM shall, in the event of the termination
of the Executive&rsquo;s employment with Sirius XM due to death or Disability, by Sirius XM without Cause or by the Executive
for Good Reason, be waived by the Company; <U>provided</U> that the <FONT STYLE="color: black">Executive executes a release in
accordance with Section 6(g) of the Employment Agreement</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black"><SUP>1</SUP></FONT> The &ldquo;Grant
Date&rdquo;, as defined in the Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black"><SUP>2</SUP></FONT> Closing price
on the Grant Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: black"><SUP>3</SUP></FONT> First and second
anniversaries of the Grant Date and the third anniversaries of the Effective Date.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">(except that the Company&rsquo;s general counsel may waive such
requirement in the case of the Executive&rsquo;s death).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>.
This Option shall terminate on [_____]</FONT><FONT STYLE="color: black"><SUP>4</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">,
(the &ldquo;<U>Option Expiration Date</U>&rdquo;); <U>provided</U> that if:</FONT></P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&rsquo;s employment with
Sirius XM is terminated due to the Executive&rsquo;s death or Disability, by Sirius XM without Cause, or by the Executive for Good
Reason, the Executive may exercise this Option in full until the first (1<SUP>st</SUP>) anniversary of such termination (at which
time this Option shall be cancelled), but not later than the Option Expiration Date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive&rsquo;s employment with
Sirius XM is terminated for Cause, this Option shall be cancelled upon the date of such termination; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Executive voluntarily terminates
his 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change of Control</U>. In the event
of a Change of Control, this Option shall be governed by the terms of the Plan; <U>provided</U> 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-transferable</U>. 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&rsquo;s death, any amounts owed to the Executive hereunder shall instead
be paid to the Executive&rsquo;s designated beneficiary (or, if none, to the Executive&rsquo;s estate).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. 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 </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"><FONT STYLE="color: black"><SUP>4</SUP></FONT>
Tenth anniversary of the Grant Date.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">withheld. The Executive may satisfy his withholding obligations in the manner contemplated by
Section 16(e) of the Plan.</P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights of the Executive</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Professional Advice</U>. 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
his personal legal and tax advisors in connection with this Agreement and this Option.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement Subject to the Plan</U>.
This Option and this Agreement are subject to the terms and conditions set forth in the Plan, which terms and conditions are incorporated
herein by reference. Capitalized terms used herein but not defined shall have the meaning set forth in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. 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: Chief Executive Officer;
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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect</U>. 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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. 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&rsquo;s consent.</P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">SIRIUS XM HOLDINGS INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1px solid">Exhibit A</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid">Exhibit A</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>SEAN S. SULLIVAN</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit B</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE RSUs HAVE NOT BEEN REGISTERED UNDER
STATE OR<BR>
FEDERAL SECURITIES LAWS.<BR>
THE RSUs MAY NOT BE TRANSFERRED EXCEPT<BR>
BY WILL OR UNDER THE LAWS OF DESCENT AND DISTRIBUTION.</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-align: center">SIRIUS XM HOLDINGS INC.</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-align: center">2015 LONG-TERM STOCK INCENTIVE PLAN</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-align: center">RESTRICTED STOCK UNIT AGREEMENT</P>

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

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">This RESTRICTED
STOCK UNIT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;), dated [_____], 2020</FONT><FONT STYLE="color: black"><SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">,
is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and SEAN S. SULLIVAN (the &ldquo;<U>Executive</U>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of RSUs</U>. Subject to the
terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive Plan (the &ldquo;<U>Plan</U>&rdquo;),
and the Employment Agreement, dated as of September 14, 2020, between Sirius XM Radio Inc. (&ldquo;<U>Sirius XM</U>&rdquo;) and
the Executive (the &ldquo;<U>Employment Agreement</U>&rdquo;), the Company hereby grants _____________ <FONT STYLE="color: black">restricted
share units (&ldquo;RSUs&rdquo;) 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 &ldquo;<U>Share</U>&rdquo;) on the dates specified
in this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Rights of a Stockholder</U>.
