Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

SECURITY AGREEMENT 
 Dated
as of May 6, 2014 
 by and among 

MSG HOLDINGS, L.P. 
 and 

THE OTHER GRANTORS REFERRED TO HEREIN, 

as Grantors, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as
Collateral Agent 
 MSG – Security Agreement 

 T A B L E  O F  C
O N T E N T S 
  

							
	Section	 	 	  	Page	 
			
	 Section 1.
	 	 Grant of Security
	  	 	2	  
	 Section 2.
	 	 Security for Obligations
	  	 	6	  
	 Section 3.
	 	 Grantors Remain Liable
	  	 	7	  
	 Section 4.
	 	 Delivery and Control of Security Collateral
	  	 	7	  
	 Section 5.
	 	 Maintaining the Account Collateral
	  	 	8	  
	 Section 6.
	 	 Investing of Amounts in the Cash Collateral Account
	  	 	9	  
	 Section 7.
	 	 Release of Amounts
	  	 	9	  
	 Section 8.
	 	 Representations and Warranties
	  	 	10	  
	 Section 9.
	 	 Further Assurances
	  	 	11	  
	 Section 10.
	 	 [Intentionally Omitted]
	  	 	11	  
	 Section 11.
	 	 [Intentionally Omitted]
	  	 	11	  
	 Section 12.
	 	 Post-Closing Changes
	  	 	11	  
	 Section 13.
	 	 As to Intellectual Property Collateral
	  	 	11	  
	 Section 14.
	 	 Voting Rights; Dividends; Etc
	  	 	12	  
	 Section 15.
	 	 As to Certain Pledged Agreements
	  	 	12	  
	 Section 16.
	 	 As to Letter-of-Credit Rights
	  	 	13	  
	 Section 17.
	 	 Additional Shares
	  	 	13	  
	 Section 18.
	 	 Collateral Agent Appointed Attorney-in-Fact
	  	 	13	  
	 Section 19.
	 	 Collateral Agent May Perform
	  	 	14	  
	 Section 20.
	 	 The Collateral Agent’s Duties
	  	 	14	  
	 Section 21.
	 	 Remedies
	  	 	15	  
	 Section 22.
	 	 Amendments; Waivers; Additional Grantors; Etc
	  	 	16	  
	 Section 23.
	 	 Notices, Etc
	  	 	16	  
	 Section 24.
	 	 Continuing Security Interest; Assignments Under the Credit Agreement
	  	 	17	  
	 Section 25.
	 	 Release; Termination
	  	 	17	  
	 Section 26.
	 	 Execution in Counterparts
	  	 	17	  
	 Section 27.
	 	 Governing Law
	  	 	17	  
	 Section 28.
	 	 NBA Consent Letters and NHL Exclusions.
	  	 	18	  

 MSG – Security Agreement 

 Schedules 
  

					
	Schedule I	  	-	  	Investment Property
	Schedule II	  	-	  	Pledged Deposit Accounts; Securities Accounts
	Schedule III	  	-	  	Intellectual Property
	Schedule IV	  	-	  	Legal Name, Location, Chief Executive Office, Type Of Organization, Jurisdiction Of Organization And Organizational Identification Number

Exhibits 
  

					
	Exhibit A	  	-	  	Form of Security Agreement Supplement
	Exhibit B	  	-	  	Form of Intellectual Property Security Agreement
	Exhibit C	  	-	  	Form of Intellectual Property Security Agreement Supplement
	Exhibit D	  	-	  	Form of Consent and Agreement
	Exhibit E	  	-	  	Form of Deposit Account Control Agreement
	Exhibit F	  	-	  	Form of Securities Account Control Agreement

  
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 SECURITY AGREEMENT 

THIS SECURITY AGREEMENT, dated as of May 6, 2014 (this “Agreement”), is made by and among MSG HOLDINGS, L.P., a Delaware
limited partnership (the “Company”), the other parties listed as “Grantors” on the signature pages hereof (the Company and the Persons so listed being, collectively, the “Grantors”), and JPMORGAN CHASE
BANK, N.A., as collateral agent (in such capacity, together with any successor collateral agent appointed pursuant to Article IX of the Credit Agreement (as hereinafter defined), the “Collateral Agent”), for the benefit of the
Lenders and the other Secured Parties (each as defined in the Credit Agreement, as defined below). 
 PRELIMINARY STATEMENTS: 

(1) The Company has entered into a Credit Agreement, dated as of May 6, 2014 (such Credit Agreement, as it may hereafter be amended,
amended and restated, supplemented or otherwise modified from time to time, being the “Credit Agreement”), with the Lenders (as defined therein), the subsidiaries of the Company party thereto as guarantors, the Administrative Agent
(as defined therein), the Collateral Agent and the other agents party thereto. Capitalized terms not otherwise defined in this Agreement have the same meanings as specified in the Credit Agreement. 

(2) The Grantors (other than the Company) have guaranteed the obligations of the Company under the Credit Agreement pursuant to the Guaranty
(as defined in the Credit Agreement). 
 (3) As of the Closing Date, each Grantor is the owner of the shares of stock or other Equity
Interests (the “Initial Pledged Equity”) set forth opposite such Grantor’s name on and as otherwise described in Part I of Schedule I hereto and issued by the Persons named therein and the creditor with respect
to the indebtedness (the “Initial Pledged Debt”) owed to the Grantor set forth opposite the Grantor’s name on and as otherwise described in Part II of Schedule I hereto and issued by the obligors named therein.

 (4) As of the Closing Date, each Grantor is the owner of the deposit accounts set forth opposite such Grantor’s name on Schedule
II hereto, as to which such Grantor is required to comply with the requirements of Section 5(a) (together with any such accounts as may be created and required under the Credit Agreement to be pledged after the Closing Date,
excluding the Excluded Non-Pledged Accounts, the “Pledged Deposit Accounts”). 
 (5) In accordance with the terms of the
Credit Agreement, upon the written request of the Collateral Agent, the Company shall open a blocked, non-interest bearing deposit account in which the balance may be zero at JPMorgan Chase Bank, N.A. (in such capacity, the “Cash Collateral
Account Bank”), to the extent set forth in the Credit Agreement or in this Agreement, for the purposes of holding funds transferred from a Pledged Account into such account upon the occurrence and continuation of an Event of Default, in
connection with a Defaulting Lender or for the Cash Collateralization of any Obligations under the Credit Agreement at a time when Letters of Credit remain outstanding (the “Cash Collateral Account”). 

(6) As of the Closing Date, each Grantor is the owner of the securities accounts set forth opposite such Grantor’s name on Schedule
II hereto, as to which such Grantor is required to comply with the requirements of Section 4(a) (together with any such accounts as exist after the Closing Date, the “Securities Accounts”). 

(7) It is a condition precedent to the making of the Loans by the Lenders and the issuance of Letters of Credit by the L/C Issuers under the
Credit Agreement that the Grantors shall have granted the security interest contemplated by this Agreement. Each Grantor will derive substantial direct and indirect benefit from the transactions contemplated by the Loan Documents. 

