<SEC-DOCUMENT>0000930413-21-001973.txt : 20211213
<SEC-HEADER>0000930413-21-001973.hdr.sgml : 20211213
<ACCEPTANCE-DATETIME>20211213082817
ACCESSION NUMBER:		0000930413-21-001973
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20211210
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211213
DATE AS OF CHANGE:		20211213

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:		211487039

	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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</div><p style="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d) of the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top"> <td style="width: 40%; text-decoration: underline; text-align: center"><b><span style="text-decoration:underline">Title of each class</span></b></td> <td style="width: 24%; text-decoration: underline; text-align: center"><b><span style="text-decoration:underline">Trading Symbol(s)</span></b></td> <td style="width: 36%"><p style="margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Name of each exchange on which registered</span></b></p>
</td> </tr>
<tr style="vertical-align: top"> <td>&#160;</td> <td style="text-align: center">&#160;</td> <td style="text-align: center">&#160;</td></tr>
<tr style="vertical-align: top"> <td><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle">Common Stock, par value $0.001 per share</ix:nonNumeric></td> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol">SIRI</ix:nonNumeric></td> <td style="text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></td> </tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif">Emerging
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span>&#9744;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 3px double">&#160;</p><div>


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<td style="width: 72pt; text-align: left"><b>Item 5.02.</b></td><td style="text-align: left"><b>Departure of Directors or Certain
                                         Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
                                         of Certain Officers</b></td>
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</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#160;</p><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 10, 2021, our subsidiary, Sirius
XM Radio Inc., entered into an Employment Agreement with Joseph Inzerillo to serve as its Chief Product and Technology Officer
effective as of January 10, 2022 and continuing through January 10, 2025. Mr. Inzerillo&#8217;s Employment Agreement specifies
an annual base salary of $1,250,000. The Employment Agreement entitles Mr. Inzerillo to participate in any bonus plan generally
applicable to our executive officers.</p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">Joseph Inzerillo,
age 48, has been the Executive Vice President &amp; Chief Technology Officer &#8211; Disney Streaming since 2017. Prior to that,
Mr. Inzerillo held a variety of senior technology positions at Major League Baseball and its subsidiaries. From 2015 to 2017,
Mr. Inzerillo served as Executive Vice President &amp; Chief Technology Officer of BAMTech Media, a distributor of direct-to-consumer
video and a provider of video streaming solutions. Mr. Inzerillo was the Chief Technology Officer of Major League Baseball Advanced
Media, LP from 2014 through 2015, and the Senior Vice President of Multimedia Distribution of that entity from 2006 to 2014. During
his tenure at Major League Baseball Advanced Media, LP, Mr. Inzerillo also served as Chief Technology Officer for Major League
Baseball. Mr. Inzerillo started his career in 1987 with the Chicago White Sox and was the Chief Technology Officer of the United
Center, home of the Chicago Bulls and Chicago Blackhawks, from 1994 through 2002.</p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Employment Agreement 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. Inzerillo&#8217;s annual
base salary and (ii) the last annual bonus paid (or due and payable) to him. In addition, we are obligated to pay Mr. Inzerillo
a pro-rated bonus for the year in which the termination occurs (based on actual achievement of applicable performance criteria).
Our obligation to provide these severance benefits to Mr. Inzerillo 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><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; ">In
connection with his appointment, on the business day following the day that the trading window for our employees opens after the
effective date of his Employment Agreement, we have agreed to grant Mr. Inzerillo:</p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; ">&#9679;<span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span>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 $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. This option award will vest in three
equal installments on January 10, 2023, January 10, 2024 and January 10, 2025.</p><div>

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</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; ">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;time-based
restricted stock units (&#8220;RSUs&#8221;) having a value of $4,250,000 on that day. This time-based RSU award will vest in three
equal installments on January 10, 2023, January 10, 2024 and January 10, 2025.</p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; ">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;performance-based
RSUs having a value of $2,250,000 on that day. This performance-based RSU award will cliff vest on January 10, 2025 after a two-year
performance period beginning on January 1, 2022 and ending on December 31, 2023 if a cumulative free cash flow target established
by the Compensation Committee is achieved, subject to his continued employment through January 10, 2025.</p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; ">&#9679;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;performance-based
RSUs having a value of $2,250,000 on that day. This performance-based RSU award will cliff vest following a three-year performance
period commencing on January 1, 2022 and ending on December 31, 2024 based on the performance of our common stock relative to
the companies in the S&amp;P 500 Index. Mr. Inzerillo will vest in this award on January 10, 2025, subject to the Compensation
Committee&#8217;s later certification of our performance during that performance period and his continued employment through January
10, 2025.</p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; ">Each of these awards
will be subject to acceleration or termination under certain circumstances.</p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is no arrangement or understanding
between Mr. Inzerillo and any other person pursuant to which Mr. Inzerillo was selected as an officer, and Mr. Inzerillo 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. Inzerillo and any director or executive officer of the registrant.</p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 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 2021 annual meeting
of stockholders filed with the Securities and Exchange Commission on April 20, 2021.</p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><span style="font-weight: normal">The
foregoing description of the Employment Agreement with Mr. Inzerillo is qualified in its entirety by the Employment Agreement
attached as Exhibit 10.1 to this Current Report on Form 8-K.</span></p><div>

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

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<td style="width: 72pt; text-align: left"><b>Item 9.01.</b></td><td style="text-align: left"><b>Statements
and Exhibits</b></td>
</tr></table><div>

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

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<td style="width: 50pt; text-align: right">(d)</td><td style="width: 50pt"></td><td style="text-align: justify">Exhibits.</td>
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</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    <td style="width: 50pt; font-size: 8pt; text-decoration: underline; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><span style="text-decoration:underline">Exhibit&#160;Number</span></b></span></td>
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    <td style="font-size: 8pt; text-decoration: underline"><span style="font-family: Times New Roman, Times, Serif"><b><span style="text-decoration:underline">Description
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<tr style="vertical-align: top">
    <td style="font-size: 12pt; text-align: right">&#160;</td>
    <td style="font-size: 12pt">&#160;</td>
    <td style="font-size: 12pt">&#160;</td></tr>
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    <td style="font-size: 12pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">10.1</span></td>
    <td style="font-size: 12pt">&#160;</td>
    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif"><a href="c102652_ex10-1.htm">Employment Agreement, dated December 10, 2021, between Sirius XM Radio Inc. and Joseph Inzerillo</a></span></td></tr>
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</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

