Document:

Exhibit 10.39

  
 Exhibit 10.39

  
 Grant No.:
             
  
 XM SATELLITE RADIO HOLDINGS INC. 
  
 1998 SHARES AWARD PLAN 
 (AS AMENDED) 
 RESTRICTED STOCK AGREEMENT 
  
 XM Satellite Radio Holdings Inc., a Delaware corporation (the “Company”), hereby grants shares of its common stock, $.01 par value, (the “Stock”) to the Participant named below, subject to the vesting conditions set
forth in the attachment. Additional terms and conditions of the grant are set forth in this cover sheet, in the attachment and in the Company’s 1998 Shares Award Plan (the “Plan”). 
  
 Grant Date: March 23, 2005 
  
 Name of Participant:
                                        
     
  
 Participant’s Social Security Number:
            -        -             
  
 Number of Shares of Stock Covered by Grant:
                 
  
 Purchase Price per Share of Stock: $.01 
  
 By signing this cover sheet, you agree to all of the terms and conditions described in the attached Agreement and in the Plan, a copy of which is available on request. You agree that the Plan will control in the event any provision of
this Agreement should appear to be inconsistent. 
  

							
	 Participant:
	  	_____________________________________________________________________	  	 
	 	  	(Signature)	  	 
			
	 Company:
	  	_____________________________________________________________________	  	 
	 	  	(Signature)	  	 
			
	 	  	Title:     _________________________________________________________________	  	 

  
 Attachment 
  
 This is not a stock certificate or a negotiable
instrument. 
  

  
 XM SATELLITE RADIO
HOLDINGS INC. 
  
 1998 SHARES AWARD PLAN 
 (AS AMENDED) 
  
 RESTRICTED STOCK AGREEMENT 
  

			
	 Restricted Stock/
 Nontransferability
	  	This grant is an award of Stock in the number of shares set forth on the cover sheet, at the purchase price (if any) set forth on the cover sheet, and subject to the vesting conditions
described below (“Restricted Stock”). The purchase price for the Restricted Stock is deemed paid by your services to the Company. To the extent not yet vested, your Restricted Stock may not be transferred, assigned, pledged or
hypothecated, whether by operation of law or otherwise, nor may the Restricted Stock be made subject to execution, attachment or similar process. For the purpose of this Agreement, “Service” means service as an Employee, Non-Employee
Director or Consultant.
		
	Issuance and Vesting	  	 The Company will issue your Restricted Stock in your name as of the Grant Date.
  
 Your right to the Stock under this Restricted Stock grant vests as to thirty three and one-third percent (33 1/3%) of the total number of
shares covered by this grant, as shown on the cover sheet, on the first day on or after each of the first three one-year anniversaries of the Grant Date (each an “Anniversary Date”), provided you then continue in Service. If, however, such
Anniversary Date occurs during a period in which you are (i) subject to a lock-up agreement restricting your ability to sell shares of Stock in the open market or (ii) restricted from selling shares of Stock in the open market because you are not
then eligible to sell under the Company’s insider trading or similar plan as then in effect (whether because a trading window is not open or you are otherwise restricted from trading), vesting in such shares of Stock will be delayed until the
first date on which you are no longer prohibited from selling shares of Stock due to a lock-up agreement or insider trading plan restriction (the “Vesting Date”), and provided, further, that you have been continuously in Service from the
Grant Date until the Vesting Date. The resulting aggregate number of vested shares of Stock will be rounded to the nearest whole number, and you cannot vest in more than the number of shares covered by this grant.
  
 Your right to the Stock under this Restricted Stock grant shall become 100% vested upon your
termination of Service, if your Service terminates as a result of your death or as the result of an involuntary termination within one year of a Change of Control. No additional shares of Stock will vest after your

  

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	 	  	Service has terminated for any reason other than for your death or involuntary termination after a Change of Control.
		
	 Forfeiture of Unvested
 Stock
	  	In the event that your Service terminates for any reason, you will forfeit to the Company all of the shares of Stock subject to this grant that have not yet vested.
		
