October
16, 2008



Mr. Michael Huseby

3 Windham Court 

Muttontown, NY 11545
 


Dear Mike:


This
letter will confirm the terms of your continued employment by Cablevision Systems Corporation (the “Company”).


Your
title continues to be Executive Vice President and Chief Financial Officer and you continue to report to the Chief Executive
Officer.  You agree to devote substantially all of your business time and attention to the business and affairs of the Company.


Your
annual base salary will be a minimum of $950,000, subject to review and potential increase by the Company in its sole discretion.
You will also be eligible to participate in our discretionary annual bonus program with an annual target bonus opportunity equal to
90% of salary.  Bonus payments are based on actual salary dollars paid during the year and depend on a number of factors including
Company, unit and individual performance.  However, the decision of whether or not to pay a bonus, and the amount of that bonus, if
any, is made by the Company in its sole discretion.  Bonuses are typically paid early in the subsequent calendar year.  In order to
receive a bonus, you must be employed by the Company at the time bonuses are being paid.  Your annual base salary and annual bonus
target (as each may be increased from time to time in the Company’s sole discretion) will not be reduced during the term of this
letter.


You will also be eligible to participate in such equity and other long-term
incentive programs that are made available to similarly situated executives at the Company.  Any such awards would be subject to
actual grant to you by the Compensation Committee of the Board of Directors of the Company in its sole discretion, would be pursuant
to the applicable plan document and would be subject to terms and conditions established by the Compensation Committee in its sole
discretion that would be detailed in separate agreements you would receive after any award is actually made.


You
will also remain eligible for our standard benefits programs at the levels that are made available to similarly situated executives
at the Company.  Participation in our benefits programs is subject to meeting the relevant eligibility requirements, payment of the
required premiums and the terms of the plans themselves.  





Mr. Michael Huseby

October 16, 2008

Page 2 



If your
employment with the Company is terminated prior to the second anniversary of the date first written above (i) by the Company (other
than for “Cause”) or (ii) by you for “Good Reason” (other than if “Cause” then exists) then, subject to
your execution and the effectiveness of a severance agreement to the Company’s satisfaction (including, without limitation,
non-compete (limited to one year), non-disparagement, non-solicitation, confidentiality, and further cooperation obligations and
restrictions on you as well as a general release by you of the Company and its affiliates), the Company will provide you with the
following:
 



	 	(1)
	 
Severance in an amount to be determined by the Company (the
“Severance Amount”), but in no event less than two (2) times the sum
of your annual base salary and your annual target bonus as in effect at the time
your employment terminates. Sixty percent (60%) of the Severance Amount will be
payable to you on the six-month anniversary of the date your employment so
terminates (the “Termination Date”) and the remaining forty percent
(40%) of the Severance Amount will be payable to you on the twelve-month
anniversary of the Termination Date;  

	 	(2)
	 
A prorated bonus based on the amount of your base salary actually earned by you
during the calendar year through the Termination Date, provided that such
bonus, if any, will be payable to you if and when such bonuses are generally
paid to similarly situated employees and will be based on your then current
annual target bonus as well as Company and your business unit performance as
determined by the Company in its sole discretion, but without adjustment for
your individual performance; 

	 	(3)
	
Any restricted shares granted to you by the Company prior to the date of this
letter (to the extent then still outstanding and not previously forfeited) shall
fully vest and all restrictions related thereto shall be eliminated,
provided that you and such shares shall continue to remain subject to all
applicable securities laws and regulations; and 

	 	(4)
	
A prorated “Target Award” amount of the performance awards granted to
you prior to the date of this letter (to the extent then still outstanding and
not previously forfeited) shall vest based on the number of full months of the
three-calendar year “Performance Period” of the relevant award that
you were employed by the Company; provided that such prorated
“Target Award” amount shall continue to be subject to adjustment based
on the attainment of the performance “Objectives” in accordance with
the terms of the relevant award and will be payable to you only to the extent
that, and at the time that, such awards are otherwise payable in accordance with
their terms. 







Mr. Michael Huseby

October 16, 2008

Page 3 



In
connection with any termination of your employment, except as specifically provided above, all of your outstanding equity and cash
incentive awards shall be treated in accordance with their terms.


For purposes of this
letter, “Cause” means, as determined by the Compensation Committee, your (i) commission of an act of fraud,
embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against the Company or an affiliate
thereof, or (ii) commission of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere,
or imposition of unadjudicated probation for any crime involving moral turpitude or any felony.


For purposes of this
letter, “Good Reason” means that (1) without your consent, (A) your base salary or annual target bonus (as each may
be increased from time to time in the Compensation Committee’s sole discretion) is reduced, (B) you are no longer Chief
Financial Officer of the Company or (C) you report directly to someone other than the Chairman of the Board of Directors, Chief
Executive Officer, President or a Vice Chairman of the Company, (2) you have given the Company written notice, referring specifically
to this letter and definition, that you do not consent to such action, (3) the Company has not corrected such action within 30 days
of receiving such notice, and (4) you voluntarily terminate your employment with the Company within 90 days following the
happening of the action described in subsection (1) above.


