Document:

Amendment No. 2 to Amended and Restated Loan and Security Agreement

 Exhibit 10.1 
  
 AMENDMENT NO. 2 
 TO AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT 
  
 AMENDMENT NO. 2, dated as of January 7, 2005 (this “Amendment”), to the Amended and Restated Loan and
Security Agreement, dated as of September 12, 2003 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Loan Agreement”; as amended hereby and as further amended, restated, supplemented or
otherwise modified and in effect from time to time, the “Loan Agreement”), by and between TAXI MEDALLION LOAN TRUST I (the “Borrower”) and MERRILL LYNCH COMMERCIAL FINANCE CORP. (the “Lender”).
Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Loan Agreement. 
  
 RECITALS 
  
 The Borrower and the Lender are parties to the Existing Loan Agreement. 
  
 The Borrower and the Lender have agreed, subject to the terms and conditions hereof, that the Existing Loan Agreement shall
be modified as set forth in this Amendment. 
  
 Accordingly, the
Borrower and the Lender hereby agree, in consideration of the mutual premises and mutual obligations set forth herein, the receipt and sufficiency of which is hereby acknowledged, that the Existing Loan Agreement is hereby amended as follows:

  
 SECTION 1. Amendments. 
  
 (a) Section 1.01 of the Existing Loan Agreement is hereby amended by
deleting the definition of “Applicable Margin” in its entirety and inserting in lieu thereof the following new definition: 
  
 ““Applicable Margin” shall mean (i) for each Advance secured by Eligible Medallion Loans other than Category III
Medallion Loans, 1.25%; provided, that for so long as no Default or Event of Default shall have occurred and be continuing and all of the Preferred Pricing Eligibility Criteria shall be satisfied, “Applicable Margin” shall mean,
solely for each Advance secured by Eligible Medallion Loans other than Category III Medallion Loans, 0.75%, and (ii) for each Advance secured by Category III Medallion Loans, 1.75%.” 
  

 (b) Section 1.01 of the Existing Loan Agreement is hereby amended by deleting the definition of
“Category II Medallion Loan” in its entirety and inserting in lieu thereof the following new definition: 
  
 ““Category II Medallion Loan” shall mean a Specified Chicago Medallion Loan or any other Medallion Loan (other than
a Category IV Medallion Loan or a Category V Medallion Loan) having a current LTV of 72% or less; provided, that each Category II Medallion Loan pledged with respect to any Advance made from and after the Second Amendment Effective Date,
shall be subject to a floating rate of interest or to a rate of interest that will be reset within one (1) year after the date on which such Category II Medallion Loan is initially pledged hereunder.” 
  
 (c) Section 1.01 of the Existing Loan Agreement is hereby amended by deleting
clause (a)(vi) from the definition of “Collateral Value” and inserting in lieu thereof the following new clause (a)(vi): 
  
 “(vi) the aggregate Collateral Value of all Eligible Medallion Loans which consist of Category II Medallion Loans shall not exceed
$80,000,000; provided, that solely with respect to Advances made on or after the Second Amendment Effective Date, no Collateral Value shall be ascribed to any Category II Medallion Loan which is not subject to a floating rate, adjustable rate
or rate of interest that will be reset within one (1) year or less after the date on which such Medallion Loan is initially pledged hereunder or later identified in the Borrowing Base Certificate as a Category II Medallion Loan.” 
  
 (d) Section 1.01 of the Existing Loan Agreement is hereby amended by deleting
clauses (i)(a) and (ii)(a) from the definition of “Interest Period” and inserting, respectively, the following new clauses (i)(a) and (ii)(a) in lieu thereof: 
  
 “(i) initially, (a) with respect to each Eurodollar Loan, the period commencing on the Funding Date
with respect to such Eurodollar Loan and ending on the date that is one, two or three Business Days, as determined by the Lender, after the first Certification Date following such Funding Date and” 
  
 “(ii) thereafter, (a) with respect to each Eurodollar
Loan, each period commencing on the last day of the immediately preceding Interest Period applicable to such Eurodollar Loan and ending on the date that is one, two or three Business Days, as determined by the Lender, after the next succeeding
Certification Date and” 
  
 (e) Section 1.01 of the Existing
Loan Agreement is hereby amended by deleting the definition of “Maximum Committed Credit” in its entirety and inserting in lieu thereof the following new definition: 
  
 ““Maximum Committed Credit” shall mean $275,000,000, or such other amount as may be in
effect pursuant to Section 2.18 hereof.” 
  