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

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.</p><div>

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

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    <td colspan="2" style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif">SIRIUS XM HOLDINGS INC.</span></td></tr>
<tr style="vertical-align: top">
    <td style="width: 52%; font-size: 12pt">&#160;</td>
    <td style="width: 4%; font-size: 12pt">&#160;</td>
    <td style="width: 44%; font-size: 12pt; padding-left: 20pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 12pt">&#160;</td>
    <td style="font-size: 12pt"><span style="font-family: Times New Roman, Times, Serif">By:</span></td>
    <td style="font-size: 12pt; border-bottom: Black 1px solid; padding-left: 15pt"><span style="font-family: Times New Roman, Times, Serif">/s/ Patrick L. Donnelly</span></td></tr>
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    <td style="font-size: 12pt">&#160;</td>
    <td style="font-size: 12pt; padding-left: 28pt"><span style="font-family: Times New Roman, Times, Serif">Patrick L. Donnelly</span></td></tr>
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    <td style="font-size: 12pt">&#160;</td>
    <td style="font-size: 12pt; padding-left: 28pt"><span style="font-family: Times New Roman, Times, Serif">Executive Vice President, General</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 12pt">&#160;</td>
    <td style="font-size: 12pt">&#160;</td>
    <td style="font-size: 12pt; padding-left: 28pt"><span style="font-family: Times New Roman, Times, Serif">Counsel and Secretary</span></td></tr>
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</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:&#160;&#160;December 13, 2021</p><div>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2. <U>Duties and Reporting Relationship</U>.
(a) The Executive shall be employed as the Chief Product and Technology Officer of both the Company and Holdings. During the Term
(as defined below), the Executive shall use the Executive&#8217;s skills and render services to the best of the Executive&#8217;s
ability, consistent with the needs of the Company and Holdings. The Executive shall perform such activities and duties consistent
with the Executive&#8217;s position that the Chief Executive Officer of the Company and Holdings (the &#8220;<U>CEO</U>&#8221;)
shall from time to time reasonably specify and direct. During the Term, the Executive shall not perform any consulting services
for, or engage in any other business enterprises with, any third parties without the express written consent of the CEO, other
than charitable, civic and other non-business activities that do not interfere with the Executive&#8217;s duties to the Company
and/or Holdings, and (i) passive investments; (ii) serving as an advisor to an organization mutually approved by the Executive
and the CEO; <U>provided</U> that such advisory role does not interfere or conflict with the Executive&#8217;s obligations to the
Company and/or Holdings under this Agreement; or (iii) service on a board of directors for one public or private company and for
two industry organizations, in each case subject to the express written consent of the Company.</P>

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

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

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

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

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

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

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

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">to, and approval by, the Board of
Directors of Holdings (the &#8220;<U>Board</U>&#8221;) or any committee thereof (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: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) On the first
business day following the Effective Date on which Holdings and the Executive are not subject to a blackout restriction, or if
there is no such blackout restriction then on the Effective Date (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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.4in">(i) an option to purchase shares of Holdings&#8217;
common stock, par value $0.001 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 $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; text-indent: 1.4in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.4in">(ii) a number of restricted stock units
(&#8220;<U>RSUs</U>&#8221;) equal to $2,250,000, divided by the average closing price of the Common Stock on the Nasdaq Global
Select Market for the twenty (20)-trading day period preceding, but not including, the Grant Date. Such RSUs shall be subject to
the terms and conditions set forth in the Restricted Stock Unit Agreement attached to this Agreement as Exhibit B;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.4in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.4in">(iii) a number of performance-based restricted
stock units (&#8220;<U>PRSUs</U>&#8221;) equal to $4,500,000, divided by the average closing price of the Common Stock on the Nasdaq
Global Select Market for the twenty (20)-trading day period preceding, but not including, the Grant Date. Fifty percent (50%) of
such PRSUs shall be subject to the terms and conditions set forth in the Performance&#8211;Based Restricted Stock Unit Agreement
(Free Cash Flow) attached to this Agreement as Exhibit C-1 and fifty percent (50%) of such PRSUs shall be subject to the terms
and conditions set forth in the Performance&#8211;Based Restricted Stock Unit Agreement (Relative TSR) attached to this Agreement
as Exhibit C-2; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.4in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.4in">(iv) a number of RSUs equal to $2,000,000,
divided by the average closing price of the Common Stock on the Nasdaq Global Select Market for the twenty (20)-trading day period
preceding, but not including, the Grant Date. Such RSUs shall be subject to the terms and conditions set forth in the Restricted
Stock Unit Agreement attached to this Agreement as Exhibit B.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.4in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) All compensation paid to the Executive
hereunder shall be subject to any payroll and withholding deductions required by applicable law, including, as and where applicable,
federal, New York State and New York City income tax withholding, federal unemployment tax and social security (FICA).</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5. <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 the Executive in carrying out the Executive&#8217;s duties under this Agreement; <U>provided</U> that
such expenses are 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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) During the Term, the Executive shall
be entitled to participate fully in any other benefit plans, programs, policies and fringe benefits which may be made available
to the executive officers of the Company and/or Holdings generally, including, without limitation, disability, medical, dental
and life insurance and benefits under the Company&#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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) During the Term, the Executive shall
be eligible 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 CEO, or 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 150% of the Base Salary (the &#8220;<U>Target Bonus Opportunity</U>&#8221;). Bonus(es) shall be subject to the Executive&#8217;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 15<SUP>th</SUP> of the following year.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) During the Term, the Executive shall
be entitled to accrue vacation under the Company&#8217;s policy at a rate of not less than four (4) weeks per year.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6. <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>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) The Company has the right and may elect
to terminate the 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 (at any time following the date of this Agreement,
including prior to the Effective Date):</P>

