Document:

EX-10.17

 Exhibit 10.17 

Form SpinCo Employee PRSU – In Respect of Existing MSG PRSUs 

PERFORMANCE RESTRICTED STOCK UNITS AGREEMENT 

Dear [Participant Name]: 
 Pursuant to Madison
Square Garden Sports Corp.’s 2015 Employee Stock Plan, on [•] (the “Grant Date”), you were granted performance restricted stock units, each of which represents an unfunded, unsecured promise by Madison Square Garden Sports
Corp. (formerly known as The Madison Square Garden Company) (“MSG Sports”) to deliver to you one share of MSG Sports Class A Common Stock. In conjunction with the spin-off of Madison
Square Garden Entertainment Corp. (formerly known as MSG Entertainment Spinco, Inc.) (the “Company”) from MSG Sports on
                                        
(the “Distribution Date”), and pursuant to the Company’s 2020 Employee Stock Plan (the “Plan”), you are receiving the award described in this Performance Restricted Stock Units Agreement (the
“Agreement”) of performance restricted stock units (the “Units”), each of which represents an unfunded, unsecured promise by the Company to deliver to you one share of the Company’s Class A Common Stock,
par value $.01 per share (“Share”). 
 Capitalized terms used but not defined in this Agreement have the meanings given to
them in the Plan. The Units are subject to the terms and conditions set forth below: 
 1. Awards. In accordance with
the terms of this Agreement, the target amount of your contingent Award is [#RSUs] restricted stock units (the “Target Award”), which number of units may be increased or decreased to the extent the performance criteria (the
“Objectives”) set forth in Annex 2 attached hereto have been attained in respect of the performance period set forth in Annex 2 (the “Performance Period”). Each Unit shall represent an unfunded,
unsecured promise by the Company to deliver to you one Share on the Delivery Date. The Award, calculated in accordance with Annex 2 attached hereto, will vest upon the later of (i) September 15,
             and (ii) the date on which the Committee (as defined in Section 12 below) determines performance against the Objectives (the “Vesting Date”)
provided, that you have remained in the continuous employ of the MSG Sports Group or the MSG Entertainment Group (each as defined below) from the Grant Date through the Vesting Date. In accordance with Section 10(b) of the Plan, in the
discretion of the Committee, in lieu of all or any portion of the Shares otherwise deliverable in respect of your Award, the Company may deliver a cash amount equal to the number of such Shares multiplied by the Fair Market Value of a Share on the
date when Shares would otherwise have been issued, as determined by the Committee. 
 2. Vesting. Subject to
Sections 3 and 4, you will forfeit any unvested Units if you do not remain continuously employed with the MSG Sports Group or the MSG Entertainment Group (each as defined below) from the Grant Date through the Vesting Date. 

For purposes of this Agreement, the “MSG Entertainment Group” means the Company and any of its Subsidiaries. The “MSG
Sports Group” means MSG Sports and any of its Subsidiaries. 
 For purposes of this Agreement, if you are employed by the MSG
Entertainment Group, your “Employer” means the Company; if you are employed by the MSG Sports Group, your “Employer” means MSG Sports; and if you are employed by both the MSG Entertainment Group and the MSG Sports
Group, your “Employer” shall mean MSG Sports. 

  
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 3. Vesting in the Event of Death[, Disability, Retirement]. 1  
 (a) If your employment is terminated as a result of your death
on or prior to the Vesting Date, then the Target Award will vest as of the termination date. If, after June 30,              but prior to the Vesting Date, your
employment is terminated as a result of your death, then your estate will receive the Award, if any, to which you would have been entitled on the Vesting Date had your employment not been so terminated. 

(b) [If your employment is terminated while you are Disabled, and Cause does not then exist, your Award will remain subject to
vesting on the Vesting Date in accordance with Section 1.] 
 (c) [If your employment is terminated
on or after the date that you achieve Retirement Eligibility, and Cause does not then exist, and you enter into your Employer’s then-current form of separation agreement (which shall include, without limitation, a covenant not to compete), the
Award will remain subject to vesting on the Vesting Date in accordance with Section 1.]2 

(d) For purposes of this Agreement: 
  

	 	(i)	 “Disabled” means that you received short term disability income replacement payments for six months,
and thereafter (A) have been determined to be disabled in accordance with your Employer’s long term disability plan in which employees of your Employer are generally able to participate, if one is in effect at such time, or (B) to the
extent no such long term disability plan exists, have been determined to have a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12
months as determined by the department or vendor directed by your Employer to determine eligibility for unpaid medical leave. 