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 (f) Section 1.01 of the Existing Loan Agreement is hereby amended by deleting the definition of
“Termination Date” in its entirety and inserting in lieu thereof the following new definition: 
  
 ““Termination Date” shall mean the earlier of: (i) September 12, 2006, and (ii) the date on which an Event of
Default occurs, or, in either case, such earlier date on which this Loan Agreement shall terminate in accordance with the provisions hereof or by operation of law.” 
  
 (g) Section 1.01 of the Existing Loan Agreement is hereby amended by deleting the definition of “Type” in its
entirety and inserting in lieu thereof the following new definition: 
  
 ““Type” as to any Advance, its nature as a Fixed Rate Loan or a Eurodollar Loan; provided, that from and after the Second Amendment Effective Date, no Advances shall be available to be
made as Fixed Rate Loans.” 
  
 (h) Section 1.01 of the
Existing Loan Agreement is hereby amended by inserting in proper alphabetical order the following new definitions: 
  
 ““Amendment Fee” shall have the meaning provided in Section 3.05 hereof.” 
  
 ““Category” shall mean the status of a
Medallion Loan at any time as a Category I Medallion Loan, Category II Medallion Loan, Category III Medallion Loan, Category IV Medallion Loan or Category V Medallion Loan.” 
  
 ““Certification Date” shall mean the 15th Business Day after the last day of each month, or such other date as may be specified in Section 2.07(a) for the delivery of any Borrowing Base
Certificate.” 
  
 ““Preferred
Pricing Eligibility Criteria” shall mean (i) the Delinquency Ratio is not greater than 7.50% for two consecutive months, or (ii) the Tangible Net Worth of the Servicer is not less than $45,000,000 and (iii) the ratio of the Servicer’s
Total Liabilities to Tangible Net Worth is not greater than 6.5 to 1.” 
  
 ““Second Amendment Effective Date” shall mean the “Amendment Effective Date”, as defined in that certain Amendment No. 2, dated as of January 7, 2005.” 
  
 ““Tangible Net Worth” shall have the
meaning assigned thereto in the Servicing Agreement.” 
  
 ““Total Liabilities” shall have the meaning assigned thereto in the Servicing Agreement.” 
  

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 (i) Section 2.03 of the Existing Loan Agreement is hereby amended by replacing the last proviso in the
first sentence thereof with the following: 
  
 “; provided, further, that the Borrower shall not request more than two Advances during any calendar week and, from and after the Second Amendment Effective Date, no Advances shall be available to be made as Fixed Rate
Loans.” 
  
 (j) Section 2.08 of the Existing Loan Agreement
is hereby amended by deleting the second sentence of subsection (a) in its entirety and inserting in lieu thereof the following: 
  
 “Any amounts prepaid shall be applied to repay the outstanding principal amount of any Advances which are not Fixed Rate Loans, as
designated by the Borrower, until paid in full and shall be accompanied by the repayment of accrued and unpaid interest on the amount of such Advances; provided, that unless and until all amounts owing to the Lender hereunder shall have been
repaid in full, and the Lender’s security interest in all of the Medallion Loans shall be released in accordance with this Loan Agreement, the unpaid principal amount of all outstanding Advances which are not Fixed Rate Loans shall be
reallocated on each Regular Payment Date, first, to match the principal amounts outstanding in respect of the Category III Medallion Loans (which amounts shall be subject to the higher Applicable Margin, as specified in the definition
thereof) and, second, to the principal amounts outstanding in respect of the Categories other than Category III Medallion Loans (which amounts shall be subject to the lower Applicable Margin, as specified in the definition thereof), such
outstanding principal amounts determined, in each case, by the Lender by reference to the most recently delivered Borrowing Base Certificate.” 
  
 (k) Section 2.14 of the Existing Loan Agreement is hereby amended by inserting in proper alphabetical order the following new clause (c): 
  
 “(c) Notwithstanding the foregoing or anything else in
this Loan Agreement to the contrary, from and after the Second Amendment Effective Date, no Advance may be Converted into a Fixed Rate Loan.” 
  
