Document:

EX-10.1

 Exhibit 10.1 

CONFORMED EXECUTION VERSION 

SECOND AMENDMENT TO 

BRIDGE CREDIT AGREEMENT 

This SECOND AMENDMENT TO BRIDGE CREDIT AGREEMENT, dated as of September 21, 2018 (this “Amendment”), among 21st Century
Fox America, Inc., a Delaware corporation (the “Borrower”), Twenty-First Century Fox, Inc., a Delaware corporation (the “Parent Guarantor”) and the Lenders under the Credit Agreement (each as defined below) party
hereto amends the Bridge Credit Agreement, dated as of December 15, 2016 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time (including pursuant to that certain First Amendment to Bridge Credit
Agreement, dated as of July 11, 2018), including all Schedules and Exhibits thereto, the “Credit Agreement”) by and among, inter alios, the Borrower, the Parent Guarantor, the lenders party thereto from time to time
(hereinafter collectively referred to as the “Lenders”), and J.P. Morgan Europe Limited, as designated agent (the “Designated Agent”). 

W I T N E S S E T H: 

WHEREAS, the Borrower has appointed each of Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and JPMorgan Chase Bank, N.A. to act
as joint lead arranger and joint bookrunner with respect to this Amendment (each a “Second Amendment Arranger” and, collectively, the “Second Amendment Arrangers”) and each Second Amendment Arranger has agreed to
act in such roles; 
 WHEREAS, the Borrower, the Parent Guarantor and the Lenders party hereto constituting the Required Lenders,
Required Tranche 1 Lenders and Required Tranche 2 Lenders wish to amend the Credit Agreement as set forth herein; 
 WHEREAS, the
Borrower and the Parent Guarantor have requested that certain of the Lenders (such Lenders, the “Second Amendment Additional Lenders”) provide additional Tranche 1 Commitments (the “Second Amendment Additional Tranche 1
Commitments”) in an aggregate principal amount of £1,840,000,000.00, which shall be available starting on the Second Amendment Effective Date (as defined below) and structured as an increase in the principal amount of Tranche 1
Commitments under the Credit Agreement; and 
 WHEREAS, each Second Amendment Additional Lender has agreed on a several and not joint
basis to provide 25% of the Second Amendment Additional Tranche 1 Commitments subject to the terms and conditions set forth in this Amendment. 

NOW THEREFORE, in consideration of the foregoing recital, mutual agreements contained herein and for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Parent Guarantor and the Lenders party hereto hereby agree as follows: 

Section 1.     Defined Terms. All capitalized terms used but not defined in this
Amendment shall have the respective meanings specified in the Credit Agreement and as used herein. 

 Section 2.     Amendments to the Credit
Agreement. Subject to the satisfaction of the conditions set forth in Section 4 of this Amendment, the following amendments shall be made to the Credit Agreement: 

(a)     Amended Definitions. The below definitions as set forth in Section 1.01 of the
Credit Agreement are amended as follows: 
 (i)    Clause (d) of the definition of “Certain
Funds Default” is amended and restated in its entirety as follows: 
 “(d)    Section 6.01(d) as it relates to
the failure to perform any of the following covenants: (i) Section 5.01(k) (other than paragraph (viii), (ix) and (xiv) thereof), (ii) Section 5.02(a), (iii) Section 5.02(b), (iv) Section 5.02(f)(ii) or (vi) the
covenants set forth in Section 5(a), 5(b)(i), 5(c), 5(d) or 5(e) of the Second Amendment.” 

(ii)    The definition of “Fee and Syndication Letter” is amended and restated in its entirety as
follows: 
 ““Fee and Syndication Letter” means a collective reference to (a) that certain Fee and Syndication
Letter, dated as of December 15, 2016, by and among the Borrower, the Agents and the Initial Lenders, (b) that certain Supplemental Fee and Syndication Letter, dated as of the First Amendment Effective Date, by and among the Borrower, the
Agents and the Additional Lenders (as defined in the First Amendment) and (c) that certain Second Amendment Supplemental Fee Letter (as defined in the Second Amendment).” 

(iii)    The definition of “Materially Adverse Amendment” is amended and restated in its entirety
as follows: 
 ““Materially Adverse Amendment” means a modification, amendment or waiver to or of the terms or
conditions of the Scheme or Takeover Offer (as the case may be) compared to the terms and conditions that were included in the Original Press Release as amended or superseded by the draft of the Press Release or Offer Press Announcement (as the case
may be) delivered pursuant to Section 5(c) of the Second Amendment that is materially adverse to the interests of the Lenders, it being acknowledged (except as otherwise agreed in writing by the Arrangers) that, a change to the consideration
(other than to the extent the consideration consists of cash (in an amount per Target Share not greater than the amount already offered), common stock of the Parent Guarantor or a combination of the two) for the Target Shares would be materially
adverse to the Lenders, but that a waiver of a pre-condition which then becomes a condition to be satisfied in connection with the Target Acquisition would not be materially adverse to the interests of the
Lenders, and; provided, that any modification, amendment or waiver required pursuant to the City Code or by a court of competent jurisdiction or the Panel shall not be a Materially Adverse Amendment.” 

(iv)    The definition of “Tranche 1 Commitment” is amended and restated in its entirety as
follows: 
 ““Tranche 1 Commitment” means, as to any Lender, the commitment of such Lender to make an Advance pursuant
to Section 2.01, as such commitment may be reduced from time to time pursuant to the terms hereof. The initial amount of each Lender’s Tranche 1 Commitment is (a) the amount set forth in the column labeled “Tranche 1
Commitment” opposite such Lender’s name on Schedule I hereto, (b) the amount set forth in the column labeled “Additional Tranche 1 Commitment” opposite such Lender’s name on Schedule I to the First Amendment,
(c) as to each Second Amendment Additional Lender (as defined in the Second Amendment), the amount set forth in the column labeled “Second 

  
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Amendment Additional Tranche 1 Commitments” opposite such Second Amendment Additional Lender’s name on Schedule I to the Second Amendment or, in any case, (d) if such Lender has
entered into any Assignment and Assumption, the amount set forth for such Lender in the Register maintained by the Designated Agent pursuant to Section 9.07(c), as such amount may be reduced pursuant to Section 2.04.” 

