Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), dated as of November 9, 2017 (the “Effective
Date”), between News Corporation, a Delaware corporation (the “Company”), with offices at 1211 Avenue of the Americas, New York, NY 10036, and David B. Pitofsky, residing at the address that is on file with the Company (the
“Executive”). 
 W I T N E S S E T H: 

WHEREAS, the Executive is currently employed as Executive Vice President, General Counsel and Chief Compliance Officer
of the Company pursuant to an employment agreement between NC Transaction, Inc., a Delaware corporation and wholly owned subsidiary of the Company, and the Executive, dated as of February 9, 2015 (the “Prior Agreement”); and 

WHEREAS, the Company and the Executive desire to amend and restate the Prior Agreement. 

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter contained, the parties hereto agree
as follows: 
 1.      Duties. 

(a)     The Company agrees to employ the Executive and the Executive agrees to be employed by the Company
for the Term (as hereinafter defined). During the Term, the Executive shall: (i) have the title and the duties of Executive Vice President, General Counsel and Chief Compliance Officer of the Company; and (ii) report directly to the Chief
Executive Officer of the Company. 
 (b)     If the Executive is elected as a member of the board of
directors or an officer of the Company or any subsidiaries or affiliates, the Executive agrees to serve in such capacity or capacities without additional compensation. 

(c)     During the Term the Executive shall devote substantially all of the Executive’s business
time and attention and give the Executive’s best efforts and skill to furthering the business and interests of the Company and to the performance of executive duties consistent with the Executive’s position as Executive Vice President,
General Counsel and Chief Compliance Officer of the Company and the terms of this Agreement. 
 2.
     Term. “Term” as used herein shall mean the period from the Effective Date through June 30, 2021; provided, however, if the Term is terminated earlier in accordance with this Agreement, the Term
shall mean the period from the Effective Date through the effective date of such earlier termination; and further provided that paragraph 2(a) of the Prior Agreement is suspended by this provision. The Term shall be terminated earlier only in
accordance with Sections 8 and 9. Not later than six (6) months prior to the end of the Term, the parties hereto shall begin discussions to determine whether they are interested in continuing the employment of the Executive after the Term, and
if so, they shall enter into good faith negotiations with respect to such continuing employment. Following the completion of the Term, except to the extent set 

 
forth in this Agreement, (i) the provisions of this Agreement will automatically expire and (ii) in the absence of a new written employment contract signed by both the Executive and an
authorized representative of the Company, any continued employment with the Company will be at will, of no fixed term and may be terminated (with at least ten (10) business days’ prior written notice) at any time by either the Executive or
the Company for any or no reason. 
 3.      Location. The Executive shall be based and
essentially render services in the New York City metropolitan area at the principal office maintained by the Company in such area. The Executive will travel as reasonably required to perform the Executive’s functions hereunder. 

4.      Compensation. 

(a)     Base Salary. As compensation for the Executive’s services, the Executive shall
receive a base salary (the “Base Salary”) at an annual rate of not less than $1,000,000, which shall be reviewed annually, to be paid in the same manner as other senior executives of the Company are paid (which shall be no less frequently
than monthly). 
 (b)     Annual Bonus. In addition, the Executive will be eligible to receive
an annual bonus (the “Annual Bonus”) with a target (the “Annual Bonus Target”) of not less than $900,000, which shall be reviewed annually. Any Annual Bonus granted shall be paid in cash at the same time as other senior
executives of the Company are paid, and in all events no later than March 15 of the calendar year following the calendar year in which the applicable fiscal year ends. 

(c)     Long-Term Incentive. The Executive shall also be entitled to receive an annual award (the
“Equity Bonus”) under the Company’s 2013 Long-Term Incentive Plan, as amended and restated, or any other Company performance-based long-term equity-based incentive program (the “Plan”), in accordance with the terms and
conditions of the Plan, that has a target value of not less than $850,000, which shall be reviewed annually. The Equity Bonus shall be in a form and subject to terms and conditions, including claw-back provisions, determined by the Company and
consistent with those of equity awards to comparable senior executives of the Company. 
 5.
     Other Benefits. The Executive shall be entitled to the following benefits (collectively, the “Benefits”): 

(a)     The Executive shall be entitled to participate in all of the following incentive or benefit plans
or arrangements presently in effect or hereafter adopted by the Company or its applicable affiliates and to such other perquisites as are applicable to other senior executives of the Company of equal rank, including, but not limited to, any
profit-sharing, pension, group medical, dental, disability and life insurance or other similar benefit plans. 

(b)     The Executive shall be entitled to six (6) weeks of paid vacation annually, subject to the
terms of the Company’s vacation policy. All accrued vacation days should be used in the year in which they are earned as the Company does not allow carryover of unused vacation days or provide for a cash payout in respect of such days upon a
termination of employment. 

  
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 (c)     The Company shall reimburse the Executive for
attorney’s fees incurred in connection with the review of this Agreement up to a maximum of $20,000. 
 6.
     Business Expenses. During the Term, the Company shall pay, or reimburse the Executive for, all expenses reasonably and necessarily incurred by the Executive in connection with the Executive’s performance of
the Executive’s duties hereunder. Such business expenses shall be reimbursed as provided in Section 23(f). 
 7.
     Confidentiality; Certain Restrictions/Covenants. 
 (a)     The
Executive shall hold all of the Company’s Confidential Information (as hereinafter defined) in strictest confidence, and will not, directly or indirectly, take, publish, use or disclose any of the Company’s Confidential Information at any
time after the termination of the Executive’s employment, for any reason, except as may be required by law, provided that upon learning of any such legal requirement, the Executive shall promptly provide the Company with written notice to the
Company of any such legal requirement in enough time for it to try to obtain an appropriate protective order or other remedy. For purposes of this Agreement, the phrase “Confidential Information” means personal information regarding past
and present executives of the Company and its affiliates, including their family members, all trade secrets and information on costs, pricing, and materials, supplier information, customer lists and customer information, vendor lists and vendor
information, employee lists and employee information, market share reports, customer contract terms and rates, account management, financial information, audit information, research, development, marketing plans, promotion plans, and/or compilations
of information that was disclosed to or acquired by the Executive during or in the course of the Executive’s employment that relates to the business of the Company and is not generally available to the public or generally known in the
Company’s industry. 
 (b)     Confidential Information does not include that information which
the Executive can affirmatively prove by clear and convincing evidence: (i) is, at the time of disclosure, in the public domain other than as a result of disclosure (whether by act or omission) by the Executive or by other persons to whom the
Executive has disclosed such information; (ii) was available to the Executive without an obligation of confidentiality prior to the Executive’s employment with the Company; (iii) is independently developed by the Executive having had
no access to any Confidential Information and without the use of any such information; or (iv) becomes available to the Executive without an obligation of confidentiality from a source, other than the Company, having the legal right to disclose
such information. 
 (c)     All papers, books, records, files, proposals or other documents, and all
computer software, software applications, files, data bases, and the like relating to the business and affairs of the Company or which contain Confidential Information, whether prepared by the Executive or otherwise coming into the Executive’s
possession, shall remain the exclusive property of the Company and shall not be removed from its premises except as necessary for the performance of the Executive’s responsibilities and in furtherance of the interests of the Company. Upon the
termination of the Executive’s employment for any reason, the Executive will immediately surrender and turn over to the Company any property of the Company which the Executive may have in the Executive’s possession, custody or control, no
matter where 

  
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located, and whether in electronic, paper or other format, including but not limited to, records, files, drawings, documents, models, disks, computers and other equipment, and the Executive shall
not keep any copies or portions thereof, including any material contained on the Executive’s personal computer which is currently located at the Executive’s residence, if any, including any files the Executive may have saved or downloaded
from the Company’s computer system. 
 (d)     While the Executive is employed by the Company and
after the Executive’s employment terminates for whatever reason, the Executive agrees not to publicly criticize the Company, its corporate affiliates, or subsidiaries, and their respective officers, directors, shareholders or employees and
agrees further not to cause harm to the Company by speaking of the Company, its parent, affiliates, officers, shareholders or employees in an unflattering way. This requirement will not prohibit the Executive from providing truthful testimony if
required by law, and subject to the Executive’s obligation to provide the Company prior notice of such legal requirement pursuant to Section 7(a). In addition, nothing in this Agreement or in any other agreement between the Executive and
the Company will prohibit the Executive from reporting to any governmental agency or governmental entity information concerning possible violations of law or regulation. 

