Document:

Letter Agreement between News Corporation and Lachlan K. Murdoch

 Exhibit 10.4 
  
 News Corporation 
  
 July 28, 2005 
  
 Lachlan Murdoch 
 Deputy Chief Operating Officer 
 News Corporation 
 1211 Avenue of the Americas 
 New York, NY 10036 
  

			
	Re:	    	Separation Arrangements

  
 Dear Lachlan: 
  
 The purpose of this letter is to advise you that the Compensation Committee
(the “Committee”) of the Board of Directors of News Corporation (the “Company”) has made the following determinations in connection with your resignation as Deputy Chief Operating Officer of News Corporation and other employment
positions you hold with the Company and its affiliates. 
  
 1.
During a two year period commencing on the date of your resignation, you agree to make yourself available to advise and consult with the Company on such matters and in such manner as the Company may from time to time request. The Company will use
its best efforts to give you reasonable advance notice of the need for consulting services and will continue to provide medical benefits to you during this period. 
  
 2. You have been provided with a personnel option status with respect to options and stock appreciation rights
(“SARs”) previously granted to you under the News Corporation 2004 Stock Option Plan (the “Plan”). These options and SARs will continue to vest and are therefore exercisable, in accordance with the terms of the Plan, for so long
as you continue to serve as a director of the Company and are not in breach of this letter agreement. 
  
 3. You will receive a separation cash payment equal to the amount of your combined 2005 salary and bonus. 
  
 4. For a two year period, commencing on the date of your resignation, unless
you receive prior written consent from the Chairman of the Audit Committee, you agree not to engage in business which is directly competitive with any business carried on by the Company or any of its affiliates. For this purpose, you would be
“engaged in a business” if you served as principal, agent, partner, director, employee or consultant of a competing business or have any material direct or indirect financial interest (as shareholder or otherwise) in any person who carries
on such a business. You further agree that during such two year period, you will not directly or indirectly induce or attempt to induce any senior employee of the Company or any affiliated company to engage in a business which is directly
competitive with any business carried on by the Company or any of its affiliates. 

 5. You acknowledge and, by countersigning this letter agree, that the benefits provided by this letter,
including the continued vesting of your stock options and SARs after the termination of your active employment and the cash payments, are in consideration for and conditioned upon your compliance with the restrictive covenants of paragraph 4.

  
 By counter-signing this letter agreement, you agree to be
bound by the terms hereof. 
  

	
	 Sincerely,

	
	  
 /s/ Andrew S. B. Knight

	 Andrew S. B. Knight

	 Chairman of the Compensation Committee

	 News Corporation

  
 /s/ Lachlan Murdoch 

	
	

	 Lachlan MurdochPress Release

 Exhibit 10.5 
  

			
	

	 	News Corporation
	  
 NEWS RELEASE

  

			
	For Immediate Release	 	Contact: Andrew Butcher 212-852-7070

  
 Lachlan Murdoch Resigns From
Executive Roles at News Corporation 
  
 NEW YORK, NY, July 29, 2005
– News Corporation chairman and chief executive officer Mr. Rupert Murdoch today announced that the Company’s deputy chief operating officer, Mr. Lachlan Murdoch, will resign from his executive roles with the Company, effective August 31,
2005. 
  
 Mr. Murdoch joined the Company in 1994 and has served in various
capacities, most recently as Deputy Chief Operating Officer of News Corporation and Publisher of the New York Post. 
  
 In addition to remaining as a director of the Company Lachlan Murdoch will advise the Company in a number of areas. 
  
 Lachlan Murdoch said: “I have today resigned my executive position at News Corporation.
I will remain on the board and I am excited about my continued involvement with the Company in a different role. 
  
 “I look forward to returning home to Australia with my wife, Sarah, and son, Kalan, in the very near future. I would like especially to thank my father for all he
has taught me in business and in life. It is now time for me to apply those lessons to the next phase of my career.” 
  
 Rupert Murdoch said: “I am particularly saddened by my son’s decision and thank him for his terrific contribution to the company, and also his agreement to stay
on the board and advise us in a number of areas. I have respected the professionalism and integrity that he has exhibited throughout his career at News Corporation. 
  
 “His achievements include driving all of his reporting divisions to record profits and the New York Post to its highest-ever
circulation. I am grateful that I will continue to have the benefit of Lachlan’s counsel and wisdom in his continued role on the Company’s board.” 
  
