Document:

Memorandum of Understanding

 Exhibit 10.2 
 MEMORANDUM OF UNDERSTANDING 
 This Memorandum of Understanding (“Memorandum”) is
entered into as of February 4, 2009, by the undersigned parties to the above action in the Court of Chancery of the State of Delaware (the “Court”), and the other actions referenced herein. 
 WHEREAS, on January 5, 2009, an Agreement and Plan of Merger (the “Merger Agreement”) was executed among Indevus Pharmaceuticals, Inc.
(“Indevus”), Endo Pharmaceuticals Holdings Inc. (“Endo”), and BTB Purchaser Inc. (“Purchaser”), a subsidiary of Endo, whereby Endo commenced a tender offer (the “Tender Offer”) to acquire all outstanding
shares of Indevus common stock for approximately $370 million, or $4.50 per share, in cash and up to an additional approximately $267 million, or $3.00 per share, in Contingent Cash Consideration Payments (as that term is defined in the Merger
Agreement) upon the achievement of certain milestones relating to certain products currently in development by Indevus (the “Proposed Transaction”); 
 WHEREAS, on January 7, 2009, Endo and Purchaser commenced the Tender Offer by filing their Schedule TO concerning the Tender Offer, and Indevus filed its Schedule 14D-9 with respect to the Tender Offer (together,
the Schedule TO and the Schedule 14D-9 are hereinafter referred to as the “Tender Offer Documents”); 
 WHEREAS, the Tender Offer
is currently set to expire at 5:00 p.m., New York City time, on Friday, February 20, 2009; 
 WHEREAS, on January 9, 2009, Arthur
Gober, CGM IRA Beneficiary Custodian, Beneficiary of Jerome Gober (“Gober”), filed a putative class action complaint in the Delaware Court of Chancery against Indevus, its board of directors (the “Directors” and collectively with

  

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Indevus, the “Indevus Defendants”), Endo, and Purchaser (the “Gober Action”), alleging, among other things, that (i) as a result of
an excessive termination fee, the Proposed Transaction is unfair and coercive to Indevus’s shareholders, and (ii) that the Directors failed to disclose certain material information regarding the Proposed Transaction necessary to enable
Indevus’s public shareholders to make a fully informed decision as to whether to tender their shares, and that Endo and Purchaser aided and abetted the Directors in breaching their fiduciary duties; 
 WHEREAS, on January 12, 2009, Malena C. Schroeder, (“Schroeder”) filed a putative class action complaint in Massachusetts Superior Court,
County of Suffolk against the Indevus Defendants, Endo, and Purchaser (the “Schroeder Action”) raising similar claims; 
 WHEREAS,
on January 13, 2009, Martin Wexler (“Wexler”) filed a putative class action complaint in Massachusetts Superior Court, County of Suffolk against the Indevus Defendants and Endo (the “Wexler Action”) raising similar claims;

 WHEREAS, on January 13, 2009, a motion to expedite proceedings and a motion for a preliminary injunction were filed in the Gober
Action; 
 WHEREAS, on January 13, 2009, plaintiff in the Wexler Action filed an Emergency Motion for Expedited Proceedings with respect
to the Tender Offer; 
 WHEREAS, by letter dated January 19, 2009, counsel for plaintiffs in the Schroeder and Wexler Actions made a
settlement demand on Defendants based on certain of the complaints that had been filed, requesting, among other things, a reduction in the Termination Fee and certain additional disclosures; 
 WHEREAS, on January 20, 2009, H. Steven Mishket (“Mishket” and collectively with Gober, Schroeder, and Wexler, the “Plaintiffs”)
filed a putative class action in the Delaware Court of Chancery raising similar claims against the Indevus Defendants, Endo, and Purchaser (the “Mishket Action” and, collectively with the Gober Action, Schroeder Action, and Wexler Action,
the “Putative Class Actions”); 
  

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 WHEREAS, counsel for Plaintiffs represent that they respectively engaged in an investigation of the
claims asserted in the Actions, including, among other things, a review of news articles, analyst reports, SEC filings, the Tender Offer Documents, and other publicly available documents. Counsel for Gober and counsel for Plaintiffs in the Schroeder
and Wexler Actions retained and consulted with their respective financial advisers with respect to an evaluation of the Transaction; 
 WHEREAS, counsel for Plaintiffs have determined that, on the basis of information available to them, including publicly available information and consultations with independent financial advisors retained by counsel for Plaintiffs as well
as certain information learned from Defendants, and subject to the additional discovery described below, the Settlement described below is fair, reasonable, adequate, and in the best interests of the Plaintiffs and the Class (as defined herein);

 WHEREAS, the Indevus Defendants have denied, and continue to deny, that they have committed or aided and abetted in the commission of any
violation of law of any kind or engaged in any of the wrongful acts alleged in the Putative Class Actions, and expressly maintain that they have diligently and scrupulously complied with their fiduciary and other legal duties, and are entering into
this Memorandum solely to eliminate the burden and expense of further litigation; 
 WHEREAS, Endo and Purchaser have denied, and continue to
deny, that either of them has committed or aided and abetted in the commission of any violation of law of any kind or engaged in any of the wrongful acts alleged in the Putative Class Actions, and each expressly maintains that it has diligently and
scrupulously complied with its legal duties, and is entering into this Memorandum solely to eliminate the burden and expense of further litigation; and 
  

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 WHEREAS, the parties wish to settle and resolve the claims asserted by Plaintiffs and all claims relating
to or arising out of the Proposed Transaction, and the parties have, following arm’s-length negotiations, reached an agreement in principle as set forth in this Memorandum providing for the settlement of the Putative Class Actions on the terms
and subject to the conditions set forth below (the “Settlement”), and the parties believe the Settlement is in the best interests of the parties and Indevus shareholders. 
 NOW, THEREFORE, IT IS HEREBY AGREED IN PRINCIPLE AS FOLLOWS: 
 1. As a result of arm’s-length discussions between and among the parties, and in consideration of the full settlement and release of all Settled Claims (as defined below), Indevus agrees that the Schedule 14D-9
will include the additional supplemental disclosures attached hereto as Exhibit A to this Memorandum, which will be promptly disseminated to Indevus shareholders following execution of this Memorandum. Defendants agree that the Plaintiffs’
efforts were a substantial factor leading to the inclusion of such disclosures in the Tender Offer Documents. 
 2. As a result of
arm’s-length discussions between and among the parties, and in consideration of the full settlement and release of all Settled Claims (as defined below), the parties to the Proposed Transaction agree to reduce the Company Termination Fee, as
that term is defined in the Merger Agreement, by 10% (from $20,000,000 to $18,000,000). Defendants agree that the Plaintiffs’ efforts were the sole factor leading to the 10% reduction of the Company Termination Fee and will amend the Merger
Agreement and announce such reduction in an SEC filing within 24 hours of the execution of this Memorandum. 
  