  

	 	(ii)	 “Cause” means, as determined by the compensation committee of your employer, in its sole discretion,
your (A) commission of an act of fraud, embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against your Employer, or (B) 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. 

 

	1 	 To be included to the extent included in MSG Sports performance restricted stock units. 

	2 	 See footnote 1. 

  
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	 	(iii)	 [“Retirement Eligibility” means that you are either (A) at least 55 years old with at least 10
years of continuous service with the MSG Sports Group and/or the MSG Entertainment Group, or (B) at least 60 years old with at least five years of continuous service with the MSG Sports Group and/or the MSG Entertainment Group.]3 

 4. Change of Control/Going Private Transaction.
As set forth in Annex 1 attached hereto, your entitlement to the Award may be affected in the event of a MSG Entertainment Change of Control or going-private transaction or a MSG Sports Change of Control or going private
transaction (each as defined in Annex 1 attached hereto). 
 5. Transfer Restrictions. You may
not transfer, assign, pledge or otherwise encumber the Units, other than to the extent provided in the Plan. 
 6. Unfunded
Obligation. The Plan will at all times be unfunded and, except as set forth in Annex 1 attached hereto, no provision will at any time be required to be made with respect to segregating any assets of the Company or any of its
Subsidiaries for payment of any benefits under the Plan, including, without limitation, those covered by this Agreement. Your right or that of your estate to receive delivery or payment under this Agreement shall be an unsecured claim against the
general assets of the Company, including any rabbi trust established pursuant to Annex 1. Neither you nor your estate shall have any rights in or against any specific assets of the Company other than the assets held by the rabbi trust
established pursuant to Annex 1. 
 7. Right to Vote and Receive Dividends. You shall not be deemed to be the
holder of, or have any of the rights of a stockholder with respect to any Units unless and until the Company shall have issued and delivered Shares to you and your name shall have been entered as a stockholder of record on the books of the Company.
Pursuant to Section 10(c) of the Plan, all ordinary (as determined by the Committee in its sole discretion) cash dividends that would have been paid upon any Shares underlying your Units had such Shares been issued will be retained by the
Company for your account until your Units vest and such dividends will be paid to you (without interest) on the Delivery Date to the extent that your Units vest. 

8. Tax Representations and Tax Withholding. You hereby acknowledge that you have reviewed with your own tax advisors the federal,
state and local tax consequences of receiving the Units. You hereby represent to the MSG Sports Group and the MSG Entertainment Group that you are relying solely on such advisors and not on any statements or representations of the MSG Entertainment
Group or the MSG Sports Group, any of their respective Affiliates or any of their respective agents. If, in connection with the Units, your Employer is required to withhold any amounts by reason of any federal, state or local tax, such withholding
shall be effected in accordance with Section 16 of the Plan. [If your Units vest prior to payment in accordance with Section 3(b)[ or 3(c)], then you agree to cooperate with the Employer to satisfy any tax withholding obligations, in such
manner as determined by the Committee in its sole discretion.]4 
  

