Document:

EX-10.2

 Exhibit 10.2 
  

 
 September 11, 2015 

Mr. Bret Richter 
 c/o The Madison Square Garden Company (to
be renamed MSG Networks Inc.) 
 Two Pennsylvania Plaza 
 New
York, NY 10121 
 Dear Bret: 
 This Agreement
(the “Agreement”), effective as of the distribution (the “Distribution”) of the common stock of MSG Spinco, Inc. (to be renamed The Madison Square Garden Company, “Spinco”) to the shareholders of The Madison Square
Garden Company (to be renamed MSG Networks Inc., the “Company”) (the “Effective Date”), will confirm the terms of your employment by the Company. 

The term of your employment under this Agreement (the “Term”) shall commence as of the Effective Date and, unless terminated earlier
in accordance with this Agreement, will expire on the third anniversary of the Effective Date (the “Expiration Date”). 
 Your
title will be Executive Vice President and Chief Financial Officer. Throughout the Term, you agree to devote substantially all of your business time and attention to the business and affairs of the Company and to perform your duties in a diligent,
competent, professional and skillful manner and in accordance with applicable law and the Company’s policies and procedures. 
 Your
annual base salary will be a minimum of $634,000, paid no less frequently than monthly, subject to annual review and potential increase by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”)
in its sole discretion. You will also be eligible to participate in our discretionary annual cash bonus program with an annual target bonus opportunity equal to at least 75% 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. Except as provided below, the decision whether or not to pay a bonus, and the amount of that bonus, if any, shall be made by the Compensation Committee in
its sole discretion. Bonuses are typically paid early in the subsequent fiscal year. Except as provided below, 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 Compensation Committee’s sole discretion) will not be reduced during the Term. 

 Mr. Bret Richter 

September 11, 2015 
  Page
 2
 
  

 You will be eligible to participate in such long-term incentive programs as are made
available to similarly situated executives at the Company. It is expected that such awards will consist of annual grants of cash and/or equity awards with an annual target value of not less than $750,000, as determined by the Compensation Committee.
The first such grant is expected to be recommended to the Compensation Committee in the first quarter of the Company’s fiscal year commencing July 1, 2015 (typically in September), and will not be pro rated to reflect your mid-year
hire, but will be conditioned on the Distribution occurring. Any such awards would be subject to actual grant to you by the Compensation Committee 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. Long term incentive awards are currently expected to be subject
to three-year vesting. 
 In addition to your eligibility to participate in the Company’s regular long-term incentive programs,
the Company will grant you a one-time special award of restricted stock units with an aggregate grant date value of $1,000,000 (the “One-Time Grant”). It is currently expected that the Compensation Committee will award you the One-Time
Grant prior to the Effective Date, but that the One-Time Grant will only become effective upon the Effective Date, and will be subject to adjustment to account for the Distribution, based on the average closing price of a share of the Company’s
Class A Common Stock for the 10 trading days following the Effective Date. The One-Time Grant will pro-rata vest on each of the first three anniversaries of the Effective Date subject to your continued employment and the achievement of
performance metrics to be established by the Compensation Committee to achieve tax deductibility under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). 

You will also be 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. You will also be entitled to four (4) weeks of vacation per
year to be accrued and used in accordance with Company policy. 
 Upon commencement of the Term, you agree to be bound by the additional
covenants and provisions that are set forth in Annex I and Annex II hereto, which Annexes shall be deemed to be a part of the Agreement. 

If your employment with the Company hereunder is terminated prior to the Expiration Date (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, delivery and non-revocation (within any applicable revocation period) of the severance agreement
described below, the Company will provide you with the following: 
  

	 	(1)	Severance in an amount to be determined by the Compensation Committee (the “Severance Amount”), but in no event less than two (2) times the sum of your annual base salary and your annual target bonus,
each 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; and 

 Mr. Bret Richter 

September 11, 2015 
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	 	(2)	Any unpaid annual bonus for the Company’s fiscal year prior to the fiscal year which includes your Termination Date, and a pro rated bonus based on the amount of your base salary actually earned by you
during the Company’s fiscal year through the Termination Date, each of which will be paid to you when such bonuses are generally paid to similarly situated active executives and will be based on your then current annual target bonus as well as
Company and your business unit performance for the applicable fiscal year as determined by the Company in its sole discretion, but without adjustment for your individual performance. 

Your entitlement to the severance benefits describing in clauses (1) and (2) above will be subject to your prior execution, delivery
and non-revocation (within any applicable revocation period) of a reasonable severance agreement no later than the six-month anniversary of the Termination Date. This severance agreement shall be delivered to you by the Company as soon as reasonably
practicable after the Termination Date and will include, without limitation, (x) a full and complete general release in favor of the Company and its affiliates (and their respective directors, officers and employees), (y) non-solicitation,
non-disparagement, confidentiality and further cooperation provisions substantially similar to those set forth in Annex I hereto and (z) non-compete provisions no more restrictive than those set forth in Annex II hereto (but limited to the
one-year period from the Termination Date). 
 In connection with any termination of your employment, any outstanding equity and cash
incentive awards shall be treated in accordance with their terms. 
 For purposes of this Agreement, “Cause” means 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 Agreement, “Good Reason” means that (1) without your written 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, or (B) you are no longer the Executive Vice President and Chief Financial Officer of the Company, (2) you have given
the Company written notice, referring specifically to this Agreement 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 Agreement 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. 

 Mr. Bret Richter 

September 11, 2015 
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 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 Agreement, 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 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. 
 This Agreement 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 Agreement shall inure to the benefit of and be enforceable by your legal representatives. This Agreement 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 Agreement. 
 This Agreement 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. 

 Mr. Bret Richter 

September 11, 2015 
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 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 Manhattan solely in respect of the interpretation and enforcement of the provisions of this Agreement, 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 Agreement 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 Agreement shall not affect the validity or enforceability of any other provision of this
Agreement. The Company and you have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
Company and you and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

You agree to keep this Agreement 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 Agreement 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 Agreement 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 Agreement 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. 

