Document:

exhibit101_separationagree.htm

    
                                                                EXHIBIT
      10.1

     

                                                                    EXECUTION
      COPY

    

    

     

    SEPARATION
      AGREEMENT

     

     

    This
      SEPARATION AGREEMENT (this "Agreement"), dated as of February 26, 2008,
      is hereby entered into between The DIRECTV Group, Inc., a Delaware corporation
      ("DIRECTV" or "the Company"), and News Corporation, a Delaware
      corporation ("News").

     

     

    WHEREAS,
      News has entered into a Share Exchange Agreement with Liberty Media Corporation
      ("Liberty"), dated as of December 22, 2006 ("Exchange Agreement"),
      pursuant to which Liberty has agreed, among other things, to acquire indirectly
      all of the shares of common stock, par value $.01 per share, of DIRECTV owned
      indirectly by News, together with all equity interests of News in each RSN
      Subsidiary and the Cash Amount, in exchange for shares of capital stock of
      News
      beneficially owned by Liberty;

     

     

    WHEREAS,
      for purposes of this Agreement, capitalized terms not otherwise defined herein
      shall have the meanings given such terms in the Exchange Agreement;

     

     

    WHEREAS,
      DIRECTV has been requested or required to take certain actions in connection
      with the Transactions, including making various filings and cooperating with
      various Governmental Authorities; and, in accordance with Section 10.2 of the
      Exchange Agreement, News has agreed to pay, or reimburse DIRECTV for, certain
      fees, costs and expenses incurred by DIRECTV in connection with such
      actions;

     

     

    WHEREAS,
      unanticipated objections have been asserted with respect to the Transactions
      under certain Antitrust Laws or Communications Regulations and the parties
      have
      been advised that the FCC Consent will include, as a condition, that certain
      actions will be taken within one year from the effective date of the FCC
      Consent, with respect to the direct-to-home satellite operations of a Subsidiary
      of DIRECTV in Puerto Rico, or with respect to the cable operations in Puerto
      Rico of a Subsidiary of Liberty Global, Inc. ("LGI"), a former Subsidiary
      of Liberty, or with respect to the ownership of either of the foregoing (the
      "FCC Puerto Rico Condition");

     

     

    WHEREAS,
      neither News nor Liberty may be able to satisfy the FCC Puerto Rico Condition
      in
      accordance with its terms, and DIRECTV has been requested by News and Liberty
      to
      commit or agree to satisfy such FCC Puerto Rico Condition within the time period
      specified in such FCC Puerto Rico Condition (the "DIRECTV Undertakings")
      in accordance with the Undertakings Agreement (as defined below), in order
      to
      enable News and Liberty to consummate the Transactions;

     

     

    WHEREAS,
      the Board of Directors of DIRECTV (the "Board") has established a special
      committee of the Board comprised solely of independent directors (the
      "Special Committee") to consider any actions to be taken by DIRECTV in
      connection with the Transactions;

     

     

    WHEREAS,
      the Special Committee has determined that DIRECTV would be willing to authorize
      the DIRECTV Undertakings in consideration of the arrangements and agreements
      provided for herein, and in consideration of the arrangements and agreements
      concurrently negotiated with Liberty, as set forth in the Undertaking Agreement
      dated as of the date hereof between DIRECTV, News and Liberty (the
      "Undertakings Agreement") attached as Annex 1-A, in light of the pending
      separation of News and the Company upon the consummation of the Transactions;
      and

     

     

    WHEREAS,
      News has determined that, in consideration of the Company's willingness to
      provide the DIRECTV Undertakings and in light of the pending separation of
      News
      and the Company upon the consummation of the Transactions, it is appropriate
      for
      News and the Company to agree upon the arrangements and agreements addressed
      herein.

