Howard Stern - Sirius Letter Agreement

8/6/2019 Howard Stern - Sirius Letter Agreement

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LED: NEW YORK COUNTY CLERK OS/25/20111CEF DOC. NO. 4-3

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SIRIUS~'SA TELL ITE RA D IO1221Avenue o f lheAmer1~$r >l ew Y or k, N Y 1 00 20!el212 5a4 5100fax 212 534 6200

'WW'IN' ~irilv;. r.nm

Confident ial

INDEX NO. 650762/RECEIVED NYSCEF: OS/25/

EXEC UTIO N C OPY

October 1, 2004

One Twelve, Inc.clo Don Buchwald and Associates, Inc.10 East 44th StreetNew York, New York 10017 .F ac sim ile N o.: (2 12 ) 8 67 -2 43 4Dear M r. S te rn :

This letter agreement ( th is "Agreement" ) sets fo rth th e principal terms of the agreementbetween One T we lv e, In c. ("y ou ") and Sirius Satellite Radio Inc, ("Si~us") with respect to th eIicensing'to SIrius exclusively o n ra dio of the Howard stem ("Stern") radio show (the "HowardStern S how " or the "show ") and certain r ela ted ma tt er s,

_ , payable in cash upon signing., No tw it hstand ing the payment of the s ig nin g b on us , no services shal lbe requ Ired under thls Agteement p rio r to J an ua ry 1 , 2006,~ per y ear during the term of this Agreem ent as long as~ues on the air. Such amount shall be payable in twenty~six equal bi~weeklynstallments per year.

Subject to t he terms and conditions hereof, y ou a nd S iriu s hereby agree as follows:

Signing Bonus:

Annual CashCompensation:, '

Bonus StockCompensation:

S iriu s s ha ll, o n a n annual basis, gua rantee such payments bydepositing the necessary funds with an escrow agent acceptable toyo u o r p ro vid in g a fe tte r o f cre dit re as on ab ly a cce pta ble to y ou ._.Sirius wil l set aside~ shares of stock upon signing. On. December 31, 201~ deliver to you, at your option, either (i)such shares of stock, inthe form of unrestricted shares c if Siriuscommon stock which are saleable by you upon delivery, or (ii)_n~Sh ~~


2/11

O ne Tw elve, Inc.

, Performance BasedCompensation:

October 1, 2004

You wil l be entitled to receive such unrestricted s tock on ana cc ele ra te d b as is if either: (a) S irius acquires 1,000,000 H S-, G enerated Subscribers (as defined below ) or (b) the tota l number ofS irius s ubs cribers exceeds the "S iri Internal E stim ate" year-ends ub sc rib er ta rg et s et fo rth on E xhib it A fo r th e applicable year bym ore than 1,000,000 subscribers . If, on the date of acceleration, suchs tock Is valued at less than_ (based on closing price ofS inus' stock for the trading day Immediately precedIng such date), ,S irius w ill pay you the difference in cash w ithin ten days of the date ofacce le ra ti on ; p rovi ded_tha t if Y OiJ s ell such stock on the first trading

after delivery by S iriu s, S iriu s w ill pa y you the difference betweenand y ou r actual sa le p roceeds (w ithout deduction foror other expenses of such sale).As us ed in this Agreement, a "HS-Generated Subscriber" s ha ll m ea nan y Sinus s ub scrib er dire ctly a nd tracka bly (e.g ., th ro ug h a p romo tio ncode or dedicated web s ite or 800 number) generated through anym arketing or sales initiative yo u d irec t to S te rn 's fa n 'b as e, o the r th ana ny In itia tiv e Wh ic h o ffe rs a ll a pp lic ab le s ub sc rib ers cash incentives,rebates or any consideration other than prem ium s of lim ited value(such as pos ters or D VD s of p rogramm ing created by S tem). S iriu sshall reasonably cooperate w ith you in the creation of m arketing andsales p rograms and tracking mechanisms. 'E?J@1~t!m~~~~f! !_;QQjr l1Q~~g{; l You shall receive aif t hi s Ag reemen tremains in effect and, on or beTore , 2010, either (i)S irius has acq uired a tota l of 2,000,000 or m ore H S-G eneratedS ubscribers or (ii) the tota l number of S irius subscribers at the end 'ofany calendar year exceeds the "S iri Internal E stim ate" year-ends ubs cribe r target s et forth 01 1 Exhib it A for such year by more th an2 .0 00 ,0 00 s ub sc rlb ers .You shall receive a second performance based stock award of ,~ jf th is Agreem ent remains in effect and, on or before~1 ,2010, either (I) Sirius has acquired a tota l of 4,000100 0or m ore HS-G enerated Subscribers or O i) the tota l number of S iriussubscribers atthe end of any calendar year ex ceeds the "S iri InternalEstim ate" year-end subscriber target set forth on Exhib it A for suchyear by m ore than 4,000,000 subscribers.Y ou s hall receive a t hird p erfo rmance based s to ck a wa rd of~ if this Agreem ent remains in ef fec t and, on or before~1, 2010, either (i) S irius has acquired a total o f 6,000,000or more HS-G enerated Subscribers or (il) the tota l number of Siriussubscribers at the end of any calendar year exceeds the "S iri InternalEstim ate" year-end subscnber target set forth on Exhibit A for suchyear by more th an 6 ,0 00 ,0 00 s ub sc rib ers .


