Document:

EX-10.1

 Exhibit 10.1 

NEWS CORP 
 RESTORATION
PLAN 
 Amended and restated as of February 11, 2019 
  

 NEWS CORP 

RESTORATION PLAN 
  

 
 Table of Contents 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE 1.
	  	 DEFINITIONS
	  	 	1	 
			
	 1.1.
	  	 “Account”
	  	 	1	 
			
	 1.2.
	  	 “Additional Compensation”
	  	 	1	 
			
	 1.3.
	  	 “Affiliated Entity”
	  	 	2	 
			
	 1.4.
	  	 “Beneficiary”
	  	 	2	 
			
	 1.5.
	  	 “Board of Directors”
	  	 	2	 
			
	 1.6.
	  	 “Code”
	  	 	2	 
			
	 1.7.
	  	 “Committee”
	  	 	2	 
			
	 1.8.
	  	 “Company”
	  	 	2	 
			
	 1.9.
	  	 “Compensation”
	  	 	2	 
			
	 1.10.
	  	 “Compensation Limit”
	  	 	3	 
			
	 1.10A.
	  	 “Contribution Limit”
	  	 	3	 
			
	 1.11.
	  	 “Disability”
	  	 	3	 
			
	 1.11A.
	  	 “Discretionary Credit”
	  	 	3	 
			
	 1.12.
	  	 “Reserved”
	  	 	3	 
			
	 1.13.
	  	 “Earnings Credit”
	  	 	3	 
			
	 1.14.
	  	 “Eligible Employee”
	  	 	3	 
			
	 1.15.
	  	 “Employee”
	  	 	3	 
			
	 1.16.
	  	 “Employer”
	  	 	3	 
			
	 1.17.
	  	 “Employer Credit”
	  	 	4	 
			
	 1.18.
	  	 “Investment Committee”
	  	 	4	 
			
	 1.19.
	  	 “News Corp 401(k) Savings Plan”
	  	 	4	 
			
	 1.20.
	  	 “Participant”
	  	 	4	 
			
	 1.21.
	  	 “Plan”
	  	 	4	 
			
	 1.22.
	  	 “Plan Year”
	  	 	4	 
			
	 1.23.
	  	 “Separation from Service”
	  	 	4	 
			
	 1.24.
	  	 “Termination of Employment”
	  	 	5	 
			
	 1.25.
	  	 “Transition Credit”
	  	 	5	 

							
			
	 ARTICLE 2.
	  	 PARTICIPATION, EMPLOYER CREDITS, TRANSITION

CREDITS, DISCRETIONARY CREDITS AND VESTING
	  	 	5	 
			
	 2.1.
	  	 Participation.
	  	 	5	 
			
	 2.2.
	  	 Employer Credits.
	  	 	5	 
			
	 2.3.
	  	 Transition Credits.
	  	 	6	 
			
	 2.4.
	  	 Discretionary Credits.
	  	 	6	 
			
	 2.5.
	  	 Vesting.
	  	 	7	 
			
	 ARTICLE 3.
	  	 EARNINGS CREDITS
	  	 	7	 
			
	 3.1.
	  	 Earnings Credits.
	  	 	7	 
			
	 3.2.
	  	 Determination of Earnings Credits.
	  	 	7	 
			
	 ARTICLE 4.
	  	 TERMINATION AND DISTRIBUTION
	  	 	8	 
			
	 4.1.
	  	 Termination of Active Participation.
	  	 	8	 
			
	 4.2.
	  	 Distribution of Account.
	  	 	8	 
			
	 ARTICLE 5.
	  	 ADMINISTRATION OF PLAN
	  	 	10	 
			
	 5.1.
	  	 Committee Action and Delegation.
	  	 	10	 
			
	 5.2.
	  	 Effect of Committee’s Action.
	  	 	10	 
			
	 ARTICLE 6.
	  	 CLAIMS PROCEDURE
	  	 	11	 
			
	 6.1.
	  	 Claims.
	  	 	11	 
			
	 ARTICLE 7.
	  	 MISCELLANEOUS
	  	 	12	 
			
	 7.1.
	  	 Amendment or Termination of the Plan.
	  	 	12	 
			
	 7.2.
	  	 No Contract for Employment.
	  	 	12	 
			
	 7.3.
	  	 Payments to Persons under Legal Disability.
	  	 	12	 
			
	 7.4.
	  	 Unclaimed Benefits.
	  	 	12	 
			
	 7.5.
	  	 Multiple Claims for Benefits.
	  	 	13	 
			
	 7.6.
	  	 Construction.
	  	 	13	 
			
	 7.7.
	  	 Funding.
	  	 	13	 
			
	 7.8.
	  	 Participant’s Interest.
	  	 	13	 
			
	 7.9.
	  	 Withholding.
	  	 	14	 
			
	 7.10.
	  	 Severability.
	  	 	14	 
			
	 7.11.
	  	 Governing Law.
	  	 	14	 

  

 NEWS CORP 

RESTORATION PLAN 
 The
purpose of this News Corp Restoration Plan is (i) to provide participants with supplemental retirement benefits in addition to the benefits payable from the Company’s or an Affiliated Entity’s qualified retirement plans and Social
Security, (ii) to provide participants, on an unfunded basis, with those retirement benefits which would have become payable under the News Corp 401(k) Savings Plan but for the limitations directly or indirectly imposed by the Code on the
contributions which could have been provided under such plans with respect to employee participants, and (iii) to provide the Company and its Affiliated Entities with a method of rewarding and retaining its management and highly compensated
employees. The Plan, which was originally adopted effective July 1, 2013 as the NC Transaction, Inc. Restoration Plan and subsequently amended, is further amended and restated in its entirety as set forth herein, effective February 11,
2019. 
 This Plan is intended to qualify as a plan solely for the benefit of a select group of management and highly compensated employees
of the Company and certain of its subsidiary and affiliated business entities under the Employee Retirement Income Security Act of 1974, as amended, and shall be administered and interpreted in a manner consistent with such intent. 

ARTICLE 1. DEFINITIONS 

When used in this document, capitalized words and phrases will have the following meanings unless the context clearly requires a different
meaning: 
 1.1. “Account” 

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

1.2. “Additional Compensation” 

means the amount of a Participant’s Compensation for the Plan Year, determined pursuant to Section 1.9, in excess of the
Compensation Limit. In addition, the Committee, in its sole and absolute discretion, may elect to include other amounts in the Additional Compensation of an individual Participant. 

For the 2013 Plan Year, the Plan shall take into account Compensation earned by a Participant from January 1, 2013 through
December 31, 2013 for the sole purpose of determining when a Participant has exceeded the Compensation Limit for the Plan Year; however, only Compensation earned by a Participant from July 1, 2013 through December 31, 2013 shall be
eligible to be Additional Compensation hereunder. For example, Participant X earns $650,000 during the 2013 calendar year. As of June 30, 2013, Participant X has earned $325,000 and has exceeded the Compensation Limit of $255,000 for
the 2013 calendar year. Participant X’s Additional Compensation for the 2013 Plan Year equals $325,000, which represents the amount of Participant X’s Compensation earned July 1, 2013 through December 31, 2013 in excess
of the Compensation Limit. As an additional example, Participant Y earns $400,000 during the 2013 calendar year. As of June 30, 2013, Participant Y has earned $200,000 and has not yet exceeded the Compensation Limit of $255,000 for
the 2013 calendar year. Participant Y’s Additional Compensation for the 2013 Plan Year equals $145,000, which represents the amount of Participant Y’s Compensation earned July 1, 2013 through December 31, 2013 in excess
of the Compensation Limit. 

