Letter Agreement Regarding SERP Benefits Between News Corporation and Chase Carey
This letter agreement confirms that Chase Carey's eligibility for increased retirement benefits, as outlined in a previous letter dated March 1, 2000, remains unchanged despite his transfer to The DIRECTV Group. It clarifies that his service time and compensation at DIRECTV, during the period when News Corporation is a shareholder, will count toward his SERP (Supplemental Executive Retirement Plan) benefit calculation. However, any retirement benefits paid by DIRECTV for that period will reduce the amount payable by News America Incorporated. The agreement is between News Corporation and Chase Carey.
EXHIBIT 10.2
NEWS CORPORATION
1211 Avenue of the Americas
New York, New York 10036
February 27, 2007
Mr. Chase Carey
[Address on file]
Dear Chase:
This is to inform you that News Corporation has determined that your entitlement to the increased retirement benefits, as described in the March 1, 2000 letter to you (copy attached), was not affected by your transfer to The DIRECTV Group (“DIRECTV”). Further, for purposes of determining the “SERP Benefit” described in the March 1, 2000 letter, your service at, and compensation from, DIRECTV for the period during which News Corporation is a shareholder of DIRECTV are included in such determination. However, the amount of SERP Benefit payable to you by News America Incorporated shall be reduced by the amount of DIRECTV retirement benefits paid to you attributable to the period during which News Corporation is a shareholder of DIRECTV.
| Very truly yours, | ||
| NEWS CORPORATION | ||
| By: | /s/ Lon Jacobs | |
| Lon Jacobs | ||
| Senior EVP – Group General Counsel | ||