 Mr. Bret Richter 

September 11, 2015 
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 This Agreement will automatically terminate, and be of no further force or effect, on the
Expiration Date (other than with respect to any rights which, by the terms of this Agreement, arose before such date); provided, however that the last eight paragraphs hereof, and Annex I and Annex II, shall remain in effect during the Term and
thereafter indefinitely (unless otherwise expressly provided) and shall survive any termination or expiration of the Agreement or any termination of your employment with the Company. 

 

	
	Very truly yours,
	
	/s/ Andrea Greenberg
	Andrea Greenberg
	President & Chief Executive Officer

  

	
	Accepted and Agreed:
	
	 /s/ Bret Richter

	Bret Richter
	Date: September 11, 2015

 Mr. Bret Richter 

September 11, 2015 
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 ANNEX I 

This Annex I constitutes part of the Agreement dated September 11, 2015 (the “Agreement”) by and between Bret Richter
(“You”) and The Madison Square Garden Company (to be renamed MSG Networks Inc., the “Company”). 
 You agree to comply
with the following covenants in addition to those set forth in the Agreement. 
  

	1.	Confidentiality 

 (a) Confidential and Proprietary Information. You agree to
retain in strict confidence and not use for any purpose whatsoever or divulge, disseminate, copy, disclose to any third party, or otherwise use any Confidential Information, other than for legitimate business purposes of the Company and its
affiliates. As used herein, “Confidential Information” means any non-public information of a confidential, proprietary, commercially sensitive or personal nature of, or regarding, the Company or any of its affiliates or any director,
officer or member of senior management of any of the foregoing (collectively “Covered Parties”). The term Confidential Information includes such information in written, digital, oral or any other format and includes, but is not limited to
(i) information designated or treated as confidential; (ii) budgets, plans, forecasts or other financial or accounting data; (iii) customer, broadcast affiliate, fan, vendor, sponsor, marketing affiliate or shareholder lists or data;
(iv) technical or strategic information regarding the Covered Parties’ television, programming, advertising, or other businesses; (v) advertising, sponsorship, business, sales or marketing tactics, strategies or information;
(vi) policies, practices, procedures or techniques; (vii) trade secrets or other intellectual property; (viii) information, theories or strategies relating to litigation, arbitration, mediation, investigations or matters relating to
governmental authorities; (ix) terms of agreements with third parties and third party trade secrets; (x) information regarding employees, talent, agents, consultants, advisors or representatives, including their compensation or other human
resources policies and procedures; (xi) information or strategies relating to any potential or actual business development transactions and/or any potential or actual business acquisition, divestiture or joint venture, and (xii) any other
information the disclosure of which may have an adverse effect on the Covered Parties’ business reputation, operations or competitive position, reputation or standing in the community. 

(b) Notwithstanding the foregoing, the obligations of this section, other than with respect to employee or customer information, shall not
apply to Confidential Information that is in the public domain (through no breach by you) or specifically exempted in writing by the applicable Covered Party from the applicability of this Agreement. 

(c) Notwithstanding anything contained elsewhere in this Agreement, (i) you are authorized to make any disclosure which, in the written
advice of outside counsel, is required of you by any federal, state or local laws or judicial, arbitral or governmental agency proceedings, after providing the Company with prior written notice (to the extent legally permissible) and an opportunity
to respond prior to such disclosure (to extent reasonably practicable), and (ii) you are authorized to disclose Confidential Information to your personal attorney, solely for the purpose of, and to the extent necessary to, obtain personal legal
advice. 
 (d) You agree not to issue any press release or public statement regarding your employment by the Company and/ or the
commencement thereof unless (i) so disclosed with the prior written consent of the Company, or (ii) it is, in the written opinion of outside counsel, required and then only to the extent so required, by applicable law. 

 Mr. Bret Richter 

September 11, 2015 
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	2.	Additional Understandings 

 You agree for yourself and others acting on your behalf, that
you (and they) will not disparage, make negative statements about (either “on the record” or “off the record”) or act in any manner which is intended to or does damage to the good will of, or the business or personal reputations
of the Company, any of its affiliates or any of their respective officers, directors, employees, successors and assigns (including, without limitation, any former officers, directors or employees of the Company and/ or its affiliates, to the extent
such individuals served in any such capacity at any point during the Term). 
 This Agreement in no way restricts or prevents you from
providing truthful testimony as is required by court order or other legal process; provided that you afford the Company written notice and an opportunity to respond prior to such disclosure. 

If requested by the Company, you agree to deliver to the Company upon the termination of your employment, or at any earlier time the Company
may request, all memoranda, notes, plans, files, records, reports, and software and other documents and data (and copies thereof regardless of the form thereof (including electronic copies)) containing, reflecting or derived from Confidential
Information or the Materials (as defined below) of the Company or any of its affiliates which you may then possess or have under your control. If so requested, you shall provide to the Company a signed statement confirming that you have fully
complied with this paragraph. 
 In addition, you agree that the Company is the owner of all rights, title and interest in and to all
documents, tapes, videos, designs, plans, formulas, models, processes, computer programs, inventions (whether patentable or not), schematics, music, lyrics and other technical, business, financial, advertising, sponsorship, sales, marketing,
customer or product development plans, forecasts, strategies, information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation in any way in connection with your employment by the Company (the
“Materials”). The Company will have the sole and exclusive authority to use the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you. You agree to perform all actions reasonably requested by
the Company (whether during or after the Term) to establish and confirm the Company’s ownership of such Materials (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and
to provide reasonable assistance to the Company or any of its affiliates in connection with the prosecution of any applications for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences
relating to any Materials. If the Company is unable, after reasonable effort, to secure your signature on any such papers, any executive officer of the Company shall be entitled to execute any such papers as your agent and attorney-in-fact, and you
hereby irrevocably designate and appoint each executive officer of the Company as your agent and attorney-in-fact to execute any such papers on your behalf, and to take any and all actions as the Company may deem necessary or desirable in order to
protect its rights and interests in any Materials, under the conditions described in this sentence. 

 Mr. Bret Richter 

September 11, 2015 
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 In addition, you agree for yourself and others acting on your behalf, that you (and they)
shall not, at any time, participate in any way in the writing or scripting (including, without limitation, any “as told to” publications) of any book, article, periodical, periodical story, movie, play, other written or theatrical work, or
video that (i) relates to your services to the Company or any of its affiliates or (ii) otherwise refers to the Company or its respective businesses, activities, directors, officers, employees or representatives, without the prior written
consent of the Company. 
  