	Certain Restrictions	  	The Restricted Stock shall be in consideration of your commitment that you shall not during the period ending one (1) year after your termination of employment with Company, directly or
indirectly, enter into the employment of, render services to or on behalf of, supply products to or on behalf of, or otherwise assist, Sirius Satellite Radio Inc. or any other person or entity operating or developing any digital audio radio system
(other than the XM Satellite Radio System); provided that you shall in no way be prevented from taking employment in the traditional AM/FM radio broadcasting system (collectively, the “Restrictions”). Furthermore, you agree that in the
event of your failure to abide by the Restrictions the Company shall have the right to cause a forfeiture of your unvested Restricted Stock, and with respect to those shares of Restricted Stock vesting during the period commencing twelve (12) months
prior to your termination of Service with the Company, the right to cause a forfeiture of those vested shares of Stock (but the Company will pay you the purchase price without interest).
		
	 Book Entry
 Restrictions/Escrow
	  	 The Restricted Stock may be issued in book entry form. If so, the Company shall cause the transfer agent for the shares of Common Stock to make a
book entry record showing ownership for the shares of Restricted Stock in your name subject to the terms and conditions of this Agreement. You shall be issued an account statement acknowledging your ownership of the shares of Restricted
Stock.
  
 If certificates are issued evidencing the shares of Restricted Stock,
the certificates for the Restricted Stock shall be deposited in escrow with the Secretary of the Company to be held in accordance with the provisions of this paragraph. Each deposited certificate shall be accompanied by a duly executed Assignment
Separate from Certificate in the form attached hereto as Exhibit A. The deposited certificates shall remain in escrow until such time or times as the certificates are to be released or otherwise surrendered for cancellation as discussed
below. Upon delivery of the certificates to the Company, you shall be issued an instrument of deposit acknowledging the number of shares of Stock delivered in escrow to the Secretary of the Company.
  
 All regular cash dividends on the Stock (or other securities at the time held in escrow)
shall be paid directly to you and shall not be held in escrow. However, in the event of any stock

  

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	 	  	 dividend, stock split, recapitalization or other change affecting the Company’s outstanding common stock as a class effected without receipt
of consideration or in the event of a stock split, a stock dividend or a similar change in the Company Stock, any new, substituted or additional securities or other property which is by reason of such transaction distributed with respect to the
Stock shall be immediately delivered to the Secretary of the Company to be held in escrow hereunder, but only to the extent the Stock is at the time subject to the escrow requirements hereof.
  
 As your interest in the shares vests, as described above, the certificates for such vested
shares shall be released from escrow and delivered to you, at your request, within 30 days of their vesting.

		
	Withholding Taxes	  	You agree, as a condition of this grant, that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the vesting of Stock acquired under
this grant. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the vesting of shares arising from this grant, the Company shall have the right to require such
payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate.
		
	 Section 83(b)
 Election
	  	 Under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), the difference between the purchase price paid for the
shares of Stock and their fair market value on the date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary income at that time. For this purpose, “forfeiture restrictions” include the forfeiture of
unvested Stock that is described above. You may elect to be taxed at the time the shares are acquired, rather than when such shares cease to be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the
Internal Revenue Service within thirty (30) days after the Grant Date. You will have to make a tax payment to the extent the purchase price is less than the fair market value of the shares on the Grant Date. No tax payment will have to be made to
the extent the purchase price is at least equal to the fair market value of the shares on the Grant Date. The form for making this election is attached as Exhibit B hereto. Failure to make this filing within the thirty (30) day period will
result in the recognition of ordinary income by you (in the event the fair market value of the shares as of the vesting date exceeds the purchase price) as the forfeiture restrictions lapse.
  
 YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A
TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU

  

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	 	  	REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY
83(b) ELECTION.
		
	Retention Rights	  	This Agreement does not give you the right to be retained by the Company (or any Affiliates) in any capacity. The Company (and any Affiliates) reserves the right to terminate your Service at
any time and for any reason.
		
	Shareholder Rights	  	You have the right to vote the Restricted Stock and to receive any dividends declared or paid on such stock. Any distributions you receive as a result of any stock split, stock dividend,
combination of shares or other similar transaction shall be deemed to be a part of the Restricted Stock and subject to the same conditions and restrictions applicable thereto. The Company may in its sole discretion require any dividends paid on the
Restricted Stock to be reinvested in shares of Stock, which the Company may in its sole discretion deem to be a part of the shares of Restricted Stock and subject to the same conditions and restrictions applicable thereto. Except as described in the
Plan, no adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Company stock, the number of shares covered by this grant may be adjusted (and rounded down to the nearest whole
number) pursuant to the Plan. Your Restricted Stock shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity.
		