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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>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i) (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 (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 and/or any of their respective affiliates,
if any such material breach or violation described in clauses (A), (B) or (C), to the extent curable, remains uncured after fifteen
(15) days have elapsed following the date on which the Company gives the Executive written notice of such material breach or violation;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii) the Executive&#8217;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; text-indent: 1in">&nbsp;</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(vi) the Executive&#8217;s failure to comply
with the CEO&#8217;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; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) Termination of the Executive for
Cause pursuant to Section 6(a) shall be communicated by a Notice of Termination for Cause. For purposes of this Agreement, a
&#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 a majority of the directors present (in person or by
teleconference) and voting at a meeting of the Board called and held for</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) (i) The Term of 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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii) If the Executive is unable to perform
the essential duties and functions of the Executive&#8217;s 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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) The Executive may elect to resign from
the Executive&#8217;s employment with the Company and Holdings at any time with or without Good Reason (as defined below). Should
the Executive wish to resign from the Executive&#8217;s employment with the Company and Holdings during the Term for other than
Good Reason, the Executive shall give at least thirty (30) 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 the Executive&#8217;s active employment immediately upon or following receipt of such notice from the Executive. Further,
any resignation by the Executive of the Executive&#8217;s employment with the Company shall be deemed a resignation of the Executive&#8217;s
employment with Holdings (and vice versa).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) Should the Executive wish to resign
from the Executive&#8217;s 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 the</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Executive&#8217;s position with the Company
shall be deemed a resignation of the Executive&#8217;s position with Holdings (and vice versa).</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i) the assignment to the Executive by
the Company and/or Holdings of duties not reasonably consistent with the Executive&#8217;s positions, duties, responsibilities,
titles or offices on the Effective Date, any reduction in the Executive&#8217;s title, any material reduction in the Executive&#8217;s
duties or responsibilities that results in the Executive not being the most senior executive (other than the CEO) determining the
Company&#8217;s digital product roadmap and technology, 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&#8217;s employment for Cause, Disability
or as a result of the Executive&#8217;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; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iii) any requirement that the Executive
report for work to a location (other than the Executive&#8217;s residence) 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, emergency closure or destruction of such office as a result of natural disasters, terrorism, pandemics, acts of
war or acts of God or travel in the ordinary course of business; or</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(iv) any reduction in the Base Salary or
the Target Bonus Opportunity;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(v) the Company&#8217;s failure to grant
the equity awards set forth in Section 4(b) on the Grant Date; or</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(vi) any material breach by the Company
of this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f) (i) If the
employment of the Executive is terminated during the Term by the Company for Cause, by the Executive other than for Good Reason
or due to death or Disability, the Executive shall, in lieu of any future payments or benefits under this Agreement, be entitled
to (A) any earned but unpaid Base Salary and any business expenses incurred but not reimbursed, in each case, prior to the Termination
Date and (B) any other vested benefits under any other benefit or incentive plans or programs in accordance with the terms of such
plans and programs (collectively, the &#8220;<U>Accrued Payments and Benefits</U>&#8221;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.2in">(ii) If, during the Term, the employment
of the Executive is terminated by the Company without Cause or if the Executive terminates the Executive&#8217;s employment for
Good Reason, then, subject to Section 6(g), the Executive shall have an absolute and</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.83in">(A) the Accrued Payments and Benefits;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.83in">(B) a lump sum amount equal to the
sum of (x) the Executive&#8217;s annualized Base Salary then in effect and (y) an amount in cash equal to the Bonus last paid (or
due and payable) to the Executive, with such lump sum amount to be paid on the sixtieth (60<SUP>th</SUP>) day following the Termination
Date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.83in">(C) 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.83in">(E) 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 (the &#8220;<U>Medical Severance Benefit</U>&#8221;);
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.83in">(F) 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&#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 the Executive 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h) Notwithstanding anything contained
in this Agreement, under no circumstances shall the Company or Holdings be considered to have breached this Agreement or to have
terminated the Executive&#8217;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: 1in">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i) 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 the Executive&#8217;s</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j) Following the termination of the Executive&#8217;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&#8217;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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7. <U>Nondisclosure of Confidential Information</U>.
(a) The Executive acknowledges that in the course of the Executive&#8217;s employment the Executive will occupy a position of trust
and confidence. The Executive shall not, except in connection with the performance of the Executive&#8217;s functions in accordance
with this Agreement or as required by applicable law, or as required in proceedings to enforce or defend the Executive&#8217;s
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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) &#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 or Holdings (or their respective affiliates) for financial reporting purposes and that was
learned by the Executive in the course of the Executive&#8217;s 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&#8217;s request
at any time or upon termination or expiration of the Executive&#8217;s 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 the Executive&#8217;s employment by
the Company and/or Holdings; provided that the Executive will be able to keep the Executive&#8217;s cell phones, personal computers,
personal contact list and the like so long as any Confidential Information is removed from such items.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) Nothing in this Agreement will preclude,
prohibit or restrict the Executive from (i) communicating with any federal, state or local administrative or regulatory agency
or authority, including but not limited to the Securities and Exchange Commission (the &#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 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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) The provisions of this Section 7 shall
survive indefinitely. The Executive&#8217;s obligations under this Section 7 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 its applicable payment obligations, if any, under Section 6.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">8. <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 the Executive&#8217;s 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 as to
any product or service that</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">directly competes with any product or service
provided or marketed by the Company or its affiliates on the Termination Date or upon expiration of the Term (such date, as applicable,
the &#8220;<U>Milestone Date</U>&#8221;); <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 also agrees that during the Restricted Period the Executive 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. 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. 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. The Executive&#8217;s obligations
under this Section 8 during the Restricted Period are expressly conditioned upon, and subject to, the Company&#8217;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: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">9. <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&#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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) In the case of a reduction in the Total
Payments, the Total Payments will be reduced in the following order: (i) payments that are payable in cash that are valued at full
value under Treasury Regulation Section 1.280G-1, Q&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</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) For purposes of determining whether
and the extent to which the Total Payments will be subject to the Excise Tax: (i) no portion of the Total Payments the receipt
or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a &#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 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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) At the time that payments are
made under this Agreement, the Company will provide the Executive with a written statement setting forth the manner in which
such payments were calculated and the basis for such calculations, including but not limited to any opinions or other advice
the Company or Holdings received from Tax Counsel, the Auditor, or other advisors or consultants (and any such opinions or
advice which are in writing will be attached to the statement). If the Executive objects to the Company&#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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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: 1in">(e) If the Executive receives reduced payments
and benefits by reason of this Section 9 and it is established pursuant to a determination of a court which is not subject to review
or as to which the time to appeal has expired, or pursuant to an Internal Revenue Service 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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">10. <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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">11. <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&#8217;s and Holdings&#8217; respective Certificates of Incorporation and Bylaws and the law of the State
of Delaware in connection with the Executive&#8217;s activities as an officer of the Company and Holdings, which shall survive
the termination of the Executive&#8217;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: 1in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">13. <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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">14. <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>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15. <U>Assignment</U>. The Executive may
not assign any of the Executive&#8217;s rights or delegate any of the Executive&#8217;s 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&#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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">16. <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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">17. <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 or otherwise
on the next business day, one (1) business day after deposit with a nationally recognized overnight courier (with next day delivery
specified) and five (5) days after mailing by registered or certified mail:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">if to the Company:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">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>
Telecopier: (212) 584-5353</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">if to the Executive:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Address on file at the offices<BR>
of the Company</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&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: 1in">18. <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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">19. <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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">20. <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 and/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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">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 or Holdings or
the Executive&#8217;s termination, including but not limited to disputes over rights provided by federal, state, or local statutes,
regulations, ordinances, and common law, including all laws that prohibit discrimination based on any protected classification.
The parties expressly waive the right to a jury trial, and agree that the arbitrator&#8217;s award shall be final and binding on
both parties, and shall not be appealable. The arbitrator shall have the discretion to award monetary and other damages, and any
other relief that the arbitrator deems appropriate and is allowed by law. The arbitrator shall also have the discretion to award
the prevailing party reasonable costs and attorneys&#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: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) The Company shall pay the cost of any
arbitration proceedings under this Agreement if the Executive prevails in such arbitration on at least one substantive issue.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">21. <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 the Executive 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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) With respect to any amount of expenses
eligible for reimbursement under this Agreement, such expenses will be reimbursed by the Company within thirty (30) days following
the date on which the Company receives the applicable invoice from the Executive in accordance with the Company&#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>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">22. <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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">23. <U>Executive&#8217;s Representation</U>.
The Executive hereby represents and warrants to the Company that the Executive 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 the Executive&#8217;s obligations under this Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">24. <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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">25. <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>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">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: 1in">&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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">SIRIUS XM RADIO INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Dara F. Altman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Dara F. Altman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Executive Vice President and</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Administrative Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Joseph Inzerillo</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">JOSEPH INZERILLO</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"><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</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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This STOCK OPTION AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;),
dated ___________, 2022, is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and JOSEPH
INZERILLO (the &ldquo;<U>Executive</U>&rdquo;).</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 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 &ldquo;<U>Plan</U>&rdquo;),
and the Employment Agreement, dated as of December 10, 2021, 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<SUP>1</SUP> 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;).<SUP>2
</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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) Subject to the terms of this Agreement,
this Option shall vest and become exercisable with respect to _______ Shares on __________, 2023, _______ Shares on _______________,
2024 and ____________ Shares on ____________, 2025, subject to the Executive&rsquo;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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) 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), then the unvested portion
of this Option, to the extent not previously cancelled or forfeited, shall immediately become vested and exercisable. In order
for the Executive to receive any accelerated vesting pursuant to this Section 1(c), the Executive must execute a release in accordance
with Section 6(g) of the Employment Agreement (except that the Company&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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. <U>Term</U>. This Option shall terminate
on ___________, 2032 (the <U>Option Expiration Date</U>&rdquo;); <U>provided</U> that if:</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">(a)&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</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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</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>2</SUP> Closing price on the Grant Date.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;the Executive
voluntarily terminates the Executive&rsquo;s 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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. <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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. <U>Change of Control</U>. In the event
of a Change of Control, this Option shall be governed by the terms of the Plan; provided that any transactions between the Company,
Sirius XM and/or any of their respective wholly-owned subsidiaries, on the one hand, and Liberty Media Corporation, any Qualified
Distribution Transferee (as defined in the Investment Agreement, dated as of February 17, 2009, between the Company and Liberty
Radio LLC, as amended) and/or any of their respective wholly-owned subsidiaries, on the other hand, shall not constitute a Change
of Control under the Plan.</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">5. <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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6. <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 withheld. The Executive may satisfy the Executive&rsquo;s 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: 0.5in">&nbsp;</P>