(b)    Additional Definitions. The following definitions shall be inserted in alphabetical order in
Section 1.01 of the Credit Agreement: 
 “Disney Merger Agreement” means that
certain Amended and Restated Agreement and Plan of Merger, dated as of June 20, 2018, among the Parent Guarantor, The Walt Disney Company, TWDC Holdco 613 Corp., WDC Merger Enterprises I, Inc., and WDC Merger Enterprises II, Inc., as it may be
amended, restated, supplemented or otherwise modified from time to time. 
 “Second Amendment” means that
certain Second Amendment to Bridge Credit Agreement, dated as of September 21, 2018, by and among the Parent Guarantor, the Borrower, the Second Amendment Additional Lenders (as defined therein) party thereto, the other Lenders party thereto
and the Designated Agent. 
 “Second Amendment Additional Tranche 1 Commitments” has the meaning set forth
in the Second Amendment, which, following the Second Amendment Effective Date, shall constitute Tranche 1 Commitments hereunder. 

“Second Amendment Effective Date” means the “Second Amendment Effective Date” under and as defined
in the Second Amendment, which occurred on September 21, 2018. 
 (c)    Amended Sections. 

(i)    Clause (a) of Section 2.02 of the Credit Agreement is amended and restated in its entirety
as follows: 
 “(a) Each Borrowing shall be made on notice, given not later than (x) 1:00 P.M. (London time) on the second Business
Day prior to the date of the proposed Borrowing, by the Borrower to the Designated Agent, which shall give to each Lender prompt notice thereof by telecopier or other electronic communication. Each such notice of a Borrowing (a “Notice of
Borrowing”) shall be by telephone, confirmed immediately in writing, telecopier or other electronic communication in substantially the form of Exhibit B hereto, specifying therein the requested (i) date of such Borrowing,
(ii) aggregate amount of such Borrowing, (iii) Class of Advances comprising such Borrowing and (iv) initial Interest Period for each such Advance. Each Lender shall, before 10:00 A.M. (New York City time) on the date of such
Borrowing make available for the account of its Eurocurrency Lending Office to the Designated Agent at the Designated Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing. After the Designated Agent’s
receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Designated Agent will make such funds available to the Borrower at the Designated Agent’s address referred to in Section 9.02. 

  
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 (ii)    The proviso at the end of clause (a) of
Section 2.03 of the Credit Agreement is amended and restated in its entirety as follows: “provided, further, however, that (i) Commitment Fees in respect of the Additional Tranche 1 Commitments shall begin to
accrue on the First Amendment Effective Date and (ii) Commitment Fees in respect of the Second Amendment Additional Tranche 1 Commitments shall begin to accrue on the Second Amendment Effective Date (whether or not established on such
date)”. 
 (iii)    Clause (k)(i) of Section 5.01 of the Credit Agreement is amended and
restated in its entirety as follows: 
 “(i)    Issue a Press Release or, as the case may be, an Offer Press
Announcement (in the form delivered to the Designated Agent pursuant to Section 5(c) of the Second Amendment, subject to such amendments as are not Materially Adverse Amendments or have been approved by the Arrangers in writing acting
reasonably (such approval not to be unreasonably withheld, delayed or conditioned)) within 5 Business Days of the Second Amendment Effective Date.” 

(iv)    Clause (k)(vii) of Section 5.01 of the Credit Agreement is amended and restated in its
entirety as follows: 
 “(vii)    Not take any action, and procure that none of its Affiliates nor any person
acting in concert with it (within the meaning of the City Code) takes any action, which would require a change to be made to the terms of the Scheme or the Takeover Offer (as the case may be) pursuant to Rule 6 or Rule 11 of the City Code which
change, if made voluntarily, would be a Materially Adverse Amendment.” 
 (v)    The first paragraph
of Section 5.03 of the Credit Agreement is amended and restated in its entirety as follows: 
 “Financial Covenant. So long
as any Advance shall remain unpaid or any Lender shall have any Commitment hereunder, the Parent Guarantor will maintain a ratio (the “Operating Income Leverage Ratio”) determined on the last day of each fiscal quarter of the Parent
Guarantor for the Rolling Period then ended of (i) the aggregate principal amount, without duplication, of (A) Consolidated Debt of the Parent Guarantor described in clauses (a), (c) and (e) of the definition of Debt, plus
(B) Excess Guaranty Debt, plus (C) preference shares that constitute debt under GAAP, minus (D) unrestricted cash or Cash Equivalents of the Reporting Group to (ii) Consolidated Adjusted Operating Income of the Parent Guarantor
for such Rolling Period of not more than (x) 5.25 to 1.00 for any period ending on or prior to the date that is eighteen months after the Target Acquisition Closing Date and (y) 4.75 to 1.00 thereafter. 

Section 3.    Establishment of Additional Tranche 1 Commitments. 

(a)    Subject to the satisfaction of the conditions set forth in Section 4 hereof, each Second
Amendment Additional Lender hereby acknowledges and agrees that it has a Second Amendment Additional Tranche 1 Commitment in an amount as set forth opposite its name on Schedule I hereto, and agrees to make its pro rata share of any Advances
to the Borrower in accordance with the terms and conditions of the Credit Agreement as amended hereby. 

  
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 (b)    On and after the Second Amendment Effective Date, (i) each
Second Amendment Additional Tranche 1 Commitment shall be deemed for all purposes a Tranche 1 Commitment and (ii) each Second Amendment Additional Lender shall be a Lender with respect to each Second Amendment Additional Tranche 1 Commitment
and all matters relating thereto. 
 Section 4.    Conditions to Effectiveness. This
Amendment shall become effective on the date on which each of the following conditions is satisfied (the “Second Amendment Effective Date”): 

(a)    Executed Amendment. The Designated Agent shall have received one or more counterparts of this Amendment duly
executed by (i) each Loan Party, (ii) the Lenders constituting no less than the Required Lenders, Required Tranche 1 Lenders and Required Tranche 2 Lenders and (iii) each Second Amendment Additional Lender. 

(b)    Closing Deliverables. The Designated Agent shall have received on or before the Second Amendment Effective
Date, each dated on or about such date: 
 (i)    A good standing certificate or similar certificate dated a date
reasonably close to the Second Amendment Effective Date from the jurisdiction of organization or formation of each Loan Party, but only where such concept is applicable; and 

(ii)    A certificate of a Responsible Officer of each Loan Party certifying the names and true signatures of the
Responsible Officers of such Loan Party authorized to execute and deliver this Amendment and the other documents to be delivered by it hereunder. 