  
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 (8) Terms defined in the Credit Agreement and not otherwise defined in this Agreement are used in
this Agreement as defined in the Credit Agreement. Further, unless otherwise defined in this Agreement or in the Credit Agreement, terms defined in Article 8 or 9 of the UCC (as defined below) are used in this Agreement as such terms are
defined in such Article 8 or 9. “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if perfection or the effect of perfection or
non-perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC”
means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or
priority. 
 NOW, THEREFORE, in consideration of the premises and in order to induce the Lenders to make the Loans and issue Letters of
Credit under the Credit Agreement and to induce the Hedge Banks to enter into Secured Hedge Agreements and the Cash Management Banks to enter into Secured Cash Management Agreements from time to time, each Grantor hereby agrees with the Collateral
Agent for the ratable benefit of the Secured Parties as follows: 
 Section 1. Grant of Security. Each Grantor hereby grants to
the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in such Grantor’s right, title and interest in and to the following, in each case, other than Excluded Property (as hereinafter defined), in each case, as
to each type of property described below, whether now owned or hereafter acquired by such Grantor, wherever located, and whether now or hereafter existing or arising (collectively, the “Collateral”): 

(a) all equipment in all of its forms, including, without limitation, all machinery, tools, furniture and fixtures, and all
parts thereof and all accessions thereto, including, without limitation, computer programs and supporting information that constitute equipment within the meaning of the UCC (any and all such property being the “Equipment”); 

(b) all inventory in all of its forms, including, without limitation, (i) all raw materials, work in process, finished
goods and materials used or consumed in the manufacture, production, preparation or shipping thereof, (ii) goods in which such Grantor has an interest in mass or a joint or other interest or right of any kind (including, without limitation,
goods in which such Grantor has an interest or right as consignee) and (iii) goods that are returned to or repossessed or stopped in transit by such Grantor, and all accessions thereto and products thereof and documents therefor, including,
without limitation, computer programs and supporting information that constitute inventory within the meaning of the UCC (any and all such property being the “Inventory”); 

(c) all accounts, chattel paper (including, without limitation, tangible chattel paper and electronic chattel paper),
instruments (including, without limitation, promissory notes), deposit accounts, letter-of-credit rights, general intangibles (including, without limitation, payment intangibles) and other obligations of any kind, whether or not arising out of or in
connection with the sale or lease of goods or the rendering of services and whether or not earned by performance, and all rights now or hereafter existing in and to all supporting obligations and in and to all security agreements, mortgages, Liens,
leases, letters of credit and other contracts securing or otherwise relating to the foregoing property (any and all of such accounts, chattel paper, instruments, deposit accounts, letter-of-credit rights, general intangibles and other obligations,
to the extent not referred to in clauses (d), (e) or (f) below, being the “Receivables,” and any and all such supporting obligations, security agreements, mortgages, Liens, leases, letters of
credit and other contracts being the “Related Contracts”); 

  
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 (d) the following (the “Security Collateral”): 

(i) the Initial Pledged Equity and the certificates, if any, representing the Initial Pledged Equity, and all dividends,
distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Equity and all warrants, rights or options
issued thereon or with respect thereto; 
 (ii) the Initial Pledged Debt and the instruments, if any, evidencing the Initial
Pledged Debt, and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Debt; 

(iii) all additional shares of stock and other Equity Interests from time to time acquired by such Grantor in any manner (such
shares and other Equity Interests, together with the Initial Pledged Equity, being the “Pledged Equity”), and the certificates, if any, representing such additional shares or other Equity Interests, and all dividends, distributions,
return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares or other Equity Interests and all warrants, rights or options issued
thereon or with respect thereto; 
 (iv) all additional indebtedness from time to time owed to such Grantor (such
indebtedness, together with the Initial Pledged Debt, being the “Pledged Debt”) and the instruments, if any, evidencing such indebtedness, and all interest, cash, instruments and other property from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of such indebtedness; 
 (v) the Securities Accounts,
all security entitlements with respect to all financial assets from time to time credited to the Securities Accounts, and all financial assets, and all dividends, distributions, return of capital, interest, cash, instruments and other property from
time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such security entitlements or financial assets and all warrants, rights or options issued thereon or with respect thereto; and 

(vi) all other investment property (including, without limitation, all (A) securities, whether certificated or
uncertificated, (B) security entitlements, (C) securities accounts, (D) commodity contracts and (E) commodity accounts) and the certificates or instruments, if any, representing or evidencing such investment property, and all
dividends, distributions, return of capital, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such investment property and all warrants,
rights or options issued thereon or with respect thereto; 
 (e) each Affiliation Agreement, Sports Telecast Rights
Agreement, and other Related Document, in each case to which such Grantor is now or may hereafter become a party, in each case as such agreements may be amended, amended and restated, supplemented or otherwise modified from time to time
(collectively, the “Pledged Agreements”), including, without limitation, (A) all rights of such Grantor to receive moneys due and to become due (including all rights to payment and rights to enforce payments, payments, cash
flow, proceeds and products) under or 

  
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pursuant to the Pledged Agreements, (B) all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Pledged Agreements,
(C) claims of such Grantor for damages arising out of or for breach of or default under the Pledged Agreements and (D) the right of such Grantor to terminate the Pledged Agreements, to perform thereunder and to compel performance and
otherwise exercise all remedies thereunder (all such Collateral, including the Pledged Agreements, the “Agreement Collateral”), in each case subject to the limitations contained in clause (vi) of the definition of
Excluded Property below; 
 (f) the following (collectively, the “Account Collateral”): 

(i) all Pledged Deposit Accounts, the Cash Collateral Account and all funds and financial assets from time to time credited
thereto (including, without limitation, all Cash Equivalents), and all certificates and instruments, if any, from time to time representing or evidencing the Pledged Deposit Accounts or the Cash Collateral Account; 

(ii) all promissory notes, certificates of deposit, checks and other instruments from time to time delivered to or otherwise
possessed by the Collateral Agent or an Affiliate of the Collateral Agent on its behalf, for or on behalf of such Grantor in substitution for or in addition to any or all of the then existing Account Collateral; and 

(iii) all interest, dividends, distributions, cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of the then existing Account Collateral; 
 (g) the
following (collectively, the “Intellectual Property Collateral”): 
 (i) all patents, patent applications,
utility models and statutory invention registrations, all inventions claimed or disclosed therein and all improvements thereto (“Patents”); 

(ii) all trademarks, service marks, domain names, trade dress, logos, designs, slogans, trade names, business names, corporate
names and other source identifiers, whether registered or unregistered (provided that no security interest shall be granted in United States intent-to-use trademark applications to the extent that, and solely during the period in which, the
grant of a security interest therein could impair the validity or enforceability, or result in the cancellation, of such intent-to-use trademark applications under applicable law), together, in each case, with the goodwill symbolized thereby
(“Trademarks”); 
 (iii) all copyrights, including, without limitation, such copyrights in Computer Software
(as hereinafter defined), and internet website content, whether registered or unregistered and mask works (“Copyrights”); Computer Software shall mean all computer software, programs and databases (including, without limitation,
source code, object code and all related copyrightable applications and data files); 
 (iv) all confidential and proprietary
information, including, without limitation, confidential know-how, trade secrets, confidential manufacturing and production processes and techniques, confidential research and development information and confidential customer and supplier lists
(collectively, “Trade Secrets”), and all other intellectual property of any type, to the extent legal protection therefore exists under U.S. intellectual property law; 

(v) all registrations and applications for registration for any of the foregoing, including, without limitation, those material
registrations and applications for registration set forth in Schedule III hereto, together with all reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations thereof; 

  
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 (vi) all rights in the foregoing provided by international treaties or
conventions, if any, and all rights corresponding thereto throughout the world; 
 (vii) all written agreements granting to
any third party the right to use any Intellectual Property Collateral or granting to any Grantor any right to use any Trademark, Copyright, Patent or Trade Secret now or hereafter owned by any third party, to which such Grantor, now or hereafter, is
a party (other than those that by their terms prohibit assignment or a grant of security interest by such Grantor thereunder) (“IP Agreements”); and 

(viii) any and all claims for damages and injunctive relief for past, present and future infringement, dilution,
misappropriation, breach or other violation with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise recover proceeds arising from such damages; 

(h) all books and records (including, without limitation, credit files, printouts and other computer output materials and
records) of such Grantor pertaining to any of the property described in the preceding clauses of this Section 1, that constitute Collateral; 

(i) all proceeds of any Core Excluded Asset except to the extent (x) reinvested in accordance with
Section 2.05(b)(ii) of the Credit Agreement or (y) so long as any applicable Disposition Requirements have been satisfied at the time of such reinvestment and so long as no Default shall have occurred and be continuing, any such proceeds
not required to be repaid to the Secured Parties and permitted to be retained by the Company or any Grantor or reinvested, in each case under this clause (y), in accordance with Section 2.05(b)(ii); provided that, in the
event that the Company enters into a Permitted Financing (other than a Tax Incentive Transaction) under the Credit Agreement that is secured by a Core Excluded Asset, such lien on the proceeds of such Core Excluded Asset shall be released in
accordance with Section 9.10 of the Credit Agreement; and 
 (j) all proceeds of, collateral for, income, royalties and
other payments now or hereafter due and payable with respect to, and supporting obligations relating to, any and all of the property described in the preceding clauses of this Section 1, other than Excluded Property (including, without
limitation, proceeds, collateral and supporting obligations that constitute property of the types described in clauses (a) through (i) and this clause (j) of this Section 1) and, to the extent not
otherwise included, all (A) payments under insurance (whether or not the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty, in each case, payable by reason of loss or damage to or otherwise with respect to any
of the foregoing property, and (B) cash. 
 Notwithstanding anything contained in this Agreement or any other Loan Document to the contrary, such
Grantor shall not be required to pledge, and does not pledge hereby or otherwise, and none of the defined terms “Collateral”, “Security Collateral”, “Intellectual Property Collateral”, “IP
Agreements”, “Patents”, “Trademarks”, Copyrights”, “Trade Secrets”, Account Collateral”, “Pledged Agreements”, “Agreement
Collateral”, “Pledged Debt”, “Pledged Equity”, “Equipment”, “Inventory”, “Receivables” or “Related Contracts” used in this Agreement shall
include any of the following: 
 (i) those assets set forth on Schedule 1.01(b) to the Credit Agreement, 