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

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">individual circumstances of the Executive. Accordingly, the
Executive acknowledges that the Executive has been advised to consult with the Executive&rsquo;s 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">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9. <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 otherwise defined shall have the same meanings as in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM&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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10. <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">11. <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: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</td>
    <TD STYLE="width: 20%">Company:</td>
    <TD STYLE="width: 60%">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;General Counsel</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</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>office of the Company</td></tr>
</table>
<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">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: 0.5in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13. <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: 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.&nbsp;&nbsp;&nbsp;</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: 3%">By:&nbsp;</td>
    <TD STYLE="width: 40%; border-bottom: Black 1px solid">Exhibit A</td>
    <TD STYLE="width: 12%">&nbsp;</td>
    <TD STYLE="width: 45%; border-bottom: Black 1px solid">Exhibit A</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>Dara F. Altman</td>
    <TD>&nbsp;</td>
    <TD>JOSEPH INZERILLO</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>Executive Vice President and</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>Chief Administrative Officer</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 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
&ldquo;<U>Agreement</U>&rdquo;), dated ____________, 2022, is between SIRIUS XM HOLDINGS INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;),
and JOSEPH INZERILLO (the &ldquo;<U>Executive</U>&rdquo;).</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 &ldquo;<U>Plan</U>&rdquo;),
and the Employment Agreement, dated as of December 10, 2021, 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 ________________<SUP>3</SUP> restricted
share units (&ldquo;<U>RSUs</U>&rdquo;) to the Executive. Each RSU represents the unfunded, unsecured right of the Executive to
receive one share of common stock, par value $0.001 per share, of the Company (each, a &ldquo;<U>Share</U>&rdquo;) 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: 0.5in">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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 _____________, 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), (ii) on _____________, 2024, 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)</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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</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">on_____________, 2025, the Company shall issue, or cause there
to be transferred, to the Executive _____ Shares, representing an equal number of RSUs granted to the Executive under this Agreement
(as adjusted pursuant to Section 2 above, if applicable)in each case, if the 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: 0.5in">(b) 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. In order for the Executive
to receive any accelerated vesting pursuant to this Section 4(b), the Executive must execute a release in accordance with Section
6(g) of the Employment Agreement (except that the Company&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: 0.5in">&nbsp;</P>