	3.	Further Cooperation 

 Following the date of termination of your employment with the
Company, you will no longer provide any regular services to the Company or represent yourself as a Company agent. If, however, the Company so requests, you agree to use commercially reasonable good faith efforts to cooperate fully with the Company
in connection with any matter with which you were involved prior to such employment termination, or in any litigation or administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal
knowledge, attendance or participation could be beneficial to the Company or its affiliates. This cooperation includes, without limitation, participation on behalf of the Company and/ or its affiliates in any litigation, administrative or similar
proceeding, including providing truthful testimony. 
 The Company will provide you with reasonable notice in connection with any
cooperation it requires in accordance with this section and will take reasonable steps to schedule your cooperation in any such matters so as not to materially interfere with your other professional and personal commitments. The Company will
reimburse you for any reasonable out-of-pocket expenses you reasonably incur in connection with the cooperation you provide hereunder as soon as practicable after you present appropriate documentation evidencing such expenses. You agree to provide
the Company with an estimate of any such individual expense of more than $1,000 before it is incurred. 
  

	4.	No-Hire or Solicit 

 During the Term and thereafter through the first anniversary of the
date on which your employment with the Company has terminated for any reason, you agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company), directly or indirectly
(whether for your own interest or any other person or entity’s interest) any employee of the Company or any of its affiliates. This restriction does not apply to any employee who was not an employee of the Company or any of its affiliates at
any time during the six-month period immediately preceding your solicitation. This restriction does not apply to any former employee who was discharged by the Company or any of its affiliates. In addition, this restriction will not prevent you from
providing references. For the avoidance of doubt, a general (non-targeted), publicly-accessible advertisement (or web posting) of an open employment position will not in and of itself be deemed to be a breach of the solicitation restrictions set
forth in this paragraph. 

 Mr. Bret Richter 

September 11, 2015 
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	5.	Specific Performance; Injunctive Relief 

 You understand and agree that (i) the
provisions of this Annex I are reasonable and appropriate for the Company’s protection of its legitimate business interests, (ii) the consideration provided under the Agreement is sufficient to justify the restrictions and limitations
contained in this Annex I, and (iii) the Company will suffer immediate, irreparable harm in the event you breach any of your obligations under the covenants and agreements set forth in this Annex I, that monetary damages will be inadequate to
compensate the Company for such breach and that the Company shall be entitled to injunctive relief as a remedy for any such breach (or threatened breach). Such remedy shall not be deemed to be the exclusive remedy in the event of breach by you of
any of the covenants or agreements set forth in this Annex I, but shall be in addition to all other remedies available to the Company at law or in equity. You hereby waive, to the extent you may legally do so, any requirement for security or the
posting of any bond or other surety in connection with any temporary or permanent award of injunctive or other equitable relief, and further waive, to the extent you may legally do so, the defense in any action for specific performance or other
equitable remedy that a remedy at law would be adequate. Notwithstanding anything to the contrary contained in this Agreement, in the event you violate the covenants and agreements set forth in this Annex I in any material respect, then, in addition
to all other rights and remedies available to the Company, the Company shall have no further obligation to pay you any severance benefits or to provide you with any other rights or benefits to which you would have been entitled pursuant to this
Agreement had you not breached the covenants and agreements set forth in this Annex I. 

 Mr. Bret Richter 

September 11, 2015 
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 ANNEX II 

This Annex II constitutes part of the Agreement dated September 11, 2015 (the “Agreement”) by and between Bret Richter
(“You”) and The Madison Square Garden Company (to be renamed MSG Networks Inc., the “Company”). 
 The provisions of
this Annex II shall remain in effect during your employment by the Company and for one year following the termination of your employment for any reason; provided, however, that if your employment is terminated either (i) by the Company for any
reason other than Cause or (ii) by you for Good Reason and Cause does not then exist, then the provisions of this Annex II shall automatically expire on such Termination Date (but will be included in the Company’s proposed severance
agreement which, for the avoidance of doubt, you will not be required to sign if you wish to waive your rights to the severance benefits described in the Agreement). 

Capitalized terms contained herein, and not otherwise defined herein, shall have the meanings ascribed to them in the Agreement (or in the
Annex I attached thereto). 
 Non-Compete 

You acknowledge that due to your executive position in the Company and the knowledge of the Company’s and its affiliates’
confidential and proprietary information which you will obtain during the term of your employment hereunder, your employment by certain businesses would be irreparably harmful to the Company and/or its affiliates. During your employment with the
Company and thereafter through the first anniversary of the date on which your employment with the Company has terminated for any reason, you agree not to (other than with the prior written consent of the Company), become employed by, consult, have
any material interest in or otherwise perform services for any Competitive Entity (as defined below). A “Competitive Entity” shall mean any (A) (i) regional sports network that operates primarily in New York, New Jersey or
Connecticut, or (ii) national sports television (e.g., ESPN) or national “over-the-top” sports network in the United States, or (B) affiliate of any person or entity that operates any of the types of businesses described in
clause (A) above, provided that you may become employed or otherwise provide services to such an affiliate of a Competitive Entity, so long as (x) your services are neither provided to, nor for the primary benefit of, such
Competitive Entity described in clause (A) and (y) the affiliate is not a direct or indirect parent company of the Competitive Entity described in clause (A) if the Competitive Entity subsidiary constitutes more than 30% of the total revenue of the
parent company consolidated family of companies. Additionally, the ownership by you of not more than 1% of the outstanding equity of any publicly traded company shall not, by itself, be a violation of this Paragraph. 

By accepting the provisions set forth in this Annex II, you understand that the terms and conditions of this Annex II may limit your ability
to earn a livelihood in a business similar to the business of the Company and its affiliates, but nevertheless hereby agree that the restrictions and limitations hereof are reasonable in scope, area and duration, and that the consideration provided
under the Agreement and the severance agreement is sufficient to justify the restrictions and limitations contained herein which, in any event (given your education, skills and ability), you do not believe would prevent you from otherwise earning a
living. You further agree that the restrictions are reasonable and necessary, are valid and enforceable under New York law, and do not impose a greater restraint than necessary to protect the Company’s legitimate business interests. 