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 3. As promptly as possible after the execution of this Memorandum by all of the parties thereto, counsel
for the parties shall inform the Court of the execution of this Memorandum. 
 4. Subject to the execution of a reasonable and satisfactory
confidentiality order, Defendants will provide (and request the cooperation of their financial advisor(s) to provide) to Plaintiffs’ counsel such reasonable discovery, including document discovery and depositions, as is necessary for Plaintiffs
to confirm the fairness and reasonableness of the Settlement, and the parties will attempt in good faith to complete such discovery as promptly as possible. 
 5. Except with respect to payment of the expenses associated with providing notice to the Class (as defined in paragraph 7(a) below), which costs shall be borne by Indevus or its successor entity as provided in
paragraph 14 below, no fees or expenses shall be paid to Plaintiffs’ counsel unless all of the following occur: (a) tender of a majority of Indevus’ shares to Endo on or before February 20, 2009, or a later date if the Tender
Offer is extended; (b) consummation of the Merger; (c) conditional certification, for settlement purposes only, of a class of holders of Indevus stock as provided under paragraph 7(a) below; and (d) approval by the Court of the
complete release by Plaintiffs and the Class (as defined in paragraph 7(a) below) of all Settled Claims (as defined in paragraph 7(b) below) against all Released Persons (as defined in paragraph 7(b) below). 
 6. Following completion of the confirmatory discovery contemplated above, the parties will attempt in good faith to agree upon an appropriate stipulation
of settlement (the “Stipulation”) and such other documentation to be filed in the Gober Action as may be required in order to obtain final approval by the Court in the Gober Action of the Settlement. The Stipulation shall be executed and
submitted to the Court in the Gober Action for approval at the earliest practicable time. The Stipulation shall expressly provide that, among other things: 
 (a) the Defendants in the Putative Class Actions, including Indevus, the Directors, Endo, and Purchaser, have denied, and continue to deny, that they have committed or aided and abetted in the commission of any
violation of law of any kind or engaged in any of the wrongful acts alleged in the Putative Class Actions, and expressly maintain that they complied with their fiduciary and other legal duties; 
  

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 (b) the Defendants are entering into the Stipulation solely because the Settlement would
eliminate the burden and expense of further litigation; 
 (c) subject to confirmatory discovery, Plaintiffs and their counsel
believe that the Settlement is fair, reasonable, adequate, and in the best interests of the Plaintiffs and the Class (as defined in paragraph 7(a) below); 
 (d) each of the Defendants shall have the right to withdraw from the Settlement in the event that any injunction precluding the Proposed Transaction is entered, or any claims related to the subject matter of the
Putative Class Actions are commenced or prosecuted against any of the Released Persons (as defined in paragraph 7(b) below) in any court prior to final approval of the Settlement and (following a motion by the Defendants) such claims are not
dismissed with prejudice or stayed in contemplation of dismissal, and that in the event such claims are commenced, the Plaintiffs and the Defendants agree to cooperate and use their reasonable best efforts to secure the dismissal (or a stay in
contemplation of dismissal following final approval of the Settlement) thereof; and 
  

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 (e) the parties to the Stipulation shall include in any proposed order of the Court
preliminarily approving the Settlement a term providing that, pending the Court’s determination as to final approval of the Settlement, the Plaintiffs and all members of the Class (as defined in paragraph 7(a) below), or any of them, are barred
and enjoined from commencing, prosecuting, instigating, or in any way participating in the commencement or prosecution of any action asserting any Settled Claims (as defined in paragraph 7(b) below) against any of the Released Persons (as defined in
paragraph 7(b) below). 
 7. The Stipulation will further provide for, among other things: 
 (a) conditional certification, for settlement purposes only, of a non-opt out class pursuant to Court of Chancery Rule 23(b)(1) and (b)(2)
(defined as all persons or entities who held shares of Indevus common stock, either of record or beneficially, including the legal representatives, predecessors, successors in interest, trustees, executors, administrators, heirs and assigns of all
such persons or entities, or any person or entity acting for or on behalf of, or claiming under any of them, and each of them, and excluding the Defendants, their subsidiary companies, affiliates, and members of their immediate families, as the case
may be, at any time between January 5, 2009, and the date of the consummation of the Proposed Transaction) (the “Class”); 
 (b) the entry of a judgment (the “Judgment”) in appropriate form, dismissing with prejudice the Putative Class Actions and barring, settling, and releasing any claims, demands, rights, actions, causes of
action, liabilities, damages, losses, obligations, judgments, duties, suits, costs, expenses, matters, and issues, known or unknown, contingent or absolute, suspected or unsuspected, disclosed or undisclosed, 

  

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liquidated or unliquidated, matured or unmatured, accrued or unaccrued, apparent or unapparent, that have been or could have been asserted in the Putative
Class Actions, or in any court, tribunal, or proceeding (including but not limited to any claims arising under federal, state, foreign, or common law, including the federal securities laws and any state disclosure law), by or on behalf of Plaintiffs
or any member of the Class, whether individual, direct, class, derivative, representative, legal, equitable, or any other type or in any other capacity (collectively, the “Releasing Persons”) against the Defendants or any of their
families, parent entities, controlling persons, associates, affiliates, or subsidiaries and each and all of their respective past or present officers, directors, stockholders, principals, representatives, employees, attorneys, financial or
investment advisors, insurers, co-insurers, re-insurers, consultants, accountants, investment bankers, commercial bankers, entities providing fairness opinions, underwriters, brokers, dealers, advisors or agents, heirs, executors, trustees, general
or limited partners or partnerships, limited liability companies, members, joint ventures, personal or legal representatives, estates, administrators, predecessors, successors, and assigns (collectively, the “Released Persons”) which have
arisen out of the acts, events, facts, matters, transactions, occurrences, statements, representations, misrepresentations, or omissions or set forth in or otherwise related to the allegations in the Putative Class Actions, the Proposed Transaction,
the Merger Agreement, and the transactions contemplated therein, or disclosures made in connection therewith (including the adequacy and completeness of such disclosures) (collectively, the “Settled Claims”); provided, however, that
the Settled Claims released shall not include: (i) the right of the parties to enforce in the Court the terms of the Stipulation and the terms of the Proposed Transaction; and (ii) any claims appropriately made pursuant to 8 Del. C.
§ 262; 
  