	Legends	  	 All certificates representing the Stock issued in connection with this grant shall, where applicable, have endorsed thereon the following
legends:
  
 “THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL
OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

  

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	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of this Agreement to the substantive law of another jurisdiction.
		
	The Plan	  	 The text of the Plan is incorporated in this Agreement by reference. Certain capitalized terms used in this Agreement are defined in the
Plan, and have the meaning set forth in the Plan.
  
 This Agreement and
the Plan constitute the entire understanding between you and the Company regarding this grant of Restricted Stock. Any prior agreements, commitments or negotiations concerning this grant are superseded.

		
	Data Privacy	  	In order to administer the Plan, the Company may process personal data about you. Such data includes but is not limited to the information provided in this Agreement and any changes thereto,
other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information and any other information that might be deemed appropriate by the Company to facilitate the
administration of the Plan. By accepting this grant, you give explicit consent to the Company to process any such personal data. You also give explicit consent to the Company to transfer any such personal data outside the country in which you work
or are employed, including, with respect to non-US. resident Participants, to the United States, to transferees who shall include the Company and other persons who are designated by the Company to administer the Plan.
		
	 Consent to Electronic
 Delivery
	  	The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant you agree that the Company may deliver the Plan prospectus and
the Company’s annual report to you in an electronic format. If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies. Please contact the Company’s
Human Resources Department to request paper copies of these documents.

  
 By signing the
cover sheet of this Agreement, you agree to all of the terms and conditions described above and in the Plan. 
  

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 EXHIBIT A

  
 ASSIGNMENT SEPARATE FROM CERTIFICATE 

 
 FOR VALUE RECEIVED,
                         sells, assigns and transfers to XM Satellite Radio Holdings, Inc., a Delaware corporation (the
“Company”),                         
(                        ) shares of common stock of the Company represented by Certificate No.
             and does hereby irrevocable constitute and appoint
                         Attorney to transfer the said stock on the books of the Company with full power of substitution
in the premises. 
  
 Dated:                    , 200     
  

	
	
	 
	Print Name

  

	
	
	 
	Signature

  
 Spouse Consent
(if applicable) 
  
                                  (Purchaser’s spouse) indicates by
the execution of this Assignment his or her consent to be bound by the terms herein as to his or her interests, whether as community property or otherwise, if any, in the shares of common stock of the Company. 
  

	
	
	 
	Signature

  
 INSTRUCTIONS: PLEASE DO NOT
FILL IN ANY BLANKS OTHER THAN THE SIGNATURE LINE. THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE COMPANY TO CANCEL YOUR UNVESTED SHARES AS SET FORTH IN THE AGREEMENT WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER. 

 

  
 EXHIBIT B

  
 ELECTION UNDER SECTION 83(b) OF 
 THE INTERNAL REVENUE CODE 
  
 The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies
the following information in accordance with the regulations promulgated thereunder: 
  

	 	1.	The name, address and social security number of the undersigned: 

  
 Name:______________________________________________ 
  
 Address:____________________________________________ 
  
 ___________________________________________________ 
  
 Social Security No. :___________________________________ 
  

	 	2.	Description of property with respect to which the election is being made: 

  
                         
shares of common stock, par value $.01 per share, XM Satellite Radio Holdings, Inc., a Delaware corporation, (the “Company”). 
  

	 	3.	The date on which the property was transferred is                     
        , 200    . 

  

	 	4.	The taxable year to which this election relates is calendar year 200    . 

  

	 	5.	Nature of restrictions to which the property is subject: 

  
 The shares of stock are subject to the provisions of a Restricted Stock Agreement between the undersigned and the Company. The shares of
stock are subject to forfeiture under the terms of the Agreement. 
  
 6. The fair market value of the property at the time of transfer (determined without regard to any lapse restriction) was
$                     per share, for a total of
$                    . 
  