(e)     In order to protect the Company’s goodwill with its clients, vendors and employees, during
the Term and for one (1) year following termination of the Executive’s employment for any reason, the Executive shall not, directly or indirectly, either personally or on behalf of any other entity (whether as a director, stockholder,
owner, partner, consultant, principal, employee, agent or otherwise), engage in any of the following conduct: (a) canvass, solicit or accept any business on behalf of any of the Company’s competitors from any business or organization that
had interacted with the Company during the last three (3) years of the Executive’s employment provided, however that this provision does not conflict with Executive’s professional, ethical rights and responsibilities; (b) solicit
or recruit for employment, hire, employ, attempt to employ, or engage or attempt to engage as a contractor or consultant any individual employed by the Company or its affiliates, or entice or suggest to such individual to terminate his or her
employment with the Company; or (c) take any action which is intended, or would reasonably be expected to, adversely affect the Company, its subsidiaries, or their respective businesses, reputation, or relationship with their clients, business
partners or vendors. 
 (f)     During the Term, the Executive shall not engage, and shall not solicit
any employees of the Company or its affiliates to engage, in any other commercial activities that may in any way interfere with the performance of the Executive’s duties or responsibilities to the Company. 

(g)     The Executive shall at all times be subject to, comply with and carry out such rules,
regulations, policies, directions and restrictions applicable to the Company’s employees generally as the Company may from time to time establish, including, without limitation, News Corporation’s Standards of Business Conduct, Electronic
Communications Policy and Claw-back Policies, as well as those imposed by law. The Executive acknowledges that the Executive has received copies of such policies, and has reviewed, understands and will comply with such policies. 

  
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 (h)     The Executive acknowledges that the relationship
between the Executive and the Company is exclusively that of employer and employee and that the Company’s obligations to the Executive are exclusively contractual in nature. The Company 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, packages, programs, promotions and other intellectual properties which the Executive may create
in connection with and during the Term, 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. 
 (i)     The Company shall have the right to use the
Executive’s name, biography and likeness in connection with its business, including in advertising its products and services, and may grant this right to others, but not for use as a direct endorsement. 

8.      Termination by the Company. The Executive’s employment hereunder may be
terminated by the Company without any breach of this Agreement only under the following circumstances: 
 (a)
    The Executive’s employment hereunder shall terminate upon the Executive’s death. 
 (b)
    If, as a result of the Executive’s incapacity and disability due to physical or mental illness, the Executive shall have been absent from the Executive’s duties hereunder for a period of seven (7) months during
the Term and is unable to provide the Company with a note from the Executive’s treating physician that provides for a definite and reasonable return to work date, the Company may terminate the Executive’s employment hereunder. 

(c)     The Company may terminate the Executive’s employment hereunder for “cause” (as
hereinafter defined). For purposes of this Agreement, “cause” shall mean: (i) the Executive is convicted of, or pleads guilty or nolo contendere to, a felony or crime involving moral turpitude; (ii) the Executive engages in
conduct that constitutes willful neglect or willful misconduct in carrying out the Executive’s duties under this Agreement, and such breach remains uncured following fifteen (15) days prior written notice given by the Company to the
Executive specifying such breach, provided such breach is capable of being cured; (iii) the Executive has breached any material representation, warranty, covenant or term of this Agreement, including among other things, a breach of written
Company policy, and such breach remains uncured following twenty-one (21) days’ prior written notice specifying such breach given by the Company to the Executive, provided such breach is capable of being cured; (iv) the
Executive’s act of fraud or deceit in the performance of the Executive’s job duties; (v) the Executive intentionally engages in conduct which impacts negatively and materially on the reputation or image of the Company, its affiliates
or any of their respective products; and/or (vi) the Executive’s use of or addiction to illegal drugs. 

  
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 (d)     The Company may terminate the Executive’s
employment other than for cause, death or disability, subject to Section 10(d). 
 (e)     Any
termination of the Executive’s employment by the Company (other than termination pursuant to subsection (a) of this Section 8) shall be communicated by a written Notice of Termination to the Executive. For purposes of this Agreement,
a “Notice of Termination” shall mean a notice that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in full detail the facts and circumstances claimed to provide the basis for termination
of the Executive’s employment under the provision so indicated. 
 (f)     “Date of
Termination” shall mean (i) if the Executive’s employment is terminated by the Executive’s death, the date of this death, or (ii) if the Executive’s employment is terminated pursuant to subsections (b), (c) or
(d) of this Section 8, the date specified in the Notice of Termination. 
 9.
     Termination by the Executive. 
 (a)     At the Executive’s
option, and provided the following occurrences satisfy “Good Reason” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Section 1.409A-1(n)(2)(ii) of the Treasury
Regulations promulgated thereunder, the Executive may terminate the Executive’s employment without any breach of this Agreement only under the following circumstances: 

(i)     in the event of a material breach of the Agreement by the Company, which breach, if curable, is
not cured within thirty (30) days after the Chief Human Resources Officer and the Chief Executive Officer of the Company each receive written notice specifying such breach; 

(ii)     if the Executive is required to be based and essentially render services in areas other than
within 50 miles of the New York City metropolitan area; or 
 (iii)     if there is a material
diminution in the Executive’s duties thereby diminishing the Executive’s role. 
 (b)     Any
Good Reason termination of the Executive’s employment by the Executive shall be communicated by a written Notice of Termination to the Company within ninety (90) days of the condition giving rise to such Good Reason first occurring, and
the Company shall have thirty (30) days from such notice to cure the condition giving rise to such Good Reason, as set forth in Section 1.409A-1(n)(2)(C) of the Treasury Regulations. 

  
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 10.     Compensation upon Termination. 