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 (c) a covenant by each member of the Class not to sue, and a bar against each member of
the Class from suing any Defendant or any other Released Party in connection with any Settled Claim; 
 (d) releases of the
Settled Claims by the Releasing Persons against the Released Persons as set forth in paragraph (b) above; and 
 (e) a
provision that the failure of the Court to approve any requested award of attorneys’ fees and expenses in whole or in part shall have no effect on the Settlement set forth in the Stipulation. 
 8. Plaintiffs acknowledge, and the members of the Class by operation of law shall be deemed to have acknowledged, that they may discover facts in
addition to or different from those now known or believed to be true by them with respect to the Settled Claims, but that it is the intention of Plaintiffs, and by operation of law the intention of the members of the Class, to completely, fully,
finally and forever compromise, settle, release, discharge, and extinguish any and all Settled Claims, known or unknown, suspected or unsuspected, contingent or absolute, accrued or unaccrued, apparent or unapparent, which now exist, or heretofore
existed, or may hereafter exist, and without regard to the subsequent discovery of additional or different facts. Plaintiffs acknowledge, and the members of the Class by operation of law shall be deemed to have acknowledged, that “Unknown
Claims” are expressly included in the definition of “Settled Claims,” and that such inclusion was expressly bargained for and was a key element of the Settlement and was relied upon by each and all of the Released Persons in entering
into this Memorandum. “Unknown Claims” means any claim that Plaintiffs or any Class member do not 

  

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know or suspect exists in his, her or its favor at the time of the release of the Settled Claims as against the Released Persons, including without
limitation those claims which, if known, might have affected the decision to enter into, or not object to, the Settlement. With respect to any of the Settled Claims, the parties to this Memorandum stipulate and agree that upon the Effective Date,
Plaintiffs shall expressly, and each member of the Class shall be deemed to have, and by operation of the Judgment shall have, waived, relinquished and released any and all provisions, rights and benefits conferred by or under Cal. Civ. Code §
1542 or any other law of the United States or any state or territory of the United States, or principle of common law, which is similar, comparable or equivalent to Cal. Civ. Code § 1542, which provides: “A general release does not extend
to claims which the creditor does not know or suspect exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 
 9. Pending negotiation, execution, and Court approval of the Settlement, the Plaintiffs agree to stay the proceedings, and not to initiate any other
proceedings other than those incident to the Settlement. All discovery in the Putative Class Actions shall be stayed pending Court approval of the Settlement except as provided under paragraph 5 hereof. Promptly upon Court approval of the
Settlement, the Plaintiffs shall dismiss their complaints with prejudice. 
 10. The Settlement described herein is subject to: (a) the
consummation of the proposed Merger; (b) each Plaintiffs’ confirmation, following completion of the confirmatory discovery described in paragraph 4 above, that the proposed Settlement is fair, adequate, and reasonable; and (c) the
occurrence of the Effective Date (as defined below). Should a Stipulation not be executed or the conditions described above not occur, the Settlement shall be null and void and of no force and effect, and shall not be deemed to prejudice in any way
the position of 

  

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any party with respect to this litigation or any other litigation or proceeding. In such event, neither the existence of this Memorandum nor its contents
shall be admissible in evidence or shall be referred to for any purpose in this litigation or in any other litigation or proceeding. 
 11.
Subject to paragraph 5 above, Indevus or its successor entity shall pay to Plaintiffs’ counsel such attorneys’ fees and expenses, if any, as are awarded by the Court upon application by Plaintiff’s counsel in the Gober Action (on
behalf of all Plaintiffs’ counsel). The Defendants shall not oppose an application by Plaintiffs’ counsel for an award of attorneys’ fees and expenses to the extent that such application does not exceed $700,000.00 in the aggregate.
Such amount shall be payable by Indevus or its successor to counsel for Plaintiff Gober on behalf of all Plaintiffs’ counsel within seven (7) business days after the date on which the Judgment or order determining the fees and expenses is
entered, subject to Plaintiffs’ counsel’s joint and several obligations to make appropriate refunds or repayments to Indevus or its successors in interest if, as a result of any appeal and/or further proceedings on remand, or successful
collateral attack, the fee or cost award is vacated or lowered. No other application for attorneys’ fees and expenses, including any application in excess of the amount stated above, shall be filed, and counsel for Plaintiffs expressly waive
any right to seek any award of such fees and expenses except as provided in this paragraph. 
 12. The Effective Date of the Settlement shall
be the date on which the Order of the Court approving the Settlement becomes final and no longer subject to further appeal or review, whether by exhaustion of any possible appeal, lapse of time, or otherwise. 
 13. Within three (3) business days of the Effective Date of the Settlement, Plaintiffs will file motion papers dismissing the Schroeder Action,
Wexler Action, and Mishket Action with prejudice. 
  

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 14. Whether or not the Court approves the Settlement, Indevus or its successor entity shall be
responsible for the costs of providing notice of the Settlement to the Class, and for providing such notice of the Settlement to the Class. 
 15. The provisions contained in this Memorandum shall not be deemed a presumption, concession, or admission by any party of any fault, liability or wrongdoing or lack of any fault, liability or wrongdoing, as to any facts or claims alleged
or asserted, or any other actions or proceedings, and shall not be interpreted, construed, deemed, invoked, offered, received in evidence, or otherwise used by any person in the Putative Class Actions or in any other action or proceeding, whether
civil, criminal or administrative, except in connection with any proceeding to enforce the terms of the Settlement. 
 16. Plaintiffs and
their counsel represent and warrant that each Plaintiff is an Indevus shareholder and has been an Indevus shareholder at all relevant times, and that none of Plaintiffs’ claims or causes of action that are referred to in this Memorandum or
could have been asserted in the Putative Class Actions have been assigned, encumbered, or in any manner transferred in whole or in part. Plaintiffs will provide Defendants with proof of their stock ownership in connection with confirmatory discovery
upon request. 
 17. This Memorandum may be executed in counterparts by facsimile, imaging or original signature by any of the signatories
hereto and as so executed shall constitute one agreement. 
 18. This Memorandum and the Settlement shall be governed by and construed in
accordance with the laws of the State of Delaware, without regard to conflict of laws principles. 
 19. Each of the attorneys executing this
Memorandum has been duly empowered and authorized by his/her respective client(s) to do so. 
  