 Mr. Bret Richter 

September 11, 2015 
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 You understand and agree that the Company will suffer immediate, irreparable harm in the
event you breach any of your obligations under the covenants and agreements set forth in this Annex II, that monetary damages will be inadequate to compensate the Company for such breach and that the Company shall be entitled to injunctive relief as
a remedy for any such breach (or threatened breach). Such remedy shall not be deemed to be the exclusive remedy in the event of breach (or threatened breach) by you of any of the covenants or agreements set forth in this Annex II, but shall be in
addition to all other remedies available to the Company at law or in equity. You hereby waive, to the extent you may legally do so, (i) any requirement for security or the posting of any bond or other surety in connection with any temporary or
permanent award of injunctive or other equitable relief, and (ii) the defense in any action for specific performance or other equitable remedy that a remedy at law would be adequate. Notwithstanding anything to the contrary contained in the
Agreement, in the event you violate the covenants and agreements set forth in this Annex II, in addition to all other rights and remedies available to the Company, the Company shall have no further obligation to pay you any severance benefits or to
provide you with any other rights or benefits to which you would have been entitled pursuant to the Agreement or the severance agreement had you not breached the covenants and agreements set forth in this Annex II. 

The restrictions contained in this Annex II shall be extended on a day-for-day basis for each day during which you violate the provisions of
this Annex II in any respect.EX-10.3

 Exhibit 10.3 
  

 
 September 11, 2015 

Mr. Lawrence J. Burian 
 The Madison Square Garden
Company (to be renamed MSG Networks Inc.) 
 11 Penn Plaza 
 New
York, NY 10001 
 Dear Lawrence: 
 This letter agreement (the
“Agreement”), effective on the date (the “Effective Date”) the Company completes the spinoff of MSG Spinco Inc. (to be renamed The Madison Square Garden Company) (“Spinco”), will confirm the terms of your continued
employment with The Madison Square Garden Company (to be renamed MSG Networks Inc.) (the “Company”). 
 1. Your title continues to be Executive
Vice President, General Counsel & Secretary and you will continue to report to the Chief Executive Officer of the Company. You agree to devote such business time and attention to the business and affairs of the Company as is necessary to
perform your duties in a diligent, competent, professional and skillful manner and in accordance with applicable law. The Company acknowledges that, in addition to your services pursuant to this Agreement, you will simultaneously serve, and are
expected to devote a portion of your business time and attention serving, as Executive Vice President, General Counsel & Secretary of Spinco. The Company understands that you are entering into an Employment Agreement with Spinco
contemporaneous with your entry into this Agreement and recognizes and agrees that your responsibilities to Spinco will preclude you from devoting substantially all of your time and attention to the Company’s affairs. In addition, as recognized
in the Policy Concerning Certain Matters Relating to The Madison Square Garden Company (Formerly MSG Spinco Inc.) and AMC Networks Inc. Including Responsibilities of Overlapping Directors and Officers (the “Overlap Policy”), there may be
certain potential conflicts of interest and fiduciary duty issues associated with your dual roles at the Company and Spinco. The Company recognizes and agrees that none of (i) your dual responsibilities at the Company and Spinco, (ii) your
inability to devote substantially all of your time and attention to the Company’s affairs, (iii) the actual or potential conflicts of interest and fiduciary duty issues that are waived in the Overlap Policy or (iv) any actions taken,
or omitted to be taken, by you in good faith to comply with your duties and responsibilities to the Company in light of your dual responsibilities to the Company and Spinco, shall be deemed to be a breach by you of your obligations under this
Agreement (including your obligations under Annex A) nor shall any of the foregoing constitute “Cause” as such term is defined herein. Additional provisions regarding your dual employment with the Company and Spinco are set forth on Annex
B. 

 Mr. Lawrence J. Burian 

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 2. Your annual base salary will be not less than $300,000 annually, paid bi-weekly, subject to annual review
and potential increase by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) in its discretion. The Compensation Committee will continue to review your compensation package on an annual basis
to ensure that you are paid consistently with other similarly situated executives as well as external peers. 
 3. You will also continue to participate in
our discretionary annual bonus program with an annual target bonus opportunity equal to not less than 150% of your annual base salary (with such target bonus opportunity effective for the current fiscal year). 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 Compensation
Committee in its sole discretion. Annual bonuses are typically paid early in the subsequent fiscal year. Except as otherwise provided herein, in order to receive a bonus, you must be employed by the Company at the time bonuses are being paid.
Notwithstanding the foregoing, if your employment with the Company ends on the Scheduled Expiration Date (as defined below), you shall be paid your bonus for the fiscal year ending June 30, 2019, if any, even if such payment is not made to you
prior to the Scheduled Expiration Date, which bonus shall be subject to Company and your business unit performance for that fiscal year as determined by the Company in its sole discretion, but without adjustment for your individual performance. You
and the Company agree that, for purposes of the discretionary annual bonus in respect of the fiscal year ending June 30, 2016, the salary paid to you by the Company prior to the Effective Date shall be treated as salary paid by Spinco. 

4. You will also continue, subject to your continued employment by the Company and actual grant by the Compensation Committee, to participate in such equity
and other long-term incentive programs that are made available in the future to similarly situated executives at the Company. It is expected that such awards will consist of annual grants of cash and/or equity awards with an annual target value of
not less than $450,000, all as determined by the Compensation Committee in its discretion. All awards described in this Paragraph, in addition to being subject to actual grant by the Compensation Committee, would be pursuant to the applicable plan
document and would be subject to any 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; provided, however, that such
terms and conditions shall be consistent with those in awards granted to similarly situated executives. Long-term incentive awards are currently expected to be subject to three-year vesting. The Company has no liability to you with respect to any
amounts payable pursuant to outstanding long-term cash awards that were granted to you prior to the Effective Date, and you agree that you will not assert any such liability against the Company. 

