Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 SECOND
AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 

This SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of January 24, 2019 (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 Amended and Restated Credit Agreement, dated as of May 21, 2015 (as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of December 22, 2016, and as further amended, restated,
amended and restated, supplemented or otherwise modified from time to time, 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”), the issuing banks party thereto from time to time (hereinafter collectively referred to as the “Issuing Banks”), JPMorgan
Chase Bank, N.A. (“JPMCB”) and Citibank, N.A., as co-administrative agents, and JPMCB, as designated agent (the “Designated Agent”). 

W I T N E S S E T H: 

WHEREAS, the Borrower, the Parent Guarantor and the Lenders party hereto constituting the Required Lenders wish to amend the Credit
Agreement as set forth herein. 
 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. 
 Section 2. Amendments to the Credit Agreement. Subject to the
satisfaction of the conditions set forth in Section 3 of this Amendment, the following amendments shall be made to the Credit Agreement: 

(a) Additional Definitions. The following definitions shall be inserted in alphabetical order in Section 1.01 of the Credit
Agreement: 
 “Merger Agreement” means that certain Amended and Restated Agreement and Plan of Merger, dated as of
June 20, 2018, by and among, inter alios, the Parent Guarantor and The Walt Disney Company. 
 “Separation” has
the meaning specified in the Merger Agreement as in effect on June 20, 2018. 
 “Separation Debt” means any Debt
incurred by one or more Subsidiaries of any Loan Party the proceeds of which are to be used to finance the Separation and the transactions related thereto (including the Pre-Distribution Dividend (as defined
in the Merger Agreement)), including the payment of fees and expenses related thereto. 

 (b) Amended Sections. 

(i) Clause (b) of Section 5.02 is amended to add the following immediately before the period at the end thereof: “(it being
understood and agreed that the Transactions (as defined in the Merger Agreement) shall be permitted under this Section 5.02(b) and the Commitments shall terminate on the date on which the Mergers (as defined in the Merger Agreement)
become effective)” 
 (ii) Clause (e) of Section 5.02 of the Credit Agreement is amended to delete the “and” after
clause (vi), renumber existing clause (vii) as clause (viii) and add the following as a new clause (vii): 
 “(vii) prior to
the consummation of the Separation, any Separation Debt; and” 
 (iii) Section 5.03 of the Credit Agreement is amended and restated in
its entirety as follows: 
 “Section 5.03. 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 to (ii) Consolidated Adjusted Operating Income of the Parent Guarantor for such Rolling Period of not more than 4.5 to 1.0. 

For purposes of calculating the aggregate principal amount of Consolidated Debt of the Parent Guarantor on any such date, (i) there shall
be excluded from such calculation (A) any amount in respect of Investment Preferred Stock, Permitted Film Financings and Negative Pickup Arrangements and Capitalized Lease Obligations incurred in connection with the leasing of satellite
transponders and (B) prior to the consummation of the Separation, any Separation Debt, and (ii) the currency exchange rate used for such calculation shall be the rate used in the annual or quarterly statement of financial position for such
date; provided, however, that, if the Parent Guarantor determines that an average exchange rate is a more accurate reflection of the value of such currency over such Rolling Period, the currency exchange rate used may be, at the option
of the Parent Guarantor, the currency exchange rate used for the income statements of the Parent Guarantor for such fiscal quarter.” 

Section 3. 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 each Loan Party and the Lenders constituting Required Lenders. 

  
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 (b) Expenses. The Designated Agent shall have received payment of all expenses then
due and payable to the Designated Agent pursuant to the Credit Agreement (including all reasonable attorney costs of the Designated Agent), subject to the Borrower receiving an invoice with respect thereto prior to the Second Amendment Effective
Date. 
 Section 4. 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. 
 (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 5. 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”. 

  
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 (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. 
 (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/ Steven Tomsic

		 	Name: Steven Tomsic
		 	 Title: Executive Vice President and Deputy Chief

          Financial Officer

	
	 TWENTY-FIRST CENTURY FOX, INC.,
 as
Parent Guarantor

		
	By:	 	 /s/ Steven Tomsic

		 	Name: Steven Tomsic
		 	 Title: Executive Vice President and Deputy Chief

          Financial Officer

  
 Signature Page to
Second Amendment 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as
Designated Agent and a Lender

		
	By:	 	 /s/ Peter B. Thauer

		 	Name: Peter B. Thauer
		 	Title: Managing Director

  
 Signature Page to
Second Amendment 

 
			
	 CITIBANK, N.A.,
 as a
Lender

		
	By:	 	 /s/ Michael Vondriska

		 	Name: Michael Vondriska
		 	Title: Vice President

  
 Signature Page to
Second Amendment 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as a Lender

