Document:

Fourth Amendment, dated as of February 28, 2006

 Exhibit 10.3(b) 
 FOURTH AMENDMENT 
 TO 
 ROYALTY AGREEMENT 
  
 AMONG 
  
 STONEHOUSE CAPITAL LTD. 
 (a corporation organized and existing under the laws of the Cayman Islands) 
  
 WORLDSPACE, INC. 
 (a corporation organized and existing under the laws of the State of Delaware) 
  
 AND 
 WORLDSPACE SATELLITE COMPANY,
LTD. 
 (a company organized and existing under the International Business Companies Act 
 of the British Virgin Islands) 
  
  
  
  
 Dated as of February 28, 2006 

 This Fourth Amendment (“Fourth Amendment”) made as of this 28th day of February 2006 by
and among: 
  

	 	(i)	Stonehouse Capital Ltd., a corporation organized and existing under the laws of the Cayman Islands (“Stonehouse”); 

  

	 	(ii)	WorldSpace Satellite Company Ltd., a company organized and existing under the International Business Companies Act of the British Virgin Islands (“WSC”); and

  

	 	(iii)	WorldSpace, Inc., a corporation organized and existing under the laws of the State of Delaware (“WSI-DE”), and successor by merger to each of WorldSpace, Inc., a
corporation organized under the laws of the State of Maryland (“WSI-MD”), and WorldSpace International Network Inc., a company organized under the International Business Companies Act of the British Virgin Islands (“WIN”); (WSC
and WSI-DE together referred to herein as the “WorldSpace Parties”). 

 WITNESSETH: 
 WHEREAS, Stonehouse and WSC, WSI-MD and WIN did enter into that certain Royalty Agreement dated as of September 30, 2003, as amended by that certain
First Amendment to Loan Restructuring Agreement and Royalty Agreement dated September 28, 2004; 
 WHEREAS, on December 30,
2004, Stonehouse, the WorldSpace Parties, WSI-MD and WIN did enter into that certain Second Amendment to the Loan Restructuring Agreement and Royalty Agreement among Stonehouse, WSI-MD, WIN, WSC and WSI-DE; 
 WHEREAS, on December 30, 2004, WIN merged with and into WSI-MD and WSI-MD immediately thereafter merged with and into WSI-DE and, by virtue of the
mergers, WSI-DE assumed all of the rights, obligations and liabilities of WIN and WSI-MD in and under the Royalty Agreement by operation of law; 
 WHEREAS, Stonehouse and each of the WorldSpace Parties did enter into that certain Third Amendment to Royalty Agreement dated as of June 29, 2005 (the Royalty Agreement, as amended by the First Amendment, the Second Amendment and
the Third Amendment thereto, the “Royalty Agreement”); and 
 WHEREAS, Stonehouse and each of the WorldSpace Parties desire to
amend the Royalty Agreement in accordance with the provisions set forth below. 
 NOW THEREFORE, in consideration of the mutual promises and
covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, Stonehouse and the WorldSpace Parties hereby agree to amend the Royalty Agreement as follows: 
  

	 	1.	Exhibit H to the Royalty Agreement is hereby amended by adding thereto Yenura Pte. Ltd. 

  

	 	2.	Section 4.07 of the Royalty Agreement is hereby deleted because it has no further effect now that there are no longer any subordinate loans listed on Exhibit J to the
Restructuring Agreement and now that all of the shareholders from Exhibit K to the Restructuring Agreement have been added to Exhibit H to the Royalty Agreement. The parties further agree that in light of the deletion of Section 4.07,
numbered paragraph 3 of the Third Amendment shall be of no further force or effect. 

  

	 	3.	This Fourth Amendment may be executed in multiple counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

  

	 	4.	Except as otherwise hereby modified, all other terms, provisions and conditions of the Royalty Agreement shall remain in full force and effect. 

  

	 	5.	This Fourth Amendment shall be governed by and construed in accordance with the laws of the State of New York, without regard to any choice of law or conflict of law provisions
thereof. 

  

 2 

 IN WITNESS WHEREOF, the parties have caused this Fourth Amendment to be signed in their respective names
as of the date first above written. 
  

			
		 	STONEHOUSE CAPITAL LTD.
		
		 	 By:    /s/    Abdulrahman Bin Mahfouz

		 	 Name: Abdulrahman Bin Mahfouz

		
		 	 By:    /s/    Sultan Bin Mahfouz

		 	 Name: Sultan Bin Mahfouz

		
		 	WORLDSPACE, INC., a corporation organized and existing under the laws of the State of Delaware
		
		 	 By:    /s/    Noah A. Samara

		 	 Name: Noah A. Samara

		 	 Title:   Chairman and Chief Executive Officer

		
		 	 WORLDSPACE SATELLITE COMPANY, LTD.