	 	7.	The amount paid by taxpayer for the property was $            . 

  

	 	8.	A copy of this statement has been furnished to the Company. 

  
 Dated:                     , 200    

  

	
	
	 
	 Taxpayer’s Signature

  

	
	
	 
	 Taxpayer’s Printed Name

  

  
 PROCEDURES FOR MAKING
ELECTION 
 UNDER INTERNAL REVENUE CODE SECTION 83(b) 
  
 The following procedures must be followed with respect to the attached form for making an election under Internal
Revenue Code section 83(b) in order for the election to be effective:1 
  
 1. You must file one copy of the completed election form with the IRS Service
Center where you file your federal income tax returns within 30 days after the Grant Date of your Restricted Stock. 
  
 2. At the same time you file the election form with the IRS, you must also give a copy of the election form to the Secretary of the Company. 

 
 3. You must file another copy of the election form with your federal
income tax return (generally, Form 1040) for the taxable year in which the stock is transferred to you. 

	1	Whether or not to make the election is your decision and may create tax consequences for you. You are advised to consult your tax advisor if you are unsure whether
or not to make the election.Employment Agreement dated as of November 15, 2004,  David F. DeVoe.

 EXHIBIT 10.1 
  
 EMPLOYMENT AGREEMENT 
  

AGREEMENT dated as of November 15, 2004, between News America Incorporated, a Delaware corporation, with offices at 1211 Avenue of the Amercias, New
York, NY 10036 (“NAI”) and David F. DeVoe, residing at the address that is on file with NAI (the “Executive”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, NAI desires to employ the Executive on the terms and conditions hereinafter set forth; and 
  
 WHEREAS, the Executive desires to be so employed; 
  
 NOW, THEREFORE, in consideration of the premises and mutual agreements
hereinafter contained, the parties hereto agree as follows: 
  
 1. Duties. NAI agrees to employ the Executive and the Executive agrees to accept employment with NAI for the Term of Employment hereinafter defined. During the Term of Employment, the Executive, subject to the provisions of this
Agreement, shall: (a) have the title and the duties of Senior Executive Vice President and Chief Financial Officer of News Corporation, a Delaware corporation (“NEWS CORP”), and Senior Executive Vice President and Chief Financial Officer
of NAI and Fox Entertainment Group, a Delaware corporation (“FEG”) ; (b) be a member of the Office of the Chairman of NEWS CORP; (c) be elected to and serve as a member of the Boards of Directors of NEWS CORP, NAI and FEG; (d) in such
capacities, report directly to the Chief Executive Officer of NEWS CORP and the Boards of Directors of NEWS CORP, NAI and FEG; and (e) in such capacities, have charge and supervision of all financial matters and affairs of NEWS CORP, NAI, FEG and
their subsidiaries and divisions. 
  

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 In addition, the Executive shall serve as a director and/or officer of such of the subsidiaries of NEWS
CORP, NAI and FEG and on such committees of the Boards of Directors of NEWS CORP, NAI and FEG as the Chief Executive Officer of NEWS CORP and the Executive shall deem appropriate. Subject to the provisions of Section 7 (c) hereof, during the Term of
Employment the Executive shall devote substantially all of his business time and attention and give his best efforts and skill to furthering the business and interests of NEWS CORP and to the performance of such executive duties as the Chief
Executive Officer of NEWS CORP and Boards of Directors of NEWS CORP, NAI and FEG may determine, from time to time, consistent with the terms of this Agreement. 
  

2. Term. “Term of Employment” as used herein shall mean the period from November 15, 2004 through November 14, 2009; provided,
however, if the Term of Employment is terminated earlier, as hereinafter set forth, the Term of Employment shall mean the period from November 15, 2004 through the effective date of such earlier termination. The Term of Employment shall be
terminated earlier only by NAI upon the death of the Executive, the disability of the Executive or upon the discharge of the Executive for cause, all as provided for in Section 8 hereof. 
  
 Not later than May 1, 2009, the parties hereto shall enter into discussion to determine whether they are interested in
continuing the employment of the Executive after the Term of Employment, and if so, they shall enter into good faith negotiations with respect to such continuing employment. 
  
 3. Location. The Executive shall be based and essentially render services in the New York City metropolitan area at
the principal office maintained by NAI in such area. The Executive will travel as reasonably required to perform his functions hereunder. 
  