		
	By:	 	 /s/ Ming K. Chu

		 	Name: Ming K. Chu
		 	Title: Director
		
	By:	 	 /s/ Virginia Cosenza

		 	Name: Virginia Cosenza
		 	Title: Vice President

  
 Signature Page to
Second Amendment 

 
			
	 GOLDMAN SACHS BANK USA,
 as a
Lender

		
	By:	 	 /s/ Jamie Minieri

		 	Name: Jamie Minieri
		 	Title: Authorized Signatory

  
 Signature Page to
Second Amendment 

 
			
	 MORGAN STANLEY BANK, N.A.,
 as a
Lender

		
	By:	 	 /s/ Donatus Anusionwu

		 	Name: Donatus Anusionwu
		 	Title: Authorized Signatory

  
 Signature Page to
Second AmendmentExhibit 10.1

 

 

January 25, 2019

By Hand

Thomas D. Vitro

30 Raymond Circle

Westfield MA 01085

Re: Retention Bonus

Dear Tom:

 

In recognition of the importance to STR Holdings, Inc. (the “Company”)
of maintaining a cohesive senior finance team while the Company developed and executed on its strategic plan, we had provided you
with a special retention plan that awarded certain bonuses if you remained with the Company through December 31, 2018. The board
and I agree that your service over the coming year will continue to be critical to the Company and I am pleased to advise you of
your continuing eligibility to earn a special retention bonus, as described more fully below.

 

In recognition of your continued service with the Company through
the periods (each a “Retention Period,” and collectively, the “Retention Periods”) commencing
on the date hereof and ending on each of June 30, 2019 and December 31, 2019 (each an “Outside Date,” and collectively
the “Outside Dates”), we are offering you, subject to the terms of this letter agreement (“Agreement”),
retention bonuses in an amount equal to $50,000 and $50,000, respectively (for a total of $100,000 if
all retention bonuses are earned), less all applicable withholdings and deductions required by law (each a “Retention
Bonus,” and collectively the “Retention Bonuses”). Definitions of capitalized terms used in this Agreement
are provided in Schedule A to this Agreement.

 

You will earn the Retention Bonus for a Retention Period if you are
actively employed by the Company throughout, including on the Outside Date for, such Retention Period; provided however, in the
event that your employment has been terminated during a Retention Period (a) by the Company without Cause, or (b) by you with Good
Reason (each, a “Covered Termination”), then you shall be entitled to receive the Retention Bonus for the applicable
Retention Period as if you were employed throughout, including on the Outside Date for, such Retention Period.

 

If you have earned the Retention Bonus for an applicable Retention
Period, it will be paid to you in one lump sum cash payment within five business days following the applicable Outside Date. This
letter agreement is intended to comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (“Section
409A”) and shall be construed and administered in accordance with Section 409A. Without in any way limiting the generality
of the foregoing, each Retention Bonus payable hereunder is intended to be exempt from Section 409A under the short-term deferral
exemption set forth in Treasury Regulation Section 1.409A-1(b)(4) and/or the separation pay exemption set forth in Treasury Regulation
Section 1.409A-1(b)(9)(iii) to the maximum cumulative extent provided therein. Notwithstanding the foregoing, the Company makes
no representations, warranties or guarantees, express or implied, regarding the compliance with, or exemption from, Section 409A
of any Retention Bonus. Under no circumstances may the payment of any Retention Bonus under this Agreement be accelerated from
or deferred past, the payment date scheduled therefor, other than in compliance with Section 409A or pursuant to an exemption therefrom.

 

This Agreement contains all of the understandings and representations
between the Company and you relating to the Retention Bonuses and supersedes all prior and contemporaneous understandings, discussions,
agreements, representations and warranties, both written and oral, with respect to any retention bonus; provided, however, that
this Agreement shall not supersede any other agreements between the Company and you, including without limitation any employment
agreement, severance agreement, confidentiality agreement, non-competition agreement or invention assignment agreement, and shall
remain in full force and effect. This Agreement may not be amended or modified unless in writing signed by both the Company and
you. This Agreement, for all purposes, shall be construed in accordance with the laws of the State of Connecticut, without regard
to conflicts-of-law principles.

 

     

     

    

We look forward to your continued employment with us.

 

	 	 	Very truly yours,	 
	 	 	 	 	 
	 	 	STR HOLDINGS, INC.	 
	 	 	 	 	 
