XM SATELLITE RADIO INC
EX-10.52
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit

10.52</font></b></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2003

GRANTS &#151; EXECUTIVES</font></b></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">XM SATELLITE RADIO HOLDINGS INC.</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1998 SHARE AWARD PLAN</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NON-QUALIFIED STOCK OPTION AGREEMENT</font></b></p>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">1.&#160;&#160;&#160;&#160; <u>Definitions</u>.&#160;

Terms defined in the Plan and not otherwise defined in this Agreement

are used in this Agreement as defined in the Plan.&#160; In this Agreement, except where the context otherwise indicates,

the following definitions apply:</font></b></h1>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">A.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Agreement&#148; means this Non-Qualified Stock Option

Agreement, including the Notice of Grant of Stock Options and Option Agreement

attached hereto.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">B.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;XM&#148; means XM Satellite Radio Holdings Inc., a

Delaware corporation.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">C.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Committee&#148; means the committee appointed by the XM

Board of Directors to administer the Plan.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">D.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Covered Shares&#148; means the Shares subject to the

Option.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">E.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Date of Exercise&#148; means the date on which XM

receives notice of the exercise, in whole or in part, of the Option pursuant to

Section 5.A. of this Agreement.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">F.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Date of Expiration&#148; means, subject to the provisions

of Section 3.C and D of this Agreement, ten (10) years after the Date of Grant.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">G.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Date of Grant&#148; means the effective date of grant as

set forth on the Notice of Grant of Stock Options and Option Agreement attached

hereto.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">H.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Option&#148; means the non-qualified stock option granted

to the Optionee in Section&nbsp;2 of this Agreement.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">I.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Option Period&#148; means the period beginning on the

Date of Grant and terminating on the Date of Expiration.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">J.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Option Price&#148; means the dollar amount set forth on

the Notice of Grant of Stock Options and Option Agreement attached hereto.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">K.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Optionee&#148; means the person identified as the grantee

on the Notice of Grant of Stock Options and Option Agreement attached hereto.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">L.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Plan&#148; means the XM 1998 Shares Award Plan, as the

same may be amended from time to time.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">M.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&#147;Securities Act&#148; means the Securities Act of 1933, as

amended.</font></h2>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>





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<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt;page-break-after:auto;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">N.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Shares&#148; means shares of Class A

Common Stock of XM.</font></i></b></h2>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">2.&#160;&#160;&#160;&#160; <u>Grant of Option</u>.&#160;

Pursuant to the Plan and subject to the terms of this Agreement, XM

grants to the Optionee the option to purchase from XM that number of Shares

identified in the Notice of Grant of Stock Options and Option Agreement

attached hereto, exercisable at the Option Price, and effective on the Date of

Grant.</font></b></h1>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">3.&#160;&#160;&#160;&#160; <u>Terms of the Option</u>.</font></b></h1>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">A.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Type of Option</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">. &#160;The Option is

intended to be a non-qualified stock option and is not an incentive stock

option within the meaning of Section 422 of the Code.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">B.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Vesting and Exercise</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">.&#160; The Option may be

exercised during the Option Period, subject to the limitation that the Option

shall vest in three (3) equal annual installments such that:</font></h2>



<h3 style="margin:12.0pt 0in 3.0pt 1.5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">a.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">no portion of the Covered Shares may be exercised during the first year

following the Date of Grant;</font></h3>



<h3 style="margin:12.0pt 0in 3.0pt 1.5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">b.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">during the second year following the Date of Grant, the Option may be

exercised to a maximum of <br>

33 1/3 % of the Covered Shares;</font></h3>



<h3 style="margin:12.0pt 0in 3.0pt 1.5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">c.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">during the third year following the Date of Grant, the Option may be

exercised to a cumulative maximum of 66 2/3% of the Covered Shares; and</font></h3>



<h3 style="margin:12.0pt 0in 3.0pt 1.5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">d.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">thereafter the Option with respect to the Covered Shares may be

exercised in full.</font></h3>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">C.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Termination of Employment</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">:&#160; If the