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 20. This Memorandum may be modified or amended only by a writing signed by the signatories hereto.

 21. This Memorandum shall be binding upon and inure to the benefit of the parties and their respective agents, executors, heirs,
successors and assigns. 
 DATED: February 4, 2009 
  

					
	 /s/ Robert M. Kornreich
	 		 	 /s/ Edward B. Micheletti

	Robert M. Kornreich, Esquire	 		 	Edward P. Welch, Esquire
	Chet B. Waldman, Esquire	 		 	Edward B. Micheletti, Esquire
	WOLF POPPER LLP	 		 	 SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP

	845 Third Avenue	 		 
	New York, New York 10022	 		 	One Rodney Square
	Tel: 212 759-4600	 		 	P.O. Box 636
	Fax: 212 486-2093	 		 	Wilmington, Delaware 19899-0636
		 		 	Tel: 302-651-3000
	Counsel for Plaintiff Arthur Gober, CBM IRA	 		 	Fax: 302-651-3001
	Beneficiary Custodian, Beneficiary of Jerome	 		 	
	Gober	 		 	Counsel for Defendants Endo Pharmaceuticals
		 		 	Holdings Inc. and BTB Purchaser Inc.
			
	 /s/ Patricia C. Weiser by RMK with permission
	 		 	
	 Patricia C. Weiser, Esquire
	 		 	 /s/ Bruce L. Silverstein

	Debra S. Goodman, Esquire	 		 	David C. McBride, Esquire
	Sandra G. Smith, Esquire	 		 	Bruce L. Silverstein, Esquire
	THE WEISER LAW FIRM, P.C.	 		 	YOUNG CONAWAY STARGATT &
	121 N. Wayne Avenue, Suite 100	 		 	TAYLOR, LLP
	Wayne, PA 19087	 		 	The Brandywine Building
	Tel: 610-225-2677	 		 	1000 West Street, 17th Floor
	Fax: 610-225-2678	 		 	P.O. Box 391
		 		 	Wilmington, DE 19899-0391
	Counsel for Plaintiff Martin Wexler	 		 	Tel: 302-571-6600
		 		 	Fax: 302-571-1253
			
		 		 	Counsel for Defendants Indevus
		 		 	Pharmaceuticals, Inc., Glenn L. Cooper,
		 		 	Andrew Ferrara, James C. Gale, Michael E.
		 		 	Hanson, Stephen C. McCluski, Cheryl P.
		 		 	Morley, and Malcolm Morville

  

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	 /s/ Eduard Korsinsky by RMK with permission
	 		 	
	Eduard Korsinsky, Esquire	 		 	
	Juan E. Monteverde, Esquire	 		 	
	LEVI & KORSINSKY LLP	 		 	
	 39 Broadway
 Suite 1601
	 		 	
	New York, New York 10006	 		 	
	Tel: 212-363-7500	 		 	
	Fax: 212-363-7171	 		 	
			
	Counsel for Plaintiff Malena C. Schroeder	 		 	
			
	 /s/ Frank A. Bottini Jr. by RMK with permission
	 		 	
	Frank A. Bottini Jr., Esquire	 		 	
	JOHNSON BOTTINI LLP	 		 	
	655 W. Broadway, Suite 1400	 		 	
	San Diego, California 92101	 		 	
	Tel: 619-230-0063	 		 	
	Fax: 619 233-5535	 		 	
			
	Counsel for Plaintiff H. Steven Mishket	 		 	

  

 14Amended and Restated Employment Agreement - Roger Ailes

 Exhibit 10.1 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT dated as of
November 20, 2008 (the “Effective Date”), between News America Incorporated, a Delaware corporation (the “Company”), and Roger Ailes (the “Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Executive is currently employed by the Company
pursuant to the terms of an employment agreement between the Company and the Executive dated as of February 21, 2007 (the “Prior Agreement”); 
 WHEREAS, the Company desires to continue such employment relationship and enter into this Agreement, which will supersede the Prior Agreement and set forth the terms and conditions under which the Executive will
continue to serve the Company, its parent, News Corporation, and its affiliates; 
 WHEREAS, the Executive wishes to continue his employment
with the Company on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and mutual agreements
hereinafter contained, the parties hereto agree as follows: 
 1. Duties. The Company agrees to employ the Executive as Chairman and
Chief Executive Officer of Fox News Channel (the “News Channel”) and Fox Business Channel (the “Business Channel”), as Chairman of Fox Television Stations (“FTS”) and Twentieth Television (“TT”), and as
Editor-in-Chief of Fox News.com, and the Executive agrees to accept such employment for the Term of Employment as hereinafter defined. During the Term of Employment, the Executive, subject to the provisions of this Agreement, shall have the title
and the duties of Chairman and Chief Executive Officer of the News Channel and the Business Channel, Chairman of FTS and TT, and Editor-in-Chief of Fox News.com. 

 In performing his duties hereunder, the Executive shall report directly to the Chairman and Chief
Executive Officer and President and Chief Operating Officer of News Corporation. In conformity with budgets approved by the Chief Executive Officer of News Corporation, the Executive shall have the authority and perform such duties for (i) the
News Channel and Business Channel as shall be consistent with the authority and duties of a chairman and chief executive officer including the right to hire and fire employees (including an executive assistant) and (ii) FTS and TT as shall be
consistent with the authority and duties of a chairman. Executive’s duties will include direction of affiliate sales and advertising sales (subject to coordinating such activities with similar activities conducted by other Fox Television
entities) and content and format of the News Channel and Business Channel and Fox News.com. In connection with performing his duties under this Agreement, the Executive shall be a Senior Advisor to the Chairman and Chief Executive Officer and
President and Chief Operating Officer of News Corporation on television and all broadcast, cable news, business news and internet matters. During the Term of Employment, subject to the provisions of Section 6(d) hereof, the Executive shall
devote all of his business time and attention and give his best efforts and skill to furthering the business and interests of the Company. If requested, Executive agrees to serve without additional compensation as a director and/or committee member
of the News Channel, the Business Channel, FTS, TT and any other subsidiaries and affiliates of News Corporation. 
 In his capacities under
this Agreement, including as a director, Executive shall be indemnified, defended and held harmless for any and all claims as against the Company and Executive and will be insured under News Corporation’s Directors and Officers Liability
Insurance Policy. This insurance and/or indemnification will include the provision of legal representation and the payment of damages. 
  