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 4. Compensation. As compensation for his services, the Executive shall receive a base salary at an
annual rate of not less than $2,503,750 (the “Base Salary”) to be paid in the same manner as other senior executives of NAI are paid. Subject to the right of the Executive to participate in any bonus or incentive plans in which other
senior executives of NEWS CORP, NAI or FEG participate, bonuses paid to the Executive shall be in the sole discretion of the Chief Executive Officer of NEWS CORP and the Board of Directors of NAI. 
  
 5. Other Benefits. The Executive shall be entitled to the following
benefits (collectively, the “Benefits”): 
  
 (a) The
Executive shall be entitled to participate in all of the following incentive or benefit plans or arrangements presently in effect or hereafter adopted by the Company applicable to senior executives of NEWS CORP, NAI or FEG: 
  
 (i) any stock option or purchase plan, stock appreciation
rights plan or any bonus or other incentive compensation plan; and 
  
 (ii) any profit-sharing, pension, group medical, dental, disability and life insurance or other similar benefit plans. 
  
 (b) In order to facilitate the Executive’s performance of his duties, NAI shall provide him with or reimburse him for, the use of an automobile of a
type and style to be selected by the Executive, whether purchased or leased, and shall pay for the insurance, maintenance, fuel and telephone for such car. 
  

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 (c) In the event TCNL, NAI or FEG shall hereafter enter into agreements with their senior executives for
the purpose of providing such executives with severance benefits in the event of a change of control of NEWS CORP, NAI or FEG, then NEWS CORP, NAI or FEG, as the case may be, shall enter into an agreement with Executive which affords comparable
benefits to him. 
  
 6. Business Expenses. During the Term
of Employment, NAI shall pay, or reimburse the Executive for, all expenses reasonably incurred by him in connection with his performance of his duties hereunder. 
  
 7. Confidentiality; Restriction on Competition. 
  
 (a) Any and all confidential knowledge or information concerning NEWS CORP, NAI and FEG and their affairs obtained by the
Executive in the course of his employment will be held inviolate by him and he will conceal the same from any and all other persons, including, but not limited to, competitors of NEWS CORP, NAI and FEG and will not impart any such knowledge acquired
by him as an officer or employee of NEWS CORP, NAI and FEG to anyone. 
  
 (b) Upon termination of his employment, the Executive will immediately surrender and turn over to NEWS CORP, NAI and FEG all books, forms, records, customer lists and all other papers and writings relating to NEWS CORP, NAI and FEG and all
other property belonging to NEWS CORP, NAI and FEG. 
  
 (c) During
the Term of Employment, the Executive will not, in any manner directly or indirectly, engage in any business which competes with the business in which NEWS CORP, NAI or FEG is then engaged and will not directly or indirectly own, manage, operate,
join, control or participate in the ownership, management, 

  

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operation or control of, or be employed by, or connected in any manner with any corporation, firm or business that is so engaged; provided, however, that
nothing herein contained shall prohibit the Executive from owning not more than five (5%) percent of the outstanding stock of any publicly held corporation. 
  
 (d) The Executive agrees to comply with NEWS CORP’s Standards of Business Conduct. 
  
 8. Termination by NAI. The Executive’s employment hereunder may be terminated by NAI without any breach of this
Agreement only under the following circumstances: 
  
 (a) The
Executive’s employment hereunder shall terminate upon his death. 
  
 (b) If, as a result of the Executive’s incapacity and disability due to physical or mental illness, the Executive shall have been absent from his duties hereunder for a period of 365 consecutive days during the Term of Employment, NAI
may terminate the Executive’s employment hereunder. 
  
 (c)
NAI may terminate the Executive’s employment hereunder for cause. For purposes of this Agreement, NAI shall have “cause” to terminate the Executive’s employment hereunder only in the event of a material breach of this Agreement
by the Executive, which breach is not cured within twenty days after written notice to the Executive specifying such breach, or in the event of the Executive’s excessive absenteeism, insobriety, drug addiction, fraud, embezzlement or conviction
of a felony (other than a vehicular felony). 
  
 (d) Any
termination of the Executive’s employment by NAI (other than termination pursuant to subsection (a) above) shall be communicated by a written Notice 

  

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of Termination to the Executive. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in full detail the facts and circumstances claimed to provide the basis for termination of the Executive’s employment under the provision so indicated. 
  