5. While you are employed by Spinco, you will not be eligible to participate in the Company’s benefits program except as provided below. If your
employment with Spinco terminates while you remain employed by the Company, you will be eligible to participate in our standard benefits program, subject to meeting the relevant eligibility requirements, payment of the required premiums, and the
terms of the plans themselves. Notwithstanding the first sentence of this Paragraph 5, you will continue to be eligible to participate in the Company’s Excess Savings Plan and your full Company base salary will be used to determine the
applicable benefits under the Company’s Excess Savings Plan. You will also continue to be eligible for four (4) weeks of vacation to be accrued and used in accordance with Company policy. 

 Mr. Lawrence J. Burian 

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 6. If your employment with the Company is terminated on or prior to October 1, 2019 (the “Scheduled
Expiration Date”) (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 delivery, within 60 days after the
date of termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement (as defined below), the Company will provide you with the following: 

 

	 	(a)	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; 

  

	 	(b)	Any unpaid annual bonus for the Company’s fiscal year prior to the fiscal year which includes your Termination Date, and a pro rated bonus based on the amount of your base salary actually earned by you
during the Company’s fiscal year through the Termination Date, each of which will be paid to you when such bonuses are generally paid to similarly situated active executives and will be based on your then current annual target bonus as well as
Company and your business unit performance for the applicable fiscal year as determined by the Company in its sole discretion, but without adjustment for your individual performance; 

 

	 	(c)	Each of your outstanding long-term cash awards granted under the plans of the Company shall immediately vest in full and shall be payable to you at the same time as such awards are paid to active executives of the
Company and the payment amount of such award shall be to the same extent that other similarly situated active executives receive payment as determined by the Compensation Committee (subject to satisfaction of any applicable performance criteria but
without adjustment for your individual performance); 

 Mr. Lawrence J. Burian 

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	 	(d)	(i) All of the time-based restrictions on each of your outstanding restricted stock or restricted stock unit awards granted to you under the plans of the Company shall immediately be eliminated, (ii) deliveries
with respect to your restricted stock that are not subject to performance criteria or are subject to performance criteria that have previously been satisfied (as certified by the Compensation Committee) shall be made immediately after the effective
date of the Separation Agreement, (iii) payment and deliveries with respect to your restricted stock units that are not subject to performance criteria or are subject to performance criteria that have previously been satisfied (as certified by
the Compensation Committee) shall be made on the 90th day after the termination of your employment and (iv) payments or deliveries with respect to your restricted stock and restricted stock
units that are subject to performance criteria that have not yet been satisfied shall be made on the 90th day after the applicable performance criteria is certified by the Compensation Committee
as having been satisfied; and 

  

	 	(e)	Each of your outstanding stock options and stock appreciation awards, if any, under the plans of the Company shall immediately vest and become exercisable, and you shall have the right to exercise each of those options
and stock appreciation awards for the remainder of the term of such option or award. 

  

	 	(f)	Notwithstanding any provisions of this Paragraph 6 to the contrary, to the extent that (i) any awards granted prior to June 19, 2015 (the date of the Amended and Restated Agreement, as defined below) that are
payable under this Paragraph 6 constitute “nonqualified deferred compensation” subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and any regulations and guidelines promulgated thereunder
(collectively, “Section 409A”); and (ii) accelerated payout pursuant to the terms of this Paragraph 6 of such awards is not permitted by Section 409A, then such awards shall be payable to you at such time as is provided under the
provisions of the Original Agreement (as defined below) and the terms of such awards or otherwise in compliance with Section 409A. 

 If
you die after a termination of your employment that is subject to this Paragraph 6, your estate or beneficiaries will be provided with any remaining benefits and rights under this Paragraph 6. 

7. If you cease to be an employee of the Company prior to the Scheduled Expiration Date as a result of your death or your Disability (as defined in the
Company’s Long Term Disability Plan), and at such time Cause does not exist then, subject (other than in the case of death) to your execution and delivery, within 60 days after the date of termination of your employment, and non-revocation
(within any applicable revocation period) of the Separation Agreement, you or your estate or beneficiary shall be provided with the benefits and rights set forth in Paragraphs 6(b), (d) and (e) above, and each of your outstanding long-term
cash awards granted under the plans of the Company shall immediately vest in full, whether or not subject to performance criteria and shall be payable on the 90th day after the termination of your
employment; provided, that if any such award is subject to any performance criteria, then (i) if the measurement period for such performance criteria has not yet been fully completed, then the payment amount shall be at the target amount for
such award and (ii) if the measurement period for such performance criteria has already been fully completed, then the payment of such award shall be at the same time and to the extent that other similarly situated executives receive payment as
determined by the Compensation Committee (subject to satisfaction of the applicable performance criteria). 

 Mr. Lawrence J. Burian 

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 8. For purposes hereof, “Separation Agreement” shall mean the Company’s standard severance
agreement (modified to reflect the terms of this Agreement) which will include, without limitation, the provisions set forth in Paragraphs 6, 7 and 9 hereof and Annex A hereto regarding non-compete (limited to one year), non-disparagement,
non-hire/non-solicitation, confidentiality (including, without limitation, the last paragraph of Section 3 of Annex A), and further cooperation obligations and restrictions on you (with Company reimbursement of your associated expenses and
payment for your services as described in Annex A in connection with any required post-employment cooperation) as well as a general release by you of the Company and its affiliates (and their respective directors and officers), but shall otherwise
contain no post-employment covenants unless agreed to by you. The Company shall provide you with the form of Separation Agreement within seven days of your termination of employment. For avoidance of doubt, your rights of indemnification under the
Company’s Amended and Restated Certificate of Incorporation, under your indemnification agreement with the Company and under any insurance policy, or under any other resolution of the Board of Directors of the Company shall not be released,
diminished or affected by any Separation Agreement or release or any termination of your employment. 
 9. Except as otherwise set forth in Paragraphs 6 and
7 hereof, in connection with any termination of your employment, your then outstanding equity and cash incentive awards shall be treated in accordance with their terms and, other than as provided in this Agreement, you shall not be eligible for
severance benefits under any other plan, program or policy of the Company. Nothing in this Agreement is intended to limit any more favorable rights that you may be entitled to under your equity and cash incentive award agreements, including, without
limitation, your rights in the event of a termination of your employment, a “Going Private Transaction” or a “Change of Control” (as those terms are defined in the applicable award agreement). 