 1.3. “Affiliated Entity” 

means any corporation, limited liability company, partnership, or other business entity or division or department of an entity having
employees to whom the Board of Directors has extended (with the acceptance of such entity) the benefits of this Plan, or any successor entities of such an entity. 

1.4. “Beneficiary” 

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

1.5. “Board of Directors” 

means the Board of Directors of NC Transaction, Inc. 

1.6. “Code” 

means the Internal Revenue Code of 1986, as amended from time to time. 

1.7. “Committee” 

means the News Corp Administrative Committee (or its successor). 

1.8. “Company” 

means NC Transaction, Inc., or its successors. 

1.9. “Compensation” 

means a Participant’s “Compensation” as defined under the News Corp 401(k) Savings Plan for the Plan Year. For the avoidance of
doubt, a Participant’s Compensation for the 2013 Plan Year shall only include Compensation earned by such Participant from July 1, 2013 through December 31, 2013. Notwithstanding the foregoing, Compensation for a Plan Year in excess
of the following amounts shall not be taken into account for purposes of this Plan: 
 (i) for (x) the
Company’s Chief Executive Officer, Chief Financial Officer and General Counsel, (y) Employees who are chief executive officers or presidents of the Company’s operating companies, business units or segments who report directly to the
Company’s Chief Executive Officer and (z) Employees of the Executive Leadership team who report directly to the Company’s Chief Executive Officer, Compensation in excess of $5 million; and 

(ii) for all Employees not covered by the preceding clause (i), Compensation in excess of $500,000. 

  
 2 

 1.10. “Compensation Limit” 

means an amount determined and adjusted pursuant to Code section 401(a)(17) and the guidance issued thereunder that sets forth the maximum
annual Compensation that may be taken into account under the News Corp 401(k) Savings Plan. 
 1.10A. “Contribution
Limit” 
 means an amount determined and adjusted pursuant to Code section 415(c) and the guidance issued thereunder that sets
forth the maximum annual amount that may be contributed to the account of any participant in the News Corp 401(k) Savings Plan. 
 1.11.
“Disability” 
 means a condition under which a Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. 

1.11A. “Discretionary Credit” 

means the amount that the Company or an Affiliated Entity credits to a Participant’s Account pursuant to Section 2.4 of the Plan
with respect to any Plan Year. 
 1.12. “Reserved” 

1.13 “Earnings Credit” 

means the amount credited to a Participant’s Account pursuant to Section 3.1 and determined pursuant to Section 3.2. 

1.14. “Eligible Employee” 

means an Employee who is (i) an active participant in the News Corp 401(k) Savings Plan; (ii) is not actively accruing benefits
under any of the Company’s or an Affiliated Entity’s defined benefit pension plans; and (iii) is not currently receiving “RAP Contributions” under the News Corp 401(k) Savings Plan (the “HarperCollins Retirement Account
Sub-Plan” or “RAP”). 
 1.15. “Employee” 

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

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

  
 3 

 1.17. “Employer Credit” 

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

means the News Corp U.S. Defined Contribution Plans Investment Committee. 

1.19 “News Corp 401(k) Savings Plan” 

means the News Corp 401(k) Savings Plan, effective January 1, 2016, as amended (formerly known as the NC Transaction, Inc.
Savings Plan (“NCTI Savings Plan”). 
 1.20. “Participant” 

means an Eligible Employee to whose Account the Company or an Affiliated Entity credits an Employer Credit, Transition Credit or Discretionary
Credit under the terms of this Plan. 
 1.21. “Plan” 

means the News Corp Restoration Plan as set forth in this document and as amended from time to time. 

1.22. “Plan Year” 

means the twelve-month period beginning January 1 and ending December 31. Notwithstanding the foregoing, for 2013 only, the Plan Year
means the 6-month period beginning on July 1, 2013 and ending December 31, 2013. 

1.23. “Separation from Service” 

means the Participant’s death, retirement, or other termination of employment with the Company or an Affiliated Entity, whether voluntary
or involuntary, and shall be construed in accordance with Treasury Regulation Section 1.409A-1(h). For purposes of this Plan, a Separation from Service shall include the date as of which a person recovers
from a Disability and does not return to employment with the Company or any Affiliated Entity and shall not mean a leave of absence as a result of military leave, sick leave, or other bona fide leave of absence if the period of such leave does not
exceed six months, or if longer, so long as the Participant’s right to reemployment with the Company is provided either by statute or by contract and there is a reasonable expectation that the Participant will return to perform services for the
Company or an Affiliated Entity. For a Participant who is employed by an Affiliated Entity, unless otherwise provided by the Committee, in its sole and absolute discretion, a Separation from Service hereunder shall also be deemed to occur as of the
date that such Participant’s Employer ceases to be within the Company’s controlled group, determined pursuant to Code Sections 414(b), (c), or (m), whether by merger, sale, exchange, or other transaction, if such Participant remains
employed by such Affiliated Entity as of and after such transaction. 

  
 4 

 1.24. “Termination of Employment” 

means the later to occur of (i) a Participant’s termination of employment with the Company or an Affiliated Entity, for any reason,
whether voluntary or involuntary, or (ii) a Participant’s Separation from Service as an Employee. References to “termination of employment” shall be deemed to refer to a “separation from service” within the meaning of
Code Section 409A. 
 1.25. “Transition Credit” 

means the amount that the Company or an Affiliated Entity credits to a Participant’s Account pursuant to Section 2.3 of the Plan.

 For participants in the News Corp 401(k) Savings Plan, words and phrases defined in the News Corp 401(k) Savings Plan shall have the same
meanings when used herein unless expressly provided to the contrary herein. 
 ARTICLE 2. PARTICIPATION, EMPLOYER CREDITS, TRANSITION
CREDITS, DISCRETIONARY CREDITS AND VESTING 
 2.1. Participation. 

(a) Participation in the Plan. Participation in the Plan shall be limited to each Eligible Employee with respect to whom
(i) allocations of employer contributions under the News Corp 401(k) Savings Plan are reduced or limited as a result of the Compensation Limit or (ii) any contributions under the News Corp 401(k) Savings Plan are reduced or limited
as a result of the Contribution Limit. Notwithstanding the foregoing or anything herein to the contrary, no Eligible Employee under this Plan who is currently receiving RAP Contributions (as defined in the RAP) under the News Corp 401(k) Savings
Plan (the “HarperCollins Retirement Account Sub-Plan” or “RAP”) may participate in the Plan, until the Plan Year following the Plan Year in which such Eligible Employee ceases receiving RAP
Contributions. Moreover, for the Plan Year ending December 31, 2016, any Eligible Employee of HarperCollins Publishers Inc. shall only be eligible to receive a Discretionary Credit under the Plan (as described in Section 2.4) and will not
be eligible for an Employer Credit (as described in Section 2.2) or Transition Credit (as described in Section 2.3). 
 (b)
Becoming a Participant. An Eligible Employee shall become a Participant upon his having an amount credited to his Account as an Employer Credit, Transition Credit or Discretionary Credit by the Company or an Affiliated Entity. 