	3 	 See footnote 1. 

	4 	 See footnote 1. 

  
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 9. Section 409A. It is the intent that
payments under this Agreement shall comply with Section 409A of the Internal Revenue Code (“Section 409A”) to the extent applicable, and that the Agreement be administered accordingly. Notwithstanding anything to the contrary
contained in this Agreement or any employment agreement you have entered into with the Company, to the extent that any payment or benefit under this Agreement is determined by your Employer to constitute
“non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of termination of your 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 and as determined by
your Employer), 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). Each payment under this Agreement shall be treated as a separate payment
under Section 409A. 
 10. Delivery. Subject to Sections 8, 11 and 14 and Annex 1 and except as otherwise
provided in this Agreement, the Shares will be delivered in respect of vested Units (if any) on the first to occur of the following events (i) to you on or promptly after the Vesting Date (but in no case more than 15 days after such date) and
(ii) in the event of your death to your estate after your death and during the calendar year in which your death occurs (or such later date as may be permitted under Section 409A) (the “Delivery Date”). Unless otherwise
determined by the Committee, delivery of the Shares at the Delivery Date will be by book-entry credit to an account in your name that the Company has established at a custody agent (the “custodian”). The Company’s transfer
agent, Wells Fargo Bank, N.A. shall act as the custodian of the Shares; however, the Company may in its sole discretion appoint another custodian to replace Wells Fargo Bank, N.A. On the Delivery Date, if you have complied with your
obligations under this Agreement and provided that your tax obligations with respect to the vested Units are appropriately satisfied, we will instruct the custodian to electronically transfer your Shares to a brokerage or other account on
your behalf (or make such other arrangements for the delivery of the Shares to you as we reasonably determine). 
 11. Right of
Offset. You hereby agree that the Company shall have the right to offset against its obligation to deliver shares of Class A Common Stock, cash or other property under this Agreement to the extent that it does not constitute “non-qualified deferred compensation” pursuant to Section 409A, any outstanding amounts of whatever nature that you then owe to the Company or any of its Subsidiaries. 

12. The Committee. For purposes of this Agreement, the term “Committee” means the Compensation Committee of the Board
of Directors of the Company or any replacement committee established under, and as more fully defined in, the Plan. 

	

  
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 13. Committee Discretion. The Committee has full discretion with respect to
any actions to be taken or determinations to be made in connection with this Agreement, and its determinations shall be final, binding and conclusive. 

14. Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Agreement,
except that the Committee shall not make any amendment or revision in a manner unfavorable to you (other than if immaterial), without your consent. No consent shall be required for amendments made pursuant to Section 12 of the Plan, except
that, for purposes of Section 19 of the Plan, Section 4 and Annex 1 of this Agreement are deemed to be “terms of an Award Agreement expressly refer[ring] to an Adjustment Event.” Any amendment of this Agreement shall be in
writing and signed by an authorized member of the Committee or a person or persons designated by the Committee. 
 15. Units Subject to
the Plan. The Units covered by this Agreement are subject to the Plan. 
 16. Subsidiaries. For purposes
of this Agreement, “Subsidiaries” shall mean any entities that are controlled, directly or indirectly, by the Company or MSG Sports as applicable, or in which the Company or MSG Sports as applicable owns, directly or
indirectly, more than 50% of the equity interests. 
 17. Entire Agreement. Except for any employment agreement between
you and the MSG Sports Group or the MSG Entertainment Group in effect as of the date of the grant hereof (as such employment agreement may be modified, renewed or replaced), this Agreement and the Plan constitute the entire understanding and
agreement of you and the Company with respect to the Units covered hereby and supersede all prior understandings and agreements. Except as provided in Sections 9 and 16, in the event of a conflict among the documents with respect to the terms
and conditions of the Units covered hereby, the documents will be accorded the following order of authority: the terms and conditions of the Plan will have highest authority followed by the terms and conditions of your employment agreement, if any,
followed by the terms and conditions of this Agreement. 
 18. Successors and Assigns. The terms and conditions of this
Agreement shall be binding upon, and shall inure to the benefit of, the Company and its successors and assigns. 
 19. Governing
Law. This Agreement shall be deemed to be made under, and in all respects be interpreted, construed and governed by and in accordance with, the laws of the State of New York without regard to conflict of law principles. 

20. Jurisdiction and Venue. You irrevocably submit to the jurisdiction of the courts of the State of New York and the
Federal courts of the United States located in the Southern District of the State of New York in respect of the interpretation and enforcement of the provisions of this Agreement, and hereby waive, and agree not to assert, as a defense that you are
not subject thereto or that the venue thereof may not be appropriate. You agree that the mailing of process or other papers in connection with any action or proceeding in any manner permitted by law shall be valid and sufficient service. 

  
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 21. Waiver. No waiver by the Company at any time of any breach by you of, or
compliance with, any term or condition of this Agreement or the Plan to be performed by you shall be deemed a waiver of the same term or condition, or of any similar or any dissimilar term or condition, whether at the same time or at any prior or
subsequent time. 
 22. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any term or condition hereof shall not affect the validity or enforceability of the other terms and conditions set forth herein. 