Optionee&#146;s employment terminates during the Option Period, the Option may be

exercised for the following periods after such termination:&#160; zero (0) months in the case of a termination

for Good Cause; three (3) months in the case of a voluntary termination; six

(6) months following an involuntary termination, or twelve (12) months in the

case of death, disability, retirement or voluntary or involuntary termination

after a Change of Control.&#160; Upon the

Optionee&#146;s termination of employment, the Option shall be exercisable only to

the extent that it was vested and exercisable as of the date of the Optionee&#146;s

termination, except that in the case of (i) Optionee&#146;s death or (ii)

involuntary termination within one year of a Change of Control, the Option

shall vest immediately in full and shall be fully exercisable by the Optionee

or the Optionee&#146;s authorized representative or by his or her properly appointed

attorney-in-fact, guardian, trustee, or conservator, as the case may be.&#160; Notwithstanding the foregoing, (x) the

foregoing shall be subject to (and limited by) the terms of any Employment

Agreement in effect from time to time between XM and the Optionee and (y) the

Option (and the Shares issued upon exercise thereof) may be subject to

forfeiture pursuant to other agreements between XM (or its affiliates) and

Optionee.</font></h2>



<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>





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<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">D.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Nontransferability</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">.&#160; The Option is not

transferable by the Optionee other than (i) by will or by the laws of descent

and distribution, or (ii) pursuant to a qualified domestic relations order as

defined in Section 414(p) of the Code or Title I of the Employee Retirement

Income Security Act or the rules thereunder, and is exercisable, during the

Optionee&#146;s lifetime, only by the Optionee or, in the case of the Optionee&#146;s

legal disability, by the Optionee&#146;s legal representative except as provided in

paragraph C of this Section&nbsp;3.</font></h2>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">4.&#160;&#160;&#160;&#160; <u>Capital Adjustments</u>.&#160;

The number of Covered Shares and the Option Price shall be subject to

such adjustment, if any, in accordance with Section 11(a) of the Plan.</font></b></h1>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">5.&#160;&#160;&#160;&#160; <u>Method of Exercise</u>.</font></b></h1>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">A.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Notice</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">.&#160; The Option shall

be exercised, in whole or in part, by the delivery to XM of written notice of

such exercise, in such form as the Committee may from time to time prescribe,

accompanied by:</font></h2>



<h3 style="margin:12.0pt 0in 3.0pt 1.5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">a.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">full payment in cash or readily available funds or in Shares in the

amount of the Option Price with respect to that portion of the Option being

exercised or pursuant to a cashless exercise program to be established by the

Committee in accordance with Section 4(b) of the Plan;</font></h3>



<h3 style="margin:12.0pt 0in 3.0pt 1.5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">b.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">any amount that must be withheld by XM for Federal, State, and/or local

tax purposes, payable either in cash or in Shares, including through

withholding of Shares upon exercise;</font></h3>



<h3 style="margin:12.0pt 0in 3.0pt 1.5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">c.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">such representations and documents as the corporation, in its absolute

discretion, deems necessary or advisable to effect compliance with all

applicable provisions of the Securities Act and any other Federal or State

securities laws or regulations.&#160; XM may,

in its absolute discretion, also take whatever additional actions it deems

appropriate to effect such compliance, including, without limitation placing

legends on share certificates and issuing stop-transfer orders to transfer agents

and registrars; and</font></h3>



<h3 style="margin:12.0pt 0in 3.0pt 1.5in;page-break-after:auto;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">d.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">if the Option or portion thereof shall be exercised pursuant to the

provisions of Section 3.C of this Agreement by any person or persons other than

the Optionee, appropriate proof of the right of such person or persons to

exercise the Option or portion thereof.</font></h3>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until the Committee notifies the Optionee to the contrary, the form

attached to this Agreement as Exhibit A shall be used to exercise the Option.</font></p>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">B.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Effect</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">.&#160;&#160;&#160;&#160; The exercise, in whole or in part, of the

Option shall cause a reduction in the number of Covered Shares equal to the

number of Shares with respect to which the Option is exercised.</font></h2>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>





