Common use of Grant of Option; Vesting Clause in Contracts

Grant of Option; Vesting. (a) Subject to the terms and conditions of this Agreement and the Sirius XM Radio 2009 Long-Term Stock Incentive Plan (the “Plan”), the Company hereby grants to the Director the right and option (this “Option”) to purchase up to [ ] ( ) shares (the “Shares”) of common stock, par value $0.001 per share, of the Company at a price per share of $[ ] (the “Exercise Price”). This Option is not intended to qualify as an Incentive Stock Option for purposes of Section 422 of the Internal Revenue Code of 1986, as amended. In the case of any stock split, stock dividend or like change in the Shares occurring after the date hereof, the number of Shares and the Exercise Price shall be adjusted as set forth in Section 4(b) of the Plan. (b) The right and option to purchase up to up to [ ]( ) Shares shall vest and be exercisable as follows: (i) [ ] ( ) Shares shall vest and become exercisable on , 2012; (ii) [ ] ( ) Shares shall vest and become exercisable on , 2013; (iii) [ ] ( ) Shares shall vest and become exercisable on , 2014; and (iv) [ ] ( ) Shares shall vest and become exercisable on , 2015.