(a)     If the employment of the Executive is terminated pursuant to Section 8(a), by reason of the
Executive’s death, the Company agrees to pay directly to the Executive’s surviving spouse (or to another recipient designated in writing by the Executive from time to time), or if the Executive’s spouse shall not survive the
Executive, then to the legal representative of the Executive’s estate: (i) for a period of twelve (12) months (commencing with the Date of Termination) an amount equal to and payable at the same rate as the Executive’s then
current Base Salary; (ii) any Annual Bonus payable but not yet paid with respect to any fiscal year ended prior to the Date of Termination (the “Unpaid Prior Year Bonus”), payable no later than the time specified in Section 4(b);
(iii) a pro rata portion of the Annual Bonus Executive would have earned for the fiscal year of termination had no termination occurred (calculated based on the Annual Bonus Target and number of days the Executive was employed by the Company in
the fiscal year during which the Date of Termination occurs compared to the total number of days in such fiscal year), payable no later than the time specified in Section 4(b); and (iv) with respect to Equity Bonus awards or awards under
the Plan, vesting, payment and other terms as provided for herein or under the terms of the applicable Plan documents. The foregoing payments shall be in addition to what the Executive’s spouse, beneficiaries or estate may be entitled to
receive pursuant to any employee benefit plan or life insurance policy then provided to the Executive or maintained by the Company. The payments provided for in this Section 10(a) shall fully discharge the obligations of the Company and its
affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive, the Executive’s surviving spouse or the legal representative of the Executive’s estate. 

(b)     During any period that the Executive fails to perform the Executive’s duties hereunder as a
result of incapacity and disability due to physical or mental illness, the Company shall (i) continue to provide to the Executive the then current Base Salary and the Benefits until the Executive returns to the Executive’s duties or until
the Executive’s employment is terminated pursuant to Section 8(b) and (ii) with respect to Equity Bonus awards or awards under the Plan, vesting, payment and other terms as provided for herein or under the terms of the applicable Plan
documents; provided, however, that should the Executive fail to perform the Executive’s duties but remain employed for a period of twelve (12) months, the Company will cease paying the Base Salary. The foregoing payments shall be in
addition to what the Executive may be entitled to receive pursuant to any disability benefit plan then provided to the Executive or maintained by the Company. The payments provided for in this Section 10(b) shall fully discharge the obligations
of the Company and its affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive. 

(c)     If the Executive’s employment shall be terminated for cause pursuant to Section 8(c),
the Executive shall receive the then current Base Salary and the Benefits through the Date of Termination and any Unpaid Prior Year Bonus, payable no later than the time specified in Section 4(b). The payments provided for in this
Section 10(c) shall fully discharge the obligations of the Company and its affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive. 

  
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 (d)     If the Company shall terminate the Executive’s
employment pursuant to Section 8(d), or if the Executive shall terminate the Executive’s employment hereunder pursuant to Section 9, the Executive shall receive: (i) the greater of (A) the then current Base Salary and Annual
Bonus in the same manner as though the Executive continued to be employed hereunder through June 30, 2021 and (B) each of the then current Base Salary and Annual Bonus paid in the same manner as though the Executive continued to be
employed hereunder for the successive twenty-four (24) months following the Date of Termination, in each case with the Annual Bonus payment based on the then current Annual Bonus Target; (ii) any Unpaid Prior Year Bonus, payable no later
than the time specified in Section 4(b)); (iii) a pro rata portion of the Annual Bonus Executive would have earned for the fiscal year of termination had no termination occurred (calculated based on the Annual Bonus Target and number of
days the Executive was employed by the Company in the fiscal year during which the Date of Termination occurs compared to the total number of days in such fiscal year), payable no later than the time specified in Section 4(b);
(iv) continued vesting of any Equity Bonus awards or awards under the Plan that were granted prior to the Date of Termination in the same manner as though the Executive continued to be employed hereunder through the later of June 30, 2021
or one (1) year following the Date of Termination, with payments made at the same times they would have been made had the Executive continued to be employed through such date (and, for the avoidance of doubt, any Equity Bonus awards that would not
have been payable but for continued employment through a date after June 30, 2021 or one (1) year following the Date of Termination, as applicable, shall be forfeited); and (v) Company-paid premiums under the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended, for the Executive and the Executive’s eligible dependents through June 30, 2021 which amounts shall either be paid directly or reimbursed to the Executive by the Company. The payments provided
for in this Section 10(d) shall fully discharge the obligations of the Company and its affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive. 

(e)     A precondition to the Company’s obligation to pay compensation and provide benefits to the
Executive (or the Executive’s surviving spouse or the legal representative of the Executive’s estate) pursuant to this Section 10 shall be the execution and non-timely revocation by the Executive, or as the case may be, the
Executive’s surviving spouse or the legal representative of the Executive’s estate, of the Company’s then standard separation agreement and general release and the continued compliance with the terms, conditions and covenants set
forth therein. 
 (f)     For the avoidance of doubt, any post-employment bonus payments or equity
grants that vest or remain eligible for vesting will remain subject to the News Corporation claw-back policies and terms and conditions of the applicable Plan documents. 

(g)     Without duplicating any benefits set forth in this Section 10, upon any termination of
employment, the Executive (or the Executive’s spouse, beneficiaries or estate) will be entitled to any unreimbursed business expenses approved in accordance with the Company’s policy and due the Executive through termination and to receive
any benefits vested, and to make all elections and receive all payments and rights under all employee benefit, pension, insurance and other plans in which the Executive participated in accordance with the terms and conditions of the plan concerned.
Such business expenses shall be reimbursed as provided in Section 23(f). 

  
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 (h)     The Executive shall have no duty to mitigate the
Executive’s damages hereunder and any income earned by the Executive following the Executive’s termination without cause (as defined in Section 8(c)) or the Executive’s resignation pursuant to Section 9 shall not reduce the
compensation payable to the Executive hereunder. 
 (i)     If, following the completion of the Term on
June 30, 2021, the Executive is not offered a new employment agreement on terms at least as favorable to the Executive as the terms set forth herein and the Executive is subsequently terminated without cause, then the Executive will be entitled
to receive the payments and benefits set forth in Section 10(d) above (using the same Base Salary and Annual Bonus Target as in effect immediately prior to the expiration of the Term on June 30, 2021). 

11.     Survival of Agreement. This Agreement shall inure to the benefit of the Company and any
other successors and general assigns of the Company or any other corporation or entity which is a parent, subsidiary or affiliate of the Company to which this Agreement is assigned, and any other corporation or entity into which the Company may be
merged or with which it may be consolidated. For purposes of clarity, the Company may assign this Agreement in the event of an asset or stock sale of all or a majority of the Company to the controlling corporation or entity surviving or resulting
from such asset or stock sale. The terms, conditions, promises and covenants set forth in Sections 7 through 23 shall survive the termination of this Agreement and the Executive’s employment (in accordance with their respective terms) for any
reason. 
 12.     Indemnity; Cooperation. 

(a)     The Company will indemnify and defend the Executive in accordance with the formation documents,
charters, bylaws or applicable insurance policies of the Company, and in accordance with any other law or statute affording the Executive a right of indemnification and defense, including but not limited to Section 145 of Title 8 of the
Delaware Chancery Code, for any acts or omissions made by the Executive in good faith in the course of the Executive’s employment with the Company. 

(b)     During the Term and for a period of three (3) years after the termination of the
Executive’s employment, and during all reasonable times thereafter, and at all times observing the professional ethics requirements of his job the Executive will (i) fully cooperate with the Company in providing truthful testimony as a
witness or a declarant in connection with any present or future litigation, administrative or arbitral proceeding involving the Company or any of its affiliates with respect to which the Executive may have relevant information and (ii) assist
the Company during the investigatory and discovery phases (or prior thereto) of any judicial, administrative, internal, arbitral or grievance proceeding involving the Company or any of its affiliates and with respect to which the Executive may have
relevant information. The Company will, within thirty (30) days of the Executive producing receipts satisfactory to the Company, reimburse the Executive for any reasonable and necessary expenses incurred by the Executive in connection with such
cooperation. 
 (c)     Without limiting any other provision of this Agreement, this Section 12
shall survive the termination or expiration of this Agreement for any reason whatsoever. 