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

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

<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">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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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">&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 the Executive&rsquo;s
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 used herein but not otherwise defined shall have the same meanings as in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM&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: 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>

<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: 20%">&nbsp;</td>
    <TD STYLE="width: 20%">Company:</td>
    <TD STYLE="width: 60%">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;General Counsel</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</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>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: 0.5in">13.&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: 0.5in">14.&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: 0.5in">&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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif">SIRIUS XM HOLDINGS INC.</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 40%">&nbsp;</td>
    <TD STYLE="width: 12%">&nbsp;</td>
    <TD STYLE="width: 45%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-family: Times New Roman, Times, Serif">By:&nbsp;</font></td>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit B</FONT></td>
    <TD><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit B</FONT></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif">Dara F. Altman</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif">JOSEPH INZERILLO</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif">Executive Vice President and</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif">Chief Administrative Officer</font></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 C-1</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">(FREE CASH FLOW)</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 &ldquo;<U>Agreement</U>&rdquo;), dated_____________, 2022, is between SIRIUS XM HOLDINGS INC., a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), and JOSEPH INZERILLO (the &ldquo;<U>Executive</U>&rdquo;).</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 &ldquo;<U>Plan</U>&rdquo;),
and the Employment Agreement dated as of December 10, 2021 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 __________<SUP>4</SUP> performance-based
restricted stock units (&ldquo;<U>PRSUs</U>&rdquo;) to the Executive. Each PRSU represents the unfunded, unsecured right of the
Executive to receive one share of common stock, par value $0.001 per share, of the Company (each, a &ldquo;<U>Share</U>&rdquo;)
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: 0.5in">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 Sections 4 and 5, 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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. <U>Issuance of Shares Subject to PRSUs</U>.</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">(a) <I>Performance Metric</I>. The PRSUs
shall be eligible to vest based on the Company&rsquo;s level of achievement of cumulative free cash flow as set forth in the budgets
(the &ldquo;<U>Performance</U></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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

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



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Metric Target</U>&rdquo;) approved by the Company&rsquo;s
Board of Directors (the &ldquo;<U>Board</U>&rdquo;) for the years ending December 31, 2022 and December 31, 2023 (together, the
&ldquo;<U>Performance Period</U>&rdquo;). The annual free cash flow component for each of 2022 and 2023 of the Performance Metric
Target shall be set at the time such applicable budget is approved by the Board.</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">Free cash flow shall be derived from cash
flow provided by operating activities, net of additions to property and equipment, restricted and other investment activity and
the return of capital from investment in unconsolidated entities. The Compensation Committee of the Board shall adjust or modify
the calculation of free cash flow and/or the Performance Metric Target for the Performance Period in accordance with Sections 4(b)
and 12(c) of the Plan, as applicable.</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">The Performance Metric Target for each of
the years ending December 31, 2022 and 2023 shall be reasonable in light of the Company&rsquo;s business plan and budget for the
applicable year and other factors affecting the Company&rsquo;s business taken as a whole.</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">(b) <I>Calculation of Shares to be Issued</I>.
No later than 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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i)&nbsp;If
the Company fails to achieve at least 80% of the Performance Metric Target, 0% of the PRSUs shall constitute Eligible PRSUs;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii)&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 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(iii)&nbsp;If
the Company&rsquo;s achievement of the Performance Metric Target is at least 80% but less than 100% of the Performance Metric Target,
the number of PRSUs that become Eligible PRSUs shall be determined by straight line interpolation between the thresholds set forth
in subsections (i) and (ii) of this Section 4(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) <I>Issuance of Eligible PRSUs</I>. Subject
to earlier issuance pursuant to the terms of this Agreement or the Plan, on January 10, 2025, 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 January 10, 2025.</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">5. <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 (x) due to death or</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(i) if the PRSU Termination Date
occurs on or prior to the end of the Performance Period, or if the PRSU Termination Date occurs prior to the establishment of the
Performance Metric Target for the Performance Period, then the PRSUs granted to the Executive under this Agreement, to the extent
not previously settled, cancelled or forfeited, shall, subject to Section 5(b), immediately become vested and the Company shall
issue, or cause there to be transferred, to the Executive the amount of Shares equal to the number of PRSUs granted to the Executive
under this Agreement, notwithstanding Section 4(b), and as adjusted pursuant to Section 2 above, if applicable; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">(ii) if the PRSU Termination Date
occurs after the last day of the Performance Period, all Eligible PRSUs, to the extent not previously settled, cancelled or forfeited,
shall, subject to Section 5(b), immediately (or, if later, on the Certification Date) become vested and the Company shall issue,
or cause there to be transferred, to the Executive the amount of Shares equal to the number of Eligible PRSUs earned pursuant to
Section 4(b), as adjusted pursuant to Section 2 above, if applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c) The Company shall issue, or cause there
to be transferred, to the Executive an amount of Shares representing the Eligible PRSUs (as adjusted pursuant to Section 2 above,
if applicable) as provided in Section 5(a)(i) or (ii), as applicable, on the 60<SUP>th</SUP> day following the Executive&rsquo;s
termination of employment, but in no event later than March 15<SUP>th</SUP> of the year following the year of such termination
of employment.</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">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: 0.5in">&nbsp;</P>

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

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    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">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">&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&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: 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 meanings 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: 0.5in">&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>