2.2. Employer Credits. 

(a) Determination of Employer Credits. A Participant in the Plan shall be eligible to receive an Employer Credit equal to the
sum of: (i) 5.5% of such Participant’s Additional Compensation for a Plan Year; plus (ii) the excess, if any of (A) the amount that would have been contributed to the Participant’s account under the News Corp 401(k) Savings Plan
for the Plan Year but for the Contribution Limit, over (B) the amount actually contributed to the Participant’s account under the News Corp 401(k) Savings Plan for such Plan Year, provided that, for purposes of this Section 2.2, the
amount that would have been contributed to the Participant’s account under the News Corp 401(k) Savings Plan for a Plan Year shall be determined as if the Participant contributed the maximum elective deferrals under the News Corp 401(k) Savings
Plan, subject to the limitations under Section 402(g) of the Code, and made no after-tax contributions to the News Corp 401(k) Savings Plan. 

  
 5 

 (b) Crediting of Employer Credits. An Employer Credit shall be credited to the
Account under the Plan of a Participant who satisfies the requirements of Section 2.1(a) with respect to each pay period during the Plan Year in which the Participant has received Additional Compensation for such Plan Year, and otherwise within
90 days after the last day of such Plan Year provided that such Participant is employed by an Employer on the first business day after the close of such Plan Year. 

2.3. Transition Credits. 

(a) Determination of Transition Credits. A Participant in the Plan who (i) was a participant earning benefits in the
NC Transaction, Inc. Supplemental Executive Retirement Plan (the “NCTI SERP”) as of February 28, 2014, and (ii) is age 40 or older as of December 31, 2014, shall be eligible to receive a Transition Credit based on the chart
below: 
  

			
	 Age as of December 31,
2014
	  	
% of Participant’s Additional
Compensation for 
a Plan Year

	Age 40 or older, but younger than age 45	  	1%
	Age 45 or older, but younger than age 50	  	3%
	Age 50 or older, but younger than age 55	  	6%
	Age 55 or older, but younger than age 60	  	8%
	Age 60 or older	  	10%

 (b) Crediting of Transition Credits. A Transition Credit shall be credited to the Account under
the Plan of a Participant who satisfies the requirements of Section 2.3(a) with respect to each pay period during the Plan Year in which the Participant has received Additional Compensation for such Plan Year. Transition Credits will only be
credited with respect to pay periods between March 1, 2014 and February 28, 2019. Notwithstanding the foregoing, the following rules apply for Transition Credits made for pay periods in 2014 and 2019: 

i. For Transition Credits made from March 1, 2014 through December 31, 2014, the Transition Credit each pay period
will be equal to 10/12 (representing the 10 eligible months in 2014) of the applicable percentage in the chart in Section 2.3(a). 

ii. For Transition Credits made from January 1, 2019 through February 28, 2019, the Transition Credit each pay
period will be equal to 2/12 (representing the 2 eligible months in 2019) of the applicable percentage in the chart in Section 2.3(a). 

2.4. Discretionary Credits. 

(a) Determination of Discretionary Credits. The Company or an Affiliated Entity may, in its sole discretion, elect to contribute
a Discretionary Credit in any amount it so chooses to any Participant for a Plan Year. 

  
 6 

 (b) Crediting of Discretionary Credits. Any Discretionary Credit shall be
credited to the Account under the Plan of a Participant for whom the Company or an Affiliated Entity has elected to make such contribution for the Plan Year as soon as administratively practicable following the end of the applicable Plan Year. 

2.5. Vesting. 

Any amount credited to a Participant’s Account, including Employer Credits, Transition Credits, Discretionary Credits and Earnings
Credits on such amounts pursuant to Section 3.1 hereof, will fully (100%) vest upon the Participant’s attainment of two (2) years of service (determined in the same manner as Vesting Service is determined under the News Corp 401(k)
Savings Plan). 
 ARTICLE 3. EARNINGS CREDITS 

3.1. Earnings Credits.  

Each Participant’s Account shall be credited with Earnings Credits, determined pursuant to Section 3.2, which will be allocated to
each Participant’s Account based on the dividends and interests applicable to each Benchmark Fund(s) (as defined in Section 3.2). 

3.2. Determination of Earnings Credits.  

The Investment Committee will select a number of investment vehicles such as mutual funds, index funds, or investment portfolios which will
serve as benchmarks for investment of Participants’ Accounts (the “Benchmark Funds”). These Benchmark Funds will be used solely as hypothetical measuring devices to determine the Earnings Credits to be credited to each
Participant’s Account. 
 Effective March 4, 2014, each Participant may direct that his or her Account be allocated among one or
more subaccounts, and each of which will be adjusted in an amount equal to the earnings, expenses, gains or losses attributable to the Benchmark Fund(s) selected by the Participant. 

Except as otherwise determined by the Committee, a Participant may change the allocation of his or her Account among the Benchmark Funds
effective on any business day. The Committee may establish reasonable rules for notice and cutoff times or other restrictions for reallocations among the Benchmark Funds. 

If a Participant fails to specify a different allocation, all amounts credited to his or her Account will be deemed allocated to the
applicable Fidelity Freedom K® Fund, or such Benchmark Fund as shall be determined by the Investment Committee from time to time. 

The Investment Committee will establish the number of Benchmark Funds to be available for Participants’ Accounts and may add additional
Benchmark Funds, eliminate any Benchmark Fund, or designate another investment vehicle to be used as the measuring device for any Benchmark Fund. The Investment Committee may limit the allocation of amounts to any Benchmark Fund to selected
Participants. 

  
 7 

 ARTICLE 4. TERMINATION AND DISTRIBUTION 

4.1. Termination of Active Participation. 

(a) Direction by Committee. The Committee may direct that a Participant’s active participation in this Plan be terminated
at any time regardless of whether the Participant’s employment with the Company and/or Affiliated Entities has terminated (provided, however, that Employer Credits, Transition Credits and Discretionary Credits shall cease for any Plan Year only
to the extent such cessation would not violate Section 409A of the Code). If a Participant’s active participation in the Plan is terminated and he continues in employment with the Company or an Affiliated Entity, the Participant will not
be eligible to receive Employer Credits, Transition Credits or Discretionary Credits, but his Account will continue to be deferred and will be credited with Earnings Credits until distributed following his Separation from Service. 

(b) Termination of Employment. Each Participant’s active participation in this Plan will terminate automatically upon his
Termination of Employment. 
 4.2. Distribution of Account. 

A Participant’s Account shall only be distributed upon such Participant’s Separation from Service and shall be distributed pursuant
to this Section 4.2. 
 (a) Form of Distributions. Upon a Participant’s Separation from Service, the amounts
credited to his Account will be paid to the Participant or, in the event of the Participant’s death, to his beneficiary, as provided herein. 

(1) If the Participant’s Separation from Service occurs prior to his attainment of age fifty-five (55), then: 

(A) if the Participant’s Separation from Service is as a result of death, the balance of the Participant’s Account
will be distributed in a single lump-sum payment in the first (1st) month of the calendar quarter following the effective date of such Separation from
Service, or 
 (B) if the Participant’s Separation from Service is for any reason other than death, then the balance
of all amounts in the Participant’s Account will be distributed in a single lump-sum payment as soon as administratively practicable following six (6) months after such Participant’s Separation
from Service. 
 (2) If the Participant’s Separation from Service occurs on or after his attainment of age fifty-five
(55), then distribution will be made in ten (10) consecutive annual installments. Installments will be calculated in the manner described in Section 4.2(b). 

