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Exhibit 10.1
FIRST AMENDMENT
FIRST AMENDMENT, dated as of May 21, 2007 (this
“ First Amendment
”), to the Employment Agreement, dated as
of November 8, 2004 (the “ Agreement ”), between
SIRIUS SATELLITE RADIO INC., a Delaware corporation (the
“ Company ”), and PATRICK L. DONNELLY (the “
Executive ”).
WITNESSETH
:
WHEREAS, the Company and the Executive previously entered
into the Agreement, which agreement by its terms expired on April
30, 2007; and
WHEREAS, since that date, the Executive’s employment
with the Company has continued on the same terms and conditions as
set forth in the Agreement, and the Company and the Executive
jointly desire to enter into this First Amendment to extend the
terms of the Agreement and to amend certain provisions of the
Agreement in the manner provided for in this First
Amendment;
NOW, THEREFORE, for valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and in consideration
of the premises contained herein, the Company and the Executive
hereby agree as follows:
1. Amendment of Section 3
(Term) of the Agreement . Section 3
of the Agreement is hereby amended by deleting “April 30,
2007” and substituting in lieu thereof “April 30,
2010.”
2. Amendment of Section 4
(Compensation) of the Agreement .
Section 4(a) of the Agreement is hereby amended by deleting the
figure “$358,000” and substituting in lieu thereof
“$500,000,” effective as of June 1, 2007.
3. Amendment of Section 6
(Termination) of the Agreement . A
new Section 6(g) is hereby added to the Agreement to read as
follows: “Notwithstanding anything herein to the contrary, if
at the time of the Executive&rsqu
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