The Designated Agent and Lenders party hereto, as applicable, hereby irrevocably confirm that the above conditions have been satisfied and the
Second Amendment Effective Date has occurred as of the date hereof. 

Section 5.    Covenants. Following the occurrence of the Second Amendment Effective Date,
each Loan Party hereby covenants and agrees to the following: 
 (a)    Fees and Expenses. The Second Amendment
Additional Lenders and the Designated Agent shall receive (or other arrangements acceptable to the Second Amendment Arrangers and the Designated Agent shall have been made for) payment of all fees and expenses then due and payable on
September 24, 2018, set forth in the Supplemental Fee Letter, dated as of the date hereof (the “Second Amendment Supplemental Fee Letter”), subject in the case of any expenses to be paid by the Borrower to the Borrower’s
receiving an invoice with respect thereto. 
 (b)    Deliverables. The Designated Agent shall receive on or prior
to September 24, 2018, each dated on or about such date: 
 (i)    Certified copies of (A) the articles or
certificate of incorporation, certificate of formation or other organizational document and all amendments thereto of each Loan Party, certified as of a recent date by the Secretary of State (or comparable authority) of its jurisdiction of
organization or formation including a certification that the same has not been amended since the date of such certification, (B) the bylaws, operating agreement or similar governing document of each Loan Party, as then in effect and as in
effect at all times from the date on which the resolutions referred to in clause (C) below were adopted to and including the date of such certificate and (C) the resolutions or similar authorizing documentation of the
governing bodies of each Loan Party authorizing the incurrence of the Second Amendment Additional Tranche 1 Commitments and such Person to enter into and perform its obligations under the Loan Documents to which it is a party; and 

  
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 (ii)    An opinion of Simpson Thacher & Bartlett LLP, counsel
for the Loan Parties, consistent with the draft thereof agreed by counsel to the Designated Agent and counsel to the Loan Parties prior to the Second Amendment Effective Date. 

(c)    Press Release. The Second Amendment Additional Lenders shall receive on or prior to September 24, 2018,
a copy of a revised draft of the Press Release or Offer Press Announcement (as applicable, depending upon whether it is proposed to effect the Target Acquisition by way of a Scheme or Takeover Offer) in the form in which it is issued or proposed to
be issued, which (i) shall be consistent with the increased offer price of £15.67 per Target Share communicated to the Panel on September 22, 2018 (the “Increased Offer Price”) and (ii) comply with the
applicable requirements of the City Code and the Panel. 
 (d)    Consent. The Borrower shall have received the
consent required by Section 5.01(b)(iv) of the Disney Merger Agreement in connection with the Increased Offer Price. The Second Amendment Additional Lenders shall receive on or prior to September 24, 2018, a copy of the documentation
relating to such consent. 
 (e)    Backstop. The Borrower shall have and maintain in effect an agreement with
The Walt Disney Company that if the Disney Merger Agreement is terminated in a circumstance in which The Walt Disney Company is obligated to pay the Parent Regulatory Termination Fee (as defined in the Disney Merger Agreement) and, at the time of
such termination, the Parent Guarantor has (x) completed the Sky Acquisition (as defined in the Disney Merger Agreement) or (y) is obligated pursuant to the City Code to complete the Sky Acquisition and ultimately does, The Walt Disney
Company will be required, in the case of clause (x), concurrently with the payment of the Parent Regulatory Termination Fee or, in the case of clause (y), on the day on which the Sky Acquisition is ultimately completed, to pay to the
Parent Guarantor in cash a Reimbursement Fee (as defined below). As used herein, “Reimbursement Fee” shall mean an amount in U.S. dollars equal to (i) the Dollar Equivalent (as defined below) of (x) the number of shares of
the Target that the Parent Guarantor and its affiliates acquire in the Sky Acquisition, multiplied by (y) the amount by which the approved per share price exceeds £13.00 per share (the amount referred to in this clause (i), the
“Principal Amount”), plus (ii) interest and fees on such Principal Amount, which interest shall accrue at a rate per annum equal to the interest rate applicable to the Advances from the date on which the Sky
Acquisition is completed until the date on which the Reimbursement Fee is paid to the Parent Guarantor by The Walt Disney Company. The Second Amendment Additional Lenders shall receive on or prior to September 24, 2018, a copy of the agreement
referred to in this clause (e). As used in this clause 5(e), “Dollar Equivalent” shall mean with respect to any amount in pounds sterling, the equivalent amount in U.S. dollars resulting from using the exchange rate
set forth on the relevant Reuters currency page at or about 11:00 a.m. (New York City time) on September 21, 2018; in the event that such rate does not appear on any such Reuters page, the applicable exchange rate shall be determined by The
Walt Disney Company and the Parent Guarantor by reference to a similar independent and internationally recognized publicly available service for displaying exchange rates. 

Section 6.    Representations and Warranties. To induce the Lenders to enter into this
Amendment, each Loan Party represents and warrants to the Designated Agent and Lenders that, as of the Second Amendment Effective Date: 

(a)    The execution, delivery and performance by each Loan Party of this Amendment are within such Loan Party’s
corporate powers, have been duly authorized by all necessary corporate action, and do not (i) contravene such Loan Party’s Constitutive Documents, (ii) violate any material applicable law or contractual restriction binding on or
affecting any Loan Party, any of its Subsidiaries or any of their properties or (iii) result in or require the creation or imposition of any Lien upon or with respect to any of the properties of any Loan Party or any of its Subsidiaries. 

  
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 (b)    All authorizations or approvals and other actions by, and all
notices to and filings with, any governmental authority or regulatory body or any other third party that are required to be obtained or made by the Loan Parties for the due execution, delivery, recordation, filing or performance by any Loan Party of
this Amendment. 
 (c)    This Amendment has been duly executed and delivered by each Loan Party party hereto. This
Amendment is the legal, valid and binding obligation of each Loan Party party hereto, enforceable against such Loan Party in accordance with its terms. 

(d)    Immediately prior to and after giving effect to the terms, conditions, and provisions of this Amendment, no Default
or Event of Default exists. 
 (e)    The representations and warranties contained in Section 4.01 of the Credit
Agreement are true and correct in all material respects (except for representations and warranties qualified as to materiality and Material Adverse Effect, which shall be true and correct in all respects) on and as of such date, before and after
giving effect to this Amendment, as though made on and as of the Second Amendment Effective Date (except to the extent any such representation or warranty specifically relates to an earlier date in which case such representation and warranty shall
be accurate in all material respects as of such earlier date). 