23. Exclusion from Compensation Calculation. By acceptance of this Agreement, you shall be deemed to be in agreement that the
Units covered hereby shall be considered special incentive compensation and will be exempt from inclusion as “wages” or “salary” in pension, retirement, life insurance and other employee benefits arrangements of the MSG Sports
Group or the MSG Entertainment Group, except as determined otherwise by the MSG Sports Group or the MSG Entertainment Group. In addition, each of your beneficiaries shall be deemed to be in agreement that all such shares be exempt from inclusion in
“wages” or “salary” for purposes of calculating benefits of any life insurance coverage sponsored by the MSG Sports Group or the MSG Entertainment Group. 

24. No Right to Continued Employment. Nothing contained in this Agreement or the Plan shall be construed to confer on you any
right to continue in the employ of the MSG Sports Group or the MSG Entertainment Group, or derogate from the right of the MSG Sports Group or the MSG Entertainment Group, to retire, request the resignation of, or discharge you, at any time, with or
without cause. 
 25. Headings. The headings in this Agreement are for purposes of convenience only and are not intended
to define or limit the construction of the terms and conditions of this Agreement. 
 26. Effective Date. Upon execution
by you, this Agreement shall be effective from and as of the Grant Date. 
 27. Signatures. Execution of this Agreement
by the Company may be in the form of an electronic, manual or similar signature (including, without limitation, an electronic acknowledgement of acceptance), and such signature shall be treated as an original signature for all purposes. 

 

			
	 MADISON SQUARE GARDEN

ENTERTAINMENT CORP.

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 By your electronic acknowledgement of acceptance, you (i) acknowledge that a complete copy of the
Plan and an executed original of this Agreement have been made available to you and (ii) agree to all of the terms and conditions set forth in the Plan and this Agreement. 

  
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 Annex 1 

PERFORMANCE RESTRICTED STOCK UNITS AGREEMENT 

1. In the event of a “going private transaction” with respect to the Company as defined below, your entitlement to the Award shall
be as follows: 
 (A) The Committee shall, no later than the effective date of the transaction which results in a going private transaction
with respect to the Company, deem the Objectives to be satisfied at the target level and convert your Target Award into an amount of cash equal to (i) the number of your unvested units multiplied by (ii) the “offer price per
share,” the “acquisition price per share” or the “merger price per share,” each as defined below, whichever of such amounts is applicable. 

(B) Provided that you remain continuously employed with the MSG Entertainment Group, the MSG Sports Group or the MSG Entertainment Surviving
Entity through the date of the earliest event described in any of (i), (ii) or (iii) below, any award provided for in Paragraph 1(A) shall become payable to you (or your estate) at or promptly after (but in no event more than 15 days
after) the earlier of (i) the date on which your Award would otherwise have vested had it continued in effect, (ii) the date of your death, or (iii) if, immediately prior to termination you were an employee of the MSG Entertainment
Group, the date on which your employment with MSG Entertainment Group or the MSG Entertainment Surviving Entity is terminated (a) by the Company, one of its Subsidiaries or the MSG Entertainment Surviving Entity other than for Cause (as defined
below) or (b) by you for “good reason,” (as defined below). Notwithstanding the foregoing, if you become entitled to payment of an award by virtue of a termination in accordance with (iii)(a) or (iii)(b) of this
Paragraph 1(B) and are determined by the Company to be a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A of the
IRC”), the award shall be paid to you on the earlier of: (i) July 1, _____, (ii) the date that is six months from your date of employment termination and (iii) any other date on which such payment or any portion thereof would
be a permissible distribution under Section 409A of the IRC. In the event of such a determination, the Company shall promptly following the date of your employment termination set aside such amount for your benefit in a “rabbi trust”
that satisfies the requirements of Revenue Procedure 92-64, and on a monthly basis shall deposit into such trust interest in arrears (compounded quarterly at the rate provided below) until such time as
such amount, together with all accrued interest thereon, is paid to you in full pursuant to the previous sentence; provided, that no payment will be made to such rabbi trust if it would be contrary to law or cause you to incur additional tax
under Section 409A of the IRC. The initial interest rate shall be the average of the one-year LIBOR fixed rate equivalent for the ten business days prior to the date of your employment termination. 