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<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: 20%">&nbsp;</td>
    <TD STYLE="width: 20%">Company:</td>
    <TD STYLE="width: 60%">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;General Counsel</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</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>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: 0.5in">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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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&rsquo;s consent.</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">16. <U>Section 409A</U>. This Agreement
and the PRSUs granted hereunder are intended to be exempt from Section 409A of the Code and the rules and regulations thereunder
such as to avoid any additional taxation under the Section 409A of the Code. Any ambiguity herein shall be interpreted in accordance
with the foregoing.</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">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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="4">SIRIUS XM HOLDINGS INC.</td></tr>
<TR>
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 40%">&nbsp;</td>
    <TD STYLE="width: 12%">&nbsp;</td>
    <TD STYLE="width: 45%">&nbsp;</td></tr>
<TR>
    <TD>By:&nbsp;</td>
    <TD STYLE="border-bottom: Black 1px solid">Exhibit C-1</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: Black 1px solid">Exhibit C-1</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>Dara F. Altman</td>
    <TD>&nbsp;</td>
    <TD>JOSEPH INZERILLO</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>Executive Vice President and</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>Chief Administrative Officer</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 C-2</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"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(RELATIVE TSR)</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 (RELATIVE TSR) (this &ldquo;<U>Agreement</U>&rdquo;), dated_____________, 2022, is between SIRIUS XM HOLDINGS INC.,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and JOSEPH INZERILLO (the &ldquo;<U>Executive</U>&rdquo;).</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 &ldquo;<U>Plan</U>&rdquo;)
and the Employment Agreement dated as of December 10, 2021 between Sirius XM Radio Inc. and the Executive (the &ldquo;<U>Employment
Agreement</U>&rdquo;), the Company hereby grants __________<SUP>5</SUP><FONT STYLE="color: blue"><B> </B></FONT>performance-based
restricted stock units (&ldquo;<U>PRSUs</U>&rdquo;) to the Executive, representing the target number of PRSUs eligible to be earned
under this Agreement (the &ldquo;<U>Target PRSUs</U>&rdquo;). Each PRSU represents the unfunded, unsecured right of the Executive
to receive one share of common stock, par value $0.001 per share, of the Company (each, a &ldquo;<U>Share</U>&rdquo;) 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: 0.5in">3. <U>Issuance of Shares subject to PRSUs</U>.</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">(a) <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 the Performance Metric set
forth on the Performance Matrix attached hereto as <U>Annex A</U> (the &ldquo;<U>Performance Matrix</U>&rdquo;), subject to the
terms set forth therein and herein.</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: 3pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> Number to be computed in accordance with Section
4(b)(iii) of the Employment Agreement.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) <I>Calculation of Shares to be Issued</I>.
No later than 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 (such actual date of certification, the &ldquo;<U>Certification Date</U>&rdquo;). Upon
the Certification Date, the applicable portion of the Target PRSUs determined by the Payout Percentage (as defined in the Performance
Matrix) as a percentage of the Target PRSUs shall be calculated and shall remain eligible to vest, subject to the Executive remaining
employed by Sirius XM Radio Inc. or any of its subsidiaries or affiliates (collectively &ldquo;<U>Sirius XM</U>&rdquo;) through
January 10, 2025 (except as otherwise set forth herein) (such PRSUs, the &ldquo;<U>Eligible Units</U>&rdquo;). On the Certification
Date, any PRSUS which do not become Eligible Units in accordance with the immediately preceding sentence shall immediately be forfeited
and cancelled, and the Executive shall not be entitled to any compensation or other amount with respect thereto.</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">(c) <I>Issuance of Vested Units</I>. Subject
to the terms of this Agreement and/or the Plan, the Company shall issue to the Executive on the first (1<SUP>st</SUP>) business
day following the Certification Date, subject to the Executive&rsquo;s continuous employment with Sirius XM through January 10,
2025 (except as otherwise set forth herein), a number of Shares equal to the number of Vested Units.</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">(d) <I>Termination</I>. If the Executive&rsquo;s
employment with Sirius XM terminates for any reason prior to January 10, 2025, then all of the PRSUs shall immediately terminate
without consideration; <U>provided</U> <U>that</U> if the Executive&rsquo;s employment with Sirius XM is terminated prior to the
January 10, 2025 (x) due to death or &ldquo;Disability&rdquo; (as defined in the Employment Agreement), (y) by Sirius XM without
&ldquo;Cause&rdquo; (as defined in the Employment Agreement), or (z) by the Executive for &ldquo;Good Reason&rdquo; (as defined
in the Employment Agreement), then the Target PRSUs, to the extent not previously settled, cancelled or forfeited, shall, subject
to the second to last sentence of this Section 3(d), immediately become vested and the Company shall issue, or cause there to be
transferred, to the Executive, on the 60th day following such termination of employment, the amount of Shares equal to the number
of Target PRSUs granted to the Executive under this Agreement, and as adjusted pursuant to Section 2 above, if applicable; <U>provided</U>
that if such termination occurs after the last day of the Performance Period, then the number of Shares to be issued or transferred
shall be based on the greater of (i) the number of Target PRSUs or (ii) the number or PRSUs that were determined to be Eligible
Units as of the Certification Date. In no event shall such PRSUs be issued or transferred later than the March 15<SUP>th</SUP>
following the year of the Executive&rsquo;s termination of employment. 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
3(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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. <U>Change of Control</U>. Notwithstanding
the foregoing provisions, 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</P>

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    <!-- Field: /Page -->


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. <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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6. <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">7. <U>No Rights of a Stockholder</U>. The
Executive shall not have any rights as a stockholder of the Company with respect to any Shares until the Shares have been issued.
Once a PRSU vests and a Share is issued to the Executive pursuant to Section 3, such PRSU is no longer considered a PRSU for purposes
of this Agreement.</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">8. <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 or service
with Sirius XM, or in any way limit the right of Sirius XM to terminate the employment or service of the Executive at any time,
subject to the terms of any written employment or similar written agreement between the Executive and Sirius XM.</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 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: 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 PRSUs are subject to the terms and conditions set forth in the Plan, which terms and conditions are incorporated
herein by reference. Capitalized terms used herein but not otherwise defined shall have the same meanings as in the Plan. The Executive
acknowledges that a copy of the Plan is posted on Sirius XM&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: 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</P>