 (l) Section 2.16 of the Existing Loan Agreement is hereby amended by deleting the first sentence in its entirety and inserting the following sentence in
lieu thereof: 
  
 “The Borrower agrees to
indemnify the Lender and to hold the Lender harmless from any loss or expense which the Lender may sustain or incur (including, without limitation, any breakage or redeployment costs sustained or incurred with respect to any Advance or any Hedging
Arrangement or other interest rate protection agreement related thereto) as a consequence of (a) default by the Borrower in making a borrowing of Conversion into or Continuation of any Advances after the Borrower has given a notice requesting the
same in accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment after the Borrower has given a notice thereof in accordance with the provisions of this Agreement, (c) the making of a prepayment with
respect to any Advance on a day which is not the last day of the Interest Period applicable thereto (including, without limitation, the repayment of an Advances on the Termination Date, if the Interest Period applicable to such Advance extends
beyond the Termination Date) or (d) the making of any prepayment with respect to any Fixed Rate Loan on a day other than the due date therefor.” 
  

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 (m) Section 2.18 of the Existing Loan Agreement is hereby deleted in its entirety and the following new
Section 2.18 is inserted in lieu thereof: 
  
 “Section 2.18 Maximum Committed Credit. (a) At any time, so long as no Default or Event of Default shall have occurred and then be continuing, the Borrower may once reduce the amount of the Maximum Committed Credit to an amount
no less than $250,000,000, by delivering to the Lender a notice of its election to reduce the amount of the Maximum Committed Credit executed by a duly authorized Responsible Officer of the Borrower, which notice must be received by the Lender at
least ten (10) days prior to the requested effective date of such reduction; provided, that any election by the Borrower to reduce the Maximum Committed Credit shall be subject, without limitation, to the right of first refusal given to the
Lender pursuant to Section 7.20. 
  
 (b) So long
as no Default or Event of Default shall have occurred and then be continuing at the time of request and at the time of effectiveness, and provided that the Borrower shall not have previously elected to reduce the amount of the Maximum Committed
Credit pursuant to the preceding subparagraph (a), the Borrower may once increase the amount of the Maximum Committed Credit to an amount no greater than $325,000,000, by delivering to the Lender a notice of its election to increase the amount of
the Maximum Committed Credit executed by a duly authorized Responsible Officer of the Borrower, which notice must be received by the Lender at least ten (10) days prior to the requested effective date of such increase. 
  
 (c) Except as provided in the preceding subparagraph (b),
the amount of the Maximum Committed Credit shall not be increased, except with the prior written consent of the Lender.” 
  
 (n) Section 3.03 of the Existing Loan Agreement is hereby amended by (i) deleting the “and” that appears at the end of clause (a), (ii)
replacing the semicolon at the end of clause (b) with “, and” and (iii) inserting in proper alphabetical order the following new clause (c): 
  
 “(c) on September 9, 2005, the Borrower shall pay the Lender an amount equal to $300,000;” 
  
 (o) Section 3.03 of the Existing Loan Agreement is hereby further amended by
replacing the last sentence thereof with the following: 
  
 “The Facility Fee shall be deemed fully earned on the Restatement Effective Date, with respect to amounts specified in clauses (a) and (b) above, and on the Second Amendment Effective Date, with respect to the
amount specified in clause (c) above, and none of the Facility Fee shall be subject to rebate or set-off for any reason whatsoever, including, without limitation, early occurrence of the Termination Date.” 
  

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 (p) Section 3.04 of the Existing Loan Agreement is hereby amended by deleting it in its entirety and
inserting in lieu thereof the following: 
  
 “Section 3.04 Non-Usage Fee. The Borrower agrees to pay to the Lender a Non-Usage fee (the “Non-Usage Fee”), from and including the Second Amendment Effective Date to the Termination Date, in an amount equal to
the product of (x) 37.5 basis points (0.375%) per annum on the basis of a 360-day year times (y) the positive value, if any, of (1) $250,000,000 minus (2) the utilized portion of the Maximum Committed Credit, such amount to be calculated
daily and due and payable on the first Business Day of each calendar month with respect to the preceding month (the first such payment to be made on February 1, 2005 with respect to the period from and including the Second Amendment Effective Date
to January 31, 2005) and on the Termination Date, each such payment to be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Lender at the account set forth in Section 3.01(a) hereof.”