  
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 13.     Notices. All notices, requests, demands or
other communications provided for hereby shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) one (1) day after having been sent by telegram, telecopy or similar electronic means, or by
overnight courier service against receipt, or (c) four (4) days after having been sent within the continental United States by first-class certified mail, return receipt requested, postage prepaid, to the other party. Any notices to the
Executive shall be sent to the last known address of the Executive on record with the Company, with a copy to Jeffrey L. Liddle, Liddle & Robinson, L.L.P., 800 Third Avenue, New York, NY 10022. 

14.     Governing Law. This Agreement shall be enforced, governed by and construed in accordance
with the laws of the State of New York. Each party hereby submits to the exclusive jurisdiction of the Supreme Court of the State of New York, and the United States District Court for the Southern District of New York, for the purpose of enforcement
of this Agreement and waives, and agrees not to assert, as a defense in any such action or proceeding, that such party was not subject to the personal jurisdiction of any such court or that venue is improper for lack of residence, inconvenient forum
or otherwise. The parties also agree that service of process (the method by which a party may be served with any such court papers) may be made by overnight mail at the applicable address set forth in Section 13. The Company may also have other
rights and remedies it may have at any time against the Executive, whether by law or under this Agreement. 
 15.
    Construction. Each party acknowledges that such party has participated with, at its option, the advice of counsel, in the preparation of this Agreement. The language of all provisions of this Agreement shall in all
cases be construed as a whole, extending to it its fair meaning, and not strictly for or against either of the parties. The parties agree that they have jointly prepared and approved the language of the provisions of this Agreement and that should
any dispute arise concerning the interpretation of any provision hereof, neither party shall be deemed the drafter nor shall any such language be presumptively construed in favor of or against either party. 

16.     Severability. The conditions and provisions set forth in this Agreement shall be severable,
and if any condition or provision or portion thereof shall be held invalid or unenforceable, then said condition 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. 
 17.
    Assignment. Neither party shall have the right, subject to Section 11, to assign the Executive’s rights and obligations with respect to the Executive’s actual employment duties without the prior consent
of the other party. 
 18.     Entire Agreement. This Agreement constitutes 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, including, without limitation, the Prior Agreement. 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. 

  
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 19.     Withholding and Payroll Practices. All salary,
severance payments, bonuses or benefits provided by the Company under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law and shall be paid in the ordinary course pursuant to the
Company’s then existing payroll practices or as otherwise specified in this Agreement. 
 20.
    Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 

21.     Headings. Headings in this Agreement are for reference only and shall not be deemed to have
any substantive effect. 
 22.     Section 280G. 

(a)     Notwithstanding any other provisions of this Agreement to the contrary, in the event that it
shall be determined that any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant
to the terms of this Agreement or otherwise (the “Payments”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, the Company shall reduce (but not below zero) the aggregate present
value of the Payments under the Agreement to the Reduced Amount (as hereinafter defined), if reducing the Payments under this Agreement will provide the Executive with a greater net after-tax amount than would be the case if no such reduction was
made. The Payments shall be reduced as described in the preceding sentence only if (1) the net amount of the Payments, as so reduced (and after subtracting the net amount of federal, state and local income and payroll taxes on the reduced
Payments), is greater than or equal to (2) the net amount of the Payments without such reduction (but after subtracting the net amount of federal, state and local income and payroll taxes on the Payments and the amount of Excise Tax (as
hereinafter defined) to which the Executive would be subject with respect to the unreduced Payments). Any reduction shall be made in accordance with Section 409A of the Code. 

(b)     The “Reduced Amount” shall be an amount expressed in present value that maximizes the
aggregate present value of Payments without causing any Payment under this Agreement to be subject to the Excise Tax, determined in accordance with Section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax imposed
under Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 

(c)     All determinations to be made under this Section 22 shall be made by an independent
registered public accounting firm or consulting firm selected by the Company immediately prior to a change in control, which shall provide its determinations and any supporting calculations both to the Company and the Executive within ten
(10) days of the change in control. Any such determination by such firm shall be binding upon the Company and the Executive. All fees and expenses of the accounting or consulting firm in performing the determinations referred to in this
Section 22 shall be borne solely by the Company. 

  
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 23.     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 (6) 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 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 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 due to the Executive’s 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 (6) months following the Executive’s 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. 

  
 12 

 (e)     The Company shall consult with the Executive in good
faith regarding the implementation of the provisions of this Section. Without limiting the generality of the foregoing, the Executive shall notify the Company if the Executive 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 Section 409A of the Code and, if the Company 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 Section 409A of the Code through good faith modifications to the minimum extent
reasonably appropriate to conform with Section 409A of the Code. 
 (f)     Any amount that the
Executive is entitled to be reimbursed for any business-related expenses borne by employee under this Agreement will be reimbursed to the Executive as promptly as practicable and in any event not later than the last day of the calendar year after
the calendar year in which the expenses are incurred. 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. 
 (i)
    To the extent that severance payments or benefits pursuant to this Agreement are conditioned upon the execution and delivery by the Executive of a separation agreement and general release (and the expiration of any revocation
rights provided therein) which could become effective in one of two (2) taxable years of the Executive depending on when the Executive executes and delivers such separation agreement and general release, any deferred compensation payment (which
is subject to Section 409A of the Code) that is conditioned on execution of the separation agreement and general release shall be made within ten (10) days after the separation agreement and general release becomes effective and such
revocation rights have lapsed, but not earlier than the first business day of the later of such taxable years. 

  
 13 

 24.     Representations. The Company represents that
the Company’s execution and delivery of this Agreement and the performance of its obligations hereunder: (a) has been authorized by all required corporate action on the part of the Company; and (b) will not conflict with, result in
any breach of, or constitute a default under, any contract, agreement or arrangement to which the Company is a party. The Executive represents that the Executive’s execution and delivery of this Agreement and the performance of the
Executive’s obligations hereunder will not conflict with, result in any breach of, or constitute a default under, any contract, agreement or arrangement to which the Executive is a party. 

[Signature page follows] 

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

					
	 NEWS CORPORATION
	  	DAVID B. PITOFSKY
		
	 By:_/s/ Keisha
Smith-Jeremie                
	  	 /s/ David B.
Pitofsky                            

	 Name: Keisha Smith-Jeremie
	  		  	
	 Title: Chief Human Resources OfficerEX-10.2

 Exhibit 10.2 

 
  
 NC TRANSACTION, INC. 
 RESTORATION PLAN 

Amended and restated as of November 9, 2017 
  

 
 NC TRANSACTION, INC.