 News Corporation (NYSE: NWS, NWS.A; ASX: NWS, NWSLV) had total assets as of March 31, 2005 of approximately US$56 billion and total annual
revenues of approximately US$23 billion. News Corporation is a diversified international media and entertainment company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast
satellite television; magazines and inserts; newspapers; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and the Pacific
Basin. 
  
 1211 AVENUE OF THE AMERICAS • NEW YORK,
NEW YORK 10036 • newscorp.comSeverance Agreement and Full Waiver and Release

 Exhibit 10.17 
  
 SEVERANCE AGREEMENT AND FULL WAIVER AND RELEASE 
  
 This SEVERANCE AGREEMENT AND FULL WAIVER AND RELEASE (“Agreement”) sets forth the agreement reached between
DOV MICHAELI (“Employee”) and APHTON CORPORATION (“Company”). 
  
 1. Employment Termination. Employee’s last day of work will be May 31, 2005 (the “Termination Date”). On the Termination
Date, Employee will return all keys, passes, credit cards and other property of the Company, including all documents, computer discs, tapes and other materials that relate to the business of the Company, and will otherwise comply with the employment
termination procedures of the Company. 
  
 2. Consideration to
Employee. 
  
 A. In consideration for the promises set forth
in this Agreement and Employee’s execution of this Agreement, but subject to Paragraph 9 of this Agreement entitled “Review and Revocation Period,” Company shall pay to Employee a severance amount equal to $246,093.00 (less
deductions, withholdings and other payments required under applicable law), payable over the six month period immediately following the Effective Date (as defined in Section 9 hereof) in accordance with the Company’s payroll procedures for
employees. Employee agrees that this sum is adequate consideration for the promises he is making in this Agreement and the rights and claims he is waiving and releasing under this Agreement. 
  
 B. As additional consideration, the Company agrees that notwithstanding the
terms of any individual agreement, the vesting period of all stock options held by Employee on the Termination Date that remain unvested shall be accelerated such that all such unvested stock options shall be fully vested as of the Termination Date.
In addition, the Company agrees that notwithstanding any early termination provisions set forth in any option grant letter or option award agreement issued to Employee by the Company, all stock options held by Employee on the Termination Date shall
remain exercisable until the scheduled expiration of the stock options, as provided in such letters or agreements, as the case may be. 

 3. Consideration to the Company. In consideration for the promises set forth in this Agreement:

  
 A. General Release. 
  
 (1) Waiver and Release. (a) Employee voluntarily and knowingly
agrees that he, on behalf of himself and his spouse, representatives, agents, heirs, and assigns, waives and releases and forever discharges the Company, including its parent and subsidiary corporations, affiliates, all related domestic and foreign
businesses, entities, corporations, partnerships, and benefit plans, as well as all current, former, and future directors, officers, executives, shareholders, partners, employees, successors in interest, predecessors, representatives, agents,
insurers, attorneys, and assigns from any and all claims, rights, liabilities, damages, losses, demands, obligations, and causes of action, in law or in equity, of any kind whatsoever, including, but not limited to, claims arising under federal,
state and local law, including, without limitation, Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act, the Older Workers Benefit Protection Act, the Age Discrimination in Employment Act, the California Fair Employment
Act, claims for wrongful discharge under any public policy or any policy of the Company, claims for breach of fiduciary duty, and the laws of contract and tort, and any claim for attorneys’ fees, which Employee has or may have against the
Company from the beginning of the world until the Effective Date, whether such claims, rights, or causes of action are now known or are later discovered or suspected or unsuspected. Employee declares and represents that he has not suffered any
on-the-job injuries or work-related accidents or injuries, occupational diseases or disabilities, whether temporary, permanent, partial, or total. 
  
 (b) Employee voluntarily and knowingly agrees that all intellectual property, including, without limitation, any Inventions and Ideas (as defined in the
Company’s Statement of Policy Regarding Inventions and Ideas) and any patents, trademarks, copyrights, know-how and/or trade secrets (together “Intellectual Property”) conceived, reduced to practice, or developed by Employee (in whole
or in part, either alone or jointly with others): (a) during his employment with the Company; (b) for a period of one (1) year after the Termination Date; (c) by using any of Company’s Confidential Information (as defined by the Company’s
Statement of Policy Regarding Confidential Information); (d) by using the Company’s equipment, supplies, or facilities; and/or (e) which relates directly to the business of the Company or to the Company’s 