  
 (q) The Existing Loan Agreement is hereby amended by inserting
in proper numerical order the following new Section 3.05: 
  
 “Section 3.05 Amendment Fee. For each amendment, supplement or other modification, if any, entered into with respect to this Loan Agreement, the Note, any other Loan Document, any Collateral or any other
document prepared in connection herewith or therewith, the Borrower shall pay to the Lender, in addition to all amounts payable pursuant to Section 10.03(b) and in addition to any other fees that may be agreed to by the Borrower and the Lender, an
amount equal to $15,000 (an “Amendment Fee”), in each case, such payment to be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Lender at the account set forth in Section 3.01(a)
hereof. Each Amendment Fee, if any, shall be paid in full and deemed fully earned as of the effective date of the related amendment (or other document, as applicable) and shall not be subject to rebate or set-off for any reason whatsoever,
including, without limitation, early occurrence of the Termination Date.” 
  
 (r) Section 10.16(a) of the Existing Loan Agreement is hereby amended by replacing the last two sentences thereof with the following: 
  
 “The Borrower agrees to cooperate with the Lender and any third party underwriter in connection with
such underwriting, including, but not limited to, providing the Lender and any third party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Medallion Loans in the possession, or under
the control, of the Borrower and the Borrower agrees that it shall be directly liable, subject to the proviso below, for all costs and expenses associated with one third party audit per calendar year, each such annual audit to be determined by the
Lender and identified to the Borrower. In addition to the obligations of the Borrower with respect to such third party audit and subject to the proviso below, the Borrower shall reimburse the Lender for all reasonable out-of-pocket costs and
expenses incurred by the Lender in connection with the Lender’s activities pursuant to this Section 10.16 and 
  

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 Section 9.09 of the Servicing Agreement; provided, however, that, except if a Servicer
Default or Event of Default has occurred and is continuing, the Borrower shall not be required to reimburse the Lender or otherwise be responsible for the aggregate amount of all ongoing due diligence and monitoring costs and expenses and the third
party audit costs and expenses referenced above in excess of $20,000 for any calendar year.” 
  
 (s) Schedule 1 to the Existing Loan Agreement is hereby amended by inserting in proper alphabetical order the following new clause (ddd): 
  
 “(ddd) Notwithstanding anything in the Loan Agreement
or this Schedule 1 to the contrary (including, without limitation, clauses (a), (b), (d), (e) and (f) above), for purposes of calculating the LTV of any New York Medallion Loan, the maximum Medallion Valuation Amount attributed to any New
York Medallion Loan secured by an Individual Medallion shall not exceed $350,000 and the maximum Medallion Valuation Amount attributed to any New York Medallion Loan secured by a Corporate Medallion shall not exceed $400,000.” 
  
 (t) The form of Borrowing Base Certificate attached as Exhibit B to the
Existing Loan Agreement is hereby deleted in its entirety and the form of Borrowing Base Certificate attached as Annex I hereto is inserted in lieu thereof. 
  
 SECTION 2. Conditions Precedent. This Amendment shall become effective on the first date (the
“Amendment Effective Date”) on which all of the following conditions precedent shall have been satisfied: 
  
 2.01 Documents. On the Amendment Effective Date, the Lender shall have received all of the following documents, each of which shall be satisfactory
to the Lender in form and substance: 
  
 (a)
Amendment. This Amendment, executed and delivered by a duly authorized officer of each of the Borrower and the Lender. 
  
 (b) Amended and Restated Note. An amended and restated promissory note, substantially in the form of Exhibit A hereto,
executed and delivered by a duly authorized officer of the Borrower. 
  
 (c) Secretary’s Certificate. A certificate of the Secretary or Assistant Secretary of the Borrower, substantially in the form of Exhibit B hereto, dated as of the date hereof, and 
  
 (a) (i) certifying that since the Effective Date of the
Existing Loan Agreement there have been no changes to any of the organizational documents delivered pursuant to Section 5.01 of the Existing Loan Agreement, 
  

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 (b) (ii) attaching a copy of the resolutions of the Borrower authorizing the execution,
delivery and performance of this Amendment, and the borrowings contemplated under the Loan Agreement, 
  
 (c) (iii) attaching certificates dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good
standing of the Borrower in the jurisdiction of its organization, and 
  
 (d) (iv) certifying as to the incumbency and specimen signature of each officer executing this Amendment on behalf of the Borrower. 
  