 RESTORATION PLAN 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1. DEFINITIONS
	  	 	5	 
			
	 1.1.
	 	 “Account”
	  	 	5	 
			
	 1.2.
	 	 “Additional Compensation”
	  	 	5	 
			
	 1.3.
	 	 “Affiliated Entity”
	  	 	5	 
			
	 1.4.
	 	 “Beneficiary”
	  	 	6	 
			
	 1.5.
	 	 “Board of Directors”
	  	 	6	 
			
	 1.6.
	 	 “Code”
	  	 	6	 
			
	 1.7.
	 	 “Committee”
	  	 	6	 
			
	 1.8.
	 	 “Company”
	  	 	6	 
			
	 1.9.
	 	 “Compensation”
	  	 	6	 
			
	 1.10.
	 	 “Compensation Limit”
	  	 	6	 
			
	 1.11.
	 	 “Disability”
	  	 	7	 
			
	 1.12.
	 	 “Dow Jones 401(k) Plan”
	  	 	7	 
			
	 1.13.
	 	 “Eligible Employee”
	  	 	7	 
			
	 1.14.
	 	 “Employee”
	  	 	7	 
			
	 1.15.
	 	 “Employer”
	  	 	7	 
			
	 1.16.
	 	 “Employer Credit”
	  	 	7	 
			
	 1.17.
	 	 “Interest Credit”
	  	 	7	 
			
	 1.18.
	 	 “NCTI Savings Plan”
	  	 	7	 
			
	 1.19.
	 	 “Participant”
	  	 	8	 
			
	 1.20.
	 	 “Plan”
	  	 	8	 
			
	 1.21.
	 	 “Plan Year”
	  	 	8	 
			
	 1.22.
	 	 “Separation from Service”
	  	 	8	 
			
	 1.23.
	 	 “Termination of Employment”
	  	 	8	 

  
 -ii-

							
	 	 	 	  	Page	 
	 ARTICLE 2. PARTICIPATION AND EMPLOYER CREDITS
	  	 	9	 
			
	 2.1.
	 	 Participation.
	  	 	9	 
			
	 2.2.
	 	 Employer Credits.
	  	 	9	 
			
	 2.3.
	 	 Vesting.
	  	 	9	 
		
	 ARTICLE 3. INTEREST CREDITS
	  	 	9	 
			
	 3.1.
	 	 Interest Credits.
	  	 	9	 
			
	 3.2.
	 	 Determination of Interest Credits.
	  	 	9	 
		
	 ARTICLE 4. TERMINATION AND DISTRIBUTION
	  	 	10	 
			
	 4.1.
	 	 Termination of Active Participation.
	  	 	10	 
			
	 4.2.
	 	 Distribution of Account.
	  	 	10	 
		
	 ARTICLE 5. ADMINISTRATION OF PLAN
	  	 	12	 
			
	 5.1.
	 	 Committee Action and Delegation.
	  	 	12	 
			
	 5.2.
	 	 Effect of Committee’s Action.
	  	 	12	 
		
	 ARTICLE 6. CLAIMS PROCEDURE
	  	 	13	 
			
	 6.1.
	 	 Claims.
	  	 	13	 
		
	 ARTICLE 7. MISCELLANEOUS
	  	 	14	 
			
	 7.1.
	 	 Amendment or Termination of the Plan.
	  	 	14	 
			
	 7.2.
	 	 No Contract for Employment.
	  	 	14	 
			
	 7.3.
	 	 Payments to Persons under Legal Disability.
	  	 	15	 
			
	 7.4.
	 	 Unclaimed Benefits.
	  	 	15	 
			
	 7.5.
	 	 Multiple Claims for Benefits.
	  	 	15	 
			
	 7.6.
	 	 Construction.
	  	 	15	 
			
	 7.7.
	 	 Funding.
	  	 	15	 
			
	 7.8.
	 	 Participant’s Interest.
	  	 	16	 

  
 -iii-

							
	 	 	 	  	Page	 
	 7.9.
	 	 Withholding.
	  	 	16	 
			
	 7.10.
	 	 Severability.
	  	 	16	 
			
	 7.11.
	 	 Governing Law.
	  	 	16	 

  

  
 -iv-

 NC TRANSACTION, INC. 

RESTORATION PLAN 
 The purpose of the NC Transaction, Inc. Restoration Plan (the “Plan”) is (i) to provide participants with supplemental retirement benefits in addition to the benefits payable from
the Company’s or an Affiliated Entity’s qualified retirement plans and Social Security, (ii) to provide participants, on an unfunded basis, with those retirement benefits which would have become payable under either the NCTI Savings
Plan or the Dow Jones 401(k) Plan but for the limitations directly or indirectly imposed by the Code on the contributions which could have been provided under such plans with respect to employee participants, and (iii) to provide the Company
and its Affiliated Entities with a method of rewarding and retaining its management and highly compensated employees. 
 This
Plan is intended to qualify as a plan solely for the benefit of a select group of management and highly compensated employees of the Company and certain of its subsidiary and affiliated business entities under the Employee Retirement Income Security
Act of 1974, as amended, and shall be administered and interpreted in a manner consistent with such intent. 
 ARTICLE 1.
DEFINITIONS 
 When used in this document, capitalized words and phrases will have the following meanings unless the context
clearly requires a different meaning: 
 1.1. “Account”

means the account established on the Company’s books and records for each Participant which reflects the deferred amounts which the
Company promises to pay to the Participant under the terms and conditions of this Plan. Each Participant’s Account may be subdivided into multiple subaccounts as necessary or convenient to reflect (i) the source of amounts credited to the
subaccount or (ii) Interest Credits accrued pursuant to the Plan. References to a Participant’s “Account” shall refer to the Account in the aggregate, or any subaccount, as the context may dictate. 

1.2. “Additional Compensation”
 means the amount of a Participant’s annual Compensation, determined pursuant to Section 1.9, in excess of the Compensation Limit. In addition, the Committee, in its sole and absolute discretion,
may elect to include other amounts in the Additional Compensation of an individual Participant. 
 1.3. “Affiliated
Entity”
 means any corporation, limited liability company, partnership, or other business entity or division or
department of an entity having employees to whom the Board of Directors has extended (with the acceptance of such entity) the benefits of this Plan, or any successor entities of such an entity. 

 1.4. “Beneficiary” 

means the person or persons designated as such by a Participant pursuant to Section 4.2(c) hereof to receive any amounts payable
under this Plan with respect to such Participant following the Participant’s death or, if applicable, the contingent or default Beneficiary determined pursuant to Section 4.2(c). 

1.5. “Board of Directors” 
 means the Board of Directors of NC Transaction, Inc. 
 1.6.
“Code” 
 means the Internal Revenue Code of 1986, as amended from time to time. 

1.7. “Committee” 
 means the Consolidated Plan Committee under the NCTI Savings Plan or any delegate or delegates authorized by the Committee to take action on its behalf. 

1.8. “Company” 
 means NC Transaction, Inc., or its successors. 
 1.9.
“Compensation” 
 means (i) for Participants in the NCTI Savings Plan, a Participant’s
“Compensation” as defined under the NCTI Savings Plan for the Plan Year and (ii) for Participants in the Dow Jones 401(k) Plan, a Participant’s “Compensation” as defined under the Dow Jones 401(k) Plan for the Plan
Year. Notwithstanding the foregoing, Compensation for a Plan Year in excess of the following amounts shall not be taken into account for purposes of this Plan: (i) for the Company’s Chief Executive Officer, Chief Financial Officer and
General Counsel, Compensation in excess of $5 million, (ii) for other Employees of the Executive Leadership team who report directly to the Company’s Chief Executive Officer, Compensation in excess of $2 million, and
(iii) for all Employees not covered by the preceding clauses (i) or (ii), Compensation in excess of $500,000. 