The Executive shall not have any rights as a stockholder of the Company until the Shares have been issued.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Shares subject to RSUs</U>. (a) Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, on (i)
[_____], 2021, the Company shall issue, or
cause there to be transferred, to the Executive [________] Shares representing an equal </P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"><FONT STYLE="color: black"><SUP>5</SUP></FONT> The &ldquo;Grant
Date&rdquo;, as defined in the Employment Agreement.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">number of RSUs granted to the Executive
under this Agreement (as adjusted pursuant to Section 2 above, if applicable), (ii) [_____], 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 (iii) [_____], 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)</FONT><FONT STYLE="color: black"><SUP>6</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">,
in each case if the Executive continues to be employed by Sirius XM on each of these dates other than as specifically stated herein.</FONT></P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Executive&rsquo;s employment
with Sirius XM terminates for any reason, the RSUs shall immediately terminate without consideration; <U>provided</U> that if the
Executive&rsquo;s employment with Sirius XM is terminated due to (x) death or &ldquo;<U>Disability</U>&rdquo; (as defined in the
Employment Agreement), (y) by Sirius XM without &ldquo;<U>Cause</U>&rdquo; (as defined in the Employment Agreement), or (z) by
the Executive for &ldquo;<U>Good Reason</U>&rdquo; (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. The foregoing condition
that the Executive be an employee of Sirius XM shall, in the event of the termination of the Executive&rsquo;s employment with
Sirius XM due to death or Disability, by Sirius XM without Cause or by the Executive for Good Reason, be waived by the Company;
<U>provided</U> that the Executive executes a release in accordance with Section 6(g) of the Employment Agreement (except that
the Company&rsquo;s general counsel may waive such requirement in the case of the Executive&rsquo;s death).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change of Control</U>. In the event
of a Change of Control, the RSUs shall be governed by the terms of the Plan; <U>provided</U> 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-transferable</U>. 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&rsquo;s death, any amounts owed to the Executive hereunder shall instead be paid
to the Executive&rsquo;s designated beneficiary (or, if none, to the Executive&rsquo;s estate).</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"><SUP><FONT STYLE="color: black">6</FONT></SUP> First and second anniversaries of the Grant Date and the third anniversary of the Effective
Date. The $6.25 million of RSUs, will vest as follows: $2.75 million on such first anniversary, $1.75 million on the second anniversary,
and $1.75 million on the third anniversary.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights of the Executive</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Professional Advice</U>. 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 his personal legal and
tax advisors in connection with this Agreement and the RSUs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement Subject to the Plan</U>.
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. <FONT STYLE="color: black">Capitalized terms not otherwise defined herein shall have the same meanings as
in the Plan. </FONT>The Executive acknowledges that a copy of the Plan is posted on Sirius XM&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. 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):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 16%">Company:</TD>
    <TD STYLE="width: 61%">Sirius XM Holdings Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>1221 Avenue of the Americas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>35<SUP>th</SUP> Floor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>New York, New York 10020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attention:&nbsp;&nbsp;Chief Executive Officer</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 16%">Executive:</TD>
    <TD STYLE="width: 61%">Address on file at the office of the Company</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Notices sent by email or other electronic means not specifically
authorized by this Agreement shall not be effective for any purpose of this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. 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&rsquo;s consent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">SIRIUS XM HOLDINGS INC.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="color: black">By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1px solid"><FONT STYLE="color: black">Exhibit B</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1px solid"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">SEAN S. SULLIVAN</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Title:</FONT></TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit C</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE PRSUs HAVE NOT BEEN REGISTERED UNDER
STATE OR<BR>
FEDERAL SECURITIES LAWS.<BR>
THE PRSUs MAY NOT BE TRANSFERRED EXCEPT<BR>
BY WILL OR UNDER THE LAWS OF DESCENT AND DISTRIBUTION<I>.</I></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-align: center">SIRIUS XM HOLDINGS INC.<BR>
2015 LONG-TERM STOCK INCENTIVE PLAN</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-align: center">PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT</P>

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

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">This PERFORMANCE-BASED
RESTRICTED STOCK UNIT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;), dated [_____], 2020</FONT><FONT STYLE="color: black"><SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">,
is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and SEAN S. SULLIVAN (the &ldquo;<U>Executive</U>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of PRSUs</U>. Subject to the terms and conditions of this Agreement, the Sirius XM Holdings Inc. 2015 Long-Term Stock Incentive
Plan (the &ldquo;<U>Plan</U>&rdquo;), and the Employment Agreement dated as of September 14, 2020 between Sirius XM Radio Inc.