(ii) Intellectual Property Collateral that is necessary to or utilized in connection with any Excluded Property under
clauses (i), (iii), (iv) or (viii) of this paragraph, 

  
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 (iii) interests in the Teams and the Team Assets (including, without limitation,
the Rangers Club Assets); provided that the Collateral Agent shall have a security interest in the rights of the Networks Business (but not of the Teams) in any Transfer Rights Agreement executed as part of the Disposition Requirements for the New
York Rangers or the New York Knicks, 
 (iv) Leases to the extent that such Leases require the consent of the lessor or any
third party for the granting of a security interest therein, 
 (v) motor vehicles and other assets subject to certificates
of title, 
 (vi) assets consisting of contract rights (including all rights to enforce payment and all other Agreement
Collateral) pursuant to contracts containing enforceable restrictions on the granting of security interests therein except to the extent such restrictions are rendered ineffective under Section 9-406, 9-407 or 9-408 of the UCC or other
applicable law, 
 (vii) voting stock of or Equity Interests (A) in excess of 65% of the voting stock or other equity
interests held by the Company or Guarantors in first tier non-US subsidiaries, (B) in non-wholly owned subsidiaries if the pledge of such stock or equity interest is prohibited by agreement, organizational documents or applicable law or
regulation, (C) in Unrestricted Subsidiaries, (D) in Excluded Subsidiaries, or (E) in any other Subsidiary of the Company (1) existing as of the Closing Date, whose assets primarily consist of direct ownership interests in one or
more Teams (or indirect ownership interests in one or more Teams, so long as the sole purpose of such indirect owner is to directly hold ownership interests in the direct owner of one or more Teams), or (2) that is formed after the Closing Date
for the primary purpose of holding direct ownership interests in one or more Teams (or indirect ownership interests, so long as the sole purpose of such indirect owner is to hold ownership interests in the direct owner of one or more Teams) and
whose assets primarily consist of ownership interests in one or more Teams, 
 (viii) Real Property (except to the extent
otherwise provided in Section 1(i) with respect to the Arena Venue), 
 (ix) Excluded Non-Pledged Accounts and
all Receipts contained or required to be contained therein under the NBA Consent Letters, 
 (x) any Affiliation Agreements
and Sports Telecast Rights Agreements to the extent that the relevant agreement requires the consent of the non-Company entity for the pledge thereof; provided, that all rights to payment, payments, cash flow, proceeds and products of such
Affiliation Agreements and Sports Telecast Rights Agreements are considered Collateral hereunder, and 
 (xi) those assets as
to which the Collateral Agent and the Company agree that the cost of obtaining such a security interest or perfection thereof are excessive in relation to the benefit to the Lenders of the security to be afforded thereby 

with all property described in clauses (i) through (xi), collectively the “Excluded Property”. 

Section 2. Security for Obligations. This Agreement secures, in the case of each Grantor, the payment of all Obligations from time
to time of such Grantor (all such Obligations being the “Secured Obligations”). Without limiting the generality of the foregoing, this Agreement secures, as to each Grantor, the payment of all amounts that constitute part of the
Secured Obligations and would be 

  
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owed by such Grantor to any Secured Party under the Loan Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving a Loan Party. 
 Section 3. Grantors Remain Liable. Anything herein to the contrary notwithstanding,
(a) each Grantor shall remain liable under the contracts and agreements included in such Grantor’s Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement
had not been executed, (b) the exercise by the Collateral Agent of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral and (c) no
Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or
duties of any Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 
 Section 4.
Delivery and Control of Security Collateral. (a) All certificates or instruments representing or evidencing Security Collateral (if certificated) shall be delivered to and held by or on behalf of the Collateral Agent pursuant to the
terms of and to the extent required under the Credit Agreement and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably
satisfactory to the Collateral Agent; provided that no Grantor shall be required to deliver any instrument representing (x) Pledged Debt if the face amount of such Pledged Debt is less than $15,000,000, or (y) Pledged Debt other
than indebtedness (i) for borrowed money (whether by loan or the issuance and sale of debt securities) or (ii) for the deferred purchase or acquisition price of property or services of which such Grantor is the seller (other than accounts
receivable (other than for borrowed money) in the ordinary course of business) owed to a Grantor. After the occurrence and during the continuance of an Event of Default, the Collateral Agent shall have the right to exchange certificates or
instruments representing or evidencing Security Collateral for certificates or instruments of smaller or larger denominations. 

(b) With respect to (i) the Securities Accounts, (ii) the Cash Collateral Account and (iii) any Security
Collateral that constitutes a security entitlement as to which the financial institution acting as Collateral Agent hereunder is not the securities intermediary, the relevant Grantor will cause the securities intermediary with respect to each such
account or security entitlement pursuant to the terms of and to the extent required under the Credit Agreement either (A) to identify in its records the Collateral Agent as the entitlement holder thereof or (B) to agree with such Grantor
and the Collateral Agent that such securities intermediary will comply with entitlement orders originated by the Collateral Agent without further consent of such Grantor, such agreement to be in form and substance reasonably satisfactory to the
Collateral Agent (a “Securities Account Control Agreement”); provided, however, this Section 4(b) shall not apply to Excluded Non-Pledged Accounts; provided further that the Collateral Agent
will not give any such orders except after the occurrence and during the continuance of an Event of Default. 
 (c) Upon the
request of the Collateral Agent following the occurrence and during the continuance of an Event of Default, each Grantor will notify each issuer of Security Collateral (other than any other Loan Party) granted by it hereunder that such Security
Collateral is subject to the security interest granted hereunder. 

  
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 Section 5. Maintaining the Account Collateral. So long as any Loan or any other
Obligation of any Loan Party under any Loan Document shall remain unpaid, any Letter of Credit shall be outstanding or any Lender shall have any Commitment: 

(a) Subject to Sections 7.13(b) and (c) of the Credit Agreement, each Grantor will maintain deposit accounts only with the
financial institution acting as Collateral Agent hereunder or with a bank (a “Pledged Account Bank”) that has entered into an agreement with such Grantor and the Collateral Agent to comply with instructions originated by the
Collateral Agent directing the disposition of funds in such deposit account without the further consent of such Grantor, such agreement to be in form and substance reasonably satisfactory to the Collateral Agent (a “Deposit Account Control
Agreement”); provided, however, that this Section 5(a) shall not apply to Excluded Non-Pledged Accounts and no provision of this Agreement or the other Loan Documents shall apply to any Excluded Rangers
Non-Pledged Accounts or, except to the extent specifically provided in Section 5(b)(i) below, Excluded Knicks Non-Pledged Accounts. The Collateral Agent agrees not to issue any instructions to any Pledged Account Bank except after the
occurrence and during the continuance of an Event of Default. 
 (b) Subject to Sections 7.13(b) and (c) of the
Credit Agreement, each Grantor hereby agrees that: 
 (i) the Grantors shall at all times maintain (A) at least one
deposit account which conforms to the definition of an “Excluded Non-Pledged Concentration Account”, as set forth in the Credit Agreement; and (B) at least one Pledged Deposit Account that serves as a general pledged concentration
account for the Grantors (each a “Pledged Concentration Account”), into which (x) all unapplied funds from each Excluded Non-Pledged Concentration Account (other than any Excluded Funds), (y) all unapplied funds from the
Excluded Knicks Non-Pledged Accounts and (z) any other funds received by any Grantor and not otherwise deposited into an Excluded Non-Pledged Account or another Pledged Account, automatically flow, or are manually or automatically swept, in
each case in accordance with the Grantors’ cash management procedures, and in any event no less frequently than once every 30 days; provided, that the Company shall provide the Collateral Agent with detailed written notice at least 10
Business Days prior to the re-designation of any Excluded Non-Pledged Concentration Account or any Pledged Concentration Account); provided, further that to the extent that any Grantor fails to deposit into a Pledged Concentration
Account, pursuant to clause (z) above, any funds received by it which were not deposited into any other Pledged Account (pursuant to the terms of this Agreement and the Credit Agreement), or into an Excluded Non-Pledge Account (in
accordance with the definition thereof), then such Grantor shall promptly, and in any event within five Business Days, following any senior financial officer of the Company receiving actual knowledge of such failure to deposit such funds (including
by means of a written notice thereof from the Collateral Agent), deposit such funds into a Pledged Concentration Account; and 