<div style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></i></b></div>



<i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">6.&#160;&#160;&#160;&#160; <u>Compliance with Law; Disposition of Shares of Common Stock

Issued Upon Exercise</u>.</font></b></h1>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">A.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Compliance with Law</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">:&#160; Notwithstanding

any other provision of this Agreement, the Optionee agrees, for himself or

herself and his or her successors, that XM shall not be required to honor the

exercise of the Option if XM does not have in effect a registration statement

under the Securities Act relating to the offer of Shares to the Optionee under

the Plan, if XM reasonably determines that the exercise of such Option would

violate the Securities Act.&#160; The

Optionee further agrees, for himself or herself and his or her successors, that

upon the issuance of any Shares upon the exercise of the Option, he or she

will, upon the request of the XM, agree in writing that he or she is acquiring

the Shares for investment only and not with a view to resale, and that he or

she will not sell, pledge or otherwise dispose of such shares so issued, unless

and until (a) XM is furnished with an opinion of counsel satisfactory to XM to

the effect that registration of such shares pursuant to the Securities Act is

not required by that Act and the rules and regulations thereunder; (b) the

staff of the Securities and Exchange Commission has issued a &#147;no-action&#148; letter

with respect to such disposition; or (c) such registration or notification as

is, in the opinion of counsel for the corporation, required for the lawful

disposition of such shares has been filed by XM and has become effective;

provided, however, that XM is not obligated hereby to file any such

registration or notification.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">The Optionee

further agrees that so long as the Optionee is an employee of XM he or she will

only sell, pledge or otherwise dispose of such shares issued upon the exercise

of the Option in accordance with all insider trading policies of XM then in

effect.&#160; The present version of XM&#146;s

policy requires approval of transfers by certain categories of employees, and

notice and certification by other employees.&#160;

An approval or notification form based on the current plan is attached

for Optionee&#146;s convenience, although Optionee is responsible for completing

different or other forms if then required by XM&#146;s policy.</font></i></b></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">B.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Disposition or Transfer</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">.&#160;

Notwithstanding any other provision of this Agreement, the Optionee

agrees, for himself or herself and his or her successors, that he or she will

not sell, pledge or otherwise dispose of shares issued upon the exercise of the

Option until the first to occur of the following:&#160; (i)&nbsp;the </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">average closing price for the

Shares on the Nasdaq National Market system, or principal stock exchange on

which the Shares are then listed, over the any 20 consecutive trading days

following the Date of Grant equals or exceeds $10, or (ii) seven years have

elapsed since the </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">Date of Grant</font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">.&#160; If Optionee intends to </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">dispose of shares issued upon the exercise of the

Option, Optionee will provide to XM a written notice describing the proposed

transfer and indicating which of the prior clauses has been satisfied.</font></h2>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">7.&#160;&#160;&#160;&#160; <u>Representations and Warranties</u>.&#160; Upon exercise of the Option in whole or in part, if the shares

underlying the option shall not then be registered under the Securities Act,

the Optionee shall represent, warrant and acknowledge the following:</font></b></h1>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">A.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">The Optionee has made such investigations as the

Optionee deems necessary and appropriate of the business and/or financial

prospects of XM.</font></h2>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>





<div style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></i></b></div>



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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">B.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">The Option is being exercised and the Covered Shares

are being acquired for investment for the Optionee&#146;s own account and not with

the view to, or for resale in connection with, any distribution or public

offering thereof within the meaning of the Securities Act, and the certificate

for such stock may be legended to that effect, that such stock is not

registered under federal or state securities laws and that the registration

exemptions being relied on are the federal and state private or limited

offering exemptions and the Optionee has no reason to believe that such

exemptions are not applicable to the Optionee.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">C.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">The Optionee acknowledges that XM has made available

to the Optionee the opportunity to obtain information to evaluate the merits

and risks associated with this Agreement and the transactions contemplated

thereby.&#160; The Optionee acknowledges that

the investment contemplated by the Option involves a high degree of risk,

including risks associated with XM&#146;s business operations and prospects

including competition and the dependence on XM&#146;s technology and events beyond