 (d) Legal Opinion. A legal opinion of internal counsel to the Borrower. 
  
 (e) Other Documents. Such other documents as the
Lender or counsel to the Lender may reasonably request. 
  
 2.02
No Default. On the Amendment Effective Date, (i) the Borrower shall be in compliance with all of the terms and provisions set forth in the Existing Loan Agreement and the other Loan Documents on its part to be observed or performed, (ii) the
representations and warranties made and restated by the Borrower pursuant to Section 3 of this Amendment shall be true and complete in all material respects on and as of such date with the same force and effect as if made on and as of such date, and
(iii) no Default or Event of Default shall have occurred and be continuing on such date. 
  
 2.03 Fees and Expenses. On the Amendment Effective Date, the Borrower shall have reimbursed the Lender for, or directly paid, all costs and expenses incurred by the Lender in connection with the negotiation,
preparation and execution of this Amendment and all other outstanding amounts for which the Borrower is liable pursuant to Section 10.03 of the Loan Agreement, including, without limitation, the fees, disbursements and expenses of Cadwalader,
Wickersham & Taft LLP, counsel to the Lender. 
  
 SECTION
3. Representations and Warranties. The Borrower hereby represents and warrants to the Lender that it is in compliance with all the terms and provisions set forth in the Loan Documents on its part to be observed or performed and that no
Default or Event of Default has occurred or is continuing, and hereby confirms and reaffirms each of the representations and warranties contained in Article VI of the Loan Agreement. 
  
 SECTION 4. Limited Effect. Except as expressly amended and modified by this Amendment, the Existing Loan
Agreement and each other Loan Document shall continue to be, and shall remain, in full force and effect in accordance with its terms; provided, however, that upon the Amendment Effective Date, all references therein and herein to the
“Loan Documents” shall be deemed to include, in any event, this Amendment and each reference to the Loan Agreement in any of the Loan Documents shall be deemed to be a reference to the Loan Agreement as amended hereby. 
  

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 SECTION 5. Counterparts. This Amendment may be executed by each of the parties hereto on
any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed signature page of this Amendment in Portable Document Format (PDF) or by
facsimile transmission shall be effective as delivery of an executed original counterpart of this Amendment. 
  
 SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
  
 [SIGNATURES FOLLOW] 
  

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 IN WITNESS WHEREOF, intending to be legally bound, each of the undersigned has caused this Amendment to
be executed on its behalf by its officer hereunto duly authorized, as of the date first above written. 
  

			
	BORROWER
	
	TAXI MEDALLION LOAN TRUST I
		
	By:	 	 /s/ Andrew M. Murstein

	Name:	 	Andrew M. Murstein
	Title:	 	President
	
	LENDER
	
	MERRILL LYNCH COMMERCIAL FINANCE CORP.
		
	By:	 	 /s/ Joshua A. Green

	Name:	 	Joshua A. Green
	Title:	 	DirectorRestated Employment Agreement dated as of January 1, 2005 - Arthur Siskind

 Exhibit 10.1 
  
 Execution Copy 
  
 RESTATED EMPLOYMENT AGREEMENT, dated as of January 1, 2005 (the “Effective Date”), between News America Incorporated (successor to News America
Publishing Incorporated and formerly known as News America Holdings Incorporated), a Delaware corporation (“NAI”), and Arthur M. Siskind (the “Executive”). 
  
 WHEREAS, the Executive, prior to the Effective Date, has served in an executive capacity for News Corporation, a Delaware
corporation (together with its predecessor company, “News Corporation”) and its affiliates pursuant to the terms of an employment agreement dated as of February 1, 1991, as amended January 1, 1996, November 15, 1999 and May 21, 2004 (the
“Prior Agreements”); and 
  
 WHEREAS, the Company and
the Executive desire to enter into this Restated Employment Agreement (the “Agreement”) for the purpose of setting forth in one agreement the current applicable terms and conditions of the Prior Agreements. 
  