Section 7.    Miscellaneous. 

(a)    Confirmation of Loan Documents. Each Loan Party hereby covenants and agrees that, except as expressly
amended and/or modified by this Amendment, all of the terms, conditions, and provisions of the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect. Each Loan Party hereby acknowledges and agrees that,
after giving effect to this Amendment, all of its respective obligations and liabilities under the Loan Documents to which it is a party, as such obligations and liabilities have been amended by this Amendment, are reaffirmed, and remain in full
force and effect. After giving effect to this Amendment, each Loan Party reaffirms its guaranty of the Guaranteed Obligation, which Guaranteed Obligations shall continue in full force and effect during the term of the Credit Agreement (after giving
effect to this Amendment), in each case, on and subject to the terms and conditions set forth in the Credit Agreement (as amended by this Amendment) and the other Loan Documents. The Credit Agreement, together with this Amendment, shall be read and
construed as a single agreement. All references in the Loan Documents to the Credit Agreement or any other Loan Document shall hereafter refer to the Credit Agreement or any other Loan Document as amended hereby. On and after the date hereof, this
Amendment shall for all purposes constitute a “Loan Document”. Each reference to a “Commitment” shall be deemed to include the Second Amendment Additional Tranche 1 Commitments hereunder and all other related terms will have the
correlative meanings mutatis mutandis. 
 (b)    Limitation of this Amendment. The amendments set forth
herein are effective solely for the purposes set forth herein and shall be limited precisely as written. Except as otherwise set forth herein, nothing contained herein and no actions taken pursuant to the terms hereof are intended to constitute a
novation of the Credit Agreement, or any waiver of the terms, conditions, or provisions of the Credit Agreement and/or any of the other Loan Documents and do not constitute a release, termination or waiver of any of the rights and/or remedies
granted to the Lenders and/or the Designated Agent under the Loan Documents. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “herein”, “hereof” and words of like
import and each reference in the Credit Agreement and the Loan Documents to the Credit Agreement shall mean and refer to the Credit Agreement as amended hereby. 

  
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 (c)    Captions. Section headings used herein are for convenience
of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 

(d)    Successors and Assigns. This Amendment shall be binding upon and shall inure to the sole benefit of the
Borrower, the Parent Guarantor, the Designated Agent and the Lenders and their respective successors and assigns. 

(e)    References. Any reference to the Credit Agreement contained in any notice, request, certificate, or other
document executed concurrently with or after the execution and delivery of this Amendment shall be deemed to include this Amendment unless the context shall otherwise require. 

(f)    Miscellaneous. This Amendment shall be subject to the following Sections of the Credit Agreement, as if set
forth herein in their entirety: Sections 9.08, 9.09, 9.10, 9.11, 9.17 and 9.18. 
 [Signature
Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered
as of the date first above written. 
  

			
	21ST CENTURY FOX AMERICA, INC.,
		 	as Borrower
		
	By:	 	 /s/ Janet Nova

	Name:	 	Janet Nova
	Title:	 	Executive Vice President and Deputy General Counsel
	
	TWENTY-FIRST CENTURY FOX, INC.,
		 	as Parent Guarantor
		
	By:	 	 /s/ Janet Nova

	Name:	 	Janet Nova
	Title:	 	Executive Vice President and Deputy Group General Counsel

  
 Signature Page to
Second Amendment 

 
			
	 GOLDMAN SACHS BANK USA,

as a Lender

 
			
		
	By:	 	 /s/ Robert Ehudin

	Name:	 	Robert Ehudin
	Title:	 	Authorized Signatory

  
 Signature Page to
Second Amendment 

 
					
	 GOLDMAN SACHS LENDING PARTNERS LLC,

as a Lender and a Second Amendment

Additional Lender

 
					
		
	By:	 	 /s/ Robert Ehudin

	Name:	 	Robert Ehudin
	Title:	 	Authorized Signatory

  
 Signature Page to
Second Amendment 

 
					
	 DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH,

as a Lender and a Second Amendment

Additional Lender

 
					
		
	By:	 	 /s/ Ming K. Chu

	Name:	 	Ming K. Chu
	Title:	 	Director
		
	By:	 	 /s/ Yvonne Tilden

	Name:	 	Yvonne Tilden
	Title:	 	Managing Director

  
 Signature Page to
Second Amendment 

 
					
	 JPMORGAN CHASE BANK, N.A., LONDON BRANCH

as a Lender and a Second Amendment

Additional Lender

 
					
		
	By:	 	 /s/ Andres Korin

	Name:	 	Andres Korin
	Title:	 	Vice President

  

  
 Signature Page to
Second Amendment 

 
			
	 J.P. MORGAN EUROPE LIMITED,

as Designated Agent

 
			
		
	By:	 	 /s/ Andres Korin

	Name:	 	Andres Korin
	Title:	 	Vice President

  

  
 Signature Page to
Second Amendment 

 
			
	 CITIBANK, N.A.,

as a Second Amendment Additional Lender

 
			
		
	By:	 	 /s/ Michael Vondriska

	Name:	 	Michael Vondriska
	Title:	 	Vice President

  

  
 Signature Page to
Second Amendment 

 Schedule I (Second Amendment Additional Tranche 1 Commitments) 

 

			
	 Second Amendment Additional

Lenders
	  	 Second Amendment Additional
Tranche 1
Commitments

	 GOLDMAN SACHS LENDING

PARTNERS LLC
	  	£460,000,000.00
		
	 DEUTSCHE BANK AG

CAYMAN ISLANDS BRANCH
	  	£460,000,000.00
		
	 JPMORGAN CHASE BANK,

N.A., LONDON BRANCH
	  	£460,000,000.00
		
	 CITIBANK, N.A.
	  	£460,000,000.00
		
	Total	  	£1,840,000,000.00EX-10.2

 Exhibit 10.2 

September 21, 2018 
 Twenty-First Century
Fox, Inc. 
 1211 Avenue of the Americas 
 New York, NY 10036

 Attention: General Counsel 

E-mail: gzweifach@21cf.com 

with copies to: 
 Skadden, Arps, Slate, Meagher & Flom
LLP and Affiliates 
 4 Times Square 
 New York, NY 10036 