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

<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: 20%">&nbsp;</td>
    <TD STYLE="width: 20%">Company:</td>
    <TD STYLE="width: 60%">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;General Counsel</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</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>office of Sirius XM</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: 0.5in">13. <U>Binding Effect</U>. This Agreement
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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14. <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: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">15. <U>Section 409A</U>. This Agreement
and the PRSUs granted hereunder are intended to be exempt from Section 409A of the Code and the rules and regulations thereunder
such as to avoid any additional taxation under the Section 409A of the Code. Any ambiguity herein shall be interpreted in accordance
with the foregoing.</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">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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="4">SIRIUS XM HOLDINGS INC.</td></tr>
<TR>
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 40%">&nbsp;</td>
    <TD STYLE="width: 12%">&nbsp;</td>
    <TD STYLE="width: 45%">&nbsp;</td></tr>
<TR>
    <TD>By:&nbsp;</td>
    <TD STYLE="border-bottom: Black 1px solid">Exhibit C-2</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: Black 1px solid">Exhibit C-2</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>Dara F. Altman</td>
    <TD>&nbsp;</td>
    <TD>JOSEPH INZERILLO</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>Executive Vice President and</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>Chief Administrative Officer</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>Annex 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"><U>Performance Matrix</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-indent: 0.5in"><U>Target Award</U>: Participant&rsquo;s
overall target-level award hereunder is equal to _______ PRSUs (the &ldquo;<U>Target PRSUs</U>&rdquo;).</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">The &ldquo;<U>Performance Period</U>&rdquo;
shall be January 1, 2022 through December 31, 2024.</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">The &ldquo;<U>Performance Metric</U>&rdquo;
shall be the three-year total shareholder return (&ldquo;<U>TSR</U>&rdquo;) of the Company relative to the other entities in the
TSR Index (as defined below). Achievement of the Performance Metric shall be determined by the percentile rank of the Company&rsquo;s
TSR relative to the TSR of each other entity in the TSR Index.</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"><U>Determination of TSR</U>: TSR for the
Company and each other entity in the TSR Index shall be determined in accordance with the following formula. TSR shall be equal
to (a) divided by (b) minus (c), expressed as a percentage, where:</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">(a) is equal to the product of (i) and (ii),
where (i) is the Ending Price and (ii) is the Reinvestment Factor;</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-align: justify; text-indent: 0.5in">(b) is equal to the
Starting Price; and</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) is equal to one.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of determining TSR:</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">&ldquo;<U>Starting Price</U>&rdquo; means
the average closing price of one share of common stock on the applicable stock exchange during the twenty (20) trading days immediately
preceding and including the first day of the Performance Period. The Starting Price for a Share of the Company is $6.3795.</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">&ldquo;<U>Ending Price</U>&rdquo; means
the average closing price of one share of common stock on the applicable stock exchange during the twenty (20) trading days immediately
preceding and including the last day of the Performance Period; <U>provided</U> that, in the case of a Change of Control, the Ending
Price for the Company shall be the fair market value of a Share immediately prior to the Change of Control, and the Ending Price
for all other companies shall be the average closing price of one share of common stock on the applicable stock exchange during
the twenty (20) trading days immediately preceding the date of the Change of Control.</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">&ldquo;<U>Reinvestment Factor</U>&rdquo;
means the Total Share Count at the end of the Performance Period.</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">&ldquo;<U>Total Share Count</U>&rdquo; equals
one share of the Company&rsquo;s common stock on the first day of the Performance Period, which is adjusted cumulatively for any
dividends declared over the</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Performance Period. The adjustment for each dividend declaration
shall increase the Total Share Count by an amount calculated as the sum of (x) and (y), where:</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">(x) equals the Current Total Share Count;
and</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">(y) equals the calculated result of (i)
multiplied by (ii) and divided by (iii), where (i) is the Current Total Share Count, (ii) is the dollar value of the declared dividend,
and (iii) is the closing price of the company&rsquo;s Common stock on the payment date.</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">&ldquo;<U>Current Total Share Count</U>&rdquo;
means the Total Share Count before each dividend adjustment, if any.</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">The Company&rsquo;s &ldquo;<U>Rank</U>&rdquo;
shall be determined by the Company&rsquo;s position within the ranking of each entity in the TSR Index (including the Company)
in descending order based on their respective TSRs (with the highest TSR having a Rank of one). For purposes of developing the
ordering provided in the immediately-preceding sentence, (A) any entity that filed for bankruptcy protection under the United States
Bankruptcy Code during the Performance Period shall be assigned the lowest order of any entity in the TSR Index such that such
entity&rsquo;s TSR is fixed at -100%, (B) any entity that is acquired during the Performance Period, or otherwise no longer listed
on a national securities exchange at the end of the Performance Period (other than the Company), shall be removed from the TSR
Index and shall be excluded for purposes of ordering the entities in the TSR Index (and for purposes of calculating the Company&rsquo;s
Percentile) and (C) any entity that has issued multiple classes of stock that are contained in the TSR Index shall be aggregated
and considered one entity.</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">After determining the Company&rsquo;s Rank,
the Company&rsquo;s &ldquo;<U>Percentile</U>&rdquo; will be calculated as follows:</P>

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

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0"><IMG SRC="x1_c102652a001.jpg" ALT=""></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">where:</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">&ldquo;P&rdquo; represents the Percentile
which will be rounded, if necessary, to the nearest whole percentile by application of regular rounding.</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">&ldquo;N&rdquo; represents the total number
of entities in the TSR Index (including the Company, but after removal of any entities in accordance with the calculation of the
Rank).</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">&ldquo;R&rdquo; represents Company&rsquo;s
Rank (as determined above).</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">The &ldquo;<U>Payout Percentage</U>&rdquo;
shall be determined as follows, subject to the exception below:</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"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Threshold
Performance: If the Company&rsquo;s Percentile equals 25%, the Payout Percentage shall be 50% of the Target PRSUs. The Payout Percentage
shall equal zero if the Company Percentile is less than 25%.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Target
Performance: If the Company&rsquo;s Percentile equals 50%, the Payout Percentage shall be 100% of the Target PRSUs.</FONT></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"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Maximum
Performance: If the Company&rsquo;s Percentile equals or exceeds 75%, the Payout Percentage shall be 150% of the Target PRSUs.</FONT></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">Straight-line interpolation shall be used
to determine the Payout Percentage for any Company Percentile between 25% and 75%, based upon the Payout Percentages set forth
above.</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">The following exception exists with respect
to the Payout Percentage determination set forth above: If the Company&rsquo;s absolute TSR (irrespective of its Rank or Percentile)
is less than 0%, then the Payout Percentage shall not exceed 100% of the Target PRSUs (subject to adjustment as set forth in Section
2 of the Agreement, if applicable).</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">In addition to the Company, the &ldquo;<U>TSR
Index</U>&rdquo; shall be comprised of the companies in the S&amp;P 500 Index as in effect on the first day of the Performance
Period (subject to adjustment as set forth in the definition of Rank above).</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">The Compensation Committee of the Board
of Directors shall be permitted to adjust or modify the calculations set forth above as it deems appropriate, including pursuant
to any adjustments under Sections 4(b) and 12(c) of the Plan.</P>