1.10. “Compensation Limit” 
 means an amount determined and adjusted pursuant to Code section 401(a)(17) and the guidance issued thereunder that sets forth the maximum annual Compensation that may be taken into account under the NCTI
Savings Plan or the Dow Jones 401(k) Plan, as applicable. The Compensation Limit for 2013 is $255,000. 

  
 6 

 1.11. “Disability” 

means a condition under which a Participant either (i) is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under an accident and health plan covering Employees of the Company or its Affiliated Entities. 
 1.12.
“Dow Jones 401(k) Plan” 
 means the Dow Jones 401(k) Savings Plan, as amended from time to time.

 1.13. “Eligible Employee” 
 means an Employee who is (i) either (a) an active participant in the NCTI Savings Plan or (b) an active participant in the Dow Jones 401(k) Plan and (ii) is not eligible to participate in
any of the Company’s or an Affiliated Entity’s defined benefit pension plans. 
 1.14. “Employee”

 means any person employed by an Employer (but only while the Employer is, or was, the Company or an Affiliated Entity,
unless otherwise provided in this Plan). Employee shall include an individual who would be an Employee but who is on an approved leave of absence. Employee shall not include, however, any director of the Company or an Affiliated Entity not otherwise
employed as an Employee. 
 1.15. “Employer” 

means the Company or any Affiliated Entity that employs management or other highly compensated Employees who are Eligible Employees.

 1.16. “Employer Credit” 
 means the amount that the Company or an Affiliated Entity credits to a Participant’s Account pursuant to Section 2.2 of the Plan with respect to any Plan Year. 

1.17. “Interest Credit” 
 means the amount credited to a Participant’s Account pursuant to Section 3.1 and determined pursuant to Section 3.2. 

1.18. “NCTI Savings Plan” 
 means the NC Transaction, Inc. Savings Plan, effective as of June 28, 2013, as amended from time to time. 

  
 7 

 1.19. “Participant” 

means an Eligible Employee to whose Account the Company or an Affiliated Entity credits an Employer Credit under the terms of this Plan.

 1.20. “Plan” 
 means the NC Transaction, Inc. Restoration Plan as set forth in this document and as amended from time to time. 
 1.21. “Plan Year” 
 means the twelve-month period beginning
January 1 and ending December 31. 
 1.22. “Separation from Service” 

means the Participant’s death, retirement, or other termination of employment with the Company or an Affiliated Entity, whether
voluntary or involuntary, and shall be construed in accordance with Treasury Regulation Section 1.409A-1(h). For purposes of this Plan, a Separation from Service shall include the date as of which a
person recovers from a Disability and does not return to employment with the Company or any Affiliated Entity and shall not mean a leave of absence as a result of military leave, sick leave, or other bona fide leave of absence if the period of such
leave does not exceed six months, or if longer, so long as the Participant’s right to reemployment with the Company is provided either by statute or by contract and there is a reasonable expectation that the Participant will return to perform
services for the Company or an Affiliated Entity. For a Participant who is employed by an Affiliated Entity, unless otherwise provided by the Committee, in its sole and absolute discretion, a Separation from Service hereunder shall also be deemed to
occur as of the date that such Participant’s Employer ceases to be within the Company’s controlled group, determined pursuant to Code Sections 414(b), (c), or (m), whether by merger, sale, exchange, or other transaction, if such
Participant remains employed by such Affiliated Entity as of and after such transaction. 
 1.23. “Termination of
Employment” 
 means the later to occur of (i) a Participant’s termination of employment with the Company
or an Affiliated Entity, for any reason, whether voluntary or involuntary, or (ii) a Participant’s Separation from Service as an Employee. References to “termination of employment” shall be deemed to refer to a “separation
from service” within the meaning of Code Section 409A. 
 For participants in the NCTI Savings Plan, words and phrases
defined in the NCTI Savings Plan shall have the same meanings when used herein unless expressly provided to the contrary herein. For participants in the Dow Jones 401(k) Plan, words and phrases defined in the Dow Jones 401(k) Plan shall have the
same meanings when used herein unless expressly provided to the contrary herein. 

  
 8 

 ARTICLE 2. PARTICIPATION AND EMPLOYER CREDITS 

2.1. Participation. 
 (a) Participation in the Plan. Participation in the Plan shall be limited to each Eligible Employee with respect to whom allocations of employer contributions under the NCTI Savings Plan or
the Dow Jones 401(k) Plan are reduced or limited as a result of the Compensation Limit. 
 (b) Becoming a
Participant. An Eligible Employee shall become a Participant upon his having an amount credited to his Account as an Employer Credit by the Company or an Affiliated Entity. 

2.2. Employer Credits. 
 (a) Determination of Employer Credits. A Participant in the Plan shall be eligible to receive an Employer Credit equal to 5.5% of such Participant’s Additional Compensation for a Plan
Year. 
 (b) Crediting of Employer Credits. An Employer Credit shall be credited to the Account under the Plan of
a Participant who satisfies the requirements of Section 2.1(a) with respect to each pay period during the Plan Year in which the Participant has received Additional Compensation for such Plan Year. 

2.3. Vesting. 
 Any amount credited to a Participant’s Account, including Employer Credits and Interest Credits on such amounts pursuant to Section 3.1 hereof, will fully (100%) vest upon the Participant’s
attainment of two (2) Years of Service. 
 ARTICLE 3. INTEREST CREDITS 

3.1. Interest Credits. 
 At the end of each Plan Year, at any time designated by the Committee, and immediately prior to the payment of any benefits hereunder, each Participant’s Account shall be credited with Interest
Credits, determined pursuant to Section 3.2, that have accrued over such Plan Year, or if more recent, from the date that a preceding Interest Credit was credited under this Section 3.1, if any. 

3.2. Determination of Interest Credits. 
 Each Participant’s Account shall accrue Interest Credits as if all amounts in the Account, including Employer Credits and previous Interest Credits, were invested in a Money Market interest-bearing
vehicle chosen by the Committee, in its sole and absolute discretion. 

  
 9 

 ARTICLE 4. TERMINATION AND DISTRIBUTION 

4.1. Termination of Active Participation. 
 (a) Direction by Committee. The Committee may direct that a Participant’s active participation in this Plan be terminated at any time regardless of whether the Participant’s
employment with the Company and/or Affiliated Entities has terminated (provided, however, that deferrals shall cease for any Plan Year only to the extent such cessation would not violate Section 409A of the Code). If a Participant’s active
participation in the Plan is terminated and he continues in employment with the Company or an Affiliated Entity, the Participant will not be eligible to receive Employer Credits, but his Account will continue to be deferred and will be credited with
Interest Credits until distributed following his Separation from Service. 
 (b) Termination of Employment. Each
Participant’s active participation in this Plan will terminate automatically upon his Termination of Employment. 
 4.2.
Distribution of Account. 
 A Participant’s Account shall only be distributed upon such Participant’s
Separation from Service and shall be distributed pursuant to this Section 4.2. 
 (a) Form of Distributions.
Upon a Participant’s Separation from Service, the amounts credited to his Account will be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, as provided herein. 

(1) If the balance in a Participant’s Account on the last day of the calendar quarter in which a Separation from
Service occurs is less than or equal to the amount determined under Code Section 402(g) for that Plan Year (the “402(g) Amount”), or if the Participant’s Separation from Service occurs prior to his attainment of age
fifty-five (55), then: 
 (A) if the Participant’s Separation from Service is as a
result of death, the balance of the Participant’s Account will be distributed in a single lump-sum payment in the first (1st) month of the calendar quarter following the effective date of such Separation from Service, or 

(B) if the Participant’s Separation from Service is for any reason other than death, then the balance of all amounts
in the Participant’s Account will be distributed in a single lump-sum payment as soon as administratively practicable following six (6) months after such Participant’s Separation from Service.