     

     

    NOW,
      THEREFORE, in consideration of the foregoing and the covenants and agreements
      herein contained, and for other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged, each of the parties hereby agrees
      as follows:

     

     

    1.  Expense
      Reimbursement.

     

     

    1.1  Regardless
      of whether the Transactions are consummated, News hereby agrees that it shall
      reimburse DIRECTV (i) for certain fees, costs and expenses incurred by DIRECTV
      in accordance with Section 10.2 of the Exchange Agreement (including without
      limitation Liberty’s due diligence review of DIRECTV and DIRECTV’s subsidiaries
      or DIRECTV’s actions taken in anticipation of the consummation of the
      Transactions, including without limitation the reasonable fees and expenses
      of
      the outside advisers, accountants and legal counsel of DIRECTV and of the
      Special Committee and any filing fees paid by DIRECTV to any Governmental
      Authority and other reasonable and reasonably documented out-of-pocket fees,
      costs and expenses paid or incurred by DIRECTV or its Affiliates (which term,
      for purposes of this Agreement, shall exclude LMC or any Affiliate of LMC)
      in
      connection with the review of the Transactions by any Governmental Entity)
      and
      (ii) for reasonable and reasonably documented out-of-pocket fees, costs and
      expenses incurred by DIRECTV in connection with the negotiation of this
      Agreement, the Undertakings Agreement or any ancillary documents related to
      entering into those agreements.

     

     

    1.2  News
      shall provide DIRECTV with at least three (3) Business Days’ prior written
      notice of the anticipated Closing Date.  No later than two (2)
      Business Day prior to the anticipated Closing Date, DIRECTV shall, in good
      faith, prepare and deliver to News a certificate (the "Closing Fee
      Certificate"), signed by an officer of DIRECTV setting forth a list of the
      fees,
      costs and expenses incurred by and billed to DIRECTV prior to such date to
      be
      reimbursed by News in accordance with this Section 1, together with reasonable
      supporting documentation.  In the event that News objects to the
      amounts set forth on the Closing Fee Certificate, DIRECTV, News and their
      respective representatives shall promptly resolve such objection prior to the
      Closing in a mutually agreeable manner.  Immediately prior to the
      consummation of the Exchange, News shall pay, in full satisfaction of its
      obligations under this Section 1 to reimburse fees, costs and expenses incurred
      by and billed to DIRECTV prior to the date of the Closing Fee Certificate,
      by
      wire transfer of immediately available funds, the amount set forth on the
      Closing Fee Certificate (as adjusted prior to Closing by mutual agreement of
      DIRECTV and News, if applicable) to an account designated by DIRECTV to News
      no
      later than two (2) Business Days prior to the anticipated Closing
      Date.  Notwithstanding the foregoing, in the event that the Exchange
      Agreement shall have been terminated in accordance with its terms, upon such
      termination this Section 1.2 shall be of no further force and effect and Section
      1.3 shall govern the obligations of News to make the payments provided for
      in
      Section 1.1.

     

     

    1.3  In
      the
      event that the Exchange Agreement shall have been terminated in accordance
      with
      its terms, News shall promptly notify DIRECTV of such
      termination.  Promptly following receipt of such notice, DIRECTV
      will in good faith, prepare and deliver to News a certificate (the
“Termination Event Fee Certificate”), signed by an officer of DIRECTV setting
      forth a list of the fees, costs and expenses incurred by DIRECTV through the
      date of such Termination Event Fee Certificate to be reimbursed by News in
      accordance with this Section 1, together with reasonable supporting
      documentation.  In the event that News objects to the amounts set
      forth on the Termination Event Fee Certificate, DIRECTV, News and their
      respective representatives shall promptly resolve such objection in a mutually
      agreeable manner.  Within two (2) Business Days following receipt of
      the Termination Event Fee Certificate, or, if News shall object to the amounts
      set forth on the Termination Event Fee Certificate, resolution of News’
objection, News shall pay, in full satisfaction of its obligations under this
      Section 1 to reimburse fees, costs and expenses incurred by DIRECTV through
      the
      date of the Termination Event Fee Certificate, by wire transfer of immediately
      available funds, the amount set forth on the Termination Event Fee Certificate
      (as adjusted by mutual agreement of DIRECTV and News, if applicable) to an
      account designated by DIRECTV to News in the Termination Event Fee
      Certificate.