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 2. Term. “Term of Employment” as used herein shall mean the period commencing on the
date hereof and ending on June 30, 2013 , provided, however, if the Term of Employment is terminated earlier, as hereinafter set forth, the Term of Employment shall mean the period from the date hereof through the effective date of such earlier
termination. 
 3. Compensation. 
 (a) Base Salary and Minimum Bonus. As compensation for his services, Executive shall be paid, and agrees to accept, a base salary (the “Base Salary”) at an annual rate of $5,000,000, to be paid in the
same manner as other senior executives of the Company are paid. If the Executive is employed on June 30, 2009, June 30, 2010, June 30, 2011, June 30, 2012 and June 30, 2013, on each such date the Executive
shall be entitled to a minimum bonus (payable in cash or Common Stock, at the Company’s discretion) of $1,000,000, $1,000,000, $1,250,000, $1,250,000 and $1,250,000, respectively (“Minimum Bonus”), and, other than the
“Special” Bonuses provided under Section 3(b) and (c) hereof, any additional bonus in excess of the Minimum Bonus shall be in the sole discretion of the Company. The payments to be made to the Executive pursuant to this Agreement
shall be subject to deductions as shall be required to be withheld by applicable law and regulations. 
  

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 (b) Special Bonus. 
  

	 	(i)	Executive shall be entitled to receive from the Company a special bonus (the “Special Bonus”) based on the earnings before interest, taxes, depreciation and amortization
of the News Channel, as determined by the Company consistent with past practice (excluding the expensing or employee stock options and/or grants) applied in accordance with the Company’s normal practice and policies (“EBITDA”) in
accordance with the following terms and conditions: 

  

	 	(A)	Special Bonus Schedule 

  

				
	 Fiscal Year
 Ended June 30
	  	High End
Special Bonus
	 2009
	  	$	5,500,000
	 2010
	  	$	6,500,000
	 2011
	  	$	8,000,000
	 2012
	  	$	9,000,000
	 2013
	  	$	10,000,000

 For each fiscal year during the Term of Employment, the Compensation Committee of News Corporation
(the “Compensation Committee”) shall establish a high end EBITDA for the News Channel (“High End EBITDA”) and a low end EBITDA for the News Channel (“Low End EBITDA”) which shall be communicated to the Executive upon
determination. Such determination for any fiscal year during the Term of Employment shall be made no later than (but may be made at any time before) the first quarter of the fiscal year for which the goal applies. 
  

	 	(B)	If the EBITDA of the News Channel for any fiscal year during the Term of Employment is not less than the High End EBITDA, then Executive shall be entitled to receive a Special Bonus
equal to the High End Special Bonus for such fiscal year. 

  

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	 	(C)	If the EBITDA for fiscal year 2009 during the Term of Employment is equal to or greater than the Low End EBITDA but less than the High End EBITDA, then Executive shall be entitled
to receive a Special Bonus equal to $2.8 million plus the product of (1) a fraction, the numerator of which is the amount by which the EBITDA for such fiscal year exceeds the Low End EBITDA for such fiscal year and the denominator of which is
the High End EBITDA less the Low End EBITDA for fiscal year 2009, multiplied by (2) the sum of the High End Special Bonus minus $2.8 million. 

  

	 	(D)	If the EBITDA for fiscal year 2010 during the Term of Employment is equal to or greater than the Low End EBITDA but less than the High End EBITDA, then Executive shall be entitled
to receive a Special Bonus equal to $3.1 million plus the product of (1) a fraction, the numerator of which is the amount by which the EBITDA for such fiscal year exceeds the Low End EBITDA for such fiscal year and the denominator of which is
the High End EBITDA less the Low End EBITDA for fiscal year 2010, multiplied by (2) the sum of the High End Special Bonus minus $3.1 million. 

  

	 	(E)	 If the EBITDA for fiscal year 2011 during the Term of Employment is equal to or greater than the Low End EBITDA but less than the High End EBITDA, then Executive
shall be entitled to receive a Special Bonus equal to $4.5 million plus the product of (1) a fraction, the numerator of which is the amount by which the 

  

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EBITDA for such fiscal year exceeds the Low End EBITDA for such fiscal year and the denominator of which is the High End EBITDA less the Low End EBITDA for
fiscal year 2011, multiplied by (2) the sum of the High End Special Bonus minus $4.5 million. 

  

	 	(F)	If the EBITDA for fiscal year 2012 during the Term of Employment is equal to or greater than the Low End EBITDA but less than the High End EBITDA, then Executive shall be entitled
to receive a Special Bonus equal to $5.0 million plus the product of (1) a fraction, the numerator of which is the amount by which the EBITDA for such fiscal year exceeds the Low End EBITDA for such fiscal year and the denominator of which is
the High End EBITDA less the Low End EBITDA for fiscal year 2012, multiplied by (2) the sum of the High End Special Bonus minus $5.0 million. 

  

	 	(G)	If the EBITDA for fiscal year 2013 during the Term of Employment is equal to or greater than the Low End EBITDA but less than the High End EBITDA, then Executive shall be entitled
to receive a Special Bonus equal to $5.5 million plus the product of (1) a fraction, the numerator of which is the amount by which the EBITDA for such fiscal year exceeds the Low End EBITDA for such fiscal year and the denominator of which is
the High End EBITDA less the Low End EBITDA for fiscal year 2013, multiplied by (2) the sum of the High End Special Bonus minus $5.5 million. 

  

 6 

	 	(H)	If the EBITDA for any fiscal year during the Term of Employment is not equal to or greater than the Low End EBITDA, then Executive shall not be entitled to receive a Special Bonus
for such fiscal year. 

  

	 	(I)	The Special Bonus, if any, shall be payable within twenty days after the determination of EBITDA for the fiscal year then ended but shall be paid by the end of the calendar year in
which such determination was made and shall be in addition to, and not in lieu of, or considered an advance in respect of, any other bonus that Executive may be entitled to receive pursuant to this Agreement. 

  

	 	(ii)	If, during the Term of the Employment, the News Channel commences or acquires another business, is involved in a reorganization, or any similar event occurs which has the effect of
changing in a material respect the EBITDA of the News Channel as calculated under this Agreement, Executive and the Company will agree to adjustments in the amount and in the manner in which the EBITDA of the News Channel is calculated.

 (c) FBN Bonus. The Executive shall be entitled to receive shares of Common Stock (the “Bonus
Stock”) at such time that each of the following events occur: (i) 250,000 shares when EBITDA of the Business Channel is equal to or greater than breakeven, and (ii) 350,000 shares when EBITDA of the Business Channel is equal to or
greater than $100,000,000. 
  