 (2) If the balance in a Participant’s Account on the last day of the calendar quarter in which a
Separation from Service occurs is greater than the 402(g) Amount and the Participant’s Separation from Service occurs on or after his attainment of age fifty-five (55), then distribution will be made in ten (10) consecutive annual
installments. Installments will be calculated in the manner described in Section 4.2(b). 

  
 10 

 (A) If the Participant’s Separation from
Service is as a result of death, the first of any installment payments shall be made in the first (1st) month of the calendar quarter following the effective date of such Separation from Service, and any subsequent installments shall be made in January of each year thereafter during the elected
distribution period. 
 (B) If a Participant’s Separation from Service is for any reason other than death,
then the first of any installment payments attributable to all amounts in the Participant’s Account shall be made as soon as administratively practicable following six (6) months after such Participant’s Separation from Service, and
any subsequent installments shall be made in January of each year thereafter during the elected distribution period. 
 (b)
Calculation of Installments. If a distribution is paid in annual installments, each installment payment (except the last) will equal the balance in the Participant’s Account on the last business day preceding the date of payment
divided by the number of remaining installments (including the installment being paid). The final installment will be equal to the balance in the Participant’s Account on the date of payment. 

(c) Beneficiary Designation. Each Participant will have the revocable right to make a written designation of one or more
Beneficiaries and one or more contingent Beneficiaries. The designation of a Beneficiary and/or contingent Beneficiary, and any revocation and new designation, will be effective when received by the Committee. 

(1) In the event of a Participant’s death prior to the payment of all amounts in his Account, remaining amounts will
be paid to the Participant’s Beneficiary or Beneficiaries. If the Participant is predeceased by his designated Beneficiary or Beneficiaries, all remaining amounts will be paid to the Participant’s contingent Beneficiary or Beneficiaries.
If no Beneficiary is designated, or if all designated Beneficiaries and contingent Beneficiaries have predeceased the Participant, any unpaid amounts will be paid to the executor or other legal representative of the Participant’s estate.

 (2) If distribution of the Participant’s Account has begun in installments prior to his death, the
remaining installments will be paid when due to his Beneficiary, contingent Beneficiary, or estate, as the case may be, as determined in subsection (c)(1) above. If distribution has not yet begun, the Participant’s Account will be distributed
to his Beneficiary, contingent Beneficiary, or estate, as the case may be, in accordance with Section 4.2(a). Notwithstanding the foregoing, if a Participant has no surviving Beneficiary or contingent Beneficiary, the Committee may, in its sole
and absolute discretion, direct that the unpaid balance in his Account be paid in a single lump-sum payment to the Participant’s estate. 

  
 11 

 ARTICLE 5. ADMINISTRATION OF PLAN 

5.1. Committee Action and Delegation. 
 (a) Committee Action. The action of the Committee will be determined by the vote or other affirmative expression of a majority of its members. Action may be taken by the Committee at a
meeting or in writing without a meeting. The members of the Committee will elect one of their number as chairman and will select a secretary who may (but need not) be a member of the Committee. The secretary will keep a record of all meetings and
acts of the Committee and will have custody of all records and documents pertaining to its operations. Any member or the secretary may execute any certificate or other written direction on behalf of the Committee. 

(b) Delegation of Duties. The Committee may delegate all or any portion of its duties to a member of the Committee or
another person selected to be Plan Administrator. The Committee may retain an independent record keeper for purposes of Plan administration and delegate to the record keeper the responsibility for maintaining Participants’ Accounts and
distributions. 
 5.2. Effect of Committee’s Action. 

(a) Interpretation of Plan. The Plan will be interpreted by the Committee in accordance with the terms of the Plan and their
intended meanings. However, the Committee will have the authority to make any findings of fact needed in the administration of the Plan and will have the discretion to interpret or construe ambiguous, unclear, or implied (but omitted) terms in any
fashion it deems to be appropriate in its sole and absolute discretion. The validity of any such finding of fact, interpretation, construction, or decision will not be given de novo review if challenged in court or in any other forum and will
be upheld unless clearly arbitrary and capricious. 
 (b) Discretionary Authority. To the extent the Committee or
any Committee delegate has been granted discretionary authority under the Plan, the prior exercise of such authority will not obligate it to exercise such authority in a like fashion thereafter. 

(c) Corrective Amendments. If, due to errors in drafting, any Plan provision does not accurately reflect its intended
meaning, as demonstrated by consistent interpretations or other evidence of intent, or as determined by the Committee in its sole and exclusive judgment, the provision will be considered ambiguous and will be interpreted by the Committee in a
fashion consistent with its intent, as determined by the Committee. The Committee will amend the Plan retroactively to cure any such ambiguity, notwithstanding anything in the Plan to the contrary. 

(d) Committee Actions Binding. This Section 5.2 may not be invoked by any person to require the Plan to be interpreted
in a manner which is inconsistent with its interpretation by the Committee. All actions taken and all determinations made in good faith by the Committee will be final and binding upon all persons claiming any interest in or under the Plan.

  
 12 

 ARTICLE 6. CLAIMS PROCEDURE 

6.1. Claims. 
 (a) Claims for Benefits. Any claim for benefits by a Participant or anyone claiming through a Participant under the Plan (the “Claimant”) shall be delivered in
writing (or in such electronic form as designated by the Committee) by the Claimant to the Committee. The claim shall identify the benefits being requested and shall include a statement of the reasons why the benefits should be granted. The
Committee shall grant or deny the claim. If the claim is denied in whole or in part, the Committee shall give written (or in such electronic form as designated by the Committee) notice to the Claimant setting forth: (a) the reasons for the
denial, (b) specific reference to pertinent Plan provisions on which the denial is based, (c) a description of any additional material or information necessary to request a review of the claim and an explanation of why such material or
information is necessary, (d) an explanation of the Plan’s claims review procedure, including the right to bring a civil action under Section 502(a) of ERISA following exhaustion of such claims review procedures, (e) a statement
that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, or other information relevant (as defined by Department of Labor Regulation
Section 2560.503-1(m)) to the claim. The notice shall be furnished to the Claimant within a period of time not exceeding ninety (90) days (or forty-five (45) days in the event of a claim
involving a Disability determination) after receipt of the claim, except that such period of time may be extended, if special circumstances should require, for an additional ninety (90) days (or thirty (30) days in the case of a Disability
determination) commencing at the end of the initial ninety (90)-day (or, as applicable, forty-five (45)-day) period. In the case of a claim involving a Disability
determination, the Committee may extend this period for an additional thirty (30) days if the Claimant is notified of the extension before the end of the initial thirty (30)-day extension. Written (or in
such electronic form as designated by the Committee) notice of any such extension shall be given to the Claimant before the expiration of the initial period and shall indicate the special circumstances requiring the extension and the date by which
the final decision is expected to be rendered. 
 (b) Appeals Procedure. A Claimant who has been denied a
claim for benefits, in whole or in part, may, within a period of sixty (60) days (or one hundred and eighty (180) days in the case of a claim involving a Disability determination) following his receipt of the denial, request a review of
such denial by filing a written (or in such electronic form as designated by the Committee) notice of appeal with the Committee. If the written request for review is not made within the specified sixty
(60)-day (or, as applicable, one hundred and eighty (180)-day) period, the Claimant will waive the right to review by the Committee. In connection with an appeal, the
Claimant (or his authorized representative) may review, free of charge, pertinent documents and may submit evidence and arguments in writing (or in such electronic form as designated by the Committee) to the Committee, regardless of whether or not
such information was considered in connection with the initial benefits determination. The Committee may decide the questions presented by the appeal, either with or without holding a hearing, and shall issue to the Claimant a written (or in such
electronic form as designated by the Committee) notice setting forth: (a) the specific reasons for the decision, (b) specific reference to the pertinent Plan provisions on which the decision is based, (c) a statement that, upon
written request and free of charge, the claimant will be provided reasonable access to, and copies of, all documents, records, 