Attention: Howard L. Ellin, Esq. 
 Brandon Van
Dyke, Esq. 
 E-mail: howard.ellin@skadden.com 

brandon.vandyke@skadden.com 
 Re: Sky
Acquisition Financing 
 1.    Reference is made to (i) that certain Amended and Restated Agreement and Plan of
Merger, dated as of June 20, 2018 (as amended, modified or supplemented from time to time in accordance with its terms, the “Merger Agreement”), among Twenty-First Century Fox, Inc., a Delaware corporation (the
“Company”), The Walt Disney Company, a Delaware corporation (“Parent”), TWDC Holdco 613 Corp., a Delaware corporation and a wholly owned Subsidiary of Parent (“Holdco”), WDC Merger Enterprises I,
Inc., a Delaware limited liability company and a wholly owned Subsidiary of Holdco (“Delta Sub”), and WDC Merger Enterprises II, Inc., a Delaware limited liability company and a wholly owned Subsidiary of Holdco (“Wax
Sub”), and (ii) that certain letter, dated as of July 11, 2018 (the “July 11 Letter”), from Parent and acknowledged by the Company, relating to the incurrence of additional Indebtedness for the
purpose of financing a Sky Acquisition. Capitalized terms used but not defined herein shall have the meaning given to such terms in Paragraph 12 or in the Merger Agreement. 

2.    As the parties have discussed, the Company and Parent agree that the Company may incur additional Indebtedness for
the purpose of financing a Sky Acquisition as set forth in the July 11 Letter and this letter (this “Letter”). Pursuant to Section 5.01(b)(iv) of the Merger Agreement, the Company and its Subsidiaries are prohibited from
incurring Indebtedness without the prior written consent of Parent, subject to certain exceptions, and pursuant to the July 11 Letter, Parent consented to the incurrence under the Bridge Facility of up to an aggregate principal amount of
£15,325,000,000 of Indebtedness for the purpose of financing a Sky Acquisition. Parent hereby consents under Section 5.01 of the Merger Agreement to the Company’s and 21st Century Fox America, Inc.’s incurrence under the Bridge
Facility of an aggregate principal amount of Indebtedness as shall be necessary to finance the Sky Acquisition, and pay associated financing fees, at a per share amount approved in writing (which may include by way of electronic submission) by
Mr. Kevin Mayer, Chairman of Direct-to-Consumer and 

 
International, on behalf of Parent (the “Approved Per Share Price”), for the purpose of financing a Sky Acquisition (the “Sky Debt”), and such amount of
Indebtedness shall, for purposes of Section 5.01(b)(iv)(G) of the Merger Agreement, be deemed to be the amount permitted in Section 5.01 of the Company Disclosure Letter in lieu of the amount actually set forth therein. As a condition to
providing such consent, Parent and the Company hereby agree that the Company shall not modify or waive any of the terms or conditions of the currently pending offer by the Company to acquire the 61% interest in Sky not held by the Company without
Parent’s prior written consent. 
 3.    In connection with the foregoing, Parent hereby agrees that, if the Merger
Agreement is terminated in a circumstance in which Parent is obligated to pay the Parent Regulatory Termination Fee and, at the time of such termination, the Company has (x) completed the Sky Acquisition or (y) is obligated pursuant to the
Takeover Code to complete the Sky Acquisition and ultimately does, (1) Parent will pay the Company the Reimbursement Fee as a partial reimbursement for the Sky Debt, in the case of clause (x), concurrently with the payment of the Parent
Regulatory Termination Fee or, in the case of clause (y), on the day on which the Sky Acquisition is ultimately completed (as applicable, the “Cash Reimbursement Date”) and (2) as soon as reasonably practicable, and in no event
later than the third business day, following the day on which the last to be satisfied or waived of each of the conditions set forth in Paragraph 10 (other than those conditions that by their nature are to be satisfied at the closing of such
issuance (the “Reimbursement Shares Closing”), but subject to the satisfaction or waiver of those conditions) shall have been satisfied or waived in accordance with this Letter, or at such other time and/or on such other date as the
Company and Parent may otherwise agree in writing (the date on which the Reimbursement Shares Closing occurs, the “Reimbursement Shares Closing Date”), the Company will issue the Reimbursement Shares to Parent. 

4.    The provisions of Section 5.06(a), (c) and (d) (Filings; Other Actions; Notification) of the Merger Agreement
shall, to the extent not already set forth in this Letter, apply mutatis mutandis to this Letter, including, for the avoidance of doubt, the obligation of the Company and Parent to file as soon as reasonably practicable after the date of this
Letter the notifications, filings and other information required to be filed under the HSR Act or any Foreign Competition Laws with respect to the issuance of the Reimbursement Shares. Notwithstanding anything to the contrary in this Paragraph
4 or any other provision of this Letter, if and to the extent necessary to obtain or avoid the requirement to obtain, no later than the Cash Reimbursement Date, the Reimbursement Shares Required Governmental Consents, the number of Reimbursement
Shares to be issued at the Reimbursement Shares Closing shall be reduced, if necessary, such that they represent, in the aggregate, the maximum number of Class A Shares permitted to be issued without triggering the requirement to obtain any
remaining Reimbursement Shares Required Governmental Consents. In such event, Parent and the Company shall use their respective reasonable best efforts to obtain any remaining Reimbursement Shares Required Governmental Consents for the issuance of
any remaining Reimbursement Shares as promptly as practicable, and the obligations set forth in the first sentence of this Paragraph 4 shall continue until the completion of such issuance. Additionally, in such event, as soon as reasonably
practicable, and in no event later than the third business day, 

  
 2 

 
following the earlier of (x) the receipt of any such remaining Reimbursement Shares Required Governmental Consents or (y) such time as the remaining Reimbursement Shares can be issued
without triggering a requirement to obtain any remaining Reimbursement Shares Required Governmental Consents, or at such other time and/or on such other date as the Company and Parent may otherwise agree in writing, the Company will issue any such
remaining Reimbursement Shares to Parent. 
 5.    For as long as Parent owns Reimbursement Shares representing more
than 3.0% of the total number of Shares then issued and outstanding, Parent shall not, and shall cause each of its controlled Affiliates not to, directly or indirectly, alone, in a Group or otherwise in concert with others: 