(ii) if the Total Secured Leverage Ratio (as set forth in the most recently delivered Compliance Certificate provided by the
Company in accordance with Section 7.01(e) of the Credit Agreement), shall at any time be greater than 2.50:1.00, then all cash disbursements made from time to time by any Grantor shall, in each case, be made using immediately available funds
drawn from the Excluded Non-Pledged Concentration Accounts of the Grantors and Excluded Non-Pledged Investment Accounts; provided, that, if on any day at least 90% of the aggregate amount of immediately available funds held in such accounts
(determined as a percentage of the aggregate opening balances of immediately available funds held in all such Excluded Non-Pledged Concentration Accounts on such day) shall have already been disbursed by the Grantors, then the applicable Grantors
may fund the balance of all remaining cash disbursement on such day using funds held in one or more of the Pledged Deposit Accounts; provided, further, that 

  
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if any Grantor shall at any time disburse funds from a Pledged Deposit Account other than in accordance with the requirements of this Section 5(b)(ii), then such Grantor (or any other
Grantor on its behalf) may cure such breach by depositing into each applicable Pledged Deposit Account the full amount of all funds improperly drawn from such Pledged Deposit Account, using exclusively funds drawn from one or more of the Excluded
Non-Pledged Accounts (other than Excluded Funds) promptly, and in any event within five Business Days, following any senior financial officer of the Company receiving actual knowledge of such improper disbursement of funds (including by means of a
written notice thereof from the Collateral Agent). 
 (c) After the occurrence and during the continuance of an Event of
Default, upon the written request of the Collateral Agent, each Grantor will promptly instruct each Person obligated at any time to make any payment to such Grantor for any reason (an “Obligor”) to make such payment to a Pledged
Deposit Account or the Cash Collateral Account, except that such Grantor shall not be under such obligation with respect to Persons (i) making payments to a Pledged Deposit Account or the Cash Collateral Account as of the Closing Date,
(ii) making payments to such Grantor of less than $5,000,000 a year in the aggregate, or (iii) making payments to accounts not purported to be subject to the security interest of the Secured Parties in accordance with the Credit Agreement,
if any. 
 (d) After the occurrence and during the continuance of an Event of Default under Section 8.01(b) or
(g) of the Credit Agreement, the Collateral Agent may, at any time and without consent from the Grantor, transfer, or direct the transfer of, funds from the Pledged Deposit Accounts or the Cash Collateral Account to satisfy the Grantor’s
Obligations. The Collateral Agent agrees to give notice to such Grantor of such transfer or direction; provided, however that any failure by the Collateral Agent to give such notice shall not invalidate such transfer or direction. 

Section 6. Investing of Amounts in the Cash Collateral Account. The Collateral Agent will, subject to the provisions of
Sections 5, 7 and 21, from time to time (a) invest, or direct the Cash Collateral Account Bank to invest, amounts received with respect to the Cash Collateral Account in such Cash Equivalents credited to the Cash
Collateral Account as the Company may select so long as no Event of Default has occurred and is continuing (or, if an Event of Default has occurred and is continuing, as the Collateral Agent may select, which may include not investing such amounts),
and (b) invest interest paid on the Cash Equivalents referred to in clause (a) above, and reinvest other proceeds of any such Cash Equivalents that may mature or be sold, in each case in such Cash Equivalents credited in the same
manner. Interest and proceeds that are not invested or reinvested in Cash Equivalents as provided above shall be deposited and held in the Cash Collateral Account. In addition, the Collateral Agent shall have the right at any time to exchange, or
direct the applicable Cash Collateral Account Bank to exchange, such Cash Equivalents for similar Cash Equivalents of smaller or larger determinations, or for other Cash Equivalents, credited to the Cash Collateral Account. 

Section 7. Release of Amounts. So long as no Event of Default shall have occurred and be continuing, the Grantors shall have the
sole and exclusive right to direct the applicable Pledged Account Bank to pay and release, to the applicable Grantor or at its order or, at the request of such Grantor, to the Administrative Agent to be applied to the Obligations of the Grantors
under the Loan Documents, such amount, if any, as is then on deposit in the Cash Collateral Account and the Pledged Deposit Accounts, in each case to the extent not prohibited from being released under the terms of the Credit Agreement. 

  
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 Section 8. Representations and Warranties. Each Grantor represents and warrants as
follows: 
 (a) As of the Closing Date, such Grantor’s exact legal name, location, chief executive office, type of
organization, jurisdiction of organization and organizational identification number is as set forth in Schedule IV hereto. As of the Closing Date, such Grantor has no trade names other than as listed on Schedule III hereto.

 (b) Such Grantor is the record and beneficial owner of the Collateral granted by it free and clear of any Lien of others,
except for the security interest created under this Agreement or Liens permitted under the Credit Agreement. No effective financing statement or other instrument similar in effect covering any part of such Collateral or listing such Grantor or any
trade name of such Grantor as debtor is on file in any recording office, except such as may have been filed in favor of the Collateral Agent relating to the Loan Documents, filings which have not been authorized by the applicable Grantor or filings
which are not prohibited by the Credit Agreement. 
 (c) If such Grantor is an issuer of Security Collateral, such Grantor
confirms that it has received notice of the security interest granted hereunder. 
 (d) If such Grantor is an issuer of
Pledged Equity by another Grantor hereunder, such Pledged Equity constituting common equity stock issued to such Grantor on the Closing Date has been duly authorized and validly issued and is fully paid and non-assessable. 

(e) As of the Closing Date, the Initial Pledged Equity pledged by such Grantor constitutes the percentage of the issued and
outstanding Equity Interests of the issuers thereof indicated on Schedule I hereto. As of the Closing Date, the Initial Pledged Debt constitutes all of the outstanding indebtedness owed to such Grantor by the issuers thereof and is
outstanding in the principal amount indicated on Schedule I hereto. 
 (f) Such Grantor has no investment
property, other than the investment property listed on Schedule I hereto and additional investment property as to which such Grantor has complied with the requirements of Section 4. 

(g) The Cablevision Affiliation Agreement, a true and complete redacted copy of which has been made available for review by the
Lenders, has not, as of the Closing Date, been terminated, cancelled, amended, modified or changed nor has any default thereunder or breach thereof been waived. 

(h) Such Grantor has no deposit accounts, other than the deposit accounts as to which such Grantor has complied with the
requirements of Section 5. 
 (i) This Agreement creates in favor of the Collateral Agent for the benefit of the
Secured Parties a valid security interest in the Collateral granted by such Grantor (to the extent such matter is governed by the laws of the United States, or a jurisdiction located therein), securing the payment of the Secured Obligations; all
filings and other actions necessary to perfect the security interest in the Collateral granted by such Grantor have been made or taken, to the extent required hereunder (to the extent perfection can be accomplished by such filing or action), and
(iii) such security interest is perfected absent the failure of the Collateral Agent to (i) file the financing statements and other filings in appropriate form in the relevant filing offices or (ii) take possession or control of the
Collateral with respect to which a security interest may be perfected only through possession or control. Such perfected security interest is first priority except for Liens permitted by 

  
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the Credit Agreement which have priority over the Liens granted hereunder and Liens permitted by Section 7.16 of the Credit Agreement and automatically having priority over the Collateral
Agent’s lien without the requirement of affirmative action by the Grantor. 
 Section 9. Further Assurances. Each Grantor
hereby authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto, including, without limitation, one or more financing statements indicating that such financing statements cover the Collateral,
in each case without the signature of such Grantor. A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. Each Grantor ratifies its authorization for the Collateral Agent to have
filed such financing statements, continuation statements or amendments filed prior to the Closing Date. 
 Section 10.
[Intentionally Omitted]. 
 Section 11. [Intentionally Omitted]. 