10. For purposes of this Agreement, “Cause” means 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 Agreement, “Good Reason” means that
(1) without your written consent, (A) your annual 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) your title (as in effect from time
to time) is diminished, (C) you report to someone other than to the President & Chief Executive Officer or the Executive Chairman of the Board of the Company, (D) you are no longer the Company’s most senior legal officer,
(E) the Company requires that your principal office be located outside of the Borough of Manhattan, (F) the Company materially breaches its obligations to you under this Agreement; or (G) your responsibilities as in effect immediately
after the Effective Date are thereafter materially diminished, (2) you have given the Company written notice, referring specifically to this Agreement and definition, that you do not consent to such action, (3) the Company has not
corrected such action within 15 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. 

 Mr. Lawrence J. Burian 

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 11. This Agreement 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. 
 12. 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 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 (i.e. later payments will be reduced first) until the reduction specified is achieved. If the
Company elects to retain any accounting or similar firm to provide assistance in calculating any such amounts, the Company shall be responsible for the costs of any such firm. 

13. It is intended that this Agreement will comply with Section 409A to the extent this Agreement is subject thereto, and that this Agreement shall be
interpreted on a basis consistent with such intent. If and to the extent that any payment or benefit under this Agreement, or any plan, award or arrangement of the Company or its affiliates, constitutes “non-qualified deferred
compensation” subject to 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 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 your earlier 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, together with
interest on such delayed amount at a rate equal to the average of the one-year LIBOR fixed rate equivalent for the ten business days prior to the date of your employment termination, in a lump sum or provided to you as soon as practicable after the
expiration of such six month period. Each payment or benefit provided under this Agreement shall be treated as a separate payment for purposes of Section 409A to the extent Section 409A applies to such payment. 

 Mr. Lawrence J. Burian 

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 14. 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. 
 15. The Company will not take any action, or omit to take any action, that would expose any
payment or benefit to you to the additional tax of Section 409A, unless (i) the Company is obligated to take the action under an agreement, plan or arrangement to which you are a party, (ii) you request the action, (iii) the
Company advises you in writing that the action may result in the imposition of the additional tax and (iv) you subsequently request the action in a writing that acknowledges you will be responsible for any effect of the action under
Section 409A. The Company will hold you harmless for any action it may take or omission in violation of this Paragraph 15, including any attorney’s fees you may incur in enforcing your rights. 

16. It is our intention that the benefits and rights to which you could become entitled in connection with termination of employment be exempt from or comply
with Section 409A. If you or the Company believes, at any time, that any of such benefit or right is not exempt or does not comply, it will promptly advise the other and will negotiate reasonably and in good faith to amend the terms of such
arrangement such that it complies (with the most limited possible economic effect on you and on the Company). 
 17. This Agreement is personal to you and
without the prior written consent of the Company shall not be assignable by you. This Agreement shall inure to the benefit of and be enforceable by your legal representatives. This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns. The rights or obligations of the Company under this Agreement may only be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or
liquidation of all or substantially all of the assets of Company; provided, however, that the assignee or transferee is the successor to all or substantially all of the assets of Company and such assignee or transferee assumes the liabilities and
duties of Company, as contained in this Agreement, either contractually or as a matter of law. 

 Mr. Lawrence J. Burian 

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 18. 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 Agreement (including the covenants set forth in Annex A hereof). This Agreement 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. 
 19. 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 in each case located in the City of New York, Borough of Manhattan, solely in respect of the interpretation and enforcement of the provisions of this Agreement, and each party hereby
waives, and agrees not to assert, as a defense that either party, as appropriate, is not subject thereto or that the venue thereof may not be appropriate. You and the Company each 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. 
 20. This Agreement 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 Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. It is the parties’ intention that this Agreement not be construed more strictly with regard to you or the Company. 

21. This Agreement reflects the entire understanding and agreement of you and the Company with respect to the subject matter hereof and supersedes all prior
understandings or agreements relating thereto, including the prior employment agreement between you and the Company (the “Original Agreement”), which was terminated on the execution of the amended and restated employment agreement between
you and the Company on June 19, 2015 (the “Amended and Restated Agreement”), which Amended and Restated Agreement shall automatically terminate and be of no further force and effect upon the Effective Date; provided, however, that you
shall continue to be entitled to any compensation, payments or other benefits to which you became entitled prior to the Effective Date pursuant to the Original Agreement or Amended and Restated Agreement which have not been paid or delivered to you
as of the Effective Date (without duplication of any compensation, payment or other benefit payable to you pursuant to this Agreement), and you shall continue to be entitled to the benefits under the indemnification agreement between you and the
Company. 
 22. This Agreement will automatically terminate, and be of no further force or effect, on the Scheduled Expiration Date; provided, however, that
the provisions of Paragraphs 6 through 9, 12 through 22 and Annex A, and any amounts earned but not yet paid to you pursuant to the terms of this Agreement as of the Scheduled Expiration Date shall survive the termination of the Agreement and remain
binding on you and the Company in accordance with their terms. 

 Mr. Lawrence J. Burian 

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 23. This Agreement will automatically terminate, and be null and void ab initio and of no force or
effect, if the spinoff of Spinco is not completed by December 31, 2015. 

 Mr. Lawrence J. Burian 

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	Sincerely,
	
	THE MADISON SQUARE GARDEN COMPANY
	
	 /s/ James L. Dolan

	By:	 	James L. Dolan
	Title:	 	Executive Chairman

  

	
	Accepted and Agreed:
	
	 /s/ Lawrence J. Burian

	Lawrence J. Burian

 Mr. Lawrence J. Burian 

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 ANNEX A 

ADDITIONAL COVENANTS 
 (This Annex
constitutes part of the Agreement) 
 You agree to comply with the following covenants in addition to those set forth in the Agreement. 