 NOW, THEREFORE, in consideration of the promises 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 Advisor to the Chairman of News Corporation; (b) be elected to and serve as a member of the Board of Directors of News Corporation; (c) in such capacity, report directly to and perform
such services and give 
  

 1 

 such advice as requested by the Chairman of News Corporation, including being available to consult with the successor
General Counsel of News Corporation. In addition, the Executive shall serve as a director and/or officer of such of the subsidiaries and affiliates of News Corporation and on such committees of the Board of Directors of News Corporation as the
Chairman of News Corporation and the Executive shall deem appropriate. During the Term of Employment the Executive shall perform his employment services 110 days each calendar year. 
  
 2. Term. “Term of Employment” as used herein shall mean the period from January 1, 2005 through December
31, 2008; provided, however, if the Term of Employment is terminated earlier, as hereinafter set forth, the Term of Employment shall mean the period from January 1, 2005 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. 
  
 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. 
  
 4. Compensation. As compensation for his services, the Executive shall
receive a base salary at an annual rate of not less than $1,000,000 (the “Base Salary”) to be paid in the same manner as other senior executives of NAI are paid. The Base Salary shall be 
  

 2 

 reviewed annually in the same manner as the salaries of other senior executives of News Corporation are reviewed.
Increases in the Base Salary shall be discretionary. The right of the Executive to participate in any bonus or incentive plans, in which other senior executives of News Corporation participate shall be discretionary. 
  
 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 plan or arrangements presently in effect or hereafter adopted by the Company applicable to senior executives of News Corporation or NAI: 
  
 (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. 
  
 (c) (i) In order to provide a supplemental pension benefit to the Executive, NAI shall provide to the Executive deferred compensation in the manner
hereinafter set forth. On the first business day of each month during the Term of Employment, NAI shall credit to a bookkeeping reserve account on the books of NAI (the “Reserve Account”) a monthly sum calculated at the rate of $75,000 per
annum, 
  

 3 

 increased, commencing on July 1, 2004, by the percentage increase during the Term of Employment in the Consumer Price
Index for all Consumers, as published by the United States Department of Labor, Bureau of Labor Statistics. The CPI Percentage Increase in the Consumer Price Index shall be determined for each fiscal year of News Corporation during the Term of
Employment commencing with the 2005 fiscal year by comparing the Consumer Price Index as of the first date of each such fiscal year with the Consumer Price Index as of July 1, 1991. The amounts credited to the Reserve Account, including the credits
made pursuant to subdivision (ii) below, shall not be held in Trust for the Executive. The Executive shall have no rights with respect to the credit balance in the Reserve Account, except the contractual right to receive payments when due as Section
10 below. The Executive’s right to receive deferred compensation hereunder shall not be greater than the rights generally of unsecured creditors of NAI. The Executive shall not have any rights to assign the deferred compensation payments
provided for herein. 
  
 (ii) On the first business day of each
month during the Term of employment NAI shall further credit to the Reserve Account an amount equal to the product obtained by multiplying the credit balance in the Reserve Account by the prime interest rate quoted by Citibank, N.A. on the last
business day of the preceding month. 
  
 (d) In the event News
Corporation or NAI 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 Corporation or NAI, then News Corporation or NAI,
as the case may be, shall enter into an agreement with the Executive which affords comparable benefits to him. 
  

 4 

 (e) During the Term of the Agreement, Executive will be provided with a suitable office and continued
secretarial and support services. 
  
 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 of News Corporation and NAI 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 Corporation and NAI and will not impart any such knowledge
acquired by him as an officer or employee of News Corporation and NAI to anyone. 
  
 (b) Upon termination of his employment, the Executive will immediately surrender and turn over to News Corporation and NAI all books, forms, records, customer lists and all other papers and writings relating to News
Corporation and NAI and all other property belonging to News Corporation and NAI. 
  
 (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 Corporation or NAI is then engaged and will not
directly or indirectly own, 
  

 5 

 manage, operate, join, control or participate in the ownership, management, 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 (i) nothing herein contained shall prohibit the Executive from owning not more that five (5%) percent of the outstanding stock of any
publicly held corporation and (ii) Executive will be permitted to engage in activities that do not conflict with his duties under the Agreement, including: (A) acting as an executor or trustee; (B) teaching; (C) engaging in charitable work; and (D)
engaging in personal investment activities.  
  
 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). 
  

 6 

 (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 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 a 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 his 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 this Agreement by NAI or the breach of the
guarantees of this Agreement by News Corporation, which breach if curable, is not cured within twenty days after 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
NAI in such area; or 
  
 (iii) If Rupert Murdoch shall no longer
be serving as the Chief Executive Officer of News Corporation. 
  