Section 12. Post-Closing Changes. No Grantor will change its name, type of organization, jurisdiction of organization,
organizational identification number or chief executive office from those set forth in Section 8(a) of this Agreement without first giving at least 30 days’ prior written notice to the Collateral Agent unless such change is in
connection with (x) a Disposition not prohibited by the Credit Agreement or (y) a Permitted Restricted Subsidiary Transaction. If any Grantor does not have an organizational identification number and later obtains one, it will forthwith
notify the Collateral Agent of such organizational identification number. 
 Section 13. As to Intellectual Property Collateral.
(a) With respect to the registered Intellectual Property Collateral owned by such Grantor, each Grantor agrees to execute or otherwise authenticate an agreement, in substantially the form set forth in Exhibit B hereto or otherwise
in form and substance as reasonably agreed to by the Grantors and the Collateral Agent and requested by the Collateral Agent (an “Intellectual Property Security Agreement”), for recording the security interest granted hereunder to
the Collateral Agent in such Intellectual Property Collateral with the U.S. Patent and Trademark Office and the U.S. Copyright Office to perfect the security interest hereunder in such Intellectual Property Collateral, to the extent perfection may
be achieved by making such recordings. 
 (b) Each Grantor agrees that, should it obtain an ownership interest in or a
license to property of the type included in the definition of any Intellectual Property Collateral that is not on the Closing Date a part of the Intellectual Property Collateral, and that does not constitute Excluded Property, and otherwise would be
part of the Intellectual Property Collateral if such Grantor had an ownership interest in or license to such item on the Closing Date (“After-Acquired Intellectual Property”) (i) the provisions of this Agreement shall
automatically apply thereto, and (ii) any such After-Acquired Intellectual Property and, in the case of Trademarks, the goodwill symbolized thereby, shall automatically become part of the Intellectual Property Collateral, subject to the terms
and conditions of this Agreement with respect thereto (provided that no security interest shall be granted in United States intent to use trademark applications to the extent that, and solely during the period in which, the grant of a security
interest therein could impair the validity or enforceability, or result in the cancellation, of such intent to use trademark applications under applicable law). Whenever such Grantor files for registration of any Material After-Acquired Intellectual
Property with the U.S. Patent and Trademark Office and/or the U.S. Copyright Office, such Grantor shall give written notice to the Collateral Agent at the time financial statements are delivered or deemed delivered to the Administrative Agent
pursuant to Section 7.01(a) and (b) of the Credit Agreement for the fiscal quarter in which such filing occurs, and, at the reasonable written request of the Collateral Agent, such Grantor shall execute and deliver, or otherwise
authenticate, an agreement substantially 

  
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in the form of Exhibit C hereto or otherwise in form and substance as reasonably agreed to by the Grantors and the Collateral Agent and requested by the Collateral Agent (an
“IP Security Agreement Supplement”) covering such Material After-Acquired Intellectual Property for recording the security interest granted hereunder to the Collateral Agent in such Material After-Acquired Intellectual Property with
the U.S. Patent and Trademark Office and/or the U.S. Copyright Office, as applicable, to perfect the security interest hereunder in such Material After-Acquired Intellectual Property, to the extent perfection may be achieved by making such
recordings. “Material After-Acquired Intellectual Property” shall mean After-Acquired Intellectual Property owned by or licensed to a Grantor, the loss or impairment of which would reasonably be expected to have a Material Adverse
Effect. 
 Section 14. Voting Rights; Dividends; Etc. (a) So long as no Event of Default shall have occurred and be
continuing: 
 (i) Each Grantor shall be entitled to exercise any and all voting and other consensual rights pertaining to
the Security Collateral of such Grantor or any part thereof for any purpose. 
 (ii) Each Grantor shall be entitled to
receive and retain any and all dividends, interest and other distributions paid in respect of the Security Collateral of such Grantor if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Loan Documents;
provided, however, that any such distributions in the form of certificates or instruments will be delivered (with any necessary indorsement) to the Collateral Agent, within 30 days of such distribution, as Security Collateral.

 (iii) The Collateral Agent will execute and deliver (or cause to be executed and delivered) to each Grantor all such
proxies and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above and to receive the
dividends or interest payments that it is authorized to receive and retain pursuant to paragraph (ii) above. 

(b) Upon the occurrence and during the continuance of an Event of Default: 

(i) All rights of each Grantor (x) to exercise or refrain from exercising the voting and other consensual rights that it
would otherwise be entitled to exercise pursuant to Section 14(a)(i) shall, upon written notice to such Grantor by the Collateral Agent, cease and (y) to receive the dividends, interest and other distributions that it would
otherwise be authorized to receive and retain pursuant to Section 14(a)(ii) shall automatically cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise or
refrain from exercising such voting and other consensual rights and to receive and hold as Security Collateral such dividends, interest and other distributions. 

(ii) All dividends, interest and other distributions that are received by any Grantor contrary to the provisions of
paragraph (i) of this Section 14(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent as Security
Collateral in the same form as so received (with any necessary indorsement). 
 Section 15. As to Certain Pledged Agreements.
(a) If and when a Transfer Rights Agreement or the Booking Agreement is required by the terms of the Credit Agreement, each Grantor will and will, at its expense, cause each other party to any Transfer Rights Agreement or the Booking Agreement,
to promptly execute and deliver to the Collateral Agent a consent, in substantially the form of Exhibit D hereto or otherwise in form and substance reasonably satisfactory to the Collateral Agent, to the grant of a security interest in
any such Transfer Rights Agreement or the Booking Agreement to the Collateral Agent pursuant to this Agreement. 
 (b) Each
Grantor hereby consents to the assignment for security purposes and pledge to the Collateral Agent for benefit of the Secured Parties of each Pledged Agreement to which it is a party by any other Grantor hereunder. 

  
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 Section 16. As to Letter-of-Credit Rights. (a) Each Grantor, by granting a
security interest in its Receivables consisting of letter-of-credit rights to the Collateral Agent, intends to (and hereby does) assign to the Collateral Agent its rights (including its contingent rights) to the proceeds of all letters of credit of
which such Grantor is or hereafter becomes a beneficiary or assignee other than with respect to Letters of Credit that constitute Excluded Property; provided, that the Collateral Agent agrees that such proceeds are to be paid to the
applicable Grantor unless an Event of Default has occurred and is continuing. Upon the occurrence and during the continuance of an Event of Default, if requested by the Collateral Agent, each Grantor will promptly use commercially reasonable efforts
to cause the issuer of such letter of credit and each nominated person (if any) with respect thereto to consent to such Grantor’s assignment of the proceeds thereof pursuant to a consent in form and substance reasonably satisfactory to the
Collateral Agent and deliver written evidence of such consent to the Collateral Agent. 
 (b) Upon the occurrence and during
the continuance of an Event of Default, each Grantor will, promptly upon written request by the Collateral Agent, (i) notify (and such Grantor hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect
to each of the letters of credit of which such Grantor is or hereafter becomes a beneficiary or assignee that the proceeds thereof have been assigned to the Collateral Agent hereunder and any payments due or to become due in respect thereof are to
be made directly to the Collateral Agent or its designee and (ii) arrange for the Collateral Agent to become the transferee beneficiary of letter of credit. 

