Exhibit 10.49


 


CABLEVISION CHOICE SEVERANCE PAY PLAN


 


ARTICLE I

PURPOSE OF THE PLAN


 


The Cablevision CHOICE Severance Pay Plan
(previously called the Cablevision Systems Corporation Severance Pay Plan) (the
“Plan”) was established by Cablevision Systems Corporation (now known as CSC
Holdings, Inc.) (the “Company”), effective as of May 1, 1994, and subsequently
has been amended to continue to provide for the discretionary payment by the
Company of severance benefits under certain circumstances.  The Plan as amended supersedes any and all
previous severance practices and policies of the Company and its affiliates
with respect to which the Plan is extended. 
This document serves as both the Plan document and as a summary plan
description of the Plan.


 


ARTICLE II

ADMINISTRATION


 


Except to the extent such authority is
retained by the Company, or the Administrative Committee as described in
Article VII, and to the extent consistent with the Plan, the Plan shall be
administered by the Corporate Senior Vice President, Employee Relations of the
Company (the “Administrator”).  The
Administrator shall have full authority, in his or her sole and absolute
discretion, to administer the Plan, including the authority to interpret, construe
and apply any provisions of the Plan and to decide all matters arising in
connection with the operation or administration of the Plan.  The Administrator shall have the further
authority to permit Company affiliates to adopt the Plan.  The decisions of the Company, Administrator
and Administrative Committee shall be final and binding on all parties.


 


The Administrator shall be the plan
administrator and named fiduciary of the Plan for purposes of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”).


 


ARTICLE III

ELIGIBILITY


 


An employee of the Company or any affiliate
who has adopted the Plan shall be eligible to participate in the Plan only if
designated in writing as such by the Administrator or his or her authorized
designee, in his or her sole discretion. 
An employee who is not so designated by the Administrator or his or her
authorized designee as eligible to participate hereunder shall not be entitled
to any benefits under the Plan.  No
employee may rely on any notification of entitlement to any severance benefit
from the Plan other than a written notification delivered to the employee from
the Administrator or his or her an authorized designee.  An employee so designated as eligible to
participate in the Plan shall be referred to herein as an “Employee.”


 

















 


ARTICLE IV

BENEFIT CONDITIONS AND BENEFITS


 


The Administrator shall have sole discretion
to determine:  (a) under what conditions
severance benefits shall be available to any Employee; (b) the particular type
and amount of severance benefits that shall be made available and the duration
thereof; (c) the manner and form in which such severance benefits shall be paid
or provided to any Employee; and (d) any other applicable terms and conditions
for receiving and retaining severance benefits.  To the extent that a federal, state or local law may require the
Company to make a payment to an Employee, including but not limited to a
payment under the Worker Adjustment and Retraining Notification Act, because of
that Employee’s termination of employment (other than any salary, bonus or
vacation pay earned prior to the date of such termination of employment), any
severance benefits payable under the Plan shall be reduced by the amount of the
statutorily required benefit.  In any
event, the Plan provides for discretionary benefits only, and the Company and
Administrator reserve the right with respect to any Employee not to provide any
severance benefits or to provide benefits that differ in amount or terms and
conditions with respect to different Employees.


 


ARTICLE V

RELEASE


 


Benefits paid under this Plan shall be
subject to, and conditioned upon, the Employee’s execution and return to the
Administrator of an executed copy of the Company’s severance agreement as then
in effect, which agreement shall include among other things (a) a waiver and
release of claims releasing, to the maximum extent permitted by law, all claims
that relate to or arise out of the Employee’s employment or termination of
employment with the Company and its affiliates; and (b) such other terms and
conditions as the Company or Administrator in its sole discretion may require.


 


ARTICLE VI

AMENDMENT OR TERMINATION OF THE PLAN


 


The Company reserves the right in its sole
and absolute discretion to amend, modify or terminate the Plan, in whole or in
part, and at any time by action of its Board of Directors.


 


ARTICLE VII

CLAIMS PROCEDURE


 


An Employee claiming a benefit under the Plan
that has been denied for any reason may file a written claim with the
Administrator within 60 days of the Employee’s termination of employment.  The Employee will be notified in writing
within 90 days after the claim is filed (or the Employee will receive a written
notice within such 90 days stating an additional 90 days is needed to rule upon
the claim, in which case the Employee will receive a written notice within 180
days).  If the claim is denied, the
notification will (a) indicate the reasons for the denial and cite the specific
Plan provisions on which the denial is based; (b) describe any additional
information that may be needed for approval of the Employee’s claim; and (c)
explain the review procedure.


 


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An Employee may request a review of the claim
denial within 60 days after receipt of the denial notice.  The written request should be sent to:


 


Cablevision Employee
Benefit Plans 

Administrative Committee

c/o CSC Holdings, Inc.

1111 Stewart Avenue

Bethpage, NY 11714


 


The Employee may request in writing the opportunity to review pertinent
documents prior to submission of a written appeal. Within 60 days after
receiving the written appeal, the Administrative Committee will notify the
Employee in writing of its final decision (or the Employee will receive a
written notice within such 60 days stating an additional 60 days is needed to
rule upon the claim, in which case the Employee will receive a written notice
within 120 days).  This decision will
contain specific reasons and cite the Plan provisions on which the denial is
based.


 


ARTICLE VIII

MISCELLANEOUS PROVISIONS


 


(a)                                  No Employee may
assign or transfer any part of his or her rights or duties hereunder, or any
benefits due to him or her hereunder, to any other person.