 7 

 4. Other Benefits. The Executive shall be entitled to the following benefits (collectively, the
“Benefits”): 
 (a) The Executive shall be entitled to participate in any equity, profit-sharing, pension (including
any supplemental executive retirement plan (a “SERP”), group medical, dental, disability and life insurance and other similar benefit plans, presently in effect or hereafter adopted, applicable generally to the highest level of senior
executives of the Company and in an individual supplemental retirement plan (“ISERA”). In addition, for as long as he lives, whether or not he is employed by the Company, the Executive will be entitled to participate in, and the Company
will pay for, such group medical, dental, disability and life insurance and other similar benefit plans, presently in effect or hereafter adopted, applicable generally to the highest level of senior executives of the Company; provided that the
Company shall not be required to continue to provide the benefits under this Section 4(a) if such benefits are provided to Executive by another employer. Upon his death, the Executive’s surviving spouse and eligible dependents shall
continue to be provided with Company health and welfare benefits (including, without limitation, medical, dental and vision benefits) on the same terms and conditions as are applicable generally to the highest level of senior executives of the
Company. 
 (b) In order to facilitate the Executive’s performance of his duties, the Company shall provide him with the
use of an automobile and driver, which driver shall be selected by Executive. If it is necessary for the Executive to travel for the performance of his duties he shall be provided with a private jet to do so by the Company. In the Company’s
discretion upon Executive’s request, the Executive shall be permitted to use a jet owned by News Corporation for business travel or a chartered jet selected by and arranged for by the Executive and approved by the Deputy Chief Financial Officer
of News Corporation. Further, the Company shall provide security services reasonably selected by Executive for the protection of Executive and his family. 
  

 8 

 (c) Executive shall be entitled to four weeks vacation during each year of his employment
hereunder. 
 5. Business Expenses. During the Term of Employment, the Executive shall be reimbursed for all expenses reasonably
incurred by him in connection with his performance of his duties hereunder. 
 6. Confidentiality; Restriction on Competition; Etc.

 (a) The Executive shall not, without the prior written consent of the Company, divulge, disclose or make accessible to any
other person, firm, partnership, corporation or other entity any Confidential Information except (a) in the course of carrying out his duties under this Agreement or (b) when required to do so by a court of law, by any governmental agency
having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him to divulge, disclose or make accessible such information. For purposes
of this Section 6(a), “Confidential Information” shall mean all information that is not known or available to the public concerning the business of the Company, the Fox Television Group, or News Corporation and its subsidiaries
relating to its products, product development, trade secrets, customers, suppliers, finances, and business plans and strategies. For this purpose, information known or available generally within the trade or entertainment industry shall be deemed to
be known or available to the public. Confidential Information shall include information that is, or becomes, known to the public as a result of a breach by the Executive of the provisions of this Section 6(a). 
  

 9 

 (b) The relationship between the parties hereto is exclusively that of employer and
employee, and the obligations of the Company, to the Executive are exclusively contractual in nature. The Company or such of its affiliates as shall be designated shall be the sole owner of all the fruits and proceeds of the Executive’s
services hereunder, including, but not limited to, all ideas, concepts, formats, suggestions, developments, arrangements, designs, patents, tradenames, trademarks, packages, programs, promotions and other intellectual properties which the Executive
may create in connection with his services hereunder and during the Term of Employment, free and clear of any claims by the Executive (or anyone claiming under the Executive) of any kind or character whatsoever (other than the Executive’s right
to compensation hereunder). The Executive shall, at the request of the Company, execute such assignments, certificates or other instruments as the Company may from time to time deem necessary or desirable to evidence, establish, maintain, perfect,
protect, enforce or defend its right, title and interest in or to any such properties. 
 (c) Upon termination of his
employment, the Executive will immediately surrender and turn over to the Company all books, forms, records, customer lists and all other papers and writings relating to the Company and News Corporation and all other property belonging to the
Company that are then in his possession, other than (i) personal notes, calendars, Rolodexes and diaries and (ii) any document or other item that he is prohibited from turning over pursuant to an order of a court of law or other
governmental body with apparent jurisdiction to issue such order. 
 (d) During the Term of Employment (unless terminated by
Employer with Cause), Executive will not, in any manner directly or indirectly, engage in any business which competes with businesses in which the Company or any of its affiliates is then engaged and will 

  

 10 

 
not directly or indirectly own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be employed by, or
connected in any manner with any corporation, firm or business that is so engaged; provided, however, that nothing herein contained shall prohibit the Executive from owning not more than five (5%) of the outstanding stock of any publicly held
corporation. 
 7. Termination of Employment. 
 (a) Termination Due to Death. In the event the Executive’s employment is terminated due to his death, his estate or his
beneficiaries, as the case may be, shall be entitled to: 
  

	 	(i)	Base Salary through the date of death; 

  

	 	(ii)	full minimum bonus for the fiscal year in which Executive’s death occurs, and one-half of minimum bonus for next fiscal year, to be paid in the same manner as such payments
were previously made; 

  

	 	(iii)	exercise any stock options, including any unvested stock options which shall immediately vest as of the date of the Executive’s death, exercisable for a period of twelve months
following such date; 

  

	 	(iv)	payment of any unvested RSUs and Bonus Stock, if any, in accordance with Section 3(c) hereof; and 

  

	 	(v)	other or additional benefits, including SERP and ISERA payments, in accordance with applicable plans and programs of the Company. 

  

 11 

 (b) Termination Due to Disability. In the event the Executive’s employment is
terminated due to his Disability (as defined below), he shall be entitled in such case to the following: 
  

	 	(i)	Base Salary through the date that is the one year anniversary of the date of termination, to be paid in the same manner as such payments were previously made;

  

	 	(ii)	full minimum bonus for the fiscal year in which termination due to Disability occurs; and one-half of minimum bonus for next fiscal year, to be paid in the same manner as such
payments were previously made; 

  

	 	(iii)	the right to exercise any stock options, including any unvested stock options which shall immediately vest as of the date of the Executive’s termination due to Disability, for
a period of twelve months following such date; 

  

	 	(iv)	payment of any unvested RSUs and Bonus Stock, if any, in accordance with Section 3(c) hereof; 

  

	 	(v)	continued participation for life in medical, dental, hospitalization and life insurance coverage and in all other employee plans and programs in which he was participating on the
date of termination of his employment due to Disability in accordance with the terms of such plans; and 

  

	 	(vi)	other or additional benefits, including SERP and ISERA payments, in accordance with applicable plans and programs of the Company. 