(A) If the Participant’s Separation from Service is as a result of death, the first of any installment payments shall be
made in the first (1st) month of the calendar quarter following the effective date of such Separation from Service, and any subsequent installments shall be made on the anniversary date of the
previous installment payment (or as soon as administratively practicable thereafter). 

  
 8 

 (B) If a Participant’s Separation from Service is for any reason other
than death, then the first of any installment payments attributable to all amounts in the Participant’s Account shall be made as soon as administratively practicable following six (6) months after such Participant’s Separation from
Service, and any subsequent installments shall be made on the anniversary date of the previous installment payment (or as soon as administratively practicable thereafter). 

(b) Calculation of Installments. If a distribution is paid in annual installments, each installment payment (except the last)
will equal the balance in the Participant’s Account on the last business day preceding the date of payment divided by the number of remaining installments (including the installment being paid). The final installment will be equal to the
balance in the Participant’s Account on the date of payment. 
 (c) Beneficiary Designation. Each Participant will have
the revocable right to make a written designation of one or more Beneficiaries and one or more contingent Beneficiaries. The designation of a Beneficiary and/or contingent Beneficiary, and any revocation and new designation, will be effective when
received by the Committee. 
 (1) In the event of a Participant’s death prior to the payment of all amounts in his
Account, remaining amounts will be paid to the Participant’s Beneficiary or Beneficiaries. If the Participant is predeceased by his designated Beneficiary or Beneficiaries, all remaining amounts will be paid to the Participant’s contingent
Beneficiary or Beneficiaries. If no Beneficiary is designated, or if all designated Beneficiaries and contingent Beneficiaries have predeceased the Participant, any unpaid amounts will be paid to the executor or other legal representative of the
Participant’s estate. 
 (2) If distribution of the Participant’s Account has begun in installments prior to his
death, the remaining installments will be paid when due to his Beneficiary, contingent Beneficiary, or estate, as the case may be, as determined in subsection (c)(1) above. If distribution has not yet begun, the Participant’s Account will be
distributed to his Beneficiary, contingent Beneficiary, or estate, as the case may be, in accordance with Section 4.2(a). 
 (d)
De Minimis Amounts. In accordance with Treasury Regulation Section 1.409A-3(j)(4)(v), the Committee may permit the acceleration of the time or schedule of any payment of an Account balance,
provided that (i) the Account balance is not greater than the applicable dollar amount under Section 402(g)(1)(B) of the Code; and (ii) at the time the payment is made the amount constitutes the Participant’s entire interest
under the Plan and all other plans that are aggregated with the Plan under Treasury Regulation Section 1.409A-1(c)(2). The Committee shall establish guidelines and procedures by which to review Account
balances to determine if the payment of any Account balances may be accelerated and distributed in a single-lump sum payment. 

  
 9 

 ARTICLE 5. ADMINISTRATION OF PLAN 

5.1. Committee Action and Delegation. 

(a) Committee Action. The action of the Committee will be determined by the vote or other affirmative expression of a majority
of its members. Action may be taken by the Committee at a meeting or in writing without a meeting. The members of the Committee will elect one of their number as chairman and will select a secretary who may (but need not) be a member of the
Committee. The secretary will keep a record of all meetings and acts of the Committee and will have custody of all records and documents pertaining to its operations. Any member or the secretary may execute any certificate or other written direction
on behalf of the Committee. 
 (b) Delegation of Duties. The Committee may delegate all or any portion of its duties to a
member of the Committee or another person selected to be Plan Administrator. The Committee may retain an independent record keeper for purposes of Plan administration and delegate to the record keeper the responsibility for maintaining
Participants’ Accounts and distributions. 
 5.2. Effect of Committee’s Action. 

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

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

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

  
 10 

 ARTICLE 6. CLAIMS PROCEDURE 

6.1. Claims. 
 (a)
Claims for Benefits. Any claim for benefits by a Participant or anyone claiming through a Participant under the Plan (the “Claimant”) shall be delivered in writing (or in such electronic form as designated by
the Committee) by the Claimant to the Committee. The claim shall identify the benefits being requested and shall include a statement of the reasons why the benefits should be granted. The Committee shall grant or deny the claim. If the claim is
denied in whole or in part, the Committee shall give written (or in such electronic form as designated by the Committee) notice to the Claimant setting forth: (a) the reasons for the denial, (b) specific reference to pertinent Plan
provisions on which the denial is based, (c) a description of any additional material or information necessary to request a review of the claim and an explanation of why such material or information is necessary, (d) an explanation of the
Plan’s claims review procedure, including the right to bring a civil action under Section 502(a) of ERISA following exhaustion of such claims review procedures, (e) a statement that the claimant is entitled to receive, upon request
and free of charge, reasonable access to, and copies of, all documents, records, or other information relevant (as defined by Department of Labor Regulation Section 2560.503-1(m)) to the claim. The notice
shall be furnished to the Claimant within a period of time not exceeding ninety (90) days (or forty-five (45) days in the event of a claim involving a Disability determination) after receipt of the claim, except that such period of time
may be extended, if special circumstances should require, for an additional ninety (90) days (or thirty (30) days in the case of a Disability determination) commencing at the end of the initial ninety
(90)-day (or, as applicable, forty-five (45)-day) period. In the case of a claim involving a Disability determination, the Committee may extend this period for an
additional thirty (30) days if the Claimant is notified of the extension before the end of the initial thirty (30)-day extension. Written (or in such electronic form as designated by the Committee) notice
of any such extension shall be given to the Claimant before the expiration of the initial period and shall indicate the special circumstances requiring the extension and the date by which the final decision is expected to be rendered. 

(b) Appeals Procedure. A Claimant who has been denied a claim for benefits, in whole or in part, may, within a period of
sixty (60) days (or one hundred and eighty (180) days in the case of a claim involving a Disability determination) following his receipt of the denial, request a review of such denial by filing a written (or in such electronic form as
designated by the Committee) notice of appeal with the Committee. If the written request for review is not made within the specified sixty (60)-day (or, as applicable, one hundred and eighty (180)-day) period, the Claimant will waive the right to review by the Committee. In connection with an appeal, the Claimant (or his authorized representative) may review, free of charge, pertinent documents and may
submit evidence and arguments in writing (or in such electronic form as designated by the Committee) to the Committee, regardless of whether or not such information was considered in connection with the initial benefits determination. The Committee
may decide the questions presented by the appeal, either with or without holding a hearing, and shall issue to the Claimant a written (or in such electronic form as designated by the Committee) notice setting forth: (a) the specific reasons for
the decision, (b) specific reference to the pertinent Plan provisions on which the decision is based, (c) a statement that, upon written request and free of charge, the claimant will be provided reasonable access to, and copies of, all
documents, records, and other information relevant to his claim for benefits, and (d) a statement of the claimant’s right to bring a civil action under ERISA Section 502(a). The notice shall be issued within a period of time not
exceeding sixty (60) days (or forty-five (45) days in the event of a claim involving a Disability determination) after receipt of the request for review; except that such period of time may be extended, if special circumstances (including,
but not limited to, the need to hold a hearing) should require, for an additional sixty (60) days commencing at the end of the initial sixty (60)-day (or, as applicable, forty-five (45)-day) period. Written (or in such electronic form as designated by the Committee) notice of any such extension shall be provided to the Claimant prior to the expiration of the initial sixty (60)-day (or, as applicable, forty-five (45)-day) period. The decision of the Committee shall be final and conclusive. 