  
 13 

 
and other information relevant to his claim for benefits, and (d) a statement of the claimant’s right to bring a civil action under ERISA Section 502(a). The notice shall be issued
within a period of time not exceeding sixty (60) days (or forty-five (45) days in the event of a claim involving a Disability determination) after receipt of the request for review; except that such period of time may be extended, if
special circumstances (including, but not limited to, the need to hold a hearing) should require, for an additional sixty (60) days commencing at the end of the initial sixty (60)-day (or, as applicable,
forty-five (45)-day) period. Written (or in such electronic form as designated by the Committee) notice of any such extension shall be provided to the Claimant prior to the expiration of the initial sixty (60)-day (or, as applicable, forty-five (45)-day) period. The decision of the Committee shall be final and conclusive. 

(c) Exhaustion of Remedies. The procedures under this Section 6.1 shall be the exclusive procedures for
claiming benefits under the Plan. No legal or equitable action for benefits under the Plan shall be brought unless and until the Claimant (i) has submitted a written (or in such electronic form as designated by the Committee) application for
benefits in accordance with Section 6.1(a), (ii) has been notified by the Committee that the application is denied, (iii) has filed a written request for a review of the application in accordance with Section 6.1(b), and (iv) has
been notified in writing that the Committee has affirmed the denial of the application; provided, that legal action may be brought after the Committee has failed to take any action on the claim within the time periods prescribed in
Section 6.1(b). 
 (d) Limitation on Commencing Actions. In no event may any legal or equitable action for
benefits under the Plan be brought in a court of law or equity with respect to any claim for benefits more than one (1) year after the final denial (or deemed final denial) of the claim by the Committee. 

ARTICLE 7. MISCELLANEOUS 
 7.1. Amendment or Termination of the Plan.
 The Company reserves the
right to amend or terminate this Plan at any time, provided that no amendment or termination will adversely affect the right of any Participant or Beneficiary to a payment under the Plan or reduce any Participant’s Account. Amendment or
termination will be by written instrument executed by the Company. Notwithstanding the foregoing, upon any termination of this Plan, the Company may, in its sole and absolute discretion, accelerate the payment of amounts under all Accounts upon
termination of this Plan to the extent permissible under Section 409A of the Code without the imposition of the additional tax set forth in Section 409A(a)(1)(B) of the Code. 

7.2. No Contract for Employment. 
 Nothing in the Plan shall confer upon a Participant the right to continue in the employ of the Company or an Affiliated Entity or shall limit or restrict the right of the Company or any Affiliated Entity
to terminate the employment of a Participant at any time with or without cause. 

  
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 7.3. Payments to Persons under Legal Disability.  

If any benefit payment hereunder becomes payable to a Participant determined by the Committee to be under any legal incapacity, payments
under this Plan shall be made instead to the guardian or legal representative of such person and such payment shall constitute a full and complete discharge of all obligations under the Plan to the Participant. 

7.4. Unclaimed Benefits.  
 Each Participant shall keep the Committee informed of his current address and the current address of his Beneficiary(ies). The Committee shall not be obligated to search for the whereabouts of any
Participant or Beneficiary, and if such person cannot be located within three (3) years from the date any payment hereunder is first due to be made, then there shall be no further obligation to pay any benefits under this Plan to such
Participant or Beneficiary, and such benefit shall be irrevocably forfeited. 
 7.5. Multiple Claims for
Benefits.  
 If multiple claims are received by the Committee with respect to any benefits payable under this Plan,
payment by the Committee to such person or persons as the Committee determines to be entitled to receive such payment shall constitute a full and complete discharge of all obligations under this Plan with respect to such payment. Benefit payments
under this Plan may be suspended by the Committee pending resolution of multiple claims to the satisfaction of the Committee. 

7.6. Construction.  
 Unless the contrary is plainly required by the context, wherever any words are used herein in the masculine gender, they shall be construed as though they were also used in the female gender, and vice
versa, and wherever any words are used herein in the singular form, they shall be construed as though they were also used in the plural form, and vice versa. The section and other headings contained in this Plan are for reference purposes only and
will not control or affect the construction of this Plan or its interpretation in any respect. Section and subsection references are to this Plan unless otherwise specified. 
 7.7. Funding.  
 (a) This Plan is an unfunded plan of deferred
compensation which is not intended to meet the qualification requirements of Section 401 of the Code. Each Participant’s Account represents the unsecured contractual obligation of the Company. 

(b) Although not obligated to do so, the Company may choose to set aside funds or other assets to assist in funding its obligations under
this Plan. Such funds or assets may be placed in trust with a trustee selected by the Committee subject to such agreement as the Committee may approve. The Committee will direct the investment of any such funds in a manner designed to assist the
Company in meeting its obligations. The principal and any earnings on funds set aside in trust will be used exclusively to assist the Company in meeting its obligations under this Plan, but Participants and any Beneficiaries will have no preferred
claim on, or any beneficial ownership in, any assets of the trust prior to the time any such assets are paid to the Participants or Beneficiaries as benefits. All assets in the trust will be subject to the claims of the Company’s general
creditors under state and federal law in the event of insolvency or bankruptcy of the Company. 

  
 15 

 (c) No Participant will have any right, title, or interest in or to any investments
which the Company may make to aid in meeting its obligations under this Plan. Nothing contained in this document and no action taken pursuant to its provisions will create, or be construed to create, a trust of any kind or a fiduciary relationship
between the Company or the Committee and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to this Plan, such rights will be no greater than the right of an unsecured
creditor of the Company. 
 7.8. Participant’s Interest.  

No Participant may assign, transfer, alienate, or encumber in any manner his interest under this Plan. No Participant may borrow funds and
grant a security interest or otherwise pledge his rights under this Plan. No provision of this Plan will be construed to limit the right of the Company to discharge any Participant or to confer upon any Participant the right to continued employment
or any other right not specifically granted in this document. 
 7.9. Withholding.  

To the extent required by federal, state, and local laws, distributions from the Plan shall be subject to income tax and other withholding
obligations. 
 7.10. Severability.  
 If any provision in the Plan is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being
impaired or invalidated in any way. 
 7.11. Governing Law.  

This Plan and all rights thereunder, and any controversies or disputes arising with respect thereto, shall be governed by and construed
and interpreted in accordance with the laws of the State of New York, applicable to agreements made and to be performed entirely within such State, without regard to conflict of laws provisions thereof that would apply the law of any other
jurisdiction. 

  
 16

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