 

	 	a.	 acquire, offer or propose to acquire or agree to acquire, whether by purchase, tender or exchange offer,
through the acquisition of control of another Person, by joining a partnership, limited partnership, syndicate or other Group or otherwise, Beneficial Ownership of any Company Securities (other than pursuant to a stock dividend, stock split,
combination or similar recapitalization by or of the Company); 

  

	 	b.	 propose or take substantial steps to effect (in either case, on behalf of itself or to or with a third party)
any merger, business combination, restructuring, recapitalization or similar transaction involving the Company or any of its Subsidiaries, the Company Securities or the sale or other disposition outside the ordinary course of business of any
material portion of the assets of the Company or any of its Subsidiaries; 

  

	 	c.	 seek election to, seek to place a representative on, or seek the removal of any member of, the Board of
Directors of the Company; 

  

	 	d.	 engage in any “solicitation” (within the meaning of Rule
14a-1 under the Exchange Act) of proxies or consents (whether or not relating to the election or removal of directors or any other matter) with respect to the Company or any Company Securities, or become a
participant in any election contest; 

  

	 	e.	 initiate, propose, or otherwise solicit stockholders for the approval of, any stockholder proposal with respect
to the Company; 

  

	 	f.	 form, join or in any way participate in or assist in the formation of a Group with respect to any Company
Securities; 

  

	 	g.	 deposit any Company Securities in a voting trust or subject any Company Securities to any arrangement or
agreement with respect to the voting of such Company Securities, other than pursuant to Paragraph 9; 

  

	 	h.	 otherwise act in a manner designed or having the deliberate effect of circumventing the restrictions otherwise
imposed under this Letter; 

  
 3 

	 	i.	 disclose or publicly announce any intention, plan or arrangement inconsistent with, or take an action that
would require the Company to make a public announcement with respect to, any of the foregoing; 

  

	 	j.	 offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of (collectively, “Transfer”) Reimbursement Shares representing, in the aggregate, Beneficial Ownership of more than 2 percent or, in the
case of a passive investor that has not filed a Schedule 13D and, to Parent’s knowledge, would not as a result of such transaction be required to file a Schedule 13D, 4.9 percent (or enter into an agreement or understanding with respect to
the foregoing) of the total number of shares of the Common Stock then issued and outstanding to any other Person or Group; provided that Parent and its Affiliates may engage in hedging activities with respect to the Reimbursement Shares if
and only if the applicable instruments are not settleable in Securities; provided further that a distribution of Reimbursement Shares in a bona fide, underwritten public offering shall not be subject to this Paragraph 5.j.; or

  

	 	k.	 donate, sell, assign, convey or otherwise transfer, by operation of law or otherwise (“Affiliate
Transfer”), any Reimbursement Shares to any Affiliate of Parent unless, concurrent with such Affiliate Transfer, such transferee executes and delivers to the Company a joinder to this Letter, agreeing to be bound by all of the provisions of
this Letter as if such transferee were bound as an original party hereto. 

  

	 	6.	 Notwithstanding the restrictions contained in Paragraph 5: 

 

	 	a.	 Parent and its Affiliates shall not be restricted from selling any Reimbursement Shares pursuant to a bona fide
tender offer or exchange offer that has been recommended by the Company’s Board of Directors or that has been accepted by more than 50% of the outstanding Shares of the Company; nothing contained in Paragraph 5 shall preclude Parent or its
Affiliates from making any requests to the Company to amend or waive any of the restrictions contained in Paragraph 5; provided that any such request shall be made in manner that is not reasonably likely to result in the Company being obligated to
make a public announcement regarding such request; 

  

	 	b.	 the Company acknowledges and agrees that nothing contained in Paragraph 5 will apply to nor be binding
upon, nor limit, restrict or prohibit in any manner whatsoever any investments, conduct or activities of, any defined benefit plan, defined contribution plan or other comparable pension fund of, associated with, or operated for the benefit of any
directors, officers, employees or other agents of, Parent or its Affiliates (each, a “Parent Pension Fund”); provided that Parent and its Affiliates do not exercise any direct control over the investment decisions of such
Parent Pension Fund; and 

  
 4 

	 	c.	 For the avoidance of doubt, the Company acknowledges and agrees that none of the restrictions contained in
Paragraph 5 shall apply to any purchaser or transferee of Reimbursement Shares that is not an Affiliate of Parent. 

7.    If (i) the Cash Reimbursement Date has occurred, (ii) (x) the Reimbursement Shares Closing has not yet
occurred or (y) the Reimbursement Shares Closing has occurred but, due to the operation of the second sentence of Paragraph 4, less than all of the Reimbursement Shares were issued and delivered to Parent at the Reimbursement Shares Closing and
(iii) the Company declares cash dividends other than normal semiannual cash dividends on the Common Stock (“Special Cash Dividends”), Parent shall be entitled to receive the portion of such Special Cash Dividends, without
interest, upon the Reimbursement Shares Closing (or on such other date when all remaining Reimbursement Shares are issued and delivered to Parent in accordance with the last sentence of Paragraph 4) as if it held the Reimbursement Shares upon the
record date of such Special Cash Dividends. 
 8.    Effective upon the Reimbursement Shares Closing, Parent and the
Company shall enter into a customary agreement in respect of registration rights and restrictions on transfer relating to the Reimbursement Shares, which shall reflect the terms and restrictions set forth in Appendix A hereto. 

9.    Effective upon the Reimbursement Shares Closing, Parent shall enter into a voting and proxy agreement with respect
to the Reimbursement Shares pursuant to which Parent shall be obligated to vote (or exercise rights of consent with respect to) the Reimbursement Shares in accordance with the recommendation of the Board of Directors of the Company with respect to
the applicable matter. 
 10.    The respective obligation of each party to effect the Reimbursement Shares Closing is
subject to the satisfaction or waiver at or prior to the Reimbursement Shares Closing of each of the following conditions: 
  

	 	a.	 (i) Any waiting period applicable to the issuance of the Reimbursement Shares under the HSR Act shall have
expired or been earlier terminated and (ii) any Governmental Consent of Brazil applicable to the issuance of the Reimbursement Shares shall have been obtained (or the applicable waiting period shall have expired or been earlier terminated)
(clauses (i)-(ii) collectively, the “Reimbursement Shares Required Governmental Consents”). 

  

	 	b.	 No Governmental Entity of a competent jurisdiction shall have enacted, issued, promulgated, enforced or entered
any Law or Order (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise prohibits the issuance of the Reimbursement Shares. 