3/11

." One Twelve, Inc, 3 Octo be r 1 , 2 0 04

_ If this Agreement remains in effect and, on or beforeDac embe r3 1, 2 010, ellher{i) S iriu s h as a cq uire d a to ta l o f 8 ,0 00 ,0 00o r more HS-Gene ra te d Sub sc rib ers o r Q i) t he to ta l n umb er of S ir iuss ul:)s crib ers a t th e end o f a ny c ale nd ar y ea r e xc eeds th e "S iri In te rn alE stimate " y ea r-e nd s ub sc rlb er ta rq ets et fo rth o n E xh ib it A fo r s uc hyear by more than 8,000,000 subscribers.Y ou s ha ll rece ive a fifth p erfo rm an ce ba se d s to ck a wa rd of_ if thi s Agreement remains in effe ct a nd , o n o r b efo reDecember 31, 2010, either (Q S iriu s ha s a cq uire d a to ta l o f10,000,000 Dr more HS-Gene ra te d Sub sc rib ers o r (ii) the totalnumbe r of S iriu s s ubs crib ers at the en d o f a ny ca len dar ye ar e xce ed sth e " S i n tn tema l E siimate " y ea r- end ,s ub sc rib er ta rg et s et fo rth o n~h ib it A for s uch ye ar by m ore th an 10 ,00 0,0 00 s ubs crib ers .A ny p erfo rm an ce b as ed s tock a ward s hall be p aya ble (a ) th irty d aysa fte r y ou a ch ie ve a .HS-Gene ra te d Sub sc rib er ta rg et s et fo rth 1 nclause (J ) of any of the above paragraphs or (b) on the fifth businessd ay o f th e fo llow1ng y ea r ifS ir iu s ach ieves an exces s subsc ri be rta rg et s et fo rth in c la us e (ii) of any of the above paragraphs, In eachcase in unrest ric ted sha res o f Sirius common s tock w hich aresaleable by you upon delivery. T he num ber of shares shall bed ete rm ine d b as ed on th e a verag e clo sing p rice o f S iriu s' s to ck for th etwent y tr ad ing day s p receding the app li cable del iv ery . date.Advertising Revenue. O nce S irius has acquired t w o m i llio n additionals ubs crib ers (i.e ., in e xces s o f th e numb er o f S iriu s s ub scribe rs o n th edate the deal is announced) , you w ill receive in cash, on an annualb as is d urin g the term of th is A greeme nt, a p ercen tag e of S iriu s' gros sa dv ertis in g re venue, le ss oniy a genc y a nd o th er third party sa lescomm issions {not to exceed.> from the Channels (as deft.nedb elow) , S uc h p erc en ta ge s ha ll be ba se d o n th e amount of annualadvert is ing revenue as fo llows:Annual Advert is ing Revenue HS Pe rc en ta ge

n...~t't::ll'''''''' s ha ll b e a pp lie d in crementa lfy (L e., y ou s ha llr.,,.,~;,,,,,, the firs t _ of net revenue,_ of the n ex teto.),

Subsorip tion Revenue , .Onc e S iriu s h as a cq uire d tw o m illio nadditional subscribers (Le., in excess of the number of Sirius . Vs ub scribe rs o n the da te th e d ea l is an nou nced ), yo u will r eceive i. n jcash, on an annual basis during the term of this A greem ent, a \1 ;percentage of the subscrlp tlon revenue recogniz ed by S irlus;m ~


4/11

One Tw elv e, Inc.

t

Revenue SharingPayments:

4 October 1 t 2004

H S-G eneratetl S UbS Cribers beyond the first 1,000,000. S uchp erc en ta ge s ha ll be based on the ,number of such subscribers asfollows:N um ber of H S-G ene rated S ub scrib ers HS Per centa geIP rem ium C ha nn el R ev en ue . You shall receive, in cash, on an annualbasis during the term of this Agreement, a percentage of thes ub sc rip tio n re ve nu e re co gn iz ed by S irius from the P rem ium C hannel(as defined below ); p rovided that such revenue sharing shall notbegin until S irius has recouped the costs of p roducing and marketingthe Premium Channel. Such percentage shall be based on theamount of re ven ue (after reco upme nt) as fo llow s:A nn ua l R eve nu e (a fte r rec ou pm en t) HS Percentage

receiveoftha

increm en tally (l.e., you s ha llof net revenue each year

A ll A dvertis ing R evenue, S ubscrip tion R even'ue and P rem iumChannel Revenue payments shall be made on or before January 31of each year 'w ith respect to the preceding calendar year. S irius shallad just such p aym ents (and provide you docum entation s up portingsuch adjustm ents) as necessary w ithin fourteen days of com pletion ofits a ud ite d fin an cia l s ta temen ts fo r the a pp licab le ca len da r yea r.


5/11

. - .One Twe lve, Inc.

Statements; Audit- Rights:

Consulting Fee:

HS on Sirius:

5 O ctober 1, 2004O n a q uarterly basis , Sirius s hall p rovide you w ith certified s tatem entsof the q uarterly and year-to date Adverti$ing Revenue, S ubs crip tionR evenue, P rem ium C hannel Revenue and H SG eneratedS ub sc ribe rs , alon g w ith re as on ab le s up porting d ocume nta tio n.You shall have the right, not more than once in any twelve monthperiod, t o conduct, at your expense, an audit of Sirius' books andre co rd s re la tin g to s uc h c alcU1~tio ns . In the event any s uch auditreveals an underpayment by Sirius of more than five percent foraudlte~ period, Sirius shall pay you the costs of such audit:You and Stem shail treat as confidential all inform ation included in thequarterly s ta tements p rov ided to yo u a nd /o r p ro vid ed In c on ne ctio nwith such audits, an d sha~ no t d is clo se a ny ~uch information to anyparty other than your respective representatives and advisors w honeed to know such in fonnation and w ho are oblig ate (ff o ma in ta in theconfidentiality of s uch info rm atio n; p ro vid ed th at in e fo re go in gres trictions s hall not ap ply to any infonnation w hich is p ubliclya va ila ble (o the r th an th ro ug h d is clo sure by or throuqh you) or isdisclosed pursuant to court order,

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S iriu s s ha ll pay to Don Buchwald as a consultant, or to an entitycreated by Don Buchwald to his services C 'Buchwaldn), aconsulting fee equal to of a ll compensation (w hether inthe form of cash or you under this Agreement. Suchpayments shall be. m ade concurrently w ith payment of eachcorresponding amount to you hereunder. Sirius shall, on an annualbasis , guarantee its payments to Buchwald to the s am e e xten t and inthe same manner as the payments guaranteed to you under AnnualC as h C om pensation above.The HS Show. Sirius wi!1 create the HS Channel, dedicated to theH ow ard Stern Show and other programm ing developed by Stern.You w ill p roduce the Howard Stem Show exclus ively for airing live onSirius from 6:00 a.m.-10:QO a .m ., e as tem tim e, M on da y~ Th urs d? iY . Inaddition, you w ill p roduce a "best or' show from each w eek's M ondayThursday material to air that Friday in the same time slot.Sirius m ay elect to also broadcas t each day's s how (inC ludinfreachFriday's "bes t-or show ) o n a one, tw o and/or three hour delay on. different channels in order to achieve a 6:00 a.m. start time in m ultip letime zones. Each day's show (including each Friday's "best-of" show )may be repeated once per time zone im mediately follow ing the initia lbroadcast and additional tim es during m utually agreed p rom otionalperiods (e.g., launch, sp ecial w eekends). In addition, you and S iriusw ill d is cu ss aftemo on d rive tim e o pp ortu nitie s.The remainder of the programming an the HS Channel w ill bemu tually a gr eed by you and Sirius,but no content will be. broadcaston the HS C hannel w ithout your approval.


6/11

One Twe lve , Inc .

HS Studios:

Second Channel: .