Section 17. Additional Shares. Each Grantor agrees that it will (i) cause each issuer of the Pledged Equity pledged by such
Grantor (a) to the extent that such issuer is a wholly-owned subsidiary of such Grantor, not to issue any Equity Interests or other securities in addition to or in substitution for the Pledged Equity issued by such issuer, except to such
Grantor or except in each case as would not be prohibited as a Disposition or would constitute a Permitted Restricted Subsidiary Transaction under the Credit Agreement and (b) to the extent that such issuer is a Subsidiary that is not a
wholly-owned Subsidiary of such Grantor except as would not be prohibited as a Disposition or would constitute a Permitted Restricted Subsidiary Transaction under the Credit Agreement, issue any Equity Interests or other securities in addition to or
in substitution for the Pledged Equity issued by such issuer no less than ratably to such Grantor, and (ii) pledge hereunder, promptly upon its acquisition (directly or indirectly) thereof, any and all such additional Equity Interests or other
securities to the extent that they would not constitute Excluded Property. 
 Section 18. Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints the Collateral Agent such Grantor’s
attorney-in-fact solely with respect to the Collateral (such appointment to cease upon the payment in full of all the Secured Obligations) with full authority in the
place and stead of such Grantor and in the name of such Grantor or otherwise, from time to time, upon the occurrence and during the continuation of an Event of Default, in the Collateral Agent’s reasonable discretion, to take any action and to
execute any instrument that the Collateral Agent may deem reasonably necessary or advisable to accomplish the purposes of this Agreement, including, without limitation: 

(a) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to
become due under or in respect of any of the Collateral, 

  
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 (b) to receive, indorse and collect any drafts or other instruments, documents
and chattel paper, in connection with clause (a) above, and 
 (c) to file any claims or take any action or
institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of any Pledged Agreement or the rights of the Collateral
Agent with respect to any of the Collateral. 
 Section 19. Collateral Agent May Perform. If any Grantor fails to perform any
agreement contained herein and the Collateral Agent requests in writing that such Grantor perform such agreement, in the event that the Grantor continues to fail to perform such agreement within a reasonable time following the Collateral
Agent’s request, the Collateral Agent may, as the Collateral Agent reasonably deems necessary to protect the security interest granted hereunder in the Collateral or to protect the value thereof, but without any obligation to do so and so long
as an Event of Default shall have occurred and be continuing, itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by such Grantor under
Section 10.04 of the Credit Agreement. The Collateral Agent agrees to give notice to such Grantor of such performance; provided, however that any failure by the Collateral Agent to give such notice shall not invalidate such
performance or the Collateral Agent’s authority to so perform or the Collateral Agent’s entitlement to reimbursement of the related expenses. 

Section 20. The Collateral Agent’s Duties. (a) The powers conferred on the Collateral Agent hereunder are solely to
protect the Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the safe custody of any Collateral in its possession or in the possession
of an Affiliate of the Collateral Agent or any designee (including without limitation, a Subagent) of the Collateral Agent acting on its behalf and the accounting for moneys actually received by it or its Affiliates hereunder, the Collateral Agent
shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party has or is deemed to have
knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The Collateral Agent and any of its Affiliates or any designee (including without
limitation, a Subagent) on its behalf shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession or in the possession of an Affiliate or any designee (including without limitation, a
Subagent) on its behalf if such Collateral is accorded treatment substantially equal to that which it accords its own property. 

(b) Anything contained herein to the contrary notwithstanding, the Collateral Agent may from time to time, when the Collateral
Agent deems it to be necessary, appoint one or more subagents (each, a “Subagent”) acceptable to the Company acting reasonably for the Collateral Agent hereunder with respect to all or any part of the Collateral. In the event that
the Collateral Agent so appoints any Subagent with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by each Grantor hereunder shall be deemed for purposes of this
Security Agreement to have been made to such Subagent, in addition to the Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations of such Grantor, (ii) such Subagent shall automatically be
vested, in addition to the Collateral Agent, with all rights, powers, privileges, interests and remedies of the Collateral Agent 

  
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hereunder and pursuant to the terms hereof, with respect to such Collateral, and (iii) the term “Collateral Agent,” when used herein in relation to any rights, powers, privileges,
interests and remedies of the Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized to take any action with respect to any such Collateral unless and
except to the extent expressly authorized in writing by the Collateral Agent. 
 Section 21. Remedies. If any Event of Default
shall have occurred and be continuing: 
 (a) The Collateral Agent may exercise in respect of the Collateral, in addition to
other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected Collateral) and also may: (i) require each
Grantor to, and each Grantor hereby agrees that it will at its expense and upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a
place and time to be designated by the Collateral Agent that is reasonably convenient to both parties; (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at
any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may in its reasonable discretion deem commercially reasonable; (iii) occupy any premises
owned or leased by any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to such Grantor in respect of
such occupation; and (iv) exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect of the Collateral, including, without limitation, (A) any and all rights of such
Grantor to demand or otherwise require payment of any amount under, or performance of any provision of, the Pledged Agreements, the Receivables, the Related Contracts and the other Collateral, (B) withdraw, or cause or direct the withdrawal, of
all funds with respect to the Account Collateral and (C) exercise all other rights and remedies with respect to the Pledged Agreements, the Receivables, the Related Contracts and the other Collateral, including, without limitation, those set
forth in Section 9-607 of the UCC. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten Business Days’ notice to such Grantor of the time and place of any
sale shall constitute reasonable notification of any such sale. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale
from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 

(b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf of the Collateral
Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and then or at any time thereafter
applied in whole or in part by the Collateral Agent for the ratable benefit of the Secured Parties against, all or any part of the Secured Obligations, in the order of priority specified in Section 8.03 of the Credit Agreement. Any surplus of
such cash or cash proceeds held by or on the behalf of the Collateral Agent and remaining after payment in full of all the Secured Obligations shall be paid over with reasonable promptness to the applicable Grantor or to whomsoever may be lawfully
entitled to receive such surplus. 
 (c) All payments received by any Grantor under or in connection with any Pledged
Agreement or otherwise in respect of the Collateral shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the same form as
so received (with any necessary indorsement). 

  
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 (d) The Collateral Agent may, without notice to any Grantor except as required by
law and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Secured Obligations then due and owing against any funds held with respect to the Account Collateral or in
any other deposit account. 
 (e) The Collateral Agent may send to each bank, securities intermediary or issuer party to any
Deposit Account Control Agreement, Securities Account Control Agreement or Uncertificated Security Control Agreement a “Notice of Exclusive Control” as defined in and under such Agreement. 

(f) In the event of any sale or other disposition of any of the Intellectual Property Collateral of any Grantor, the goodwill
symbolized by any Trademarks subject to such sale or other disposition shall be included therein. 
 The Collateral Agent agrees that it
shall not take any of the actions specified in this Section 21 except during the continuance of an Event of Default. 

Section 22. Amendments; Waivers; Additional Grantors; Etc. (a) No amendment or waiver of any provision of this Agreement, and
no consent to any departure by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent and such Grantor, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. No failure on the part of the Collateral Agent, any other Secured Party or any Grantor to exercise, and no delay in exercising any right hereunder, shall operate as a waiver thereof; nor shall
any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 

(b) Upon the execution and delivery by any Person of a security agreement supplement in substantially the form of
Exhibit A hereto (each a “Security Agreement Supplement”), such Person shall be referred to as an “Additional Grantor” and shall be and become a Grantor hereunder, and each reference in this Agreement
and the other Loan Documents to “Grantor” shall also mean and be a reference to such Additional Grantor, each reference in this Agreement and the other Loan Documents to the “Collateral” shall also mean and be a reference to the
Collateral granted by such Additional Grantor and each reference in this Agreement to a Schedule shall also mean and be a reference to the schedules attached to such Security Agreement Supplement. 

Section 23. Notices, Etc. All notices and other communications provided for hereunder shall be in writing (including telecopier)
and mailed, telecopied or otherwise delivered, in the case of the Company or the Collateral Agent, addressed to it at its address specified in the Credit Agreement and, in the case of each Grantor other than the Company, addressed to it at its
address set forth opposite such Grantor’s name on the signature pages hereto or on the signature page to the Security Agreement Supplement pursuant to which it became a party hereto (and with a copy to the Company); or, as to any party, at such
other address as shall be designated by such party in a written notice to the other parties. All such notices and other communications shall, when mailed, telegraphed or telecopied, be effective upon receipt. Delivery by telecopier of an executed
counterpart of a signature page to any amendment or waiver of any provision of this Agreement of any Exhibit hereto to be executed and delivered hereunder shall be effective as delivery of an original executed counterpart thereof. As agreed to by
the Company, including as set forth in Section 10.02(b) of the Credit Agreement, the Collateral Agent and the applicable Secured Parties from time to time, notices and other communications may also be delivered by e-mail to the e-mail address
of a representative of the applicable Person provided from time to time by such Person. 