 7 

 (b) Any termination of his employment by the Executive shall be communicated by a written Notice of
Termination to NAI. 
  
 10. Compensation Upon Termination.
Upon termination of employment under this Agreement: (i) Executive’s pension and the benefit arrangements which are to be provided after termination of employment will continue, including, without limitation, those arrangements provided for in
two letter agreements from News Corporation to the Executive, each dated March 1, 2000; and (ii) the amount in the deferred compensation Reserve Account will be paid to Executive, his wife (if alive) or to his estate (as applicable) in 120 equal
monthly payments which will include 6% interest from the date of commencement of such payments. In addition, and subject to the foregoing provisions: 
  
 (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 of twelve months (commencing with the Date of Termination) an amount equal to and payable at the same rate as his then current Base
Salary, the Benefits or payments on account of Benefits provided for in Section 5 hereof and the amount that would otherwise have been credited to the Reserve Account for such period pursuant to Section 5(c) hereof, (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 maintained by the Company, and (iii) any payment required to be made pursuant to 

 

 8 

 subsection (e) below. Such payments shall fully discharge the obligations of News Corporation and NAI hereunder and News
Corporation 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. 
  
 (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, the Benefits or payments on account of the Benefits and the amount that would otherwise have been credited to the Reserve Account for such period
pursuant to Section 5(c) hereof, 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 and the payments required to be made pursuant to subsection (e) below, shall fully discharge the obligations of News Corporation and NAI hereunder and News Corporation and NAI 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) hereof, NAI shall pay the Executive his full Base Salary, provide the Benefits or payments on account of the Benefits through the Date of
Termination and pay the amount that would otherwise have been credited to the Reserve Account through the date of Termination pursuant to Section 5(c) hereof. Such payments, together with the payments required to be made pursuant to subsection (e)
below, shall fully discharge the obligations of News Corporation and NAI hereunder and News Corporation and NAI shall be under no obligation to provide any further compensation to the Executive. 
  

 9 

 (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, then NAI shall pay the Executive his full Base Salary plus an amount that would have otherwise been paid, provide the Benefits through the Term of
Employment (i.e., December 31, 2008) at the rate and subject to the Aggregate cap in effect at the Date of Termination of the Executive’s employment and pay the amount that would otherwise have been credited to the Reserve Account through the
Term of Employment pursuant to Section 5(c) hereof. The Executive shall receive the payments in the same manner as though the Executive continued to be employed hereunder. In addition, NAI shall make the payments required to be made pursuant to
subsection (e) below. 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) To the extent that any payments by NAI pursuant to Sections 5(a)(ii) and (c) shall not be fully vested in the Executive at the Date of Termination (the “Non-Vested Contributions”), then NAI shall pay to
the Executive or, if not alive, to his surviving spouse, or if his spouse shall not survive him, then to the legal representative of the Executive’s estate, within sixty days after the Date of Termination an amount equal to the Non-Vested
Contributions to the extent such amounts were included in making the calculations in Sections 5(a) (ii) and (c) hereof. 
  

 10 

 11. Condition of and Survival of Agreement. In the event that News Corporation 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 Insurances. NAI shall indemnify the Executive and hold him harmless from any cost, expense or liability arising out of or
relating to any acts or decisions 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
Corporation and NAI, 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 Corporation or NAI or to defending any claim, action, suit or proceeding (including any appeals thereof ran) 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
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 Corporation or NAI shall have the right to assume and control the defense thereof.
In the event News Corporation or NAI assumes such defense, the Executive shall have the right 
  

 11 

 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 of 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 or 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 conditions 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. 
  

 12 

 17. Prior Agreements; Entire Agreement. This Agreement and the two letter agreements from News
Corporation to the Executive, each dated March 1, 2000, relating to pension benefits, medical coverage, life insurance and stock options, constitutes the entire understanding between the parties hereto with respect to the subject matter hereof, and
this Agreement supersedes and renders null and void the Prior Agreements and 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:
	 	  

		
	 	 	 
	
 Arthur M.
Siskind

  

 13 

 As an inducement to the Executive to enter into the foregoing Restated Employment Agreement, the undersigned hereby
guarantees full performance of all of the obligations of NAI and of 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:
	 	  

  

 14

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