(&ldquo;<U>Sirius XM</U>&rdquo;) and the Executive (the &ldquo;<U>Employment Agreement</U>&rdquo;), the Company hereby grants ________________
performance-based restricted stock units (&ldquo;<U>PRSUs</U>&rdquo;)</FONT><FONT STYLE="color: black"><SUP>8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
to the Executive. Each PRSU represents the unfunded, unsecured right of the Executive to receive one share of common stock, par
value $.001 per share, of the Company (each, a &ldquo;<U>Share</U>&rdquo;) on the date specified in this Agreement.</FONT></P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Rights of a Stockholder</U>.
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</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"><FONT STYLE="color: black"><SUP>7</SUP></FONT> The &ldquo;Grant Date&rdquo;, as defined in the Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"><FONT STYLE="color: black"><SUP>8</SUP></FONT> Equal to the number
of PRSUs calculated in accordance with Section 4(b)(iii) of the Employment Agreement, which represents the target number of PRSUs.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">is issued to the Executive pursuant to Section
4, such PRSU is no longer considered a PRSU for purposes of this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance of Shares Subject to PRSUs</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance Metric</I>. All or
a portion of the PRSUs shall be eligible to vest based on the Company&rsquo;s level of achievement of one or more financial and/or
operating goals or combination of goals, which may include, among other things, return on net assets, return on stockholders&rsquo;
equity, return on assets, return on capital, revenue, average revenue per subscriber, total stockholder returns, profit margin,
earnings per share, free cash flow per share, net earnings, operating earnings, free cash flow, adjusted earnings before interest,
taxes, depreciation and amortization, earnings before interest, taxes, depreciation and amortization, number of subscribers, growth
of subscribers, operating expenses, capital expenses, subscriber acquisition costs or other metrics (the &ldquo;<U>Performance
Metric Target</U>&rdquo;), approved by the Company&rsquo;s Board of Directors (the &ldquo;<U>Board</U>&rdquo;) or the Compensation
Committee thereof for the years ending December 31, 2021 and December 31, 2022 (together, the &ldquo;<U>Performance Period</U>&rdquo;).
The Performance Metric Target may be cumulative goals for the Performance Period or separate goals for 2021 and 2022. The Company
shall deliver to the Executive on or before March 31, 2021 and March 31, 2022, as applicable, a statement setting forth the applicable
Performance Metric Target for 2021 and 2022 on a cumulative basis, or 2021 and 2022 taken separately, as applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Calculation of Shares to be Issued</I>.
Within sixty (60) days following the end of the Performance Period, the Company shall certify the Company&rsquo;s level of achievement
of the Performance Metric Target (such actual date of certification, the &ldquo;<U>Certification Date</U>&rdquo;) 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 &ldquo;<U>Eligible PRSUs</U>&rdquo;):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails to achieve
at least 80% of the Performance Metric Target, zero PRSUs shall constitute Eligible PRSUs;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon achieving 100% or more
of the Performance Metric Target, 100% of the PRSUs shall constitute Eligible PRSUs; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company&rsquo;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).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The payout scale set forth above may be modified
in order to reflect the establishment of the Performance Metric Target.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">Any PRSUs that do not constitute Eligible
PRSUs as of the Certification Date shall be cancelled on the Certification Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Issuance of Eligible PRSUs</I>.