2. In the event of a “MSG Entertainment Change of Control”, as defined below, provided you have remained continuously employed with
the MSG Sports Group or the MSG Entertainment Group through the effective date of the transaction that results in the MSG Entertainment Change of Control, you will be entitled to the payment of the Target Award whether or not the Objectives have
been attained. 
  

	 	a.	 If the actual MSG Entertainment Change of Control: 

  
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	 	i.	 is a permissible distribution event under Section 409A of the IRC or payment of the Award promptly upon
such event is otherwise permissible under Section 409A of the IRC (including, for the avoidance of doubt, by reason of the inapplicability of Section 409A of the IRC to the Award), then the Target Award shall be paid to you by the Company
promptly following the MSG Entertainment Change of Control; or 

  

	 	ii.	 is not a permissible distribution event under Section 409A of the IRC and payment of the Award promptly
upon such event is not otherwise permissible under Section 409A of the IRC, then: 

  

	 	1.	 (1) if the Company or the MSG Entertainment Surviving Entity has shares of common stock (or partnership units)
traded on a national stock exchange or on the over-the-counter market as reported on the [New York Stock Exchange] or any other stock exchange, then the Committee shall,
no later than the effective date of the MSG Entertainment Change of Control, either (i) convert your Target Award into an amount of cash equal to (a) the number of your unvested units multiplied by (b) the “offer price per
share,” the “acquisition price per share” or the “merger price per share,” each as defined below, whichever of such amounts is applicable or (ii) arrange to have the MSG Entertainment Surviving Entity grant to you an
award of restricted stock units (or partnership units) for shares of the MSG Entertainment Surviving Entity on the same terms and with a value equivalent to your Target Award which will, in the good faith determination of the Committee, provide you
with an equivalent profit potential or 

  

	 	(2)	 if the Company or the MSG Entertainment Surviving Entity does not have shares of common stock (or partnership
units) traded on a national stock exchange or on the over-the-counter market as reported on the [New York Stock Exchange] or any other stock exchange, then the Award
will be treated in accordance with Paragraph 1(A) above; 

  

	 	2.	 any cash award or substitute restricted stock unit award of the MSG Entertainment Surviving Entity provided for
in Paragraph 2(A)(ii)(a) will be fully vested and will be paid to you (or your estate), at the earliest to occur of: (1) if, immediately prior to termination you were an employee of the MSG Entertainment Group, the date on which your employment
with the MSG Entertainment Group or the MSG Entertainment Surviving Entity terminates for any 

  
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reason other than termination of your employment by one of such entities for Cause (provided that if you are determined by the Company to be a “specified employee” within the meaning of
Section 409A of the IRC, six months from such date), (2) the date of your death, (3) any other date on which such payment or any portion thereof would be a permissible distribution under Section 409A of the IRC, or
(4) July 1, _____. 

  

	 	b.	 the Company shall promptly following the MSG Entertainment Change of Control set aside cash (or shares in the
event a substitute restricted stock unit award is made) for your benefit in a “rabbi trust” that satisfies the requirements of Revenue Procedure 92-64, and on a monthly basis shall deposit into such
trust interest in arrears (compounded quarterly at the rate provided below) until such time as such amount, together with all accrued interest thereon, is paid to you in full pursuant to Paragraph 2(A)(ii)(b) above); provided, that no
payment will be made to such rabbi trust if it would be contrary to law or cause you to incur additional tax under Section 409A of the IRC. The initial interest rate shall be the average of the one-year
LIBOR fixed rate equivalent for the ten business days prior to the date of the MSG Entertainment Change of Control and shall adjust annually based on the average of such rate for the ten business days prior to each anniversary of the MSG
Entertainment Change of Control. 

 3. In the event of a “MSG Sports Change of Control” or a “going private
transaction” with respect to MSG Sports, as defined below, and if immediately prior to such MSG Sports Change of Control or going private transaction with respect to MSG Sports you were an employee of the MSG Sports Group, your entitlement to
the Units shall be as follows: 
 Your Units shall vest at the earlier of (a) the date on which your Units would otherwise have vested
had they continued in effect, (b) the date of your death, or (c) the date on which your employment with the MSG Sports Group or the MSG Sports Surviving Entity is terminated (i) by MSG Sports, one of its Subsidiaries or the MSG Sports
Surviving Entity other than for Cause, (ii) by you for “good reason,” or (iii) by you for any reason at least six (6) months, but not more than nine (9) months after the effective date of the MSG Sports Change of
Control or going private transaction with respect to MSG Sports. 
 4. As used herein, 

“Acquisition price per share” shall mean the greater of (i) the highest price per share stated on the
Schedule 13D or any amendment thereto filed by the holder of twenty percent (20%) or more of the Company’s voting power which gives rise to the MSG Entertainment Change of Control or going private transaction with respect to the Company, and
(ii) the highest fair market value per share of common stock during the ninety-day period ending on the date of such MSG Entertainment Change of Control or going private transaction with respect to the
Company. 