	 	 	By:	 /s/ ROBERT S. YORGENSEN	 
	 	 	 	Name: Robert S. Yorgensen	 
	 	 	 	Title: President and Chief Executive Officer
	Agreed to and accepted:	 	 	 	 
	 	 	 	 	 
	 /s/ THOMAS D. VITRO	 	 	 	 
	Thomas D. Vitro	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

    2

     

    

Schedule A

 

Defined Terms

 

		(a)	“Cause” shall have the meaning set forth in your Employment Agreement with the Company, if applicable, and
otherwise shall mean (i) your failure or refusal to follow the reasonable instructions of your supervisor (other than due to a
Disability), which failure or refusal is not cured within 30 days following written notice; (ii) your conviction of a felony or
of a misdemeanor if such misdemeanor involves moral turpitude or misrepresentation, including a plea of guilty or nolo contendere;
(iii) your unlawful use (including being under the influence) or possession of illegal drugs on the Company’s or any of its
subsidiaries’ premises; (iv) your commission of any act of fraud, embezzlement, misappropriation of funds, intentional misrepresentation,
breach of fiduciary duty or other act of dishonesty materially detrimental to the Company or any of its subsidiaries; or (v) your
intentional wrongful act or gross negligence that has a materially detrimental effect on the Company or its subsidiaries. For purposes
of this Agreement, any termination of your employment due to your death or Disability shall be deemed a termination by the Company
for Cause.

 

		(b)	“Disability” shall have the meaning set forth in your Employment Agreement with the Company, if any, and
otherwise shall be deemed the reason for the termination by the Company of your employment, if, as a result of your incapacity
due to physical or mental illness, you shall have been absent from the full-time performance of your duties with the Company for
a period of six (6) consecutive months, the Company shall have given you a notice of termination for Disability, and, within thirty
(30) days after such notice of termination is given, you shall not have returned to the full-time performance of your duties.

 

		(c)	“Good Reason” for termination by you of your employment shall mean the occurrence (without your express
written consent) of any one of the following acts by the Company, or failures by the Company to act. As set forth below, subsection
(i) contains the elements of Good Reason, and subsection (ii) sets forth certain terms and conditions applicable to termination
by you for Good Reason;

 

(i)                 
(A) A material diminution in the nature or status of your responsibilities from those currently in effect resulting from,
among other things, the assignment to you of any duties inconsistent with your duties and your position as an executive officer
and Chief Financial Officer (as of the date hereof);

 

(B) A material reduction by the Company in either or both of (1) your annual
base salary (a “Base Salary Reduction”); or (2) the target bonus percentage set forth in the Company’s management
incentive plan, in each case as in effect on the date hereof;

 

(C) The relocation of your principal place of employment to a location more than
(fifty) 50 miles from your principal place of employment immediately prior to such relocation or the Company’s requiring
you to be based anywhere other than such principal place of employment (or permitted relocation thereof) except for required travel
on the Company’s business to an extent substantially consistent with your business travel obligations immediately prior thereto;

 

(D) The failure by the Company to pay to you any portion of your current compensation,
or to pay to you any portion of an installment of deferred compensation under any deferred compensation program of the Company,
within thirty (30) days of the date such compensation is due (other than if doing so is required under Section 409A);

 

(E) The failure by the Company to continue in effect any material compensation
plan in which you participate immediately prior to such failure which is material to your total compensation, unless an equitable
arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by
the Company to continue your participation therein (or in such substitute or alternative plan) on a basis not materially less favorable,
both in terms of the amount or timing of payment of benefits provided and the level of your participation relative to other participants,
as existed immediately prior to such failure;

 

    

     

    

(F) The failure by the Company to continue to provide you with benefits substantially
similar to those enjoyed by you under any of the Company’s benefit plans, including without limitation, life insurance, health
and accident, or disability plans in which you were participating immediately prior to such failure, the taking of any other action
by the Company which would directly or indirectly materially reduce any of such benefits or deprive you of any material fringe
benefit enjoyed by you immediately prior to such action, or the failure by the Company to provide you with the number of paid vacation
days to which you were entitled on the basis of years of service with the Company in accordance with the Company’s normal
vacation policy in effect at the time of such failure; or

 

(G) Any material breach by the Company of your Employment Agreement with the
Company, if applicable.

 

(ii) (A) Any purported termination of your employment which is not effected pursuant
to a notice of termination satisfying the requirements of this subsection (ii) shall not be effective.

 

(B) For purposes of any determination regarding the existence of Good Reason,
any claim by you that Good Reason exists shall be presumed to be correct unless the Company establishes to the Board by clear and
convincing evidence that Good Reason does not exist.

 

(C) Notwithstanding any provision to the contrary, none of the foregoing provisions
shall constitute Good Reason unless (1) no later than ninety (90) days following the initial occurrence of any of the events set
forth in subsection (i) above, you provide written notice to the Company of such event containing a description thereof and stating
the subsection of subsection (i) above under which such event constitutes Good Reason (the “Good Reason Notice”) and
the Company shall not have cured such event within thirty (30) days following its receipt of such notice, and (2) no later than
ninety (90) days, but no earlier than thirty (30) days, following the Company’s receipt of such Good Reason Notice, you give
the Company a notice of termination with respect to the event constituting Good Reason described in such Good Reason Notice.

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