Premium Cham.eI:

HS DevelopmentCompany:

,- 0 _ 4 ~....... _

6 . O ctober 1, 2004

Other Best -O f Ma te ri al. In addition to the M onday~T hurs day s how scre ate d un de r th is A greeme nt, yo u w ill m ake a vaila ble , a t you rd is cre tion and sub ject to neces sar y c lear ances, y ou r a rc hiv e of p riormaterial ( including ra dio an d p ay p er vL ew s pe cia ls ) fo r p urp os es o fcreating specials and p rom otions for the H S C hannel and to fill in forthe H ow ard S tem Show w hen S tern is on vacation or otherwise no tb roadeasti ng new shows.P ro du ctio n E xp en se s. Sirius shal l fund an annual budget, not toexceed_ to cover the cast compensation and ordinaryp roduc tion expenses c on sis te nt w ith way th e Howard Stern Show isproduced today (o th er th an s tu dio construction an d operat ing costsw hich a re addressed below under "HS Studios U). A ny significantexpenditures outside the o rd ina ry cou rs e a re s ub je ct to Sirius' priorreasonable approval.S iriu s w ill p ro vid e y ou w ith s tu dio , p ro du ctio n and pe rfo rmance space(collectively, the "S tu dio"), built to your s pe cific atio ns , in itsRockefeller Center facilities. Sirius will pa y fo r cons truc tion andordinary course operation of the S tudio , but any const ruct ion an dope ra tin g c os ts n ec es sa ry fo r te le vis io n b ro ad ca sts from the Studios hall be p aid by the telev is ion p roducer. Any extraordinaryc on stru ctio n e xp en se s s ha ll be mutually approved by you a nd S irius .Y ou an d your staff s hall have dedicated full-time access to th e S tu dio ,wh ic h sha ll no t be used fo r a ny o th er p urp os e.Upon y ou r re qu es t and upon mutual agreement on a channelc on ce pt, S iriu s sha ll make available a s ec on d c ha nn el (the "SecondCha nne l") fo r inclus ion in its s ta nd ard p ro gramm ing p acka ge at n oadditional cha rge 10 the subsc riber t o ~ ir add it iona l p rogr amm ingproduced by Stem . The content on the Second Channel will bemutuall y agreed by you and S irius, but no content will bebroa dc as t o n th e S econ d C ha nne l w itho ut you r ap prov al.U po n y ou r re que st a nd u po n mutu ala greemen ton a ch ann el conceptand appropriate pr ic ing, Sirius shal l c re ate a n additional ch ann el to b eoffe re d a s a p rem ium ch ann el fo r an add it iona l fee ( the "Pr em iumChannen to a ir additional p rog ramming p roduced by S te rn . Thec on te nt o n th e P remium Channel will q e mutual ly agr eed by youand SiriUS, b ut n o co nten t will be broadcast on the Prem iumChannel w ith ou t y ou r a pp ro va l. The H S C hannel. Second Channela nd P remium Channel may be re fe rre d to c olle ctive ly a s th e"C ha nne ls ", a nd e ac h o f them may be refer red to individually as a"Channel",You will de ve lop additio nal on air talent a nd s how s at your d is cre tio n bto air exclus ively on the C hannels. Sirius w ill fund the develop ment I " f feffort w ithin agreed upon param eters and you will share in present _~~D ~ f I


7/11

-,

One Twelve, Inc.

HSProductionCompany:

Creative Freedom:

Intellectual Property:

- - . - _ . _ _ . o _ o _ _

7 O ctober 1, 2004

and future advertis ing revenue as p roV ided above from show sproduced by yo ur d eve lo pmen t c ompa ny .Sirius w i l l provide Howard Stern Productions, Inc. w ilh_ peryear. payable on or before M arch 31 of each such year commencingin 2006, to be used in its d is cre tio n to fu nd HS-re la te d mark etin g,p ro du ctio n a nd p romo tio na l c on ce pts .You may produce the show and other material on the Channels in am anner co ns istent w ith the full flex ibility p rovlded to s ubs crip tionmedia services by la w .:

You shall own all rights in the show and all other programming youproduce in connection w ith this Agreem ent (collectively. the "H SPrograms'~, inciuding show names, as well as recordings of a n suchHS Programs. In consideration of the payments provided to youhereunder, you hereby grant to S irius an exclusive license todistribute the H S P rogram s (including show names) by sa te ll it e r ad ioin accordance w ith and during the term of this AgreementTheHS P ro grams s ha ll be the o nly aud io p ro gram s reg ularlyproduced by you, Stern and/or your affiliated com panies during tlie. term of this Agreement You and Stem agree n ot to lic en se , a uth oriz eor permit the distribution of the HS Programs during the term of thisAgreement by terres trial rad io , inte rnet s tream in g, do wn loads , cellphonesJPD As, CD s or any other audio medium (including any others at ellite ra dio s erv ic e) ,Upon m utual agreement, the show can be stream ed to Siriussubscribers via the internet and/or p rovided to non-subscribers forlimi ted p romot iona l periods.