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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: 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: 1in">This Agreement and Release, dated as of _________,
20__ (this &ldquo;<U>Agreement</U>&rdquo;), is entered into by and between JOSEPH INZERILLO (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: 1in">&nbsp;</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&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 December 10, 2021 (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 the Executive 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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&nbsp;The Executive,
on behalf of the Executive and the Executive&rsquo;s 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</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">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&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 the
Company, Holdings 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 Sections
6(f) and 6(j) of the Employment Agreement); and (iv) under this Agreement, and (c) all claims for discrimination, harassment and/or
retaliation, under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, as amended, the New York
State Human Rights Law, as amended, as well as any and all claims arising out of any alleged contract of employment, whether written,
oral, express or implied, or any other federal, state or local civil or human rights or labor law, ordinances, rules, regulations,
guidelines, statutes, common law, contract or tort law, arising out of or relating to the Executive&rsquo;s employment with and/or
separation from the Company, including but not limited to the termination of the Executive&rsquo;s 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: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&nbsp;The Executive specifically waives
all rights or claims that the Executive 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 the Executive&rsquo;s 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) the Executive may and should consult an attorney before signing this Agreement, (2) the Executive
has [twenty-one (21)/forty-five (45)]<SUP>6</SUP> days to consider this Agreement, and (3) the Executive 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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.&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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.&nbsp;The Executive
warrants that the Executive 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> To be determined by the Company in connection with
the termination.</P>


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    <!-- Field: /Page -->


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">8.&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
the Executive&rsquo;s rights under this Agreement or any other written agreement between the Executive and a member of the Nondisparagement
Group and may respond to disparaging remarks about the Executive made by any member of the Nondisparagement Group. The Company
and Holdings shall not, and they shall instruct their officers not to, make any disparaging remarks about the Executive; <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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">9.&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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">10.&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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">11.&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: 1in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">13.&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: 1in">14.&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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.&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 their 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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">16.&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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">17.&nbsp;The Executive
warrants that the Executive 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 the Executive&rsquo;s employment
with the Company on or before the Termination Date; <U>provided</U> that the Executive will be able to keep the Executive&rsquo;s
cell phones, personal computers, personal contact list and the like so long as Confidential Information (as defined the Employment
Agreement) is removed from such items.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">18.&nbsp;Any existing
obligations the Executive has with respect to confidentiality, nonsolicitation of clients, nonsolicitation of employees and noncompetition,
in each case with the Company or its affiliates, shall remain in full force and effect, including, but not limited to, Sections
7 and 8 of the Employment Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">19.&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: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">20.&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>

<!-- Field: Page; Sequence: 24; Value: 17 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 50%"><PAGE></PAGE></TD><TD STYLE="text-align: right; width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">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: 0.5in">&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>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2">SIRIUS XM RADIO INC.</td></tr>
<TR>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 45%">&nbsp;</td>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 3%">&nbsp;</td>
    <TD STYLE="width: 42%">&nbsp;</td></tr>
<TR>
    <TD>Dated:&nbsp;</td>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>By:&nbsp;</td>
    <TD STYLE="border-bottom: Black 1px solid">Exhibit D</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Name:</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Title:</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<TR>
    <TD>Dated:</td>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; padding-left: 3%">&nbsp;Exhibit D</td></tr>
<TR>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2">JOSEPH INZERILLO</td></tr>
</table>
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    <!-- Field: /Page -->

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<SEQUENCE>4
<FILENAME>siri-20211210_def.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon Dec 13 12:20:40 UTC 2021 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>siri-20211210_lab.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon Dec 13 12:20:40 UTC 2021 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_DocumentPeriodEndDate_lbl" 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/terseLabel" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
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    <loc xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode"/>
    <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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    <loc xlink:type="locator" xlink:label="dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</label>
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    <loc xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</label>
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    <loc xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</label>
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    <loc xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</label>
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    <loc xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</label>
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    <loc xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</label>
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    <loc xlink:type="locator" xlink:label="dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber"/>
    <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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    <loc xlink:type="locator" xlink:label="dei_WrittenCommunications" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_SolicitingMaterial" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial"/>
    <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>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.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>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.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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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>siri-20211210_pre.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
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<!-- Created: Mon Dec 13 12:20:40 UTC 2021 -->
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    <loc xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressStateOrProvince" order="13.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_EntityAddressPostalZipCode" order="14.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_CityAreaCode" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_LocalPhoneNumber" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_WrittenCommunications" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_WrittenCommunications" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_SolicitingMaterial" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SolicitingMaterial" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementTenderOffer" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_PreCommencementIssuerTenderOffer" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_Security12bTitle" order="21.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <loc xlink:type="locator" xlink:label="dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName"/>
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_DocumentInformationLineItems" xlink:to="dei_SecurityExchangeName" order="22.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </presentationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>siri-20211210.xsd
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon Dec 13 12:20:40 UTC 2021 -->
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  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="siri-20211210_lab.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="siri-20211210_pre.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef"/>
      <link:linkbaseRef xlink:type="simple" xlink:href="siri-20211210_def.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef"/>
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      <link:roleType roleURI="http://www.siriusxm.com/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
        <link:definition>000 - Document - Document And Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://fasb.org/us-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd"/>
  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <xs:import namespace="http://fasb.org/srt-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/sic/2021" schemaLocation="https://xbrl.sec.gov/sic/2021/sic-2021.xsd"/>
  <xs:element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="siri_DocumentAndEntityInformationAbstract"/>
</xs:schema>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>8
<FILENAME>c102652_8k-ixbrl_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2021"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="siri-20211210.xsd" xlink:type="simple"/>
    <context id="c0">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000908937</identifier>
        </entity>
        <period>
            <startDate>2021-12-10</startDate>
            <endDate>2021-12-10</endDate>
        </period>
    </context>
    <dei:DocumentType contextRef="c0">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="c0">2021-12-10</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>9
<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;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm140034411458104">
<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>Dec. 10, 2021</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">Dec. 10,  2021<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>
</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_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>
</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_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>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-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>
</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: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>
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</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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></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>
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</table></div>
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</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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</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>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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>
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<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