  
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 Section 24. Continuing Security Interest; Assignments Under the Credit Agreement.
This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the latest of (i) the payment in full in cash of the Secured Obligations (other than contingent
indemnification obligations as to which (x) no claim has been made or (y) if a claim has been made such claim is in a determinable amount and has been Cash Collateralized), and (ii) the expiration or termination or Cash
Collateralization in accordance with Section 2.03(g) of the Credit Agreement of all Letters of Credit, (b) be binding upon each Grantor, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral
Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. 
 Section 25.
Release; Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any Grantor in accordance with the terms of the Loan Documents or otherwise as specified in Section 9.10 of the Credit
Agreement, the Collateral Agent will, at such Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor or the applicable transferee shall reasonably request to evidence the release of such item of Collateral from
the assignment and security interest granted hereby; provided, however, that (i) at the time of such request and such release no Event of Default shall have occurred and be continuing, (ii) such Grantor shall have delivered
to the Collateral Agent, at least five days prior to the date of the proposed release (or such later date as may be reasonably acceptable to the Collateral Agent), a written request for release in reasonable detail describing the item of Collateral,
together with a form of release for execution by the Collateral Agent and a certificate of such Grantor to the effect that the transaction is in compliance with the Loan Documents, (iii) the proceeds of any such sale, lease, transfer or other
disposition required to be applied, or any payment to be made in connection therewith, in accordance with Section 2.05 of the Credit Agreement shall, to the extent so required, be paid or made to, or in accordance with the instructions of, the
Collateral Agent when and as required under Section 2.05 of the Credit Agreement, and (iv) with respect to sales, leases, transfers or the dispositions of Equipment and Inventory in the ordinary course of business and other sales, leases,
transfers or other dispositions and dispositions that are not prohibited by the Credit Agreement, the Liens granted herein shall, to the extent contemplated by Section 9.10 of the Credit Agreement, be deemed to be released with no further
action on the part of any Person. 
 (b) Upon the latest of (i) the payment in full in cash of the Secured Obligations
(other than contingent indemnification obligations as to which (x) no claim has been made or (y) if a claim has been made such claim is in a determinable amount and has been Cash Collateralized) and (ii) the expiration or termination
or Cash Collateralization in accordance with Section 2.03(g) of the Credit Agreement of all Letters of Credit, the pledge and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the applicable
Grantor. Upon any such termination, the Collateral Agent will, at the applicable Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

Section 26. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or electronic mail shall be effective as
delivery of an original executed counterpart of this Agreement. 
 Section 27. Governing Law. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York. 

  
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Agreement 
  
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 Section 28. NBA Consent Letters and NHL Exclusions. (a) Each of the provisions of the
Loan Documents shall be subject to the provisions of the NBA Consent Letters which the Company, the Collateral Agent and the Secured Parties have had an adequate opportunity to review in draft and final form and have reviewed, including the forms
attached as Exhibits J-I and J-II to the Credit Agreement, and have accepted. Without limiting the generality of the preceding sentence, neither the Collateral Agent nor any Secured Party shall exercise, enforce or attempt to exercise or enforce any
of its rights or remedies under any of the Loan Documents except in accordance with any applicable provisions of the NBA Consent Letters. Each Secured Party hereby irrevocably (i) authorizes the Administrative Agent to execute, deliver and
perform on its behalf each provision of the NBA Consent Letters, (ii) authorizes the Administrative Agent to take all such other actions as are reasonably incidental thereto and (iii) agrees to be bound by the terms and provisions of the
NBA Consent Letters for the benefit of the National Basketball Association. In the event of any inconsistency or conflict between any term or provision of this Agreement or any other Loan Document and the terms of the NBA Consent Letters, the terms
and provisions of the NBA Consent Letters shall control. 
 (b) Notwithstanding anything contained in this Security Agreement or any other
Loan Document to the contrary, the Company, the other Grantors, the Collateral Agent and the other Secured Parties hereby represent, warrant and covenant that: (a) no Rangers Club Assets and no direct or indirect ownership interest in the
Company has been or will be pledged to secure any Obligations, (b) at no time shall all or any part of the Obligations be secured in whole or in part by any Rangers Club Asset or any direct or indirect ownership interest in the Company, and
(c) at no time shall any Secured Party demand, sue for, take or accept any Lien in any Rangers Club Asset or any direct or indirect ownership interest in the Company. The Company, the other Grantors, the Collateral Agent and the other Secured
Parties hereby agree that the Company will not grant to the Collateral Agent or any Secured Party any Lien on any Rangers Club Assets or any direct or indirect ownership interest in the Company. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 MSG – Security
Agreement 
  
 18 

 IN WITNESS WHEREOF, each Grantor hereto has caused this Agreement to be duly executed and
delivered by its officer therunto duly authorized as of the date first above written. 
  

			
	MSG HOLDINGS, L.P.
		
	By:	 	MSG EDEN CORPORATION, as its General Partner
		
	By:	 	/s/ ROBERT M. POLLICHINO
		 	 Name: Robert M. Pollichino
 Title:
  Chief Financial Officer & Executive Vice President

  

	
	 GARDEN PROGRAMMING, L.L.C.,
 MADISON
SQUARE GARDEN CT, LLC,
 MSG CHICAGO, LLC,
 MSG
D-LEAGUE TEAM, LLC,
 MSG EDEN REALTY, LLC,
 MSG
FORUM, LLC
 MSG HOLDINGS MUSIC, LLC
 MSG
INTERACTIVE, LLC,
 MSG NATIONAL PROPERTIES LLC,

MSG BOSTON THEATRICAL, L.L.C.,
 MSG SONGS, LLC,

MSG PUBLISHING, LLC,
 MSG WINTER PRODUCTIONS,
LLC,
 MSG VAUDEVILLE, LLC,
 FUSE HOLDINGS
LLC,
 FUSE NETWORKS LLC,
 SPORTSCHANNEL
ASSOCIATES,
 THE 31ST STREET COMPANY, L.L.C.,

RADIO CITY PRODUCTIONS LLC,
 THE GRAND TOUR, LLC

as Grantors

  

			
	By:	 	MSG EDEN CORPORATION, as the General Partner of MSG Holdings, L.P.
		
	By:	 	/s/ ROBERT M. POLLICHINO
		 	 Name: Robert M. Pollichino
 Title:
  Chief Financial Officer & Executive Vice President

  

					
		 	[SIGNATURE PAGE]	 	MSG – Security Agreement (2014)

 
			
	Accepted and agreed to as of the date first above written.
	
	 JPMORGAN CHASE BANK, N.A.,

as Collateral Agent

		
	By:	 	/s/ JOHN G. KOWALCZUK
		 	 Name: John G. Kowalczuk
 Title:
  Executive Director

  

					
		 	[SIGNATURE PAGE]	 	MSG – Security Agreement (2014)EX-10.55

 Exhibit 10.55 

This document constitutes part of a prospectus covering securities that have been registered 

under the Securities Act of 1933. 

PERFORMANCE-BASED STOCK UNIT AGREEMENT 

THIS AGREEMENT, dated as of February 20, 2014, between Lazard Ltd, a Bermuda exempted company (the “Company”), on behalf of its
applicable Affiliate (as defined under the definitional rules of Section 1(a) below), and [NAME] (the “Employee”). 
 W I T
N E S S E T H 
 In consideration of the mutual promises and covenants made herein and the mutual benefits to be derived herefrom, the
parties hereto agree as follows: 
     1. Grant and Vesting of Performance-Based Stock Units. 