  
 11 

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

ARTICLE 7. MISCELLANEOUS 

7.1. Amendment or Termination of the Plan. 

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

Nothing in the Plan shall confer upon a Participant the right to continue in the employ of the Company or an Affiliated Entity or shall limit
or restrict the right of the Company or any Affiliated Entity to terminate the employment of a Participant at any time with or without cause. 

7.3. Payments to Persons under Legal Disability.

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

7.4. Unclaimed Benefits.

Each Participant shall keep the Committee informed of his current address and the current address of his Beneficiary(ies). The Committee shall
not be obligated to search for the whereabouts of any Participant or Beneficiary, and if such person cannot be located within three (3) years from the date any payment hereunder is first due to be made, then there shall be no further obligation
to pay any benefits under this Plan to such Participant or Beneficiary, and such benefit shall be irrevocably forfeited. 

  
 12 

 7.5. Multiple Claims for Benefits.

If multiple claims are received by the Committee with respect to any benefits payable under this Plan, payment by the Committee to such person
or persons as the Committee determines to be entitled to receive such payment shall constitute a full and complete discharge of all obligations under this Plan with respect to such payment. Benefit payments under this Plan may be suspended by the
Committee pending resolution of multiple claims to the satisfaction of the Committee. 
 7.6. Construction.

Unless the contrary is plainly required by the context, wherever any words are used herein in the masculine gender, they shall be construed as
though they were also used in the female gender, and vice versa, and wherever any words are used herein in the singular form, they shall be construed as though they were also used in the plural form, and vice versa. The section and other headings
contained in this Plan are for reference purposes only and will not control or affect the construction of this Plan or its interpretation in any respect. Section and subsection references are to this Plan unless otherwise specified. 

7.7. Funding.
 (a)
This Plan is an unfunded plan of deferred compensation which is not intended to meet the qualification requirements of Section 401 of the Code. Each Participant’s Account represents the unsecured contractual obligation of the Company. 

(b) Although not obligated to do so, the Company may choose to set aside funds or other assets to assist in funding its obligations under this
Plan. Such funds or assets may be placed in trust with a trustee selected by the Investment Committee subject to such agreement as the Investment Committee may approve. The Investment Committee will direct the investment of any such funds in a
manner designed to assist the Company in meeting its obligations. The principal and any earnings on funds set aside in trust will be used exclusively to assist the Company in meeting its obligations under this Plan, but Participants and any
Beneficiaries will have no preferred claim on, or any beneficial ownership in, any assets of the trust prior to the time any such assets are paid to the Participants or Beneficiaries as benefits. All assets in the trust will be subject to the claims
of the Company’s general creditors under state and federal law in the event of insolvency or bankruptcy of the Company. 
 (c) No
Participant will have any right, title, or interest in or to any investments which the Company may make to aid in meeting its obligations under this Plan. Nothing contained in this document and no action taken pursuant to its provisions will create,
or be construed to create, a trust of any kind or a fiduciary relationship between the Company or the Committee and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to
this Plan, such rights will be no greater than the right of an unsecured creditor of the Company. 
 7.8. Participant’s
Interest.
 Except in accordance with a Beneficiary designation made by a Participant in accordance with the terms and conditions of
this Plan, no right or benefit of a Participant under this Plan will be subject to transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to transfer, anticipate, alienate, sell, assign, pledge, encumber
or charge such right or benefit will be void. Further, no such right or benefit under this Plan will in any manner be liable for or subject to the debts, liabilities, or torts of a Participant. By way of illustration, and without limiting the
foregoing, a Participant’s benefits under this Plan shall not be transferable by domestic relations order. 

  
 13 

 7.9. Withholding.

The Company or any Affiliated Entity may withhold or cause to be withheld from any amounts payable under the Plan, or to the extent permitted
pursuant to Section 409A of the Code, from any amounts otherwise to be credited to the Participant’s Account under the Plan, all federal, state, local and other taxes as shall be legally required to be withheld. Further, the Company and
any applicable Affiliated Entity shall have the right to (a) require a Participant to pay or provide for payment of the amount of any taxes that may be required to be withheld with respect to amounts payable under the Plan or credited to a
Participant’s Account under the Plan, or (b) deduct from any other amount of then payable in cash to the Participant the amount of any taxes that the Company or any Affiliated Entity may be required to withhold with respect to amounts
payable under the Plan or credited to a Participant’s Account under the Plan. 
 7.10. Severability.

If any provision in the Plan is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions
shall nevertheless continue in full force and effect without being impaired or invalidated in any way. 
 7.11. Governing
Law.
 This Plan and all rights thereunder, and any controversies or disputes arising with respect thereto, shall be governed by and
construed and interpreted in accordance with the laws of the State of New York, applicable to agreements made and to be performed entirely within such State, without regard to conflict of laws provisions thereof that would apply the law of any other
jurisdiction. 

  
 14EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), dated as of May 9, 2019 (the “Effective Date”), between News
Corporation, a Delaware corporation (the “Company”), located at 1211 Avenue of the Americas, New York, NY 10036, and Mr. Robert Thomson, residing at the address that is on file with the Company (the “Executive”). 

W I T N E S S E T H: 

WHEREAS, the Executive is currently employed as the Chief Executive Officer of the Company pursuant to an amended and restated
employment agreement among the Company, NC Transaction, Inc., a Delaware corporation and wholly owned subsidiary of the Company, and the Executive dated as of March 9, 2016 (the “Prior Agreement”); and 

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

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

1. Duties. 
 (a) The
Company agrees to continue to employ the Executive and the Executive agrees to continue to be employed by the Company for the Term of Employment (hereinafter defined). During the Term of Employment, the Executive shall (i) have the title and
the duties of Chief Executive Officer of the Company; and (ii) report directly to the Board of Directors of the Company. 
 (b) If the
Executive is elected or appointed as a member of any office or board of the Company or any of its subsidiaries or affiliates, the Executive agrees to serve in such a capacity or capacities without any additional compensation. 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 the Company and to the performance of his duties as the Chief Executive
Officer of the Company. 
 2. Term. “Term of Employment” as used herein shall mean the period from the Effective Date
through June 30, 2023 (the “Term End Date”); provided, however, if the Term of Employment is terminated earlier, as hereinafter set forth, the Term of Employment shall mean the period from the Effective Date through the effective date
of such earlier termination. The Term of Employment shall be terminated earlier only in accordance with Sections 8 and 9 hereof. 
 3.
Location. The Executive shall be based and essentially render services in the New York City metropolitan area at the principal office maintained by the Company in such area. The Executive will travel as reasonably required to perform his
functions hereunder. 