 actual or demonstrably anticipated research or development, is and will remain the sole property of the Company and its
successors or assigns to the maximum extent permitted by law (and, to the fullest extent permitted by law, will be deemed “works made for hire”), and that the Company and its successors and assigns will be the sole owner of such
Intellectual Property. Employee hereby assigns to the Company any and all right, title and interest he may have, or may claim to have, to any such Intellectual Property. Further, Employee voluntarily and knowingly agrees that he will not at any
time, for himself or on behalf of any other party, make a claim to any right, title or interest in and to any such Intellectual Property. Employee hereby represents and warrants that he has not pledged, assigned, sold or otherwise transferred, nor
has he attempted to pledge, assign, sell, or otherwise transfer, any such right, title or interest to any third party. To the knowledge of Employee, no party has, nor has any party made any claim that it has, any right, title or interest in or to
any such Intellectual Property. To the knowledge of Employee, no such Intellectual Property infringes upon the rights, title or interest of any third party. Employee acknowledges and agrees that he will continue to be bound by the Company’s
Inventions Policy (as defined in Section 3.B.(2) hereof) following the Termination Date. 
  
 (2) Covenant Not to Sue. Employee voluntarily and knowingly agrees that he, on behalf of himself and his spouse, representatives, agents, heirs,
and assigns, promises never to file a lawsuit or assist in or commence any action asserting any claims, rights, liabilities, damages, losses, demands, obligations, and causes of action, in law or in equity, of any kind whatsoever, which have been
released hereunder. 
  
 (3) Known or Unknown Claims. The
parties understand and expressly agree that this Agreement extends to all claims of every nature and kind, known or unknown, or suspected or unsuspected, past, present, or future, arising from or attributable to any conduct of the Company and its
successors, subsidiaries, and affiliates, and all their current, former, and future directors, officers, executives, shareholders, partners, employees, successors in interest, predecessors, representatives, agents, insurers, attorneys, and assigns,
whether known by Employee or whether or not Employee believes he may have any claims, and that any and all rights granted to Employee under Section 1542 of the California Civil Code or any analogous state law or federal law or regulations, are
hereby expressly waived, if applicable. Said Section 1542 of the California Civil Code reads as follows: 

 GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT SUSPECT TO EXIST IN HIS OR HER
FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
  
 (4) Exceptions from Release. Notwithstanding the generality of the foregoing, Employee does not release the following claims:

  
 (a) Claims to continued participation in certain of the
Company’s group benefit plans pursuant to the terms and conditions of the federal law known as COBRA; 
  
 (b) Claims to any benefit entitlements vested as of the Termination Date, pursuant to written terms of any Company employee benefit plan; and 

 
 (c) Claims to indemnity for his actions as an employee of the Company, to
the extent permitted by the Company’s by-laws and by California law. 
  
 B. Confidential Information and Inventions Policy of the Company. 
  
 (1) Agreement Not to Disclose Confidential Information. Employee acknowledges he has read and understands the Company’s Statement of Policy
Regarding Confidential Information (“Confidentiality Policy”), which is attached hereto as Exhibit “A” and incorporated herein by reference, and acknowledges and agrees that he will continue to be bound by,
and will comply with, the Confidential Policy at all times on and subsequent to the Termination Date. Employee further agrees that at all times subsequent to the Termination Date he will hold all Confidential Information (as that term is defined by
the Confidentiality Policy) in trust and confidence, and will not use any such Confidential Information for any purpose, or disclose any such Confidential Information to any third party, unless authorized to do so in writing by a qualified officer
of the Company. 
  
 (2) Agreement to Comply with Company
Policy Regarding Inventions and Ideas. Employee acknowledges he has read and understands the Company’s Policy Regarding Inventions and Ideas (“Inventions Policy”) “), which is attached hereto as
Exhibit “B” and incorporated herein by reference. Employee hereby acknowledges and agrees that at all times on and subsequent to the Termination Date, he will continue to be bound by, and will comply with, the Inventions Policy.

 4. Assignability. If the Company or any entity resulting from any acquisition, merger or
consolidation of, with or by the Company is acquired by, or merged or consolidated into or with any other entity or entities, or if substantially all of the assets of the Company or any such entity are sold or otherwise transferred to another
entity, the provisions of this Agreement shall be binding upon and shall inure to the benefit of the continuing entity in or the entity resulting from such acquisition, merger or consolidation or the entity to which such assets are sold or
transferred. This Agreement shall not be assignable by Employee. 
  