Subject to earlier issuance pursuant to the terms of this Agreement or the Plan, on [_____], 2023, the Company shall issue, or
cause there</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">to be transferred, to the Executive an amount
of Shares representing the Eligible PRSUs (as adjusted pursuant to Section 2 above, if applicable); <U>provided</U> that the Executive
continues to be employed by Sirius XM on [_____], 2023.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Employment</U>. (a)
If the Executive&rsquo;s employment with Sirius XM terminates for any reason, then the PRSUs shall immediately terminate without
consideration; <U>provided</U> that if the Executive&rsquo;s employment with Sirius XM is terminated due to (x) death or &ldquo;<U>Disability</U>&rdquo;
(as defined in the Employment Agreement), (y) by Sirius XM without &ldquo;<U>Cause</U>&rdquo; (as defined in the Employment Agreement),
or (z) by the Executive for &ldquo;<U>Good Reason</U>&rdquo; (as defined in the Employment Agreement) (any such applicable date
of termination, the &ldquo;<U>PRSU Termination Date</U>&rdquo;), then the PRSUs shall be treated in the following manner:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the PRSU Termination Date
occurs 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; <I>provided, that</I>, if
the Performance Metric Target is based on separate goals for 2021 and 2022 and the PRSU Termination Date occurs following December
31, 2021 but prior to the end of the Performance Period, then the PRSUs granted under this Agreement that relate to the 2021 performance
period will vest based on &ldquo;actual&rdquo; level of achievement of the Performance Metric Target established for 2021; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the PRSU Termination
Date occurs after the Performance Period, all Eligible PRSUs, to the extent not previously settled, cancelled or forfeited, shall,
subject to Section 5(b), immediately (or, if later, on the Certification Date) become vested and the Company shall issue, or cause
there to be transferred, to the Executive the amount of Shares equal to the number of Eligible PRSUs earned pursuant to Section
4(b), as adjusted pursuant to Section 2 above, if applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Executive&rsquo;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; <U>provided</U> that the Executive
executes a release in accordance with Section 6(g) of the Employment Agreement (except that the Company&rsquo;s general counsel
may waive such requirement in the case of the Executive&rsquo;s death).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change of Control</U>. In the event
of a Change of Control, the PRSUs shall be governed by the terms of the Plan; <U>provided</U> 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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-transferable</U>. 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&rsquo;s death, any amounts owed to the Executive hereunder shall instead
be paid to the Executive&rsquo;s designated beneficiary (or, if none, to the Executive&rsquo;s estate).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights of the Executive</U>. 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 respective subsidiaries or affiliates, and
the Executive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Professional Advice</U>. 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&rsquo;s
personal legal and tax advisors in connection with this Agreement and the PRSUs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement Subject to the Plan</U>.
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&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. 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</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 16%">Company:</TD>
    <TD STYLE="width: 61%">Sirius XM Holdings Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>1221 Avenue of the Americas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>35<SUP>th</SUP> Floor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>New York, New York 10020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attention:&nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Executive:</TD>
    <TD>Address on file at the office of the Company</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Notices sent by email or other electronic means not specifically
authorized by this Agreement shall not be effective for any purpose of this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect</U>. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. 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&rsquo;s consent.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first above written.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">SIRIUS XM HOLDINGS INC.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 36%; border-bottom: Black 1px solid">Exhibit C</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 36%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD>
    <TD>SEAN S. SULLIVAN</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit D</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREEMENT AND RELEASE</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: 72pt">This Agreement and Release, dated as of _________,
20__ (this &ldquo;<U>Agreement</U>&rdquo;), is entered into by and between SEAN S. SULLIVAN (the &ldquo;<U>Executive</U>&rdquo;)
and SIRIUS XM RADIO INC. (the &ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">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&rsquo;s
employment with and separation from the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">NOW, THEREFORE, in consideration of the mutual
promises and covenants contained in this Agreement, the Executive and the Company hereby agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive&rsquo;s employment with
the Company is terminated as of _______________, 20__ (the &ldquo;<U>Termination Date</U>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 September
14, 2020 (the &ldquo;<U>Employment Agreement</U>&rdquo;); <U>provided</U> 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 he is entering
into this Agreement in consideration of such severance benefits and the Company&rsquo;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&rsquo;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&rsquo; and officers&rsquo; 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive, for himself, and for
his 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 &ldquo;<U>Released Parties</U>&rdquo;), 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&rsquo;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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">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;
<U>provided</U> that nothing contained in this Agreement shall affect the Executive&rsquo;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 Holdings, the Company or their affiliates covering officers and directors; (iii) to other benefits which by their express
terms extend beyond the Executive&rsquo;s separation from employment (including, without limitation, the Executive&rsquo;s rights
under Section 6(f) 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&rsquo;s employment