 4. Compensation. 

(a) Base Salary. As compensation for his services, the Executive shall receive a base salary at an annual rate of $3,000,000 (the “Base
Salary”) to be paid in the same manner as other senior executives of the Company are paid. 
 (b) Annual Bonus. In addition, the
Executive will be eligible to receive an annual bonus (the “Annual Bonus”) with a target of $5,000,000 (the “Annual Bonus Target”) based on the achievement of performance metrics and targets established and approved by the
Compensation Committee of the Board of Directors. Any Annual Bonus granted shall be paid in cash at the same time as other senior executives of the Company are paid, and in all events no later than March 15 of the calendar year following the
calendar year in which the applicable fiscal year ends. For the avoidance of doubt, any bonus payments received by the Executive shall be subject to the Company’s claw-back policies. 

(c) Long-Term Incentive. The Executive shall also be eligible to receive an annual award under the Company’s 2013 Long-Term Incentive
Plan, as amended and restated, or any other Company performance-based long-term equity-based incentive program (the “Plan”), in accordance with the terms and conditions of the Plan, that has a target of $7,000,000 (the “Equity
Bonus”); provided that at least $1,000,000 of the Equity Bonus target shall be solely based on the achievement of relative total stockholder return. The Equity Bonus shall be in a form and subject to such other terms and conditions, including
claw-back provisions, as determined by the Company and consistent with those of equity awards to the most senior executives of the Company. If the Term of Employment expires on the Term End Date and the Executive is not offered an extension or
renewal on similar or better terms, the Executive shall be eligible to continue to vest in any Equity Bonus awarded during the Term of Employment. 

5. Other Benefits. The Executive shall be entitled to the following benefits (collectively, the “Benefits”): 

(a) The Executive shall be eligible to participate in all of the incentive or benefit plans or arrangements presently in effect or hereafter
adopted by the Company or its applicable affiliates and to such other perquisites as are applicable to other senior executives of the Company of equal rank including, but not limited to, any profit-sharing, pension, group medical, dental, disability
and life insurance or other similar benefit plans. 
 (b) The Executive shall be entitled to paid vacation annually, in such amount as
provided to other senior executives of the Company. 
 6. Business Expenses. During the Term of Employment, the Company shall pay, or
reimburse the Executive for, all expenses reasonably and necessarily incurred by him in connection with his performance of his duties hereunder, including, without limitation, up to $15,000 of reimbursable expenses for legal fees incurred during the
negotiation of his Employment Agreement. Such business expenses shall be reimbursed as provided in Section 23(f). 

  
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 7. Confidentiality; Restriction on Competition.

(a) The Executive shall hold all of the Company’s Confidential Information (as hereinafter defined) in strictest confidence, and will not,
directly or indirectly, take, publish, use or disclose any of the Company’s Confidential Information at any time after the termination of the Executive’s employment, for any reason, except as may be required by law, provided that upon
learning of any such legal requirement, the Executive shall promptly provide the Company with written notice to the Company of any such legal requirement in enough time for it to try to obtain an appropriate protective order or other remedy. For
purposes of this Agreement, the phrase “Confidential Information” means personal information regarding past and present executives of the Company and its affiliates, including their family members, all trade secrets and information on
costs, pricing, and materials, supplier information, customer lists and customer information, vendor lists and vendor information, employee lists and employee information, market share reports, customer contract terms and rates, account management,
financial information, audit information, research, development, marketing plans, promotion plans and/or compilations of information that was disclosed to or acquired by the Executive during or in the course of the Executive’s employment that
relates to the business of the Company and is not generally available to the public or generally known in the Company’s industry. 
 (b)
Confidential Information does not include that information which the Executive can affirmatively prove by clear and convincing evidence: (i) is, at the time of disclosure, in the public domain other than as a result of disclosure (whether by
act or omission) by the Executive or by other persons to whom the Executive has disclosed such information; (ii) was available to the Executive without an obligation of confidentiality prior to the Executive’s employment with the Company;
(iii) is independently developed by the Executive having had no access to any Confidential Information and without the use of any such information; or (iv) becomes available to the Executive without an obligation of confidentiality from a
source, other than the Company, having the legal right to disclose such information. 
 (c) All papers, books, records, files, proposals or
other documents, and all computer software, software applications, files, databases and the like relating to the business and affairs of the Company or which contain Confidential Information, whether prepared by the Executive or otherwise coming
into the Executive’s possession, shall remain the exclusive property of the Company and shall not be removed from its premises except as necessary for the performance of the Executive’s responsibilities and in furtherance of the interests
of the Company. Upon the termination of the Executive’s employment for any reason, the Executive will immediately surrender and turn over to the Company any property of the Company which the Executive may have in the Executive’s
possession, custody or control, no matter where located, and whether in electronic, paper or other format, including, but not limited to, records, files, drawings, documents, models, disks, computers and other equipment, and the Executive shall not
keep any copies or portions thereof, including any material contained on the Executive’s personal computer which is currently located at the Executive’s residence, if any, including any files the Executive may have saved or downloaded from
the Company’s computer system. 

  
 3 

 (d) While the Executive is employed by the Company and after the Executive’s employment
terminates for whatever reason, the Executive agrees not to publicly criticize the Company, its corporate affiliates, or subsidiaries, and their respective officers, directors, stockholders or employees and agrees further not to cause harm to the
Company by speaking of the Company, its affiliates, officers, stockholders or employees in an unflattering way. This requirement will not prohibit the Executive from providing truthful testimony if required by law, and subject to the
Executive’s obligation to provide the Company prior notice of such legal requirement pursuant to Section 7(a). In addition, nothing in this Agreement or in any other agreement between the Executive and the Company will prohibit the
Executive from reporting to any governmental agency or governmental entity information concerning possible violations of law or regulation. 

(e) In order to protect the Company’s goodwill with its clients, vendors and employees, during the Term of Employment and for one
(1) year following termination of the Executive’s employment for any reason, the Executive shall not, directly or indirectly, either personally or on behalf of any other entity (whether as a director, stockholder, owner, partner,
consultant, principal, employee, agent or otherwise), engage in any of the following conduct: (a) canvass, solicit or accept any business on behalf of any of the Company’s competitors from any business or organization that had interacted
with the Company during the last three (3) years of the Executive’s employment; (b) solicit or recruit for employment, hire, employ, attempt to employ, or engage or attempt to engage as a contractor or consultant any individual
employed by the Company or its affiliates, or entice or suggest to such individual to terminate his or her employment with the Company; or (c) take any action which is intended, or would reasonably be expected to, adversely affect the Company,
its subsidiaries, or their respective businesses, reputation, or relationship with their clients, business partners or vendors. 
 (f) During
the Term of Employment, the Executive shall not engage, and shall not solicit any employees of the Company or its affiliates to engage, in any other commercial activities that may in any way interfere with the performance of the Executive’s
duties or responsibilities to the Company. During the Term of Employment, without the prior written consent of the Company, the Executive shall have no interest, directly or indirectly, in any business or prospective business (whether conducted by a
natural person, partnership, corporation or other entity) whose products, services or activities materially compete or seek to compete, in whole or in part, with business conducted by the Company and the Executive shall perform no services, directly
or indirectly, for any person, partnership, corporation or other entity engaged in any such business. 
 (g) The Executive shall at all times
be subject to, comply with and carry out such rules, regulations, policies, directions and restrictions applicable to employees of the Company generally, as the Company may from time to time implement or establish, including, without limitation, the
Company’s Standards of Business Conduct and claw-back policies, as well as those imposed by law. The Executive acknowledges that he has received copies of such policies, has reviewed them and understands them. 