 5. Amendments to Agreement. Any amendments, additions, or supplements to this Agreement shall be effective and binding on the parties only if any such amendments, additions, or supplements are in writing and signed by both parties.

  
 6. Severability and Governing Law. If any provision
(other than the waiver and release) of this Agreement is invalid, illegal or unenforceable, it shall not affect the other provisions of this Agreement, which shall remain in effect. This Agreement shall be governed by the laws of the State of
California, without reference to its or any other jurisdiction’s choice of law rules. 
  
 7. Dispute Resolution. All controversies, claims and disputes arising out of or relating to this Agreement, including, without limitation, any alleged violation of its terms, shall be resolved by final and
binding arbitration before a single neutral arbitrator in San Francisco, California, in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association (“AAA”). The arbitration shall be commenced by
filing a demand for arbitration with the AAA within 14 (fourteen) days after the filing party has given notice of such breach to the other party. The arbitrator shall award the prevailing party attorneys’ fees and expert fees, if any.
Notwithstanding the foregoing, it is acknowledged that it will be impossible to measure in money the damages that would be suffered if Employee fails to comply with any of the obligations imposed on him under Section 3.B. hereof, and that in the
event of any such failure, an aggrieved person will be irreparably damaged and will not have an adequate remedy at law. Any such person shall, therefore, be entitled to injunctive relief, including specific performance, to enforce such obligations,
and if any action shall be brought in equity to enforce any of the provisions of Section 3.B. of this Agreement, Employee shall not raise the defense that there is an adequate remedy at law. 

 8. Survivability. All Paragraphs of Section 3.B. of this Agreement survive the termination and/or
expiration of this Agreement. 
  
 9. Review and Revocation
Period. Employee has had a reasonable period of time of up to twenty-one (21) days after the date this Agreement was delivered to him to decide whether to sign this Agreement. Employee understands that he can use all or any part of this 21-day
period to decide whether to sign this Agreement. 
  
 A. Employee
and the Company agree that any material or non-material changes which may be made in this Agreement after the Agreement is initially provided to Employee shall not re-start the running of the 21-day period. Employee acknowledges that he has been
encouraged to consult with an attorney prior to signing this Agreement. 
  
 B. For a period of seven (7) days following the date Employee signs this Agreement (the “Revocation Period”), Employee may revoke this Agreement by providing written notice of revocation to Patrick T. Mooney, M.D., Chief
Executive Officer, Aphton Corporation, 8 Penn Center, Suite 2300, 1628 JFK Boulevard, Philadelphia, PA 19103, to be received not later than 5:00 p.m. on the seventh (7th) day of the Revocation Period. 
  
 C. This Agreement shall become effective and enforceable upon expiration of
the Revocation Period unless this Agreement is timely revoked by Employee. The “Effective Date” of this Agreement shall be the eighth day following the signing of this Agreement by Employee, so long as Employee has not revoked the
Agreement. 
  
 10. Non-Admission; No Disparagement. Nothing
in this Agreement shall be construed as an admission or concession of any liability, unlawful conduct, or wrongdoing whatsoever by either party. Employee agrees not to make any disparaging comments about the Company. 
  
 11. No Third Party Beneficiaries. There are no third beneficiaries to
this Agreement. 
  
 12. Entire Agreement. This Agreement
contains the entire understanding of the parties in respect of its subject matter and supersedes all prior agreements and understandings (oral or written) between or among the parties with respect to such subject matter. 
  
 BOTH PARTIES, HAVING HAD A FULL OPPORTUNITY TO REVIEW THE FOREGOING, AND BOTH PARTIES, BEING
IN COMPLETE AND FULL AGREEMENT AS TO THE TERMS OF THIS AGREEMENT, HAVE VOLUNTARILY SIGNED THIS AGREEMENT. 

							
	APHTON CORPORATION	    	DOV MICHAELI
		
	 /s/ Patrick T. Mooney

	    	 /s/ Dov Michaeli

	Patrick Mooney, in his capacity as Chief Executive Officer (CEO) and as authorized representative of Aphton Corporation	    	 
		
	Date: June 1, 2005	    	Date: June 1, 2005
				
	Witness:	 	 /s/ John McCafferty

	    	Witness:	  	 /s/ Patricia Salber

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