This
letter does not constitute a guarantee of employment for any definite period.  Your employment is at will and may be terminated by
you or the Company at any time, with or without notice or reason.  


The Company may
withhold from any payment due to you any taxes required to be withheld under any law, rule or regulation.  If any payment otherwise
due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Internal Revenue Code, the
Company will instead pay you either (i) such amount or (ii) the maximum amount that could be paid to you without the imposition of
the excise tax, depending on whichever amount results in your receiving the greater amount of after-tax proceeds.  In the event that
the payments and benefits payable to you would be reduced as provided in the previous sentence, then such reduction will be
determined in a manner which has the least economic cost to you and, to the extent the economic cost is equivalent, such payments or
benefits will be reduced in the inverse order of when the payments or benefits would have been made to you until the reduction
specified is achieved.


If
and to the extent that any payment or benefit under this letter, or any plan, award or arrangement of
the Company or its affiliates, is determined by the Company to constitute “non-qualified deferred compensation”
subject to Section 409A of the Internal Revenue Code (“Section 409A”) and is payable to you by reason of your termination
of employment, then (a) such payment or benefit shall be made or provided to you only upon a “separation from service” as
defined for purposes of Section 409A under






Mr. Michael Huseby

October 16, 2008

Page 4 




applicable regulations and (b) if you are a “specified employee” (within the
meaning of Section 409A as determined by the Company), such payment or benefit shall not be made or provided before the date that is
six months after the date of your separation from service (or, if earlier than the expiration of such six month period, the date of
death). Any amount not paid or benefit not provided in respect of the six month period specified in the preceding sentence will be
paid to you in a lump sum or provided to you as soon as practicable after the expiration of such six month period.


To
the extent you are entitled to any expense reimbursement from the Company that is subject to Section 409A, (i) the amount of any such
expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other
taxable year (except under any lifetime limit applicable to expenses for medical care), (ii) in no event shall any such expense be
reimbursed after the last day of the calendar year following the calendar year in which you incurred such expense, and (iii) in no
event shall any right to reimbursement be subject to liquidation or exchange for another benefit.


More information
regarding your employment is contained in the Company’s Employee Handbook.


This
letter is personal to you and without the prior written consent of the Company shall not be assignable by you otherwise than by will
or the laws of descent and distribution.  This letter shall inure to the benefit of and be enforceable by your legal
representatives.  This letter shall inure to the benefit of and be binding upon the Company and its successors and assigns.


To the extent permitted by law, you
and the Company waive any and all rights to a jury trial with respect to any matter relating to this letter.


This
letter will be governed by and construed in accordance with the law of the State of New York applicable to contracts made and to be
performed entirely within that State.


Both the Company and you hereby irrevocably
submit to the jurisdiction of the courts of the State of New York and the federal courts of the United States of America located in
the State of New York solely in respect of the interpretation and enforcement of the provisions of this letter, and each of us hereby
waives, and agrees not to assert, as a defense that either of us, as appropriate, is not subject thereto or that the venue thereof
may not be appropriate.  We each hereby agree that mailing of process or other papers in connection with any such action or
proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof.


This
letter may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective
successors and legal representatives.  The invalidity or unenforceability of any provision of this letter shall not






Mr. Michael Huseby

October 16, 2008

Page 5 




affect the
validity or enforceability of any other provision of this letter.  It is the parties’ intention that this letter not be
construed more strictly with regard to you or the Company.


You agree
to keep this letter and its terms strictly confidential (unless it is made public by the Company); provided that (1) you are
authorized to make any disclosure required of you by any federal, state or local laws or judicial proceedings, after providing the
Company with prior written notice and an opportunity to respond to such disclosure (unless such notice is prohibited by law) and (2)
you are authorized to disclose this letter and its terms to your legal, financial and tax advisors and your representatives may
disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of this letter and all materials
of any kind (including opinions or other tax analyses) that are provided to you relating to such tax treatment or structure.


This letter reflects the entire understanding
and agreement of you and the Company with respect to the subject matter hereof and supersedes all prior understandings and agreements
(including, without limitation, that certain employment agreement dated April 28, 2006).


This letter will automatically
terminate, and be of no further force or effect, on the second anniversary of the date first written above (other than with respect
to rights to payments, which, by the terms of this letter, explicitly arose before such date).


Sincerely,


/s/ Hank J. Ratner 


Hank J. Ratner 

Title:    Vice Chairman

Date:    October 16, 2008







Accepted and Agreed:
 
/s/ Michael Huseby           

Michael Huseby
Date:  October 17, 2008