with and/or separation from the Company, including but not limited to the termination of his employment on the Termination Date,
and/or any events occurring prior to the execution of this Agreement.</P>

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

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Executive specifically waives all rights or claims that he has or may have under the Age Discrimination In Employment Act of 1967,
29 U.S.C. &sect;&sect; 621-634, as amended (&ldquo;<U>ADEA</U>&rdquo;), including, without limitation, those arising out of or
relating to the Executive&rsquo;s employment with and/or separation from the Company, the termination of his 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) he may and should consult an attorney before signing this Agreement, (2) he
has [twenty-one (21)/forty-five (45)]</FONT><FONT STYLE="color: black"><SUP>9</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
days to consider this Agreement, and (3) he has seven (7) days after signing this Agreement to revoke this Agreement.</FONT></P>

<P STYLE="font: 12pt Symbol; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This release does not affect or impair
the Executive&rsquo;s rights with respect to workman&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive warrants that he 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</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt"><SUP>9</SUP> To be determined by the Company in connection with
the termination.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive shall not make any disparaging
remarks about any of Sirius XM Holdings Inc. (&ldquo;<U>Holdings</U>&rdquo;), the Company, Liberty Media Corporation or any of
their directors, officers, agents or employees (collectively, the &ldquo;<U>Nondisparagement Group</U>&rdquo;) and/or any of their
respective practices or products; <U>provided</U> 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 his 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; <U>provided</U> 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&rsquo;s agents or family members.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo; 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties declare and represent
that no promise, inducement, or agreement not expressed herein has been made to them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, the Employment Agreement,
<B>[and list any outstanding award agreements] </B>between the Executive and the Company [or Holdings, 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 his 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive warrants that he 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 his employment with the Company on or before the Termination Date;
<U>provided</U> that the Executive will be able to keep his cell phones, personal computers, personal contact list and the like
so long as Confidential Information (as defined in the Employment Agreement) is removed from such items.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any existing obligations the Executive
has with respect to confidentiality, nonsolicitation of employees and third parties and noncompetition under Section 7 and 8 of
the Employment Agreement shall remain in full force and effect in accordance with their terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any disputes arising from or relating
to this Agreement shall be subject to arbitration pursuant to Section 20 of the Employment Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the respective dates set forth <FONT STYLE="color: black">below.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">SIRIUS XM RADIO INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="color: black">Dated:&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="color: black">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1px solid"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: black">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">SEAN S. SULLIVAN</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Exhibit 99.1</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>FOR IMMEDIATE RELEASE</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 94px; width: 496px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SiriusXM Announces Leadership Update</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Jim Meyer to Retire as CEO on December 31,
2020<BR>
and Become Vice Chairman of the SiriusXM Board of Directors</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Jennifer C. Witz, President, Sales, Marketing
and Operations, to Become CEO </I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Entertainment Industry Veteran Sean S. Sullivan
Appointed CFO</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>NEW YORK, September 15, 2020</B> &ndash; SiriusXM today announced
that Chief Executive Officer, James E. Meyer, intends to retire on December 31, 2020. Upon Mr. Meyer&rsquo;s retirement, Jennifer
C. Witz, President, Sales, Marketing and Operations, will become the Company&rsquo;s new Chief Executive Officer.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Gregory B. Maffei, Chairman of the Board of Directors of Sirius XM
Holdings Inc. stated, &ldquo;On behalf of the Board of Directors, I want to thank Jim for his outstanding service, helping to create
the leader in audio entertainment in North America. During his tenure as CEO, SiriusXM has grown to become a diversified audio
entertainment provider that is poised to reach more than 150 million people, the largest addressable digital audio audience in
North America. We are a better company for his stewardship. We look forward to continuing to work with him on the Board and to
build on SiriusXM&rsquo;s strong momentum.&rdquo;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Maffei continued, &ldquo;Our Board of Directors is thrilled to
unanimously appoint Jennifer as the next CEO. With nearly two decades of success at the Company, no one is better suited for this
position. Jennifer brings the thorough understanding of our business from every angle. She has played a key role in significantly
growing SiriusXM&rsquo;s subscriber base. Jennifer will lead the Company&rsquo;s strong executive team as it continues building
out its platforms and executes on its growth strategies.&rdquo;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&ldquo;It has been a privilege to lead SiriusXM, and I am incredibly
proud of what we have achieved together over the last eight years,&rdquo; said Mr. Meyer. &ldquo;This Company has never been in
a better position. We have transformed our business, growing SiriusXM and its offerings, welcoming the team from Pandora through
our game changing combination and increasing our scale in podcasting with Simplecast and the pending acquisition of Stitcher. Today,
we deliver the best content with a consumer reach that is unmatched in audio entertainment in North America. My decision to retire
has long been in the works, and now is the right time to begin this transition. I could not be handing the reins over to a stronger
leader than Jennifer. I know firsthand how talented and innovative she is, and I believe she will drive SiriusXM to new heights.