     

     

    1.4  Following
      Closing, DIRECTV shall, in good faith, from time to time, prepare and deliver
      to
      News certificates (each, a "Post-Closing Fee Certificate"), signed by an officer
      of DIRECTV setting forth a list of the fees, costs and expenses incurred by
      DIRECTV prior to the Closing but not previously included in the submission
      of
      the Closing Fee Certificate to be reimbursed by News in accordance with this
      Section 1, together with reasonable supporting documentation.  In the
      event that News objects to the amounts set forth on the Post-Closing Fee
      Certificate, DIRECTV, News and their respective representatives shall promptly
      resolve such objection in a mutually agreeable manner.  Within two (2)
      Business Days following receipt of the applicable Post-Closing Fee Certificate,
      or, if News shall object to the amounts set forth on the Post-Closing Fee
      Certificate, resolution of News’ objection, News shall pay, in full satisfaction
      of its obligations under this Section 1 to reimburse fees, costs and expenses
      incurred by DIRECTV prior to Closing but not previously included in the
      submission of the Closing Fee Certificate, by wire transfer of immediately
      available funds, the amount set forth on such Post-Closing Fee Certificate
      (as
      adjusted by mutual agreement of DIRECTV and News, if applicable) to an account
      designated by DIRECTV to News in such Post-Closing Fee
      Certificate.  Notwithstanding the foregoing, in the event that the
      Exchange Agreement shall have been terminated in accordance with its terms,
      upon
      such termination this Section 1.4 shall be of no further force and
      effect.

     

     

    2.  Actions
      at Closing.  

     

     

    2.1  Immediately
      prior to the consummation of the Exchange, News and DIRECTV shall enter into
      the
      agreements, and take the actions, provided for in Exhibit 1.

     

     

    2.2  Immediately
      prior to the consummation of the Exchange, (a) News shall
      contribute to Splitco, in addition to any amounts to be contributed under
      the Exchange Agreement, the sum of $67,500,000 by wire transfer of
      immediately available funds and (b) Splitco shall contribute to DIRECTV the
      sum
      of $160 million (the “Capital Contribution”) by wire transfer of
      immediately available funds.

     

     

    2.3  The
      payment made under Section 2.2 shall, for all Tax purposes, except as required
      by Law, be treated by the parties hereto and their Affiliates as occurring
      immediately prior to the Exchange and be characterized as (a) a contribution
      of
      capital by News to Splitco for payments made pursuant to 2.2(a) in the amount
      of
      $67,500,000 and (b) a contribution of capital by Splitco to DIRECTV in the
      amount of $160 million for payment made pursuant to Section 2.2(b).

     

     

    3.  Assignment;
      Third Party Beneficiaries.  Any assignment of this Agreement by a
      party without the prior written consent of the other party hereto shall be
      void.  This Agreement is for the benefit of the parties hereto and
      their respective successors and assigns, and no other Person shall have any
      rights under or be deemed a third party beneficiary of this
      Agreement.

     

     

    4.  Severability.  If
      any term, provision, covenant or restriction contained in this Agreement is
      held
      by a court of competent jurisdiction or other authority to be invalid, void
      or
      unenforceable, the remainder of the terms, provisions, covenants and
      restrictions contained in this Agreement shall remain in full force and effect
      and shall in no way be affected, impaired or invalidated so long as the economic
      or legal substance of the transactions and agreements contemplated hereby is
      not
      affected in any manner materially adverse to any party.  Upon such
      determination, the parties shall negotiate in good faith to modify this
      Agreement so as to effect the original intent of the parties as closely as
      possible in an acceptable manner in order that the transactions and agreements
      contemplated hereby be consummated as originally contemplated to the fullest
      extent possible.

     

     

    5.  Entire
      Agreement; Amendments; Waiver.  This Agreement (including the
      Exhibits and Annexes hereto) contains the entire agreement between News and
      DIRECTV concerning the terms of this Agreement.  No modification or
      amendment of this Agreement or waiver of the terms and conditions hereof shall
      be binding upon News or DIRECTV unless approved in writing by each of News
      and
      DIRECTV.  No failure or delay by a party in exercising any right,
      power or privilege hereunder shall operate as a waiver thereof, nor shall
      any single or partial exercise thereof preclude any other or further
      exercise thereof or the exercise of any right, power or privilege
      hereunder.