  

 12 

 For the purposes of this Section 7(b), “Disability” shall mean the Executive’s inability to
substantially perform his duties under this Agreement for a period of 120 consecutive days. Notice of termination by reason of Executive’s disability may be sent by the Company any time after said 120 day period. In the event there should be a
disagreement between the Executive and the Company as to whether Executive is disabled within the meaning of this subsection, an impartial physician agreed upon by the parties shall determine the issue of Executive’s disability, or in the
absence of such an agreement, then each party shall select a physician, and the physicians selected by the parties shall jointly select an impartial physician, and the three physicians shall by a majority determine the issue of Executive’s
Disability. The determination of the single impartial physician or majority determination of three physicians, as applicable, shall be final and binding upon the parties hereto. 
 (c) Termination for Cause. 
  

	 	(i)	For the purposes of this Agreement, “Cause” shall mean: 

  

	 	(A)	the Executive is convicted of a felony involving moral turpitude; 

  

	 	(B)	the Executive engages in conduct that constitutes willful gross neglect or willful gross misconduct in carrying out his duties under this Agreement, resulting, in either case, in
harm to the Company; or 

  

	 	(C)	the Executive breaches any material affirmative or negative covenant or undertaking hereunder, which breach is not cured within fifteen days after written notice to the Executive
specifying such breach. 

  

 13 

 Except as is expressly set forth above, the termination of Executive’s employment by the Company
shall not be considered to be for “Cause,” including a termination that results from a disagreement between the Executive and the Company as to policies or judgments made by Executive in good faith. 
  

	 	(ii)	A Termination for Cause shall be communicated by a written Notice of Termination to the Executive, which Notice of Termination shall set forth the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment. 

  

	 	(iii)	In the event the Company terminates the Executive’s employment for Cause, he shall be entitled to Base Salary through the date of the termination of his employment for Cause
and other or additional benefits, including SERP and ISERA payments, in accordance with applicable plans and programs of the Company. 

 (d) Termination Without Cause by Company. The Company may, for any reason, terminate the Executive’s employment hereunder at any time. If the Executive’s employment is terminated pursuant to this
Section 7(d) the Executive shall be entitled to, as severance, the following amounts and other benefits: 
  

	 	(i)	the Base Salary plus the minimum bonuses provided for in Section 3(a) for the period from the date of termination to the end of the Term of Employment; payable in a lump sum,
after applying a discount rate of 8% (eight percent) per annum from the date that such payments would have been made if the termination had not occurred, within five business days of such termination; 

  

 14 

	 	(ii)	if Executive’s employment is terminated under this Section (d), during the period from the date of termination to the end of the Term of Employment Executive shall be entitled
to receive a payment equal to one-half of each of the High End Special Bonus payments as referred to in Section 3(a), which amount shall be payable to the Executive in the same manner as payments of the Special Bonus were previously made;

  

	 	(iii)	any unvested stock options shall immediately vest as of the date of the Executive’s termination without Cause and Executive shall have the right to exercise any stock options
for a period of twelve months following the date of the Executive’s termination without Cause; and 

  

	 	(iv)	payment of any unvested RSUs and Bonus Stock, if any, in accordance with Section 3(c) hereof, and SERP and ISERA payments in accordance with the terms of the plans.

 If the Executive resigns from his employment for Good Reason after having provided written notice to the Company of the event constituting
Good Reason and the Company shall not have remedied the event within 30 days of receiving such notice, then the Executive shall be entitled to, as severance, the amounts and other benefits as provided in this Section 7(d). “Good
Reason” shall be defined as any material reduction or diminution or reassignment in authority, duties, status or responsibilities that is inconsistent with Executive’s authority, duties, status and responsibilities as set forth herein, or
material reduction in compensation and or benefits provided to the Executive (unless the failure to reduce such benefits would constitute a violation of applicable law) that, in any event, is not approved in writing by the Executive, or a material
breach of this Agreement by the Company. 
  

 15 

 (e) No Mitigation. In the event of termination of Executive’s employment
hereunder by the Company for reasons other than cause, Executive shall be under no obligation to seek other employment, nor shall he be prohibited from pursuing other employment and there shall be no offset against amounts due the Executive under
this Agreement on account of any remuneration attributable to any subsequent employment Executive may obtain. 
 (f)
Expiration of Term of Employment. If, at the end of the Term of Employment, Executive ceases to be employed by the Company and is not employed by any of the Company’s affiliates, any unvested Options that had been granted to Executive
prior to the end of the Term of Employment shall immediately vest as of such date and Executive shall have the right to exercise any Options for a period of twelve months following such date. 
 8. Condition of and Survival of Agreement. In the event that the Company shall at any time be merged or consolidated with any other corporation or
corporations or shall sell or otherwise transfer a substantial portion of its assets to another corporation or entity, the provisions of this Agreement shall be binding upon and inure to the benefit of the corporation or entity surviving or
resulting from such merger or consolidation or to which such assets shall be sold or transferred. 
 9. Right to Use Name. The Company
shall have the right to use the Executive’s biography, name and likeness in connection with its businesses, subject to Executive’s approval, including in advertising its products and services, but not for use as a direct or indirect
endorsement. 
  

 16 

 10. Conflict and Standards Policies. Executive agrees to abide by the provisions of any conflict
of interest and broadcast standards policies of the Company from time to time in effect during the Term of Employment and the News Corporation Standards of Business Conduct. 
 11. Arbitration. Any controversy arising out of or relating to this Agreement, including any modification or amendment thereof, shall be resolved
by arbitration in the City of New York, pursuant to the rules then obtaining of the American Arbitration Association under the auspices of the American Arbitration Association or such other tribunal as the parties may mutually agree shall determine
such controversy or disputes. The arbitration shall be conducted before a single arbitrator agreed by the parties or, in the absence of such agreement, before a panel of three arbitrators who shall be selected as follows: each party shall select an
arbitrator and the two arbitrators shall jointly select a third arbitrator. The parties agree that the arbitrators sitting in any controversy shall have no power to alter or modify any express provision of this Agreement, or to make any award which
by its terms causes such alteration or modification. The parties consent to the application of the New York or Federal Arbitration Statutes and to the jurisdiction of the Supreme Court of the State of New York, and of the United States District
Court of the Southern District of New York, for judgment on an award and for all other purposes in connection with said arbitration and further consent that any notice, process or notice of motion or other application to either of said Courts or
Judges thereof, or of any notice in connection with any arbitration hereunder, may be served in or out of the State or Southern District of New York by certified or registered mail, return receipt requested, or by personal service, provided a
reasonable time for appearance is allowed, or in such other manner as may be permitted under applicable arbitration rules or of either of said Courts. Judgment upon the award 