XM&#146;s control, the limits on transferability of the Option and Covered Shares,

and the absence of a public market for the Covered Shares.</font></h2>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">8.&#160;&#160;&#160;&#160; <u>Rights as Stockholder</u>.&#160;

The Optionee shall have no rights as a stockholder with respect to any

Covered Shares subject to the Option until and unless a certificate or

certificates representing such shares are issued to the Optionee pursuant to

this Agreement.&#160; Except as provided in

Section 4 of this Agreement, no adjustment shall be made for dividends or other

rights for which the record date is prior to the issuance of such certificate

or certificates.</font></b></h1>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">9.&#160;&#160;&#160;&#160; <u>Employment</u>.&#160;

Neither the granting of the Option evidenced by this Agreement nor any

term or provision of this Agreement shall constitute or be evidence of any

understanding, express or implied, on the part of XM to employ or continue the

employment of the Optionee for any period.&#160;

Whenever reference is made in this Agreement to the employment of the

Optionee, it means employment by XM or its affiliates.</font></b></h1>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">10.&#160;&#160; <u>Subject to the Plan</u>.&#160;

The Option evidenced by this Agreement and the exercise of the Option

are subject to the terms and conditions of the Plan, which are incorporated

herein by reference and made a part hereof, but the terms of the Plan shall not

be considered an enlargement of any benefits under this Agreement.&#160; In addition, the Option is subject to any

rules and regulations promulgated by the Committee.</font></b></h1>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">11.&#160;&#160; <u>Fractional Shares</u>.&#160;

Notwithstanding anything contained herein to the contrary, following a

Public Offering, award exercises and issuances involving the issuance of Shares

may only be effected in whole (and not fractional) shares.</font></b></h1>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">12.&#160;&#160; <u>Applicable Law</u>.&#160;

This Agreement shall be subject to the laws of the State of Delaware,

without giving effect to the principles of conflict of laws thereof.</font></b></h1>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">13.&#160;&#160; <u>Entire Agreement</u>.&#160;

This Agreement is in lieu of and supersedes all prior agreements,

representations, negotiations, or other understandings of the parties with

respect to the subject matter hereof.&#160;

It may not be amended or altered except in a writing signed by the

Optionee and the authorized representatives of XM.</font></b></h1>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>





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<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">14.&#160;&#160; <u>Waiver and Severability</u>.</font></b></h1>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">A.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">The waiver by either party of a breach of any

provision of this Agreement shall not operate or be construed as a waiver of

the same or any other breach by either of the parties to this Agreement,

whether prior or subsequent.</font></h2>



<h2 style="font-style:italic;margin:12.0pt 0in 3.0pt 1.0in;page-break-after:auto;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">B.</font></i></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-style:normal;font-weight:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">If any term or provision of this Agreement is

determined by a court of competent jurisdiction to be illegal, invalid, or

unenforceable, the legality, validity, or enforceability of the remainder of

this Agreement shall not thereby be affected, and this Agreement shall be

deemed to be amended to the extent necessary to delete such provision.</font></h2>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:auto;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">15.&#160;&#160; <u>Headings</u>.&#160; The

Section, paragraph, and subparagraph headings contained in this Agreement are

for reference purposes only, and shall not in any way affect the meaning or

interpretation of this Agreement.</font></b></h1>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>





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</font>



<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;EXHIBIT A&#148;</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXERCISE OF OPTION</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman, Board of Directors</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">XM Satellite Radio Holdings Inc.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1500 Eckington Place, N.E.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C.&#160;&#160; 20002-2194</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the Board:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned, the Optionee under the Non-Qualified Stock Option

Agreement identified as Option No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;

, granted pursuant to the XM Satellite Radio Holdings Inc. 1998 Share

Award Plan, hereby irrevocably elects to exercise the Option granted in the

Agreement to purchase&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares of

Class A Common Stock of XM Satellite Radio Holdings Inc. (&#147;XM&#148;), par value

$0.01 per share (&#147;Shares&#148;), and herewith makes payment of $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the form of [cash, Common Stock,

cash plus Common Stock, through the exercise of the cashless exercise program]

for the shares purchased and $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;

in the form of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;