This is a key time for SiriusXM, and I look forward to working with Jennifer to ensure a smooth transition as we execute on our
near-term priorities.&rdquo;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Ms. Witz commented, &ldquo;I am honored to take on the role of CEO
and lead SiriusXM at this exciting time. We have the best audio content available anywhere and incredible growth platforms. At
SiriusXM, we are rolling out new programming, introducing new technology and expanding our OEM relationships, while pursuing new
avenues of growth at Pandora and strengthening our position in the podcasting space. It has been an extraordinary privilege working
with Jim and learning from him over the years. SiriusXM has tremendous opportunities ahead. I look forward to working closely with
Scott Greenstein, Sean Sullivan and the rest of our talented management team and our incredible employees to capture those opportunities,
drive growth and enhance stockholder value.&rdquo;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">During Mr. Meyer&rsquo;s tenure as CEO, SiriusXM has grown significantly.
Highlights of his tenure include:</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0">Growing subscribers to record levels of 34.3 million as of June 30, 2020. Following the completion of the
pending Stitcher transaction, SiriusXM will reach 150 million listeners across its combined properties;</LI>

<LI STYLE="margin: 0">Driving powerful financial growth with expected revenues of approximately $7.7 billion in 2020 compared to
$3.4 billion in 2012, expected EBITDA of $2.4 billion in 2020 compared to $920 million in 2012 and free cash flow approaching $1.6
billion in 2020 compared to $709 million in 2012;</LI>

<LI STYLE="margin: 0">Returning more than $10 billion of capital to stockholders;</LI>

<LI STYLE="margin: 0">Completing the transformational acquisition of Pandora;</LI>

<LI STYLE="margin: 0">Building scale in the fast-growing podcast segment with the acquisition of Simplecast and the pending acquisition
of Stitcher; and</LI>

<LI STYLE="margin: 0">Assembling the best content line-up in audio entertainment including collaborating with leading musicians,
entertainers and journalists; launching new entertainment series; expanding sports coverage; and curating dedicated artist-branded
channels and exclusive content.</LI>

</UL>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Meyer will work closely over the coming months with Ms. Witz
to ensure a smooth transition of responsibilities.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Sean S. Sullivan Appointed Chief Financial Officer</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">The Company also announced today that Sean S. Sullivan has been appointed
Executive Vice President and Chief Financial Officer, effective October 26, 2020. Mr. Sullivan succeeds David J. Frear who will
be pursuing other opportunities, effective immediately.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Meyer said, &ldquo;Sean brings two-plus decades of financial
and operating experience, strong leadership abilities and an in-depth understanding of the entertainment industry. We are thrilled
he is joining the team. I want to thank David for his many years of dedication to the Company and excellent contributions to SiriusXM.&quot;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Board of Directors Update</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Following his retirement, Mr. Meyer will remain on SiriusXM&rsquo;s
Board of Directors and will serve as Vice Chairman. Upon assuming the role of CEO, Ms. Witz will be appointed as a member of the
Board. George W. Bodenheimer also announced today his decision to resign from the Board, effective immediately.</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Maffei concluded, &ldquo;On behalf of the Board and management
team, we thank George for his leadership and guidance, and I am grateful for the time we spent together on the Board. Although
we will miss George, our loss will be a great gain for the charitable organizations George plans to focus his talents on.&rdquo;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Jennifer C. Witz</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Ms. Witz has been with SiriusXM for over 18 years, most recently
serving as President, Sales, Marketing and Operations of SiriusXM since March 2019. Prior to that, she served as the Company&rsquo;s
Executive Vice President and Chief Marketing Officer from August 2017 until March 2019. In her time at the Company, Ms. Witz has
served in a variety of senior financial and operating roles including Senior Vice President of Finance and Vice President of Finance.