  
 5 

 11. The obligation of the Company to effect the Reimbursement Shares Closing is also subject
to the satisfaction or waiver by the Company at or prior to the Reimbursement Shares Closing of the following condition: 
  

	 	a.	 Parent shall have paid to the Company the Reimbursement Fee in accordance with the terms of this Letter.

 12. For purposes of this Agreement: 
  

	 	a.	 “Associate” shall have the meaning assigned to such term under Rule 12b-2 under the Exchange Act. 

  

	 	b.	 A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to
“Beneficially Own,” any Company Securities: (i) which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, owns or has the right to acquire (whether such right is exercisable immediately,
only after the passage of time, upon the satisfaction of one or more conditions (whether or not within the control of such Person), upon compliance with regulatory requirements or otherwise) pursuant to any agreement, arrangement or understanding
(whether or not in writing), upon the exercise of any conversion rights, exchange rights, subscription rights, warrants, options or other rights or otherwise, including any securities of the Company represented by “when-issued” trading
thereof; (ii) which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to vote or dispose of or has “beneficial ownership” of (as determined pursuant to Rule 13d-3 under the Exchange Act), including pursuant to any agreement, arrangement or understanding (whether or not in writing); or (iii) which are beneficially owned, directly or indirectly, by any other Person
(or any Affiliate or Associate thereof) with which such Person (or any of such Person’s Affiliates or Associates) has any agreement, arrangement or understanding (whether or not in writing), for the purpose of acquiring, holding, voting or
disposing of such Company Securities. The term “Beneficial Ownership” shall have a correlative meaning. 

  

	 	c.	 “Company Security” shall mean (i) any Security or (ii) any Derivative Security, in
the case of each of clause (i) and (ii), issued and outstanding as of the date of this Letter or issued after the date of this Letter. 

  

	 	d.	 “Derivative Security” means (i) any subscription, option, conversion right, warrant,
phantom stock right or other agreement, security or commitment of any kind obligating the Company or any of its Subsidiaries to issue, grant, deliver or sell, or cause to be issued, granted, delivered or sold, any Security or any security
convertible into, or exchangeable for, any Security or (ii) any obligations measured by the price or value of any shares of any Security, in the case of each of clause (i) and (ii) immediately above, whether any of the foregoing is
exercisable immediately, only after the passage of time or upon the satisfaction of one or more conditions. 

  
 6 

	 	e.	 “Dollar Equivalent” shall mean, with respect to any amount in pounds sterling, the equivalent
amount in U.S. dollars resulting from using the exchange rate set forth on the relevant Reuters currency page at or about 11:00 a.m. New York City time on September 21, 2018. In the event that such rate does not appear on any such Reuters page,
the applicable exchange rate shall be determined by the Company and Parent by reference to a similar independent and internationally recognized publicly available service for displaying exchange rates. 

 

	 	f.	 “Group” shall have the meaning assigned to such term under Section 13(d)(3) of the
Exchange Act. 

  

	 	g.	 “Reimbursement Fee” shall mean an amount in U.S. dollars equal to the Dollar Equivalent of (1)
(x) the number of shares of Sky plc that the Company and its affiliates acquire in the Sky Acquisition, multiplied by (y) the amount by which the Approved Per Share Price exceeds £13.00 per share (the amount referred to in this clause
(1), the “Principal Amount”), plus (2) interest and fees on such Principal Amount, which interest shall accrue at a rate per annum equal to the interest rate applicable to the Sky Debt from the date on which the Sky Acquisition
is completed until the date on which the Reimbursement Fee is paid to the Company by Parent. 

  

	 	h.	 “Reimbursement Shares” shall mean Class A Shares in amount equal to (1) the Dollar
Equivalent of (x) the number of shares of Sky plc that the Company and its affiliates acquire in the Sky Acquisition, multiplied by (y) the amount by which the Approved Per Share Price exceeds £14.00 per share, divided by
(2) the Reimbursement Shares Issuance Price; provided that, in the event that the Company changes the number of Shares or securities convertible or exchangeable into or exercisable for any such Shares issued and outstanding prior to the
Reimbursement Shares Closing as a result of a distribution, reclassification, stock split (including a reverse stock split), stock dividend or distribution or any other dividend or distribution other than cash dividends, recapitalization,
subdivision or other similar transaction, the definition of Reimbursement Shares shall be equitably adjusted to eliminate the effects of such event on the number of Class A Shares constituting Reimbursement Shares. 

 

	 	i.	 “Reimbursement Shares Issuance Price” shall mean the VWAP of a Class A Share on Nasdaq on
September 21, 2018. 

  

	 	j.	 “Security” shall mean (i) the Common Stock or (ii) any other security of the Company
issued and outstanding as of the date of this Letter or that the Company may issue from time to time after the date of this Letter. 

  
 7 

 13. This Letter will become effective, and shall supersede and replace the July 11
Letter in its entirety, at such time as Mr. Mayer, on behalf of Parent, approves in writing an Approved Per Share Price in excess of £14.00. For the avoidance of doubt, in no event shall Parent be obligated to pay the Reimbursement Fee
hereunder unless and until this Letter becomes effective pursuant to the preceding sentence (and, for the avoidance of doubt, any reimbursement will instead be governed by the July 11 Letter). 

14. Except as expressly set forth herein, this Letter shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise
affect the rights and remedies of the parties under the Merger Agreement and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Merger Agreement, which shall
continue in full force and effect. 
 15. The provisions of Article VIII (Miscellaneous and General) of the Merger Agreement shall, to the
extent not already set forth in this Letter, apply mutatis mutandis to this Letter. 
 [Remainder of Page Intentionally Blank] 

  
 8 

 Please indicate your understanding and agreement with the foregoing by signing a copy of this letter where
indicated below and returning it to our attention. 
  

			
	Sincerely,
	
	THE WALT DISNEY COMPANY

 
			
		
	by	 	 /s/ James M. Kapenstein

	Name:	 	James M. Kapenstein
	Title:	 	Associate General Counsel

  

			
	Acknowledged and agreed,
	
	TWENTY-FIRST CENTURY FOX, INC.