 


(b)                                 The Plan shall, in all
respects, be governed by, and construed and enforced in accordance with, the
laws of the State of New York without reference to the principles of conflicts
of law, except to the extent preempted by ERISA.


 


(c)                                  All amounts payable
hereunder to an Employee shall be subject to all applicable federal, state or
local taxes that the Company or an affiliate may reasonably determine are
required to be withheld.


 


(d)                                 Nothing contained
herein shall confer upon any Employee the right to be retained in the service
of the Company or an affiliate nor limit the right of the Company or an
affiliate to discharge or otherwise deal with any Employee.


 


(e)                                  The Plan shall be
unfunded.  Benefits under the Plan shall
be paid from the general assets of the employer from which the Employee
terminates employment and no provision shall at any time be made with respect
to segregating assets of the Company or an affiliate for payment of any
benefits hereunder.  No Employee or any
other person shall have any interest in any particular assets of the Company or
an affiliate by reason of the right to receive benefits under the Plan and any
such Employee or other person shall have only the rights of an unsecured
creditor of the Company or an affiliate with respect to any rights under the
Plan.


 


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ARTICLE IX

ADDITIONAL INFORMATION


 


	
  Plan Name:

  	
  Cablevision CHOICE Severance Pay Plan

  
	
   

  	
   

  
	
  Plan Sponsor:

  	
  CSC Holdings, Inc.

  1111 Stewart Avenue

  Bethpage, NY  11714

  
	
   

  	
   

  
	
  Plan Sponsor’s EIN:

  	
  11-2776686

  
	
   

  	
   

  
	
  Plan Number:

  	
  508

  
	
   

  	
   

  
	
  Type of Plan:

  	
  Welfare

  
	
   

  	
   

  
	
  Plan Year End:

  	
  December 31

  
	
   

  	
   

  
	
  Plan Administrator:

  	
  Corporate Senior Vice President, Employee Relations

  CSC Holdings, Inc.

  1111 Stewart Avenue

  Bethpage, NY  11714

  Telephone:  (516) 803-1414

  
	
   

  	
   

  
	
  Agent for Service of Legal Process:

  	
  Cablevision Employee Benefit Plans

  Administrative Committee

  c/o  CSC Holdings, Inc.

  1111 Stewart Avenue

  Bethpage, NY  11714

  Attention:  Legal Department

  



 


ARTICLE X

EMPLOYEE RIGHTS UNDER ERISA


 


As a participant in the Plan, an Employee is
entitled to certain rights and protections under ERISA and regulations issued
by the Department of Labor.  ERISA
provides that all Plan participants shall be entitled to:


 


(a)                                  Examine, without
charge, at the Administrator’s office and at other locations, all Plan
documents, including copies of all documents filed with the U.S. Department of
Labor (such as annual reports and Plan descriptions).


 


(b)                                 Obtain copies of the
Plan document and other Plan information, if any, upon written request to the
Administrator.  The Administrator may
make a reasonable charge for the copies.


 


In addition to creating certain rights and
protections for Plan participants, ERISA imposes obligations upon the persons
who are responsible for the operation of the Plan.  These people are referred to as “fiduciaries.”  Fiduciaries must act solely in the interest
of all of the Plan participants and beneficiaries, and they must exercise
prudence in the performance of their


 


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duties.  Fiduciaries who violate
ERISA may be removed and required to reimburse any losses they may have caused
the Plan.


 


No one, including an employer, may fire an
Employee or otherwise discriminate against an Employee to prevent the Employee
from obtaining a benefit or exercising his or her rights under ERISA.  If an Employee’s claim for a benefit is
denied, in whole or in part, he or she must receive a written explanation of
the reason for the denial. In addition, the Employee may obtain copies of
documents relating to the decision without charge.  The Employee has the right to have the claim reviewed and
reconsidered by the Administrator without charge.


 


If an Employee believes any of his or her
rights under ERISA are violated or his or her claim is denied or ignored, he or
she may file suit in state or federal court. 
The Department of Labor will help with the grievance.  Legal process can be served upon the Company
by service of process upon its designated agent as follows:


 


Cablevision Employee
Benefit Plans

Administrative Committee

c/o CSC Holdings, Inc.

1111 Stewart Avenue

Bethpage, New York  11714-3581

Attn: Legal Department


 


In addition to any penalties
involved, the court may include the Employee’s legal costs and attorneys’ fees
in the settlement, if it is in the Employee’s favor.  If the Employee loses the suit, the court may order the Employee
to pay these costs and fees for both parties. 
Some examples of the situations for which an Employee could file suit
are: (1) an unreasonable delay (beyond 30 days) in providing requested
Plan documents, which could result in a $110 fine for each day’s delay if it
was found to be within the control of the Administrator; (2) improper denial of
the Employee’s claim for a benefit; or (3) misuse of the Plan funds by a
fiduciary.


 


If an Employee has any questions about the
Plan, the Employee should contact the Administrator.  If the Employee has any questions about his or her rights under
ERISA, the Employee should contact the nearest office of the Pension and
Welfare Benefits Administration, U.S. Department of Labor, listed in the
telephone directory or the Division of Technical Assistance and Inquiries,
Pension and Welfare Benefits Administration, U.S. Department of Labor, 200
Constitution Avenue N.W., Washington, DC 20210.  An Employee may also obtain certain publications about his or her
rights and responsibilities under ERISA by calling the publications hotline of
the Pension and Welfare Benefits Administration.


 


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