     

     

    6.  Counterparts.  This
      Agreement may be executed via electronic signature and in separate counterparts,
      each of which shall be deemed to constitute an original which is part of the
      same document.

     

     

    7.  Remedies.  It
      is understood and agreed that monetary damages would not be a sufficient remedy
      for any breach of this Agreement by either of the parties or their respective
      representatives and that each party shall be entitled to equitable relief,
      including an injunction and specific performance, as a remedy for such
      breach.  Without prejudice to the rights and remedies otherwise
      available to a party, including monetary damages, each party agrees that the
      parties shall be entitled to equitable relief by way of injunction or otherwise
      if a party or any of its representatives breaches or threatens to breach any
      of
      the provisions of this Agreement.  Neither rescission, set-off nor
      reformation of this Agreement shall be available as a remedy to any of the
      parties hereto.

     

     

    8.  Governing
      Law.  This Agreement shall be governed by, and construed in
      accordance with, the internal Laws of the State of Delaware, without reference
      to the choice of law principles thereof.

     

     

    9.  Jurisdiction.  The
      parties hereby irrevocably and unconditionally consent to submit to the
      exclusive jurisdiction of the Delaware Chancery Courts, or, if the Delaware
      Chancery Courts do not have subject matter jurisdiction, of the state courts
      of
      the State of Delaware located in Wilmington, Delaware, or of the United States
      of America located in any district within such state, with respect to any Action
      arising out of or relating to this Agreement and the transactions contemplated
      hereby, and further agree that service of any process, summons, notice or
      document by U.S. registered mail to the respective addresses set forth in
      Section 11 of this Agreement shall be effective service of process for any
      Action brought against the parties in any such court.  The parties
      hereby irrevocably and unconditionally waive any objection to the laying of
      venue of any Action arising out of this Agreement or the transactions
      contemplated hereby in the courts referenced in the preceding sentence, and
      hereby further irrevocably and unconditionally waive and agree not to plead
      or
      claim in any such court that any such action, suit or proceeding brought in
      any
      such court has been brought in an inconvenient forum.

     

     

    10.  Waiver
      of Jury Trial.  EACH OF THE PARTIES HERETO IRREVOCABLY AND
      UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
      ANY
      AND ALL RIGHTS TO TRIAL BY JURY IN CONNECTION WITH ANY ACTION OR PROCEEDING
      ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE MATTERS CONTEMPLATED
      HEREBY.

     

     

    11.  Notices.  All
      notices or other communications required or permitted hereunder shall be in
      writing and shall be delivered personally, by facsimile (with confirming copy
      sent by one of the other delivery methods specified herein), by overnight
      courier or sent by certified, registered or express air mail, postage prepaid,
      and shall be deemed given when so delivered personally, or when so received
      by
      facsimile or courier, or, if mailed, three calendar days after the date of
      mailing, as follows:

     

    
      	
              If
                to News:

            	
              News
                Corporation

              1211
                Avenue of the Americas

              New
                York, NY  10036

              Facsimile:  (212)
                768-9896

              Attention:  General
                Counsel

               

            
	
              with
                a copy to:

            	
              Skadden,
                Arps, Slate, Meagher & Flom LLP

              Four
                Times Square

              New
                York, NY  10036

              Facsimile:  (917)
                777-2000

              Attention:  Lou
                R. Kling

                                Howard
                L. Ellin

               

            
	
              If
                to DIRECTV:

            	
              The
                DIRECTV Group, Inc.

              2230
                East Imperial Highway

              El
                Segundo, CA  90245

              Facsimile:  (310)
                964-0838

              Attention:  General
                Counsel

               

            
	
              with
                a copy to:

            	
              Simpson,
                Thacher & Bartlett LLP

              425
                Lexington Avenue

              New
                York, NY  10017-3954

              Facsimile:  (212)
                455-2502

              Attention:  Richard
                Beattie

                                Kathryn
                King Sudol

               

            

    

    

     

    or
      to
      such other address and with such other copies as any party hereto shall notify
      the other parties hereto (as provided above) from time to time.