Before joining SiriusXM, Ms. Witz was Vice President of Planning and Development at Viacom Inc., a global media company, and prior
to that she was Vice President of Finance and Corporate Development at Metro-Goldwyn-Mayer, Inc., an entertainment company focused
on the production and global distribution of film and television content. She began her career in the Investment Banking Department
at Kidder, Peabody &amp; Co Inc. Ms. Witz is a member of the Board of Directors of LendingTree, Inc., a leading online marketplace
that connects consumers with financial products. Ms. Witz received an MBA from Harvard Business School and a BA from University
of Pennsylvania and BS in economics from the Wharton School.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Sean S. Sullivan </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Sullivan has served as the Executive Vice President and Chief
Financial Officer of AMC Networks Inc., a global entertainment company, since June 2011. From September 2010 to June 2011, he was
the Chief Corporate Officer of Rainbow Media Holdings LLC, the predecessor of AMC Networks Inc. and then a subsidiary of Cablevision
Systems Corp. Prior to that, Mr. Sullivan was Chief Financial Officer of HiT Entertainment, a children&rsquo;s entertainment company,
from 2009 to 2010. He is a member of the Board of Directors of Acushnet Holdings Corp., a leader in the design, development, manufacturing
and distribution of golf products. Mr. Sullivan received an MBA from Columbia University and a BBA in accountancy from the University
of Notre Dame.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About SiriusXM</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio entertainment
company in the U.S., and the premier programmer and platform for subscription and digital advertising-supported audio products.
Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S. SiriusXM and Pandora
together reach more than 100 million people each month with their audio products. SiriusXM, through Sirius XM Canada Holdings,
Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM
offers connected vehicle services to automakers. For more about SiriusXM, please go to: www.siriusxm.com.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><I>This communication contains &quot;forward-looking statements&quot;
within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements
about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations,
products and services; and other statements identified by words such as &quot;will likely result,&quot; &quot;are expected to,&quot;
&quot;will continue,&quot; &quot;is anticipated,&quot; &quot;estimated,&quot; &quot;believe,&quot; &quot;intend,&quot; &quot;plan,&quot;
&quot;projection,&quot; &quot;outlook&quot; or words of similar meaning. Such forward-looking statements are based upon the current
beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties
and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events
may differ materially from the results anticipated in these forward-looking statements.</I></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><I></I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><I>The following factors, among others, could cause actual results
and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking
statements: the current coronavirus (COVID-19) pandemic is adversely impacting our business; our substantial competition that is
likely to increase over time; our efforts to attract and retain subscribers and listeners, or convert listeners into subscribers,
which may not be successful, and may adversely affect our business; our Pandora ad-supported business has suffered a loss of monthly
active users, which may adversely affect our Pandora business; privacy and data security laws and regulations may hinder our ability
to market our services, sell advertising and impose legal liabilities; we engage in extensive marketing efforts and the continued
effectiveness of those efforts are an important part of our business; consumer protection laws and our failure to comply with them
could damage our business; a substantial number of our Sirius XM subscribers periodically cancel their subscriptions and we cannot
predict how successful we will be at retaining customers; our ability to profitably attract and retain subscribers to our Sirius
XM service as our marketing efforts reach more price-sensitive consumers is uncertain; our failure to convince advertisers of the
benefits of our Pandora ad-supported service could harm our business; if we are unable to maintain revenue growth from our advertising
products, particularly in mobile advertising, our results of operations will be adversely affected; if we fail to accurately predict
and play music, comedy or other content that our Pandora listeners enjoy, we may fail to retain existing and attract new listeners;
if we fail to protect the security of personal information about our customers, we could be subject to costly government enforcement
actions and private litigation and our reputation could suffer; interruption or failure of our information technology and communications
systems could impair the delivery of our service and harm our business; we rely on third parties for the operation of our business,
and the failure of third parties to perform could adversely affect our business; our business depends in part upon the auto industry;
our Pandora business depends in part upon consumer electronics manufacturers; the market for music rights is changing and is subject
to significant uncertainties; our ability to offer interactive features in our Pandora services depends upon maintaining licenses
with copyright owners; the rates we must pay for &ldquo;mechanical rights&rdquo; to use musical works on our Pandora service have
increased substantially and these new rates may adversely affect our business; failure of our satellites would significantly damage
our business; our Sirius XM service may experience harmful interference from wireless operations; failure to comply with FCC requirements
could damage our business; economic conditions, including advertising budgets and discretionary spending, may adversely affect
our business and operating results; if we are unable to attract and retain qualified personnel, our business could be harmed; we
may not realize the benefits of acquisitions or other strategic investments and initiatives, including the acquisition of Pandora;
our use of pre-1972 sound recordings on our Pandora service could result in additional costs; we may from time to time modify our
business plan, and these changes could adversely affect us and our financial condition; we have a significant amount of indebtedness,
and our debt contains certain covenants that restrict our operations; our facilities could be damaged by natural catastrophes or
terrorist activities; the unfavorable outcome of pending or future litigation could have an adverse impact on our operations and
financial condition; failure to protect our intellectual property or actions by third parties to enforce their intellectual property
rights could substantially harm our business and operating results; some of our services and technologies may use &ldquo;open source&rdquo;
software, which may restrict how we use or distribute our services or require that we release the source code subject to those
licenses; rapid technological and industry changes and new entrants could adversely impact our services; existing or future laws