  

 17 

 
rendered may be entered by any Court having jurisdiction. If Executive breaches any of his obligations under Section 6 hereof relating to
confidentiality and restriction on competition, and a remedy at law or equity would be available but for the provisions of this Section 11, those remedies will remain available notwithstanding this Section. 
 12. Notices. Any notices or other communications required or permitted hereunder shall be in writing and shall be deemed to have been given if
delivered by registered mail or certified mail, return receipt requested, postage prepaid, as of the date so mailed, as follows (or to such other or additional addresses as either party shall designate by notice in writing in accordance herewith,
except that notices of change of address shall not be deemed given until received): 
 If to the Executive: 
 Roger Ailes 
 1211 Avenue of the Americas 
 New York, NY 10036 
 with a copy to 
 Leahey & Johnson, P.C. 
 120 Wall Street 
 New York, New York 10005 
 Attention: Peter James Johnson, Jr., Esq. 
 If to the Company: 
 News America Incorporated 
 1211 Avenue of the Americas 
 New York, New York 10036 
 Attention: Group General Counsel 
                   News Corporation 
 13. Construction. This Agreement shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to conflict of laws. 
  

 18 

 14. Severability. The conditions and provisions herein set forth shall be severable, and if any
condition or provision or portion thereof shall be held invalid or unenforceable, then said conditions or provision shall not in any manner affect any other condition or provision and the remainder of this Agreement and every section thereof
construed without regard to said invalid condition or provision, shall continue in full force and effect. 
 15. Assignment. Neither
party shall have the right, subject to Section 8 hereof, to assign the Executive’s rights and obligations with respect to his actual employment duties without the prior consent of the other party. 
 16. Entire Agreement; Existing Agreement. This Agreement and the letter to the Executive from News Corporation dated November 20, 2008,
providing for enhanced retirement and welfare benefits in certain events, contain the entire understanding between the parties hereto with respect to the subject matter hereof, and this Agreement supersedes and renders null and void any and all
prior oral or written agreements, understandings or commitments pertaining to the subject matter hereof. No waiver or modification of the terms or provisions hereof shall be valid unless in writing signed by the party so to be charged thereby and
then only to the extent therein set forth. The parties agree and acknowledge that the Prior Agreement is hereby cancelled and shall have no further force or effect. 
 17. No Prior Agreements. The Executive represents and warrants that he is not bound by any agreement or any other existing or previous business relationship which conflicts with, or may prevent or otherwise
conflict with, the full performance of his obligations and duties under this Agreement. The Executive agrees to indemnify and hold the Company harmless from any claims, costs or liabilities resulting from a breach of the foregoing representation.

  

 19 

 18. Headings. The headings of the sections contained in this Agreement are for convenience only
and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 
 19. Section 409A.

 (a) This Agreement is intended to comply with Section 409A of the Code and will be interpreted accordingly. References
under this Agreement to the Executive’s termination of employment shall be deemed to refer to the date upon which the Executive has experienced a “separation from service” within the meaning of Section 409A of the Code.

 (b) Notwithstanding anything herein to the contrary, (i) if at the time of the Executive’s separation from
service with the Company the Executive is a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits
otherwise payable hereunder or payable under any other compensatory arrangement between the Executive and the Company or any of its affiliates as a result of such separation from service is necessary in order to prevent any accelerated or additional
tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Executive) until
the date that is six months following the Executive’s separation from service (or the earliest date as is permitted under Section 409A of the Code), at which point all payments deferred pursuant to this Section 19 shall be paid to the
Executive in a lump sum and (ii) if any other payments of money or other benefits due to the Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other
benefits shall be deferred if deferral will make such payment or other benefits compliant 

  

 20 

 
under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner that does not
cause such an accelerated or additional tax. Any payments deferred pursuant to the preceding sentence shall be paid together with interest thereon at a rate equal to the applicable Federal rate for short-term instruments. 
 (c) To the extent any reimbursements or in-kind benefits due to the Executive under this Agreement constitute “deferred
compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to the Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Additionally, to the extent that the
Executive’s receipt of any in-kind benefits from the Company or its affiliates must be delayed pursuant to this Section 19 due to his status as a “specified employee”, the Executive may elect to instead purchase and receive such
benefits during the period in which the provision of benefits would otherwise be delayed by paying the Company (or its affiliates) for the fair market value of such benefits (as determined by the Company in good faith) during such period. Any
amounts paid by the Executive pursuant to the preceding sentence shall be reimbursed to the Executive (with interest thereon) as described above on the date that is six months following his separation from service. 
 (d) Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A
of the Code. 
 (e) The Company shall consult with the Executive in good faith regarding the implementation of the provisions
of this Section 19. Without limiting the generality of the foregoing, Executive shall notify the Company if he believes that any provision of this Agreement (or of any award of compensation, including equity compensation, or benefits) would
cause the Executive to incur any additional tax under Code Section 409A and, if the Company 

  

 21 

 
concurs with such belief after good faith review or the Company independently makes such determination, then the Company shall, after consulting with the
Executive, use reasonable best efforts to reform such provision to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. 
 (f) Any amount that Executive is entitled to be reimbursed under this Agreement will be reimbursed to Executive as promptly as practical
and in any event not later than the last day of the calendar year after the calendar year in which the expenses are incurred, and the amount of the expenses eligible for reimbursement during any calendar year will not affect the amount of expenses
eligible for reimbursement in any other calendar year. 
 (g) Whenever a payment under this Agreement specifies a payment
period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of
the Company. 
 (h) Unless this Agreement provides a specified and objectively determinable payment schedule to the contrary,
to the extent that any payment of base salary or other compensation is to be paid for a specified continuing period of time beyond the Executive’s termination of employment in accordance with the Company’s payroll practices (or other
similar term), the payments of such base salary or other compensation shall be made on a monthly basis. 
  

 22 

 IN WITNESS WHEREOF, the parties hereto have affixed their signatures as of the day and year first above written.

  

					
	NEWS AMERICA INCORPORATED
		
	By: 	 	/s/ Lawrence A. Jacobs
		 	Name:	 	Lawrence A. Jacobs
		 	Title:	 	Senior Executive Vice President and Group General Counsel
	
	/s/ Roger Ailes
	ROGER AILES

  

 23

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