     

    
      
        
        

      

      
        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as
      of
      the date first written above.

     

     

    THE
      DIRECTV GROUP, INC.

    By:    /s/
      LARRY D. HUNTER

     

    Name:  Larry
      D. Hunter

     

    Title:  Executive
      Vice President and General Counsel

     

     

     

    NEWS
      CORPORATION

    By:   /s/
      LAWRENCE JACOBS

     

    Name: Lawrence
      Jacobs 

     

    Title: Senior
      Executive Vice President and General Counselexhibit102_noncompete.htm

    EXHIBIT
      10.2

     

    EXECUTION
      VERSION

     

    Confidentiality,  Non-Solicitation
      and Non-Competition Agreement

     

    This
      Confidentiality, Non-Solicitation and Non-Competition Agreement, dated as of
      December 22, 2006, is hereby entered into between The DirecTV Group, Inc.,
      a
      Delaware corporation (the “Company”), and News Corporation, a Delaware
      corporation (“News”).

     

    WHEREAS,
      News through its wholly owned subsidiary Fox Entertainment Group, Inc. (“FEG”)
      owns certain shares of common stock, par value $.01 per share, of the Company
      (the “Common Stock”);

     

    WHEREAS,
      News has entered into an agreement with Liberty Media Corporation (“Liberty”) to
      cause to be transferred to Liberty all of the Common Stock in exchange for
      the
      transfer to News by Liberty and its affiliates of certain shares of Class A
      common stock, par value $.01 per share, and certain shares of Class B common
      stock, par value $0.01 per share, of News (the “Transaction”);

     

    WHEREAS,
      in connection with the Transaction, News has formed, a special purpose entity
      which is a Delaware corporation (“Splitco”) to hold, among other things, all of
      the Common Stock;

     

    WHEREAS,
      as of the closing of the Transaction, (i) Liberty will acquire 100% of the
      issued and outstanding common stock, par value $0.01 per share of Splitco and,
      through such ownership of Splitco, indirectly own 100% of the Common Stock
      and
      (ii) News will not own directly or indirectly any shares of common stock, par
      value $.01 per share, of the Company or any other equity or other voting
      securities of the Company;

     

    WHEREAS,
      in connection with the Transaction, the Company has provided certain
      confidential information regarding the Company and its subsidiaries and
      affiliates to Liberty pursuant to a confidentiality agreement, dated as of
      August 28, 2006, between the Company and Liberty;

     

    WHEREAS,
      News acknowledges the highly competitive nature of the businesses of the Company
      and its subsidiaries and affiliates and further acknowledges that it has been
      provided with access to sensitive, proprietary and confidential information
      of
      the Company and has been provided with the opportunity to develop relationships
      with customers, vendors, prospective customers, prospective vendors, employees
      and other agents of the Company, which, in each case, News acknowledges and
      agrees constitute valuable assets of the Company;

     

    NOW,
      THEREFORE, in consideration of the foregoing and the covenants and agreements
      herein contained, and for other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged, each of the parties hereby agrees
      as follows:

     

    1.  Definitions.

     

    (a)           “affiliate”
      shall mean, with respect to any person, any other person that, directly or
      indirectly, through one or more intermediaries, controls, is controlled by,
      or
      is under common control with, such person; provided, however that the
      term “affiliate” when used with respect to News or any affiliate of News shall
      not include the Company or any of its subsidiaries.  The term
“control” means the possession, directly or indirectly, of the power to direct
      or cause the direction of the management and policies of a person, whether
      through the ownership of voting securities, by contract or otherwise, including
      the ability to elect the members of the board of directors or other governing
      body of a person, and the terms “controlled” and “controlling” have correlative
      meanings.

     

    (b)           “Effective
      Date” shall mean the date on which the Transaction is consummated.