 (e) “Date of Termination” shall mean (i) if the Executive’s
employment is terminated by his death, the date of this death, or (ii) if the Executive’s employment is terminated pursuant to subsections (b) or (c) above, the date specified in the Notice of Termination. 
  
 9. Termination by Executive. 
  
 (a) The Executive, at his option, may terminate his employment without any
breach of this Agreement under the following circumstances: 
  
 (i) In the event of a breach of the Agreement by NAI which breach if curable, is not cured within twenty days after written notice specifying such breach; or 
  
 (ii) If the Executive is required to be based and essentially render services in other than the New York City metropolitan
area at the principal office of NAI in such area. 
  
 (b) Any
termination of his employment by the Executive shall be communicated by a written Notice of Termination to NAI. 
  
 10. Compensation Upon Termination. 
  
 (a) If the employment of the Executive is terminated pursuant to Section 8(a) hereof, by reason of his death, NAI agrees to pay directly to his surviving
spouse, or if his spouse shall not survive him, then to the legal representative of his estate, (i) for a period 

  

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of one year (commencing with the Date of Termination) an amount equal to and payable at the same rate as his then current Base Salary, a minimum annual bonus
(calculated in accordance with Section 10 (d) below) and the Benefits or payments on account of Benefits and (ii) any payment the Executive’s spouse, beneficiaries, or estate may be entitled to receive pursuant to any pension or employee
benefit plan or life insurance policy then provided to the Executive or maintained by the Company. Such payments shall fully discharge the obligations of NAI hereunder and NAI shall be under no obligation to provide any further compensation to the
Executive, his surviving spouse or the legal representative of his estate, except as otherwise required in this Agreement. 
  
 (b) During any period that the Executive fails to perform his duties hereunder as a result of incapacity and disability due to physical or mental illness,
NAI shall continue to pay to the Executive his full Base Salary, a minimum annual bonus (calculated in accordance with Section 10 (d) below) and the Benefits or payments on account of the Benefits until the Executive returns to his duties or until
the Executive’s employment is terminated pursuant to Section 8(b) hereof. Such payments, together with any payments to which the Executive is entitled by reason of his participation in any disability benefit plan, shall fully discharge the
obligations of NAI hereunder and NAI shall be under no obligation to provide any further compensation to the Executive, except as otherwise required in this Agreement. 
  
 In addition, the Executive, his surviving spouse and eligible dependents shall be provided with NAI health and welfare
benefits (including without limitations, medical, dental and vision benefits) on the same terms and conditions as then apply to the highest paid group of executives of NEWS CORP, NAI or FEG. 
  

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 (c) If the Executive’s employment shall be terminated for cause pursuant to Section 8(c) hereof, NAI
shall pay the Executive his full Base Salary and minimum annual bonus (calculated in accordance with Section 10 (d) below) and provide the Benefits or payments on account of the Benefits through the Date of Termination. Such payments shall fully
discharge the obligations of NAI hereunder and NAI shall be under no obligation to provide any further compensation to the Executive. 
  
 (d) If NAI shall terminate the Executive’s employment other than pursuant to Sections 8(a), 8(b) or 8(c) hereof, or if the Executive shall terminate
his employment hereunder pursuant to Section 9 hereof, the Executive shall receive the compensation and other payments and Benefits in the same manner as though the Executive continued to be employed hereunder. For this purpose, compensation will
include a minimum annual bonus equal to the average of the two immediately preceding Bonuses paid to the Executive, prior to the Executive’s termination under this paragraph. The Executive shall receive the compensation and other payments and
Benefits in the same manner as though the Executive continued to be employed hereunder. The Executive shall not be required to seek or accept other employment during the Term of Employment and any amounts earned by the Executive from any other
employment during the Term of Employment shall not reduce or otherwise affect the payments due to the Executive pursuant to this Section 10(d). 
  
 (e) The Executive shall be entitled to the benefits provided in the SERP and Welfare Benefit Letter (as defined in Section 17 below) in the event of any
termination pursuant to Section 10 hereof. 
  