1. CONFIDENTIALITY 
 You agree to retain in strict confidence and
not divulge, disseminate, copy or disclose to any third party any Confidential Information, other than for legitimate business purposes of the Company and its subsidiaries. As used herein, “Confidential Information” means any non-public
information that is material or of a confidential, proprietary, commercially sensitive or personal nature of, or regarding, the Company or any of its subsidiaries or any current or former director, officer or member of senior management of any of
the foregoing (collectively “Covered Parties”). The term Confidential Information includes information in written, digital, oral or any other format and includes, but is not limited to (i) information designated or treated as
confidential; (ii) budgets, plans, forecasts or other financial or accounting data; (iii) customer, broadcast affiliate, fan, vendor, sponsor, marketing affiliate or shareholder lists or data; (iv) technical or strategic information
regarding the Covered Parties’ television, programming, advertising, or other businesses; (v) advertising, sponsorship, business, sales or marketing tactics, strategies or information; (vi) policies, practices, procedures or
techniques; (vii) trade secrets or other intellectual property; (viii) information, theories or strategies relating to litigation, arbitration, mediation, investigations or matters relating to governmental authorities; (ix) terms of
agreements with third parties and third party trade secrets; (x) information regarding employees, talent, agents, consultants, advisors or representatives, including their compensation or other human resources policies and procedures;
(xi) information or strategies relating to any potential or actual business development transactions and/or any potential or actual business acquisition, divestiture or joint venture, and (xii) any other information the disclosure of which
may have an adverse effect on the Covered Parties’ business reputation, operations or competitive position, reputation or standing in the community. 

If disclosed, Confidential Information or Other Information could have an adverse effect on the Company’s standing in the community, its business
reputation, operations or competitive position or the standing, reputation, operations or competitive position of any of its affiliates, subsidiaries, officers, directors, employees, consultants or agents or any of the Covered Parties. 

Notwithstanding the foregoing, the obligations of this section, other than with respect to subscriber information, shall not apply to Confidential Information
which is: 
 a) already in the public domain or which enters the public domain other than by your breach of this Paragraph 1; 

b) disclosed to you by a third party with the right to disclose it in good faith; or 

c) specifically exempted in writing by the Company from the applicability of this Agreement. 

 Mr. Lawrence J. Burian 

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 Notwithstanding anything elsewhere in this Agreement, including this Paragraph 1 and Paragraph 3 below, you
are authorized to make any disclosure required of you by any federal, state and local laws or judicial, arbitral or governmental agency proceedings (including making truthful statements in connection with a judicial or arbitral proceeding to enforce
your rights under this Agreement, to the extent reasonably required and made in good faith), after, to the extent legal and practicable, providing the Company with prior written notice and an opportunity to respond prior to such disclosure. In
addition, this Agreement in no way restricts or prevents you from providing truthful testimony concerning the Company to judicial, administrative, regulatory or other governmental authorities. 

2. NON-COMPETE 
 You acknowledge that due to your executive
position in the Company and the knowledge of the Company’s and its affiliates’ confidential and proprietary information which you will obtain during the term of your employment hereunder, your employment by certain businesses would be
irreparably harmful to the Company and/or its affiliates. During your employment with the Company and thereafter through the first anniversary of the date on which your employment with the Company has terminated for any reason, you agree, to the
extent permissible under applicable rules of professional responsibility, not to (other than with the prior written consent of the Company), become employed by any regional sports network primarily distributed in the New York Metropolitan Area. 

3. ADDITIONAL UNDERSTANDINGS 
 You agree, for yourself and others
acting on your behalf, that you (and they) have not disparaged and will not disparage, make negative statements about (either “on the record” or “off the record”) or act in any manner which is intended to or does damage to the
good will of, or the business or personal reputations of the Company or any of its incumbent or former officers, directors, agents, consultants, employees, successors and assigns or any of the Covered Parties. 

The Company agrees that, except as necessary to comply with applicable law or the rules of the New York Stock Exchange or any other stock exchange on which
the Company’s stock may be traded (and any public statements made in good faith by the Company in connection therewith), it and its corporate officers and directors, employees in its public relations department or third party public relations
representatives retained by the Company will not disparage you or make negative statements in the press or other media which are damaging to your business or personal reputation. In the event that the Company so disparages you or makes such negative
statements, then notwithstanding the “Additional Understandings” provision to the contrary, you may make a proportional response thereto. 

 Mr. Lawrence J. Burian 

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 In addition, you agree that the Company is the owner of all rights, title and interest in and to all
documents, tapes, videos, designs, plans, formulas, models, processes, computer programs, inventions (whether patentable or not), schematics, music, lyrics and other technical, business, financial, advertising, sales, marketing, customer or product
development plans, forecasts, strategies, information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation in connection with your employment by the Company (the “Materials”). The Company will have
the sole and exclusive authority to use the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you. 
 If
requested by the Company, you agree to deliver to the Company upon the termination of your employment, or at any earlier time the Company may request, all memoranda, notes, plans, files, records, reports, and software and other documents and data
(and copies thereof regardless of the form thereof (including electronic copies)) containing, reflecting or derived from Confidential Information or the Materials of the Company or any of its affiliates which you may then possess or have under your
control. If so requested, you shall provide to the Company a signed statement confirming that you have fully complied with this Paragraph. Notwithstanding the foregoing, you shall be entitled to retain your contacts, calendars and personal diaries
and any materials needed for your tax return preparation or related to your compensation. 
 In addition, you agree for yourself and others acting on your
behalf, that you (and they) shall not, at any time, participate in any way in the writing or scripting (including, without limitation, any “as told to” publications) of any book, periodical story, movie, play, or other similar written or
theatrical work or video that (i) relates to your services to the Company or any of its affiliates or (ii) otherwise refers to the Company or its respective businesses, activities, directors, officers, employees or representatives (other
than identifying your biographical information), without the prior written consent of the Company. 
 4. FURTHER COOPERATION 

Following the date of termination of your employment with the Company (the “Expiration Date”), you will no longer provide any regular services to the
Company or represent yourself as a Company agent. If, however, the Company so requests, you agree to cooperate fully with the Company in connection with any matter with which you were involved prior to the Expiration Date, or in any litigation or
administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal knowledge, attendance and participation could be beneficial to the Company. This cooperation includes, without limitation,
participation on behalf of the Company in any litigation or administrative proceeding brought by any former or existing Company employees, representatives, agents or vendors. The Company will pay you for your services rendered under this provision
at the rate of $6,800 per day for each day or part thereof, within 30 days of the approval of the invoice therefor. 