		
		 	 By:    /s/    Noah A. Samara

		 	 Name: Noah A. Samara

		 	 Title:   Chairman and Chief Executive Officer

  

 3Summary Descriptions of Director and Executive Compensation

 AUBURN NATIONAL BANCORPORATION INC AND SUBSIDIARIES 
 EXHIBIT 10.3 – SUMMARY OF DIRECTOR AND EXECUTIVE COMPENSATION 
 Description of Director Compensation 
 Each director of Auburn National Bancorporation (the
“Company”) and Auburn Bank (the “Bank”) currently receives $600 for each Company and Bank board meeting attended. In addition, for his services as such, the Chairman of the Company’s and the Bank’s Board of Directors
receives $1,200 for each meeting attended. Members of the Audit Committee and Compensation Committee of the Company which also serve as the Audit Committee and Compensation Committee of the Bank, receive an additional fee of $100 for each committee
meeting attended, while each Chairman of these committees receives $200 per meeting. Members of the Bank’s Loan Committee, Asset/Liability Committee and IT/IS Steering Committee receive $100 per meeting attended. The Company’s and the
Bank’s directors may receive year-end bonuses based upon the Company’s financial performance. In 2005, total fees and bonuses paid to Company and Bank Directors equaled $144,025. The compensation of directors may be changed from time to
time by the Board of Directors upon recommendation of the Compensation Committee without shareholder approval. 
 Description of Named
Executive Officer Compensation 
 Total compensation to the named executive officers (as defined in Securities and Exchange
Commission’s Regulation S-K Item 402(a)(3)) of the Company and the Bank is primarily composed of two types of compensation: (1) base salary and (2) short-term annual cash incentive compensation. 
 Base Salary 
 Individual base salaries and increases
for the Company’s named executive officers, other than the President and Chief Executive Officer, are recommended annually by the Chief Executive Officer to the Compensation Committee and are determined by the Company’s Board of Directors,
upon recommendation by the Compensation Committee. The philosophy of the Company is that compensation should be based on individual annual performance and the performance of the Company, and should be competitive with the market. With respect to the
Chief Executive Officer, the Compensation Committee reviews the financial performance of the Company as well as published data regarding compensation of chief executive officers of comparable financial institutions located in comparable markets and
of local banks and thrifts. The Compensation Committee recommends the compensation of the Chief Executive Officer to the Board of Directors for final approval. The approval process takes place without the presence of the Chief Executive Officer.

 Set forth below are the 2006 and 2005 base salaries of the following named executive officers of the Company. 
  

							
	 Named Executive Officer
	  	2006	  	2005
	 E. L. Spencer, Jr.(1)
	  	$	100,000	  	$	200,000
	 Robert W. Dumas
	  	 	200,000	  	 	171,780
	 Terrell E. Bishop
	  	 	132,385	  	 	122,477
	 Jo Ann Hall
	  	 	145,646	  	 	128,521
	 W. Thomas Johnson
	  	 	119,963	  	 	110,943

	(1)	In light of additional responsibilities assumed by Mr. Dumas, Mr. Spencer proposed to reduce the salary portion of his own compensation for 2006. Based on
Mr. Spencer’s contributions and/or the performance of the Bank, the Board may elect to provide additional compensation to Mr. Spencer in the form of a bonus upon or following the end of 2006. 

 Short-Term Annual Cash Incentive Compensation 
 Short-term annual cash incentive compensation in the form of bonuses is intended to align short-term cash compensation of eligible Company officers with individual performance and Company performance. The Compensation Committee, using
recommendations of the Chief Executive Officer and with full Board approval, approves annual bonus payments to those officers who have made contributions to the Company’s profitability, as measured and reported through individual performance
goals established at the beginning of the year. This philosophy controls compensation expenses and rewards past performance by reducing the need for significant annual base salary increases. 

 Set forth below are the annual cash bonuses paid in 2006 to the Company’s named executive officers
for performance in the year ended December 31, 2005. 
  

				
	 Named Executive Officer
	  	2005
	 E. L. Spencer, Jr.
	  	$	 —  
	 Robert W. Dumas
	  	 	24,800
	 Terrell E. Bishop
	  	 	14,880
	 Jo Ann Hall
	  	 	13,640
	 W. Thomas Johnson
	  	 	12,400
		  	 	 
	 Total
	  	$	65,720
		  	 	 

 Any annual cash bonuses for 2006 will be determined in early 2007. The Company expects individual
2006 bonuses to be determined using the same criteria as applied to determine 2005 bonuses. 
 Other Compensation  
 In addition to base salary and short-term annual cash incentive compensation, certain officers of the Company and the Bank, including the named executive
officers, receive compensation in the form of Company contributions to the 401(k) Plan. Any such compensation paid to the Company’s named executive officers under these compensation arrangements during 2005 will be set forth under “All
Other Compensation” in the Summary Compensation Table of the Company’s 2006 Proxy Statement to be filed with the SEC on Schedule 14A.

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