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 11. Survival of Agreement. In the event that NEWS CORP, or NAI shall at any time be merged or
consolidated with any other corporation or corporations or shall sell or otherwise transfer a substantial portion of its assets to another corporation or entity, the provisions of this Agreement shall be binding upon and inure to the benefit of the
corporation or entity surviving or resulting from such merger or consolidation or to which such assets shall be sold or transferred. 
  
 12. Indemnity and Insurance. NAI shall indemnify the Executive and hold him harmless from any cost, expense or liability arising out of or relating
to any acts or directions made by him in the course of performing under this Agreement. The Executive shall be added as an additional named insured under all appropriate insurance policies now in force or hereafter obtained covering NEWS CORP, NAI
and FEG, including, without limitation, insurance policies providing customary directors and officers insurance coverage. NAI will pay all expenses, including reasonable attorneys’ fees, actually incurred by the Executive in connection with or
relating to any registration or other governmental filings made by NEWS CORP, NAI or FEG or to defending any claim, action, suit or proceeding (including any appeals therefrom) alleged or brought by a third party (including but not limited to
derivative actions to the extent such indemnification is legally permissible), arising out of or relating to the performance of this Agreement. If any such claim, action, suit or proceeding is brought or claim relating thereto is made against the
Executive in respect of which indemnity may be sought pursuant to the foregoing, the Executive shall promptly notify NAI in writing thereof, and NEWS CORP, NAI or FEG shall have the right to assume and control the defense thereof. In the event News
Corp, NAI or FEG assumes such defense, the Executive shall 

  

 9 

 
have the right to employ his own counsel as well at his own expense. In the event NAI assumes such defense, the Executive shall have the right to employ his
own counsel as well at his own expense. Without limiting any other provision of this Agreement, this Section 12 shall survive the termination or expiration of this Agreement for any reason whatsoever. 
  
 13. Notices. Any notices or other communications required or permitted
hereunder shall be sufficiently given if sent by registered mail or certified mail, return receipt requested, postage prepaid, to the last home address given by the Executive to NAI at its New York City metropolitan area office or such other address
as shall be furnished in writing by either party to the other; such notice or communication shall be deemed to have been given as of the date so mailed. 
  
 14. Construction. This Agreement shall be construed in accordance with and governed by the laws of the State of New York. 
  
 15. Severability. The conditions and provisions herein set forth shall
be severable, and if any condition or provision or portion thereof shall be held invalid or unenforceable, then said condition or provision shall not in any manner affect any other condition or provision and the remainder of this Agreement and every
section thereof construed without regard to said invalid condition or provision, shall continue in full force and effect. 
  
 16. Assignment. Neither party shall have the right, subject to Section 11 hereof, to assign the Executive’s rights and obligations with
respect to his actual employment duties without the prior consent of the other party. 
  

 10 

 17. Entire Agreement. This Agreement and the letters to the Executive from News Corp dated March
1, 2000, providing for enhanced retirement and welfare benefits in certain events (the “SERP and Welfare Benefit Letter”), contain the entire understanding between the parties hereto with respect to the subject matter hereof, and this
Agreement supersedes and renders null and void any and all prior oral or written agreements, understandings or commitments pertaining to the subject matter hereof. No waiver or modification of the terms or provisions hereof shall be valid unless in
writing signed by the party so to be charged thereby and then only to the extent therein set forth. 
  
 IN WITNESS WHEREOF, the parties hereto have affixed their signatures as of the day and year first above written. 
  

			
	 NEWS AMERICA INCORPORATED

		
	 By:
	 	/s/ K.R. Murdoch
		
	 	 	 /s/ David F. DeVoe

	 	 	David F. DeVoe

  

 11 

 As an inducement to the Executive to enter into the foregoing Employment Agreement, the undersigned
hereby guarantees full performance of all of the obligations of News Corporation, News America Incorporated and Fox Entertainment Group and any of their subsidiaries and divisions thereunder, waiving exhaustion of remedies, including, without
limitation, obligations with respect to the election and/or designation of Executive as a director and officer to serve in the capacities and to have the duties set forth in Section 1 of the Agreement. This guarantee shall continue hereafter with
respect to any amendments, modification, supplements or other changes made to or with respect to the foregoing Agreement. 
  

			
	 NEWS CORPORATION

		
	 By:
	 	 /s/ K.R. Murdoch

  

 12

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