     

    (c)           “Proprietary
      Information” shall mean all non-public, proprietary or confidential information
      obtained by News or its Representatives in connection with News’ prior ownership
      of shares of Common Stock or as a result of certain individuals affiliated
      with
      News or its Representatives serving on the Board of Directors of the Company,
      including without limitation trade secrets, know-how, research and development,
      software, databases, inventions, processes, formulae, technology, designs and
      other intellectual property, information concerning finances, investments,
      profits, pricing, costs, products, services, vendors, customers, customers,
      joint venture partners, personnel, recruiting, advertising, sales, marketing,
      promotions, government and regulatory activities and approvals, concerning
      the
      past, current or future business, activities and operations of the Company
      or
      any of its subsidiaries or affiliates.  “Proprietary Information” does
      not include, however, information which (i) is or becomes generally available
      to
      the public, other than as a result of a disclosure by News or its
      Representatives, (ii) was or becomes available to News from a person other
      than
      the Company or any of the Company’s Representatives who is not known by News, in
      good faith, to be bound by a confidentiality agreement with the Company or
      any
      of the Company’s Representatives, or is otherwise not known by News, in good
      faith, to be under an obligation to the Company or any of the Company’s
      Representatives not to disclose the information, or (iii) News can establish
      was
      or is independently developed by News or its Representatives without reliance
      upon any Proprietary Information.

     

    (d)           “Representative”
      shall mean, with respect to any person, such person’s subsidiaries and
      affiliates and such person’s and their subsidiaries’ and controlled affiliates’
directors, officers, employees, agents, advisors (including, without limitation,
      financial advisors, legal counsel and accountants) and controlling
      persons.

     

    (e)           “person”
      shall mean any corporation, limited liability company, partnership, other entity
      or individual.

     

    2.  Confidentiality.  News
      agrees that,  it will, and it will cause its Representatives to, keep
      all Proprietary Information in its possession as of the Effective Date
      confidential and refrain from using such Proprietary Information;
provided, that, notwithstanding anything to the contrary herein, News may
      use such Proprietary Information to the extent reasonably necessary for purposes
      of preparing and filing tax returns, corresponding with tax authorities,
      preparing accounting records, and in connection with any litigation, including,
      without limitation, litigation arising out of, relating to resulting from the
      Transaction or the subject matter of such Proprietary
      Information.  News agrees to be responsible for any breach of this
      Agreement by any of its Representatives.

     

    3.  Non-Solicitation/Non-Hire.  News
      acknowledges that the Company’s employees are a key component to the Company’s
      success and that the preservation of the Company’s employee base is critical to,
      among other things, the Company’s prospects.  Consequently, News
      agrees that, for a period of two (2) years from the Effective Date, without
      the
      prior written consent of the Company, News will not, and will cause its
      affiliates not to, directly or indirectly, (a) solicit any individual who is
      an
      executive officer or other member of senior management of the Company at the
      Effective Date or at any time thereafter to leave his or her employment with
      the
      Company or interfere with the employment relationship between the Company and
      any individual who is an executive officer or other member of senior management
      of the Company at the Effective Date or at any time thereafter, or (b) hire
      any
      individual who is an executive officer or other member of senior management
      of
      the Company at the Effective Date or at any time thereafter or any individual
      was an executive officer or other member of senior management of the Company
      during the twelve (12) month period preceding the Effective Date;
provided that the foregoing restrictions shall not shall not prohibit
      News or its affiliates from soliciting or hiring any individuals through the
      placement of general advertisements of employment opportunities which are not
      specifically directed at employees of the Company.

     

    4.  Non-Competition.

     

    (a)           News
      covenants and agrees that, for a period of four (4) years from the Effective
      Date (the “Restricted Period”), News shall not, and shall cause its affiliates
      not to, directly or indirectly, as a stockholder, owner, equityholder, manager,
      operator, lender, investor, consultant, member, partner, licensor, contractor,
      agent or in any other capacity, engage or participate in a Restricted Business
      (as defined below) anywhere in North America or South America where the
      Restricted Business was operated by the Company prior to the Effective
      Time.  The term “Restricted Business” means the business of providing
      direct-to-home delivery of video services by satellite.