TV Distribution: Yo u shall own aU 1V rights and to the show, but Sirius must approveany sim ulcast or broadcast of any particular program w ithin threehours after the initial east coast broadcast of such program on Sirius.You shall have the right to incorporate in your tv b road ca sts anySirius name and/or logo p laced in or around the StudiO by Siriusw hich appears in the background during the film ing of SUCh show.

AudJo Distribution:

I IJame.and Ukeness: Subject to your approval in each instance, S irius shall have the rightto use Stem 's nam e, image and likeness prom ote Sirius, theC hannels, the show and the other programming developedhereunder.

Indemnification: Sirius shall indemnify you. Stem, B uchw ald and D on B uchw ald andA ss ociates , Inc. from and a gains t all claim s, includ in g governmentfines and penalties and reasonable attorneys f~es, aris ing directly or ~/hindireeUy from or related to the broadcast of the show on Sirius. r : : ; lU

V K \ ~


8/11

. '. .

One Tw~lve, In c.Travel:

Medical Benefits:

ProductionSchedule:

CorporateGovernance:

XMMerger:

Show Start Date:

Term:

Territory:Miscellaneous:

8 October 1, 2004 .

S Irius shall provide a private plane, deluxe accommodations, mealsan d limo s ervic e fo r S tem and D on B uch wa ld w hen eve r S tern travelso n S iriu s-re la te d b us in es s. In a dd itio n, S ir iu s s ha ll p ro vid e S te rn w ithfu ll-tlrne lim o service in the N ew York area.Sirius shall provide S tem and the: staff of the show w ith medicalbenefi ts, eifher t hr ough I nc lu s ion on Sirius ' m edica l p lan or byre im bu rs in g th e costs o f a c ompa ra ble medic al p la n.Th e show s ha ll b e p ro du ce d weekdays o th er th an (i ) days on w hichStem is ill or un ab le to p erform ; (U ) S te rn's va catio n da ys , (iii)national, s tate or w ide ly ' ob se rved r elig iou s ho lid a ys an d (iv) days .when product ion is precluded as a result of force majeure or anotherreason b ey on d y ou r control.U pon your request, Sirius s h S U ( i) n cmna te an i nd iv idual desi gnatedby you , a nd reasonably a cc ep ta ble to 9irius, fo r e le ctio n to S iriu s'board of directors at Si rius ' n ex t a nn ua l m ee tin g, (i\) grant yourrepresentative the right to observe B oard proceedings or (iii) providea no th er mu tu ally agreeable m ethod for you to rem ain inform ed aboutSirius' business and p rospects . .In the eve nt Sirius . .. ,. . r , . , . . . . . w ith XM Sate llite R ad io , S iriu s s ha ll pa yyou a fee w~ereupon the HS Programs may bebroadcastto ofthe surviving company. .. J anu ary 1 , 2 00 6.If you and Stem are released from y ou r terrestrial r adio ag reement sp rior to such date, you and Sirius shall m utually pursue an earliers ta rt d ate .If S irius Is provided t he oppo rt un it y to s im ulcas t the existing HowardS te rn S how, you and Sirius shall discuss in g oo d fa ith a pp ro pria teterm s for the p erio d th ro ug h D ec embe r . 31, 2005.Five years from the show start date. Stern agrees to remain on the airfo r a ll fiv e y ea rs .Wor ldwide.. .veceuon. S te rn s ha ll be e ntitle d to te n weeks of vacation t ime peryea r .tnsurenc. You , S te rn , Buchwald and D on Buchwald an d Associates,Inc. shall be added as insured p artie s u nd er Sirius' g~neralliabilitya nd e rrors a nd om is sio ns in suran ce policies.No Con f li ct You rep resent and w arrant to S jriu~ that neither your 1 5 ~and/or Stem's execution of th is Agreem ent today nor your andfor Vstern's performanceinaccordancewiththe terms hereof fro~~ .