 Mr. Lawrence J. Burian 

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 The Company will provide you with reasonable notice in connection with any cooperation it requires in
accordance with this section and will take reasonable steps to schedule your cooperation in any such matters so as not to materially interfere with your other professional and personal commitments. The Company will reimburse you for any reasonable
out-of-pocket expenses you reasonably incur in connection with the cooperation you provide hereunder as soon as practicable after you present appropriate documentation evidencing such expenses. You agree to provide the Company with an estimate of
such expense before you incur the same. 
 5. NON-HIRE OR SOLICIT 

You agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company), directly or
indirectly (whether for your own interest or any other person or entity’s interest) any person who is or was in the prior six months an employee of the Company, or any of its subsidiaries, until the first anniversary of the date of your
termination of employment with the Company. This restriction does not apply to any former employee who was discharged by the Company or any of its affiliates. In addition, this restriction will not prevent you from providing references. If you
remain continuously employed with the Company through the Scheduled Expiration Date, then this agreement not to hire or solicit will expire on the Scheduled Expiration Date. 

6. ACKNOWLEDGMENTS 
 You acknowledge that the restrictions
contained in this Annex A, in light of the nature of the Company’s business and your position and responsibilities, are reasonable and necessary to protect the legitimate interests of the Company. You acknowledge that the Company has no
adequate remedy at law and would be irreparably harmed if you breach or threaten to breach the provisions of this Annex A, and therefore agree that the Company shall be entitled to injunctive relief, to prevent any breach or threatened breach of any
of those provisions and to specific performance of the terms of each of such provisions in addition to any other legal or equitable remedy it may have. You further agree that you will not, in any equity proceeding relating to the enforcement of the
provisions of this Annex A, raise the defense that the Company has an adequate remedy at law. Nothing in this Annex A shall be construed as prohibiting the Company from pursuing any other remedies at law or in equity that it may have or any other
rights that it may have under any other agreement. If it is determined that any of the provisions of this Annex A or any part thereof, is unenforceable because of the duration or scope (geographic or otherwise) of such provision or because of
applicable rules of professional responsibility, it is the intention of the parties that the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such
provision shall then be enforceable and shall be enforced. 

 Mr. Lawrence J. Burian 

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 7. SURVIVAL 

The provisions of this Annex A shall survive any termination of your employment by the Company or the expiration of the Agreement except as otherwise provided
herein. 

 Mr. Lawrence J. Burian 

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 ANNEX B 

(This Annex constitutes part of the Agreement) 
  

	 	1.	Qualifying Spinco Termination While You Remain Employed with the Company. 

  

	 	(a)	If you experience a Qualifying Spinco Termination (as defined below), then (i) your minimum annual base salary in Paragraph 2 of the Agreement shall be increased to an amount equal to the aggregate annual base
salary to which you were entitled from the Company and from Spinco at the time of the Qualifying Spinco Termination (the amount of such increase, the “Incremental Base Salary”), (ii) your minimum target bonus percentage in
Paragraph 3 of the Agreement shall be adjusted to the extent necessary so that your target bonus opportunity, when expressed as a dollar value, is increased to equal the aggregate annual target bonus opportunity to which you were entitled from the
Company and from Spinco at the time of the Qualifying Spinco Termination (the amount of such increase, the “Incremental Target Bonus”); provided that such adjusted target bonus percentage shall only apply to base salary paid after
the date of such termination, and (iii) the minimum annual target value of the awards that are expected to be granted to you under the Company’s long-term incentive programs pursuant to Paragraph 4 shall be increased to an amount equal to
the aggregate target value of the long-term incentive awards expected to be granted to you by the Company pursuant to this Agreement and by Spinco under its long-term incentive programs at the time of the Qualifying Spinco Termination (the amount of
such increase, the “Incremental Target LTIP” and together with the Incremental Base Salary and Incremental Target Bonus, the “Incremental Target Compensation”). 

 

	 	(b)	Additionally, if, after a Qualifying Spinco Termination and after the Scheduled Expiration Date, your employment with the Company is terminated by the Company without Cause or by you for Good Reason (other than if Cause
then exists), or due to your death or disability, then, in addition to any other payments or benefits to which you are entitled from the Company, you shall be entitled, subject to your execution and delivery, within 60 days after the date of
termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement, to a severance payment from the Company equal to (i) the cash severance which you would have been entitled to receive from
Spinco had your employment with Spinco and with the Company terminated simultaneously less (ii) an amount equal to the aggregate Incremental Target Compensation paid to you by the Company between the date of the Qualifying Spinco
Termination and the date your employment with the Company terminates. For the avoidance of doubt, the Incremental Target Compensation shall not include any other increases in your compensation subsequent to the Qualifying Spinco Termination. Sixty
percent (60%) of such severance payment will be payable on the six-month anniversary of the date your employment so terminates and the remaining forty percent (40%) of the Severance Amount will be payable to you on the twelve-month
anniversary of the date your employment so terminates. 

 Mr. Lawrence J. Burian 

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	 	(c)	For purposes of this Annex B, a “Qualifying Spinco Termination” means a termination of your employment with Spinco by Spinco without “cause” or by you for “good reason” (other than
if “cause” then exists) (as those terms are defined in your employment agreement with Spinco at such time) prior to the Scheduled Expiration Date and while you remain employed with the Company. 

 

	 	2.	Qualifying Company Termination While You Remain Employed with Spinco. 

  

	 	(a)	Notwithstanding anything in the Agreement to the contrary, if you experience a Qualifying Company Termination (as defined below) while you remain employed with Spinco, then you will not be entitled to the severance
payment set forth in Section 6(a) of this Agreement. 

  

	 	(b)	For purposes of this Annex B, a “Qualifying Company Termination” means a termination of your employment with the Company by the Company without Cause or by you for Good Reason (other than if Cause then
exists) prior to the Scheduled Expiration Date and while you remain employed with Spinco. 

  

	 	3.	Simultaneous Termination from Both the Company and Spinco. In the event that your employment with the Company and with Spinco terminates effective as of the same date, then the terms of this Annex B shall not
apply.

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