     

    (b)           Notwithstanding
      anything herein to the contrary, the restrictions set forth herein shall not
      be
      applicable to any of the following: (i) any acquisition, directly or indirectly,
      after the date of this Agreement by News or any of its affiliates (whether
      by
      merger, share exchange, purchase of securities or assets or otherwise) of a
      person or any interest therein which is engaged in a Restricted Business so
      long
      as the Restricted Business conducted by such other person and its affiliates
      does not constitute more than ten percent (10)% of its business (as measured
      by
      such person’s consolidated revenues for each of the two last fiscal years prior
      to such acquisition); provided that News will promptly inform the Company in
      the
      event of the acquisition of control of any such person (and, if so requested
      by
      the Company, provide the Company with such information as the Company may
      reasonably require for the purposes of enabling the Company to verify that
      the
      Restricted Business in question accounts for no more than ten percent (10%)
      of
      such person’s total business (as measured by such person’s consolidated revenues
      for each of the two last fiscal years prior to such acquisition)) and further
      that it will, or will cause its affiliate to, sell or otherwise dispose of
      the
      Restricted Business to a third party or to the Company as soon as practicable
      after such acquisition of control (but in no event later than six (6) months
      after such acquisition) and News will, or will cause its affiliate to, permit
      the Company to participate in any sale process relating to the disposal of
      the
      Restricted Business as a potential purchaser thereof on a basis no less
      preferential to any other potential purchaser; (ii) the acquisition, directly
      or
      indirectly, by News of securities listed on any securities exchange of any
      person that is engaged or participates in a Restricted Business, provided that
      (x) such person is not primarily engaged in a Restricted Business (as measured
      by such person’s consolidated revenues for each of the two last fiscal years
      prior to such acquisition) and (y) News and its affiliates would not, in the
      aggregate (after giving effect to such acquisition), own directly or indirectly
      five percent (5%) or more of the outstanding voting power or capital stock
      of
      such person at the time of such acquisition; or (iii) the acquisition, directly
      or indirectly, by News of securities not listed on any securities exchange
      of
      any person that is engaged or participates in a Restricted Business, provided
      that (x) such person is not primarily engaged in a Restricted Business (as
      measured by such person’s consolidated revenues for each of the two last fiscal
      years prior to such acquisition) and (y) News and its affiliates would not,
      in
      the aggregate (after giving effect to such acquisition), own directly or
      indirectly more than ten percent (10%) of the outstanding voting power or
      capital stock of such person at the time of such acquisition and neither News
      nor its affiliates would possess any management or other rights to direct the
      operations of such person (after giving effect to such
      acquisition).

     

    5.  Remedies.  It
      is understood and agreed that monetary damages may not be sufficient remedy
      of
      any breach of this Agreement by either of the parties or their respective
      Representatives and that each party may be entitled to seek equitable relief,
      including seeking an injunction and specific performance, as a remedy for such
      breach. Without prejudice to the rights and remedies otherwise available to
      a
      party, including monetary damages, each party agrees that the parties shall
      be
      entitled to seek equitable relief by way of injunction or otherwise if a party
      or any of its Representatives breach or threaten to breach any of the provisions
      of this Agreement.

     

    6.  Governing
      Law. This Agreement shall be governed by and construed in accordance with
      the laws of the State of New York.

     

    7.  Jurisdiction.  The
      parties hereby irrevocably and unconditionally consent to submit to the
      nonexclusive jurisdiction of the courts of the Southern District of New York
      and
      of the United States of America located in the Southern District of New York
      with respect to any actions, suits or proceedings arising out of or relating
      to
      this agreement and the transactions contemplated hereby, and further agree
      that
      service of any process, summons, notice or document by U.S. registered mail
      to
      the respective addresses set forth on the first page of this agreement shall
      be
      effective service of process for any action, suit or proceeding brought against
      the parties in any such court.  The parties hereby irrevocably and
      unconditionally waive any objection to the laying of venue of any action, suit
      or proceeding arising out of this agreement or the transactions contemplated
      hereby, in the courts of the Southern District of New York and of the United
      States of America located in the Southern District of New York, and hereby
      further irrevocably and unconditionally waive and agree not to plead or claim
      in
      any such court that any such action, suit or proceeding brought in any such
      court has been brought in an inconvenient forum.