and regulations could harm our business; we may be exposed to liabilities that other entertainment service providers would not
customarily be subject to; our business and prospects depend on the strength of our brands; we are a &ldquo;controlled company&rdquo;
within the meaning of the NASDAQ listing rules and, as a result, qualify for, and rely on, exemptions from certain corporate governance
requirements; while we currently pay a quarterly cash dividend to holders of our common stock, we may change our dividend policy
at any time; and our principal stockholder has significant influence, including over actions requiring stockholder approval, and
its interests may differ from the interests of other holders of our common stock. Additional factors that could cause our results
to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for
the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, which are filed with the
Securities and Exchange Commission (the &quot;SEC&quot;) and available at the SEC's Internet site (http://www.sec.gov). The information
set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements
as a result of developments occurring after the date of this communication.</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Contacts</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investors:</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Hooper Stevens</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">212-901-6718</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">hooper.stevens@siriusxm.com</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Media:</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Patrick Reilly</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">212-901-6646</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">patrick.reilly@siriusxm.com</P>

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<SEQUENCE>8
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    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SolicitingMaterial" order="19" xbrldt:closed="true"/>
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    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementTenderOffer" order="20" xbrldt:closed="true"/>
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    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementIssuerTenderOffer" order="21" xbrldt:closed="true"/>
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    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SecurityExchangeName" order="23" xbrldt:closed="true"/>
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>siri-20200914_lab.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon Sep 14 22:39:54 EDT 2020 -->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</label>
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    <loc xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</label>
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    <loc xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</label>
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    <loc xlink:type="locator" xlink:label="dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</label>
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    <loc xlink:type="locator" xlink:label="dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl"/>
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    <loc xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</label>
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    <loc xlink:type="locator" xlink:label="dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl0" xml:lang="en-US">Document Period End Date</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl0" xml:lang="en-US">Entity Address, City or Town</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl0" xml:lang="en-US">Entity Tax Identification Number</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl0" xml:lang="en-US">Entity Address, Postal Zip Code</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl0" xml:lang="en-US">Entity File Number</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl0" xml:lang="en-US">Pre-commencement Issuer Tender Offer</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl0" xml:lang="en-US">Entity Registrant Name</label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>siri-20200914_pre.xml
<TEXT>
<XBRL>
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<TYPE>EX-101.SCH
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<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon Sep 14 22:39:54 EDT 2020 -->
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            <identifier scheme="http://www.sec.gov/CIK">0000908937</identifier>
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        <period>
            <startDate>2020-09-14</startDate>
            <endDate>2020-09-14</endDate>
        </period>
    </context>
    <dei:DocumentType contextRef="c0">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="c0">2020-09-14</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="c0">SIRIUS XM HOLDINGS INC.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="c0">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="c0">001-34295</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="c0">38-3916511</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="c0">1221 Avenue of the Americas</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="c0">35th Fl.</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown contextRef="c0">New York</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="c0">NY</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="c0">10020</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="c0">212</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="c0">584-5100</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="c0">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="c0">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="c0">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="c0">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="c0">Common Stock, par value $0.001 per share</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="c0">SIRI</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="c0">NASDAQ</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="c0">false</dei:EntityEmergingGrowthCompany>
    <dei:AmendmentFlag contextRef="c0">false</dei:AmendmentFlag>
    <dei:EntityCentralIndexKey contextRef="c0">0000908937</dei:EntityCentralIndexKey>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140674089346984">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th"><div>Sep. 14, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information Line Items</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">SIRIUS XM HOLDINGS INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">SIRI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000908937<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 14,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-34295<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">38-3916511<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1221 Avenue of the Americas<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">35th Fl.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">584-5100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.001 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