(a) Subject to the provisions of this Agreement and to the provisions of the Company’s 2008 Incentive Compensation Plan (the
“Plan”) (all capitalized terms used herein, to the extent not defined, shall have the meaning set forth in the Plan), the Company, on behalf of its applicable Affiliate, hereby grants to the Employee, as of the date set forth above (the
“Grant Date”), the target number of performance-based Stock Units (“Stock Units”) specified in Appendix A, each with respect to one Share. Subject to the terms and conditions set forth in this Agreement, the Employee will
actually earn (or be deemed to earn) a number of Stock Units that is between 0% and 200% of the target number of Stock Units subject to this Agreement, such number of earned Stock Units to be determined based on achievement of the performance goals
set forth on Appendix A (the “Performance Conditions”). 
 (b) Subject to the terms and conditions of this Agreement and to the
provisions of the Plan, the Stock Units shall vest and no longer be subject to any restriction if each of the following two conditions has been satisfied: 
  

	 	(i)	The Employee has remained continuously employed by the Company or any of its Affiliates until March 1, 2017 (such date, the “Final Service Date”, and such condition, the “Service Condition”);
and 

  

	 	(ii)	 The Committee concludes that during the period beginning on January 1, 2014 and ending on December 31, 2016 (the “Performance
Period”), the Company has achieved the Performance Conditions and specifies the level at which the Stock Units shall vest, based on the scoring, adjustment and weighting provisions set forth in Appendix A; provided, however, that
the Committee, in its sole discretion, may interpret the goals and scoring set forth in Appendix A as it deems necessary or appropriate (including, without limitation, to the extent necessary to address extraordinary events or circumstances). The
ultimate score achieved based on Appendix A (which may range from 0.0 to 2.0) will be multiplied by the total target number of Stock Units in order to determine the number of Stock Units that may vest upon satisfaction of the Service Condition.
Furthermore, the Committee shall determine, following the end of each fiscal year during 

	 	
the Performance Period and in accordance with the methodology described in the first sentence of this Section 1(b)(ii), the extent to which the Company has achieved the Performance
Conditions with respect to such fiscal year and, in the event that the Performance Conditions in that year have been achieved at the target level (i.e., the 1.0x level) or above, then the Performance Conditions will be deemed satisfied with
respect to twenty-five percent (25%) of the total target number of Stock Units (any such Stock Units that are earned in accordance with this sentence, the “Fiscal Year Stock Units”). Any Fiscal Year Stock Units will vest upon
satisfaction (or deemed satisfaction) of the Service Condition in accordance with Section 1(b)(i) above or Section 1(d) or 1(f) below. In the event that the Committee makes any conclusion regarding achievement of the Performance Conditions
for the full Performance Period (or, in the case of Section 1(d)(i) or 1(f)(i), for a portion thereof), any Fiscal Year Stock Units will be applied to reduce the number of Stock Units that would otherwise be earned in accordance with this
Agreement. 

 (c) Except as set forth in Section 1(f) below, in the event that the Employee incurs a Termination of
Employment prior to the Final Service Date for any reason not set forth in Section 1(d), all unvested Stock Units (and any Remaining Shares (as defined in Section 1(d)(iii) below)) shall be forfeited by the Employee effective immediately
upon such Termination of Employment. For purposes of this Section 1(c), the Employee will be deemed to have incurred a Termination of Employment on the date that the Employee provides notice of termination to the Company, and accordingly, all
unvested Stock Units (and any Remaining Shares) shall be forfeited by the Employee immediately upon delivery of any such notice. In addition, all unvested Stock Units (excluding any Fiscal Year Stock Units or Dividend Equivalent Stock Units (as
defined in Section 4 below)) shall be forfeited by the Employee to the extent that, following the last day of the Performance Period (or such earlier date as specified in Section 1(d) or 1(f)), the Performance Conditions with respect to
such Stock Units have not been satisfied. 
 (d) (i) Except as set forth in Section 1(f) below, in the event that the Employee incurs a
Termination of Employment prior to the Final Service Date due to (A) the Employee’s Disability, (B) the Employee’s death or (C) a Termination of Employment by the Company other than for Cause, subject to Section 1(e)
below, the Stock Units (and any Remaining Shares) held by the Employee on the Date of Termination shall no longer be subject to the Performance Conditions and the Service Condition, and any Stock Units shall be settled as set forth in
Section 1(d)(iii) or Section 2 below but such Stock Units and Remaining Shares shall remain subject to forfeiture pursuant to Section 1(e) through the Final Service Date; provided that, in the case of a Termination of
Employment due to the Employee’s death as described in clause (B) of this Section 1(d)(i) or in the case of the Employee’s death subsequent to a Termination of Employment described in this Section 1(d)(i), the Stock Units
(and any Remaining Shares) will immediately vest upon the date of death and the Stock Units shall be settled through delivery of fully transferable Shares as soon as practicable following such date (or, if applicable, in the event the
Employee’s death occurs more than halfway through a fiscal quarter, as soon as practicable following the date that the Committee determines the extent to which the Performance Conditions have been satisfied for the applicable measurement
period). The Stock Units (excluding Fiscal Year Stock Units and Dividend Equivalent Stock Units) shall vest based on (1)

  
 2 

 
the actual performance level during the period beginning on the first day of the Performance Period and ending on the last day of the most recent fiscal quarter preceding the Date of Termination
(or, if the Date of Termination occurs more than halfway through a fiscal quarter, the last day of such current fiscal quarter), as determined by the Committee, and (2) deemed performance at the target level for the period beginning on the
first day of the following fiscal quarter through the last day of the Performance Period. 
  

	 	(ii)	Except as set forth in Section 1(f) below, in the event that the Employee incurs a Termination of Employment prior to the Final Service Date due to the Employee’s Retirement (as defined below), all Stock Units
held by the Employee on the Date of Termination (and any Remaining Shares) shall no longer be subject to the Service Condition and, following satisfaction of the Performance Conditions and subject to Section 1(e), shall be settled as set forth
in Section 1(d)(iii) below (unless already settled pursuant to such section prior to Termination of Employment) but shall remain subject to forfeiture pursuant to Section 1(e) through the Final Service Date (subject to any acceleration of
vesting as otherwise set forth in this Agreement). Such Stock Units (excluding Fiscal Year Stock Units and Dividend Equivalent Stock Units) shall vest at the level determined by the Committee following the last day of the Performance Period, based
on actual performance during the Performance Period. For purposes of this Agreement, “Retirement” shall mean that the Employee voluntarily incurs a Termination of Employment on or after the date on which the Employee meets all of the
following retirement eligibility requirements (such date, the “Retirement Eligibility Date”): (A) minimum age fifty-six (56); (B) minimum of five (5) years of service with the Company or its Affiliates; and (C) actual
age plus years of service with the Company or any of its Affiliates at least seventy (70). 

  

	 	(iii)	 Subject to the final sentence of Section 2 below, all Shares underlying the (A) Fiscal Year Stock Units, (B) Stock Units for which the
Performance Conditions have been satisfied (or are deemed to be satisfied in accordance with Section 1(d)(i) or Section 1(f)(i)) and (C) Dividend Equivalent Stock Units shall be delivered to the Employee (1) in the case of any
Termination of Employment due to Disability or the occurrence of the Retirement Eligibility Date, within 30 days following the later of (x) the date that the Employee is no longer required to perform any additional services in order to retain
such Stock Units and (y) the date that the Committee determines the extent to which the Performance Conditions have been satisfied for the applicable measurement period, and (2) in the case of a Termination of Employment by the Company
other than for Cause, as soon as practicable following the later of (x) the date that the release described in Section 1(e) below has become effective and irrevocable and (y) the date that the Committee determines the extent to which
the Performance Conditions have been satisfied for the applicable measurement period (but in all cases, such settlement shall not be later than March 15 of the calendar year following the year in which such Stock

  
 3 

	 	
Units are no longer subject to a substantial risk of forfeiture within the meaning of Treasury Regulation Section 1.409A-1(d)) (the date that Shares are delivered to the Employee is an
“Initial Delivery Date”). For the avoidance of doubt, there may be multiple Initial Delivery Dates for purposes of this Agreement (including as a result of achievement of Performance Conditions applicable to the Fiscal Year Stock Units and
as a result of the Dividend Equivalent Stock Units). Immediately following the Initial Delivery Date with respect to any Stock Units, subject to approval of the Compliance Department of the Company or an Affiliate, the Employee will be permitted to
dispose of the Applicable Percentage (as defined below) of the Shares (such Shares, the “Transferable Shares”) delivered to the Employee pursuant to this Section 1(d)(iii) immediately following the date that such Shares are delivered
to the Employee. For purposes of this Agreement, the “Applicable Percentage” is the percentage of the