     

    8.  Assignment;
      Third Party Beneficiaries.  Any assignment of this Agreement by a
      party without the prior written consent of the other party shall be
      void.  This Agreement is for the benefit of the parties hereto and
      their respective successors and assigns, and no other person shall have any
      rights under or be deemed a third party beneficiary of this Agreement except
      as
      expressly provided in this Section 8.  The parties intend for the
      benefits, rights and remedies of this Agreement to extend to Splitco, as an
      express third party beneficiary of this Agreement, from and after the Effective
      Date but solely until the first date, if any, upon which Splitco and its
      affiliates shall cease to hold voting securities representing, in the aggregate,
      10% of the aggregate voting power of the Company (or any successor to the
      Company, whether by consolidation, business combination, acquisition, or merger,
      or any entity which shall acquire a majority of the Company’s voting power,
      whether tender or exchange offer or otherwise, or any entity to which the
      Company shall sell, lease or otherwise transfer all or substantially all of
      its
      assets).  Any right of Splitco to enforce this Agreement will be
      subordinate to the Company’s rights of enforcement and may be undertaken only
      following a request to the Company and the Company’s failure to take the actions
      reasonably requested by Splitco.  For purposes of enforcement of this
      Agreement, in the event that Splitco has the right to enforce this Agreement
      pursuant to the immediately preceding sentence, Splitco will be deemed to have
      all rights and remedies available to the Company, except that, in determining
      any monetary damages payable to Splitco in any such action, such monetary
      damages will be equal to Splitco’s proportionate interest (based on its
      ownership of the outstanding equity of the Company) in the monetary damages
      suffered or incurred by the Company as a whole.

     

    9.  Severability.  It
      is expressly understood and agreed that although News and the Company consider
      the restrictions contained in this Agreement to be reasonable, if a final
      judicial determination is made by a court of competent jurisdiction that the
      time or territory or any other restriction contained in this Agreement is an
      unenforceable restriction against News or its affiliates, the provisions of
      this
      Agreement shall not be rendered void but shall be deemed amended to apply as
      to
      such maximum time and territory and to such maximum extent as such court may
      judicially determine or indicate to be enforceable (provided that in no event
      shall any such amendment broaden the time period or scope of any restriction
      herein).  Alternatively, if any court of competent jurisdiction finds
      that any restriction contained in this Agreement is unenforceable, and such
      restriction cannot be amended so as to make it enforceable, such finding shall
      not affect the enforceability of any of the other restrictions contained
      herein

     

    10.  Entire
      Agreement; Amendments; Waiver. This Agreement contains the entire agreement
      between you and us concerning the terms of this Agreement.  No
      modification or amendment of this Agreement or waiver of the terms and
      conditions hereof shall be binding upon you, us or, for as long as Splitco
      is a
      third party beneficiary of this Agreement, Splitco, unless approved in writing
      by each of you, us and, for as long as Splitco is a third party beneficiary
      of
      this Agreement, Splitco.  No failure or delay by a party in exercising
      any right, power or privilege hereunder shall operate as a waiver thereof,
      nor
      shall any single or partial exercise thereof preclude any other or further
      exercise thereof or the exercise of any right, power or privilege
      hereunder.

     

    11.  Counterparts.  This
      Agreement may be executed via facsimile and in separate counterparts, each
      of
      which shall be deemed to constitute an original which is part of the same
      document.

     

    12.  Effectiveness.
      This Agreement shall take effect upon the Effective Date.

     

    

    IN
      WITNESS WHEREOF, each of the
      undersigned has duly executed this agreement as of the date first written
      above.

     

    THE
      DIRECTV GROUP, INC.

     

    By:_/s/
      LARRY D. HUNTER 

     

    Name:                      Larry
      D. Hunter

     

    Title:                      Executive
      Vice President & General Counsel

     

    NEWS
      CORPORATION

     

    By:
      _/s/ JANET NOVA

    Name:
      Janet Nova

    Title:
      Senior Vice President

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