  
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 “Cause” means your (i) commission of an act of fraud,
embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against your Employer, 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. 

“Going private transaction” means a transaction involving the purchase of Company or MSG Sports, as
applicable, securities described in Rule 13e-3 to the Securities and Exchange Act of 1934. 

“Good reason” means 

a. without your express written consent any reduction in your base salary or target bonus opportunity, or any material
impairment or material adverse change in your working conditions (as the same may from time to time have been improved or, with your written consent, otherwise altered, in each case, after the Distribution Date) at any time after or within ninety
(90) days prior to the MSG Entertainment Change of Control or MSG Sports Change of Control, as applicable, including, without limitation, any material reduction of your other compensation, executive perquisites or other employee benefits
(measured, where applicable, by level or participation or percentage of award under any plans of the Company or MSG Sports, as applicable), or material impairment or material adverse change of your level of responsibility, authority, autonomy or
title, or to your scope of duties; 
 b. any failure by your Employer to comply with any of the provisions of this Agreement,
other than an insubstantial or inadvertent failure remedied by your Employer promptly after receipt of notice thereof given by you; 

c. your Employer’s requiring you to be based at any office or location more than thirty-five (35) miles from your
location immediately prior to such event except for travel reasonably required in the performance of your responsibilities; or 

d. with respect to the Company only, any failure by the Company to obtain the assumption and agreement to perform this
Agreement by a successor as contemplated by Paragraph 1. 
 “Merger price per share” shall mean, in the case
of a merger, consolidation, sale, exchange or other disposition of assets that results in a MSG Entertainment Change of Control or going private transaction with respect to the Company (a “Merger”), the greater of
(i) the fixed or formula price for the acquisition of shares of common stock occurring pursuant to the Merger, and (ii) the highest fair market value per share of common stock during the ninety-day
period ending on the date of such MSG Entertainment Change of Control or going private transaction with respect to the Company. Any securities or property which are part or all of the consideration paid for shares of common stock pursuant to the
Merger shall be valued in determining the merger price per share at the higher of (A) the valuation placed on such securities or property by the Company, person or other entity which is a party with the Company to the Merger, or (B) the
valuation placed on such securities or property by the Committee. 

  
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 “MSG Entertainment Change of Control” means the
acquisition, in a transaction or a series of related transactions, by any person or group, other than Charles F. Dolan or members of the immediate family of Charles F. Dolan or trusts for the benefit of Charles F. Dolan or his immediate family (or
an entity or entities controlled by any of them) or any employee benefit plan sponsored or maintained by the Company, of the power to direct the management of the Company or substantially all its assets (as constituted immediately prior to such
transaction or transactions). 
 “MSG Sports Change of Control” means the acquisition, in a transaction or a
series of related transactions, by any person or group, other than Charles F. Dolan or members of the immediate family of Charles F. Dolan or trusts for the benefit of Charles F. Dolan or his immediate family (or an entity or entities controlled by
any of them) or any employee benefit plan sponsored or maintained by MSG Sports, of the power to direct the management of MSG Sports or substantially all its assets (as constituted immediately prior to such transaction or transactions). 