  
 4 

 (h) The Executive acknowledges that the relationship between the Executive and the Company
is exclusively that of employer and employee and that the Company’s obligations to the Executive are exclusively contractual in nature. The Company shall be the sole owner of all the fruits and proceeds of the Executive’s services
hereunder, including, but not limited to, all ideas, concepts, formats, suggestions, developments, arrangements, designs, packages, programs, promotions and other intellectual properties which the Executive may create in connection with and during
the Term of Employment, free and clear of any claims by the Executive (or anyone claiming under the Executive) of any kind or character whatsoever (other than the Executive’s right to compensation hereunder). The Executive shall, at the request
of the Company, execute such assignments, certificates or other instruments as the Company may from time to time deem necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend its right, title and interest in or to
any such properties. 
 (i) The Company shall have the right to use the Executive’s name, biography and likeness in connection with its
business, including in advertising its products and services, and may grant this right to others, but not for use as a direct endorsement. 

8. Termination by the Company. The Executive’s employment hereunder may be terminated by the Company without any breach of this
Agreement only under the following circumstances: 
 (a) The Executive’s employment hereunder shall terminate upon his death. 

(b) If, as a result of the Executive’s incapacity and disability due to physical or mental illness, the Executive fails to perform his
duties hereunder for a period of 365 consecutive days during the Term of Employment, the Company may terminate the Executive’s employment hereunder. 

(c) The Company may terminate the Executive’s employment hereunder for “cause” as defined herein. For purposes of this
Agreement, “cause” shall mean: (i) the Executive is convicted of, or pleads guilty or nolo contendere to, a felony or crime involving moral turpitude; (ii) the Executive engages in conduct that constitutes willful neglect or
willful misconduct in carrying out the Executive’s duties under this Agreement, and such breach remains uncured following fifteen (15) days prior written notice given by the Company to the Executive specifying such breach, provided such
breach is capable of being cured; (iii) the Executive has breached any material representation, warranty, covenant or term of this Agreement, including among other things, a breach of written Company policy, and such breach remains uncured
following twenty-one (21) days prior written notice specifying such breach given by the Company to the Executive, provided such breach is capable of being cured; (iv) the Executive’s act of
fraud or dishonesty in the performance of the Executive’s job duties; (v) the Executive intentionally engages in conduct which impacts negatively and materially on the reputation or image of the Company, its affiliates, or any of their
respective products; and/or (vi) the Executive’s use of or addiction to illegal drugs. 
 (d) The Company may terminate the
Executive’s employment other than for cause, death or disability, subject to Section 10(d) hereof. 

  
 5 

 (e) Any termination of the Executive’s employment by the Company (other than
termination pursuant to Section 8 (a)) shall be communicated by a written Notice of Termination to the Executive. For purposes of this Agreement, a “Notice of Termination” shall mean a notice 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. 

(f) “Date of Termination” shall mean (i) if the Executive’s employment is terminated by his death, the date of this death;
(ii) if the Executive’s employment is terminated by the Company pursuant to Sections 8(b), (c) or (d) or by the Executive pursuant to Section 9, the date specified in the Notice of Termination. 

9. Termination by the Executive. 

(a) At his option, and provided the following occurrences satisfy the “Good Reason” safe harbor within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Section 1.409A-1(n)(2)(ii) of the Treasury Regulations promulgated thereunder, the Executive may terminate
his employment without any breach of this Agreement only under the following circumstances: 
 (i) In the event of a material
breach of the Agreement by the Company, which breach, if curable, is not cured within thirty (30) days after the Company’s Chief Human Resources Officer and General Counsel each receive written notice specifying such breach; 

(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 the Company in such area; or 
 (iii) A material diminution in the Executive’s job
description, title, authority, duties or responsibility (other than during a period of Executive’s mental or physical incapacity). 

(b) Any Good Reason termination of his employment by the Executive shall be communicated by a written Notice of Termination to the Company
within ninety (90) days of the condition giving rise to such Good Reason first occurring, and the Company shall have thirty (30) days from such notice to cure the condition giving rise to such Good Reason, as set forth in Section 1.409A-1(n)(2)(C) of the Treasury Regulations. 
 (c) In addition, the Executive may
voluntarily terminate his employment other than for Good Reason by a Notice of Termination specifying the Date of Termination at least sixty (60) days in advance. 

  
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 10. Compensation Upon Termination.

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

(c) If the Executive’s employment shall be terminated for cause pursuant to Section 8(c) or if the Executive shall resign other than
for Good Reason pursuant to Section 9(c), the Company shall pay the Executive his full Base Salary through the Date of Termination and the Unpaid Prior Year Bonus, if any. The payments provided for in this Section 10(c) shall fully
discharge the obligations of the Company and its affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive. 

  
 7 

 (d) If the Company shall terminate the Executive’s employment pursuant to
Section 8(d) hereof, or if the Executive shall terminate his employment hereunder for Good Reason pursuant to Sections 9(a)-(b) hereof, the Executive shall receive: (i) each of his Base Salary and Annual Bonus paid in the same manner as
though the Executive continued to be employed hereunder for two (2) years following the Date of Termination, with each Annual Bonus payment based on the then current Annual Bonus Target; (ii) any Unpaid Prior Year Bonus; (iii) the Pro-rated Current Year Bonus; and (iv) continued vesting of any Equity Bonus awards or awards under the Plan that were granted prior to the Date of Termination in the same manner as though the Executive
continued to be employed hereunder for two (2) years following the Date of Termination, with payments made at the same times they would have been made had the Executive continued to be employed through such date (and, for the avoidance of
doubt, any Equity Bonus awards that would not have been payable but for continued employment through a date after such date shall be forfeited). The payments provided for in this Section 10(d) shall fully discharge the obligations of the
Company and its affiliates hereunder and the Company and its affiliates shall be under no obligation to provide any further compensation to the Executive. 

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

(g) Without duplicating any benefits set forth in this Section 10, upon any termination of employment, the Executive (or his spouse,
beneficiaries or estate) will be entitled to any unreimbursed business expenses approved in accordance with the Company’s policy and due the Executive through termination and to receive any benefits vested, and to make all elections and receive
all payments and rights under all employee benefit, pension, insurance and other plans in which the Executive participated in accordance with the terms and conditions of the plan concerned. Such business expenses shall be reimbursed as provided in
Section 23(f). 
 (h) The Executive shall have no duty to mitigate his damages hereunder and any income earned by the Executive
following his termination without cause (as defined in Section 8(c) hereof) or his resignation for Good Reason pursuant to Sections 9(a)-(b) hereof shall not reduce the compensation payable to the Executive hereunder. 