			
		
	by	 	 /s/ Janet Nova

	Name:	 	Janet Nova
	Title:	 	Executive Vice President and Deputy Group General Counsel

  
 9 

 APPENDIX A 

Restriction on Transfer and Registration Rights Summary Term Sheet 
  

			
	 Restriction on Transfer

		
	Lock-Up:	  	 •  For as long as Parent owns any of the Reimbursement Shares, Parent shall not
Transfer, directly or indirectly, any of the Reimbursement Shares, other than as set forth below (the “Lock-Up Restriction”); provided that, in the event that less than all of the
Reimbursement Shares are issued and delivered to Parent at the Reimbursement Shares Closing due to the operation of the second sentence of Paragraph 4 of the Letter to which this Appendix A is attached (the “Letter”), the Lock-Up Restriction shall not apply with respect to a number of Reimbursement Shares (the “Transferable Shares”) such that, following the Transfer of such Transferable Shares, all remaining unissued
Reimbursement Shares would be required to be issued to Parent pursuant to the last sentence of Paragraph 4 of the Letter.

		
	Release of Lock-Up:	  	 •  Commencing on the date that is 90 days following the Reimbursement Shares
Closing, and upon the conclusion of each of the succeeding four 90-day periods (each of such five 90-day periods, a
“Lock-up Period”), 1/5 of the Reimbursement Shares shall be released from the Lock-Up Restriction.

 
 •  Transferable Shares shall be
treated as Reimbursement Shares released from the earliest applicable Lock-up Period, and the existence or Transfer of Transferable Shares shall not accelerate the release from the Lock-up Restriction that would be applicable to any other Reimbursement Shares if no Transferable Shares had existed.

	 Registration Rights

		
	Registrable Securities:	  	 •  “Registrable Securities” means all Reimbursement Shares
acquired by Parent upon the Reimbursement Shares Closing and any other Securities issued in respect thereof.
  

•  Registrable Securities shall cease to be Registrable Securities when:

 
 •  a registration statement
covering such Registrable Securities has been declared effective and such Registrable Securities have been disposed of pursuant to such effective registration statement;
  

•  such Registrable Securities shall have been sold pursuant to Rule 144 or 145 (or any similar
provision then in effect) under the Securities Act;
  

•  such Registrable Securities are eligible to be resold under Rule 144 without regard to the volume,
manner of sale or public information requirements of such Rule; or

			
		  	 •  such Registrable Securities cease to be outstanding.

		
	Resale Shelf Registration
Rights:	  	 •  The Company shall file as promptly as reasonably practicable (but no later than
15 days after the Reimbursement Shares Closing) a Form S-3 registration statement (or a prospectus supplement to an existing Form S-3 registration statement) (in each
case, a “Resale Shelf”) providing for the resale or other registered disposition of the Registrable Securities held by the Parent, and if the Resale Shelf is not declared automatically effective by the U.S. Securities and Exchange
Commission, the Company shall use its commercially reasonable efforts to cause the Resale Shelf to be declared effective at the earliest possible date (but no later than 45 days after the filing date).

 
 •  The Company will maintain the
effectiveness of such Resale Shelf, and to the extent necessary file additional Resale Shelfs, for so long as Registrable Securities remain outstanding.

		
	Demand Registration
Rights:	  	 •  Parent shall be entitled to one demand registration for an underwritten
offering during each 12-month period in which Parent holds Registrable Securities.

		
	Cooperation:	  	 •  The Company shall provide customary cooperation in connection with any
registered, underwritten offering of Registrable Securities by Parent, including, but not limited to, entering into customary underwriting agreements, permitting Parent and its representatives to conduct customary due diligence in connection with
such offering and using commercially reasonable efforts to obtain customary “comfort letters” from the Company’s independent public accountants and opinions from the Company’s outside counsel. The Company shall also provide
reasonable cooperation in connection with the preparation of any marketing materials in connection with such underwritten offering but shall not, for the avoidance of doubt, be required to cause any employee to participate in any
“roadshow” presentation to investors or investor calls or meetings in connection with the marketing of such offering. Parent shall have the right to designate the underwriters of any underwritten offering of Registrable Securities, subject
to the consent of the Company (which shall not be unreasonably withheld, conditioned or delayed)..

		
	Blackout Events:	  	 •  The Company may postpone the filing or, the effectiveness of a Resale Shelf or
any underwritten offering requested pursuant to a demand registration right if, based on the good faith judgment of the Company, such filing or, the effectiveness of a Resale Shelf or underwritten offering, as the case may be, would
(i) reasonably be expected to

  
 11 

			
		  	 materially impede, delay, interfere with or otherwise have a material adverse effect on any material acquisition of
assets (other than in the ordinary course of business), merger, consolidation, tender offer, financing or any other material business transaction by the Company or any of its subsidiaries or (ii) require disclosure of information that has not
been, and is otherwise not required to be, disclosed to the public, the premature disclosure of which the Company believes would be detrimental the Company.
  

•  The Company may not exercise its delay rights more than two times in any 12-month period. Any such delay shall not be more than an aggregate of 90 days in any 12-month period and Parent shall not lose its related demand right if the offering is
delayed solely as a result of such delay rights.

		
	Piggyback Registration
Rights:	  	 •  Parent shall have piggyback rights with respect to its Registrable Securities
to participate in underwritten offerings of the Company’s equity securities, whether for the Company’s own account or for the account of other of the Company’s equityholders.

		
	Priority in Piggyback
Registration Rights:	  	 •  First, to securities that the Company proposes to sell;

 
 •  Second, if the offering is
being made pursuant to demand registration rights exercised by other equityholders of the Company, to the securities proposed to be sold by such equityholders; and
  

•  Third, to Parent with respect to its Registrable Securities.

		
	Other Lock-Ups:	  	 •  When holding Reimbursement Shares representing at least 3% of the total
outstanding shares of the Company, Parent (whether or not participating in the offering) will enter into customary lock-up agreements (which shall be up to 90 days) in connection with any underwritten offering
by the Company or another holder of the Company’s equity securities if requested by the managing underwriter(s) of such offering.

		
	Expenses:	  	 •  The Company shall not be liable for Parent’s out of pocket expenses in
connection with any registration or offering of the Registrable Securities, including any fees or expenses of Parent’s counsel or any underwriting discounts or commissions payable in connection with any sale of Registrable
Securities.

		
	No Assignment:	  	 •  Parent’s registration rights with respect to the Registrable Securities
may not assigned to any other person and, for the avoidance of doubt, are not transferrable in connection with the Transfer of any Registrable Securities.

  
 12

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