“MSG Entertainment Surviving Entity” means the entity that owns, directly or indirectly, after consummation of
any transaction, substantially all of the Company’s assets (as constituted immediately prior to such transaction). If any such entity is at least majority-owned, directly or indirectly, by any entity (a “parent entity”) which has
shares of common stock (or partnership units) traded on a national stock exchange or the over-the-counter market, as reported on the [New York Stock Exchange] or any
other stock exchange, then such parent entity shall be deemed to be the MSG Entertainment Surviving Entity provided that if there shall be more than one such parent entity, the parent entity closest to ownership of the Company’s assets shall be
deemed to be the MSG Entertainment Surviving Entity. 
 “MSG Sports Surviving Entity” means the entity that
owns, directly or indirectly, after consummation of any transaction, substantially all of MSG Sports’ assets (as constituted immediately prior to such transaction). If any such entity is at least majority-owned, directly or indirectly, by any
entity (a “parent entity”) which has shares of common stock (or partnership units) traded on a national stock exchange or the over-the-counter market, as reported on the [New York Stock Exchange] or
any other stock exchange, then such parent entity shall be deemed to be the MSG Sports Surviving Entity provided that it there shall be more than one such parent entity, the parent entity closest to ownership of MSG Sports’ assets shall be
deemed to be the MSG Sports Surviving Entity. 
 “Offer price per share” shall mean, in the case of a tender
offer or exchange offer which results in a MSG Entertainment Change of Control or going private transaction with respect to the Company (an “Offer”), the greater of (i) the highest price per share of common stock paid
pursuant to the Offer, or (ii) the highest fair market value per share of common stock during the ninety-day period ending on the date of a MSG Entertainment

  
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Change of Control or going private transaction with respect to the Company. Any securities or property which are part or all of the consideration paid for shares of common stock in the Offer
shall be valued in determining the Offer Price per share at the higher of (A) the valuation placed on such securities or property by the Company, person or other entity making such offer or (B) the valuation placed on such securities or
property by the Committee. 

  
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 Annex 2 

Objectives 

  
 - 13 -EX-10.49

 

 
 Exhibit 10.49 

October 25, 2018 
 Mr. Philip
D’Ambrosio 
 c/o The Madison Square Garden Company 
 Two
Pennsylvania Plaza 
 New York, NY 10121 
 Dear Phil: 

This Agreement (the “Agreement”), effective as of October 3, 2018 (the “Effective Date”), will confirm the terms of
your employment by The Madison Square Garden Company (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 December 31, 2021 (the “Expiration Date”). 

Your title will be Senior Vice President, Treasurer. 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 $575,000 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. 
 THE MADISON SQUARE GARDEN COMPANY 
 TWO
PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 
 TEL 212-465-6000

 Mr. Philip D’Ambrosio 

 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 $800,000, as determined by the Compensation Committee.
For the Company’s current fiscal year (starting July 1, 2018), you will be recommended to the Compensation Committee for a “mid-year” grant of awards to reflect this increase in your target
value (which such grant will not be pro-rated). 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. 
 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 paid time off 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 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 

  

	(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. 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 3
 
  

 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 (i) without your written consent, (1) 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, (2) you are no longer the Company’s treasurer, or (3) you no longer report to the Company’s Chief
Financial Officer or a more senior executive, (ii) you have given the Company written notice, referring specifically to this Agreement and definition, that you do not consent to such action, (iii) the Company has not corrected such action
within 30 days of receiving such notice, and (iv) you voluntarily terminate your employment with the Company within 90 days following the happening of the action described in subsection (i) 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. 
 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. 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 4
 
  

 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. 
 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. 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 5
 
  

 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. 

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. 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 6
 
  

 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/ Donna Coleman

	Donna Coleman
	Executive Vice President & Chief Financial Officer

  

	
	Accepted and Agreed:
	
	 /s/ Philip D’Ambrosio

	Philip D’Ambrosio
	Date: October 25, 2018

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 7
 
  

 ANNEX I 

This Annex I constitutes part of the Agreement dated October 25, 2018 (the “Agreement”) by and between Philip D’Ambrosio
(“You”) and The Madison Square Garden Company (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. 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 8
 
  

 (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. 
  

	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 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 9
 
  

 
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. 
 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 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 10
 
  

 
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. 
  

	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. 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 11
 
  

 ANNEX II 

This Annex II constitutes part of the Agreement dated October 25, 2018 (the “Agreement”) by and between Philip D’Ambrosio
(“You”) and The Madison Square Garden Company (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 doesn’t 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, advise,
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) NHL or NBA team located in New York, New Jersey or Connecticut, or
(ii) any arena or theater (with at least 1,000 seats) that competes in the same city as any of the Company’s arenas or theaters, respectively, 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 benefit, 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. 

 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. Philip D’Ambrosio 

 Page
 12
 
  

 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. 

  
 THE MADISON SQUARE GARDEN COMPANY

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000

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