  
 8 

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

(a) The Company will indemnify and defend the Executive in accordance with the formation documents, charters, bylaws or applicable insurance
policies of the Company, and in accordance with any other law or statute affording the Executive a right of indemnification and defense, including but not limited to Section 145 of Title 8 of the Delaware Chancery Code, for any acts or
omissions made by the Executive in good faith in the course of the Executive’s employment with the Company. 
 (b) During the Term of
Employment and for a period of three (3) years after the termination of the Executive’s employment, and during all reasonable times thereafter, the Executive will (i) fully cooperate with the Company in providing truthful testimony as
a witness or a declarant in connection with any present or future litigation, administrative or arbitral proceeding involving the Company or any of its affiliates with respect to which the Executive may have relevant information and (ii) assist
the Company during the investigatory and discovery phases (or prior thereto) of any judicial, administrative, internal, arbitral or grievance proceeding involving the Company or any of its affiliates and with respect to which the Executive may have
relevant information. The Company will, within thirty (30) days of the Executive producing receipts satisfactory to the Company, reimburse the Executive for any reasonable and necessary expenses incurred by the Executive in connection with such
cooperation. 
 (c) Without limiting any other provision of this Agreement, this Section 12 shall survive the termination or expiration
of this Agreement for any reason whatsoever. 
 13. Notices. All notices, requests, demands or other communications provided for
hereby shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) one day after having been sent by telegram, telecopy or similar electronic means, or by overnight courier service against receipt, or
(c) four days after having been sent within the continental United States by first-class certified mail, return receipt requested, postage prepaid, to the other party. Any notices to the Company shall be sent to the principal executive offices
of the Company. Any notices to the Executive shall be sent to the last known address of the Executive on record with the Company. 

  
 9 

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

16. Severability. The conditions and provisions 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. 
 17. 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. 

18. Entire Agreement. This Agreement constitutes the entire understanding between the parties hereto with respect to the subject matter
hereof, and this Agreement supersedes and renders null and void any and all prior oral or written agreements, understandings or commitments pertaining to the subject matter hereof, including, without limitation, the Prior Agreement. No waiver or
modification of the terms or provisions hereof shall be valid unless in writing signed by the party so to be charged thereby and then only to the extent therein set forth. 

19. Withholding and Payroll Practices. All salary, severance payments, bonuses or benefits provided by the Company under this Agreement
shall be net of any tax or other amounts required to be withheld by the Company under applicable law and shall be paid in the ordinary course pursuant to the Company’s then existing payroll practices or as otherwise specified in this Agreement.

 20. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of
which together shall constitute one and the same instrument. 
 21. Headings. Headings in this Agreement are for reference only and
shall not be deemed to have any substantive effect. 

  
 10 

 22. Section 280G. 

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

(b) The “Reduced Amount” shall be an amount expressed in present value that maximizes the aggregate present value of Payments without
causing any Payment under this Agreement to be subject to the Excise Tax, determined in accordance with Section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax imposed under Section 4999 of the Code, together
with any interest or penalties imposed with respect to such excise tax. 
 (c) All determinations to be made under this Section 22 shall
be made by an independent registered public accounting firm or consulting firm selected by the Company immediately prior to a change in control, which shall provide its determinations and any supporting calculations both to the Company and the
Executive within ten (10) days of the change in control. Any such determination by such firm shall be binding upon the Company and the Executive. All fees and expenses of the accounting or consulting firm in performing the determinations
referred to in this Section 22 shall be borne solely by the Company. 
 23. Section 409A.

(a) This Agreement is intended to comply with Section 409A of the Code, and will be interpreted accordingly. References under this
Agreement to the Executive’s termination of employment shall be deemed to refer to the date upon which the Executive has experienced a “separation from service” within the meaning of Section 409A of the Code. 

(b) Notwithstanding anything herein to the contrary, (i) if at the time of the Executive’s separation from service with the Company,
the Executive is a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable
hereunder or payable under any other compensatory arrangement between the Executive and the Company, or any of its affiliates as a result of such separation from service is necessary in order to prevent any accelerated or additional tax under
Section 409A of the Code, then the Company 

  
 11 

 
will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Executive) until the
date that is six months following the Executive’s separation from service (or the earliest date as is permitted under Section 409A of the Code), at which point all payments deferred pursuant to this Section shall be paid to the Executive
in a lump sum and (ii) if any other payments of money or other benefits due to the Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be
deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner that does not cause such an
accelerated or additional tax. Any payments deferred pursuant to the preceding sentence shall be paid together with interest thereon at a rate equal to the applicable Federal rate for short-term instruments. 

(c) To the extent any reimbursements or in-kind benefits due to the Executive under this Agreement
constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to the Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Additionally, to the extent that the Executive’s receipt of any in-kind benefits from the Company or its affiliates must be delayed
pursuant to this Section due to his status as a “specified employee”, the Executive may elect to instead purchase and receive such benefits during the period in which the provision of benefits would otherwise be delayed by paying the
Company (or its affiliates) for the fair market value of such benefits (as determined by the Company in good faith) during such period. Any amounts paid by the Executive pursuant to the preceding sentence shall be reimbursed to the Executive (with
interest thereon) as described above on the date that is six months following his separation from service. 
 (d) Each payment made under
this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code. 
 (e) The Company
shall consult with the Executive in good faith regarding the implementation of the provisions of this Section. Without limiting the generality of the foregoing, the Executive shall notify the Company if he believes that any provision of this
Agreement (or of any award of compensation, including equity compensation, or benefits) would cause the Executive to incur any additional tax under Code Section 409A and, if the Company concurs with such belief after good faith review or the
Company independently makes such determination, then the Company shall, after consulting with the Executive, use reasonable best efforts to reform such provision to comply with Code Section 409A through good faith modifications to the minimum
extent reasonably appropriate to conform with Code Section 409A. 
 (f) Any amount that the Executive is entitled to be reimbursed for
any business-related expenses borne by the Executive under this Agreement will be reimbursed to the Executive as promptly as practicable and in any event not later than the last day of the calendar year after the calendar year in which the expenses
are incurred, and the amount of expenses eligible for reimbursement during any calendar year will not affect the amount of expenses eligible for reimbursement in any other calendar year. 

  
 12 

 (g) Whenever a payment under this Agreement specifies a payment period with reference to a
number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

(h) Unless this Agreement provides a specified and objectively determinable payment schedule to the contrary, to the extent that any payment of
base salary or other compensation is to be paid for a specified continuing period of time beyond the Executive’s termination of employment in accordance with the Company’s payroll practices (or other similar term), the payments of such
base salary or other compensation shall be made on a monthly basis. 
 (i) To the extent that severance payments or benefits pursuant to this
Agreement are conditioned upon the execution and delivery by the Executive of a separation agreement and general release (and the expiration of any revocation rights provided therein) which could become effective in one of two (2) taxable years
of the Executive depending on when the Executive executes and delivers such separation agreement and general release, any deferred compensation payment (which is subject to Code Section 409A) that is conditioned on execution of the separation
agreement and general release shall be made within ten (10) days after the separation agreement and general release becomes effective and such revocation rights have lapsed, but not earlier than the first business day of the later of such
taxable years. 
 24. Representations. The Company represents that the Company’s execution and delivery of this Agreement and
the performance of its obligations hereunder: (a) has been authorized by all required corporate action on the part of the Company; and (b) will not conflict with, result in any breach of, or constitute a default under, any contract,
agreement or arrangement to which the Company is a party. The Executive represents that the Executive’s execution and delivery of this Agreement and the performance of the Executive’s obligations hereunder will not conflict with, result in
any breach of, or constitute a default under, any contract, agreement or arrangement to which the Executive is a party. 
 [Signature page
follows] 

  
 13 

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

							
	NEWS CORPORATION	 		 	ROBERT THOMSON
				
	By:	 	/s/ Dana Ritzcovan	 		 	/s/ Robert Thomson
	Name: Dana Ritzcovan	 		 	
	Title: Chief Human Resources Officer

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