9/11

'"

One Twelve, Inc . 9 O c to be r 1 , 2 0 04

a fte r J anua ry 1 , 2 00 6 s ha ll v io la te 0r co nflict w ith a ny a gre emen t orobligation to which yo u o r S tem is cu rre ntly s ub je ct, in clud in g a nyagreement relat ing to the te le vis ion o r rad io broa dcas t o f the e xis tin g .H ow ard S tem S how . You hereby indemnify S iriu s from and aga in stany l iab il ity arising from any b reach 01 the fo rego ing repr esen ta tionam:! warranty. .Notice a nd C u re . You or S iriu s, a s ap plica ble, s ha ll p rovide the o the rpart y w it h w rit ten not ic e of an y breach or claim ed b re ach o f th isA gre emen t an d s ha ll p ro vid e th e oth er p arty w lth a re as on able p erio dun der th e circum stan ce s (n ot to ex cee d fiftee n d ays ) to cu re a ny s uchbreach.

. Con f i denti a li ty . Neithe r yo u n or S iriu s s hall dis clos e th is A greeme nt o rthe te rm s here of to a ny p artY o th er th an our re sp ec tiv ere pre sen ta tives a nd ad vis ors w ho n ee d to kn ow s uch in fo rm ation a ndwho a re oblig ate d to main ta in th e c on fid en tia lity o f s uc h in fo rmatio n;p ro vid ed th at th e fo re go in g re stric tio ns s ha n not a pp ly t o dlsciosure bye ith er p arty h ere to o f a ny in fo rmatio n whio h is p ub lic ly a va ila ble (o th ert han thr ough d is cl osure by o r th ro ug h s uc h party) o r is d is clo sedp urs ua nt to ap plica ble law , co urt orde r o r the reg ulatio ns of a na tio na ls ecurit ie s exchange. Notw it hs tand ing the fo rego ing, it is unders toodth at S tem may ta lk a bou t th~ n on-fina ncia l te rm s o f th is A gre ement,a s a n ente rta in er, in a manne r c on sis te nt with h is p as t p ra ctic es , a ts uch tim e a fter th e p ub lic b ecome s aw are of th e re la tio ns hip be tw eenthe part ies .

R EM AIN DER O F PAG E IN TENTIO NALL Y LEFT B LANK


10/11

, v ,

. O ne Tw elve, Inc, 10 Octo be r 1 , 2 0 04

The p artie s c on temp la te ente rin g in to . a more fo rmal a gre emen t in co rp ora tin g th efo re go in g te rm s a s w ert a s o the r te rm s cu stom ary fo r ag re ements of th is typ e, In clu din g, b ut no tl im i ted to. representations and wa rr an tie s, dea th and d is ab il it y, non -d is paragemen t,COnfi denti al it y, default , t erm inat ion rights and r emedies. Un ti l s uch time , if e ver, a s s uchag re ement is fully ne gotia ted . h ow eve r, this A gre emen t s ha ll b e d eeme d fin al a nd bind in g onthe part ie s here to .

Ve ry tr ul y you rs ,S IR IU S S ATE LL ITE RAD IO IN C.~~.OhP. laYfon

Ch ie f Execut ive O ffi ce rAGREED AND ACCEPTED:

T o In du ce S irlu s to e nter in to th e fo re go in g A gre ement a nd fo r o the r g ood a nd va lu ab le. c cn s id e ra tl o n , th e rece ip t an d s ufficie ncy of w hich a re h ereb y a ckn ow led ged , I h ereb y 0 )confirm th e fo regoing Agreement, th e grant o f a ll r ig hts g ranted the re in and th e autho rit y andright of O ne T welve, Inc. to enter into the foregoing A greem ent w ith resp ect to m e; (ii) a gre e top erto rm a ll s erv ic es , o blig atio ns a nd underta kin gs re qu ire d o f me a s s pe cifie d in s uc hAgreement; (iii) p ers ona lly g ua ra ntee th e p erfo rm an ce b y One Twelv e, In c. of all of itsobligations u nde r s uch A gre ement; a nd (Iv) a gree that all p aym ents to or on behatf of OneTwe lve , In c. s ha ll d Is cha rg e a ny obUg atio ns of S iriu s to m e in co nne ctio n w ith the righ ts gran tedin such greemen

AGREED TO AND ACCEPTEDas to the paragraph headed"Consul ti ng Fe II.


11/11

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Documents

Howard Stern - Sirius Letter Agreement