[cash, Common Stock, cash plus Common Stock, through the exercise of the

cashless exercise program] to cover the Corporation&#146;s withholding tax liability

in respect of the purchase.&#160; (Please

complete, and complete separate cashless exercise form as appropriate.)</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;[Note:&#160; Shares of Common Stock being delivered in payment of all or any

part of the exercise price must be represented by certificates registered in

the name of the Optionee and duly endorsed by the Optionee and by each and

every other co-owner in whose name the shares may also be registered.]</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Optionee hereby re-affirms his or her agreement under Section 6.B of

the Non-Qualified Stock Option Agreement that he or she will not sell, pledge

or otherwise dispose of Shares issued upon the exercise of the Option until the

first to occur of the following:&#160;

(i)&nbsp;the average closing price for the Shares on the Nasdaq National

Market system, or principal stock exchange on which the Shares are then listed,

over the prior 20 trading days equals or exceeds $10, or (ii) [three] years

have elapsed since the Date of Grant.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.64%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>

  </td>

  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:29.9%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.76%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:48.7%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.54%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.76%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:48.7%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Signature of Optionee)</font></p>

  </td>

 </tr>

</table>



</div>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Received by XM Satellite Radio Holdings Inc.:<u>  </u></font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="44%" style="border-collapse:collapse;width:44.46%;">

 <tr>

  <td width="94%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:94.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.76%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="94%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:94.24%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name</font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.76%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.76%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="94%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:94.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.76%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="94%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:94.24%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title</font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.76%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="94%" valign="top" style="padding:0in .7pt 0in .7pt;width:94.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.76%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="94%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:94.24%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.76%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="94%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:94.24%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>

  </td>

  <td width="5%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:5.76%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>





<div style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></i></b></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">APPROVAL/NOTIFICATION

FORM FOR SALE OF SHARES OF XM STOCK</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NAME:

________________________________________________________________</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DATE: ________________________________________________________________</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NUMBER OF SHARES TO BE SOLD:

_______________________________________</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SALE TO BE COMPLETED BY:

_____________________________________&#160;

[DATE]</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SHARES ACQUIRED THROUGH: [CHECK AS

APPROPRIATE]</font></p>



<p style="margin:12.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; MARKET PURCHASE</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ESPP</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; STOCK OPTION PLAN</font></p>



<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160; VESTING DATE OF OPTIONS TO BE SOLD&#160; ___________________</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; OTHER ___________________________________</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I CONFIRM I AM NOT AWARE OF ANY MATERIAL

NON-PUBLIC INFORMATION RELATING TO XM SATELLITE RADIO HOLDINGS, INC. OR ITS

AFFILIATES.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="89%" style="border-collapse:collapse;width:89.88%;">

 <tr>

  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:50.78%;">

  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:46.44%;">

  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="50%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:50.78%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signature]</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:46.44%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Title]</font></p>

  </td>

 </tr>

 <tr>

  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.78%;">

  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.44%;">

  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:50.78%;">

  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:46.44%;">

  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="50%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:50.78%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Print Name]</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:46.44%;">

  <p style="margin:0in 0in .0001pt 50.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Date]</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 3.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:12.0pt 0in 3.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">APPROVAL OF GENERAL COUNSEL, IF REQUIRED</font></b></h1>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Approved</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Wingdings" style="font-family:Wingdings;font-size:10.0pt;">o</font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOT</font></b><font size="2" style="font-size:10.0pt;"> Approved</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If approved, sale must be completed with

fourteen (14) <i><font style="font-style:italic;">calendar</font></i> days from

the date set forth below (or by such other date as specifically stated herein

by the General Counsel)</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;width:85.52%;">

 <tr>

  <td width="52%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:52.86%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.34%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.32%;">

  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="52%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:52.86%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph M.

  Titlebaum</font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="40%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:40.32%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Date]</font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.86%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice

  President</font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="40%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:40.32%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.86%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Counsel

  &amp; Secretary</font></p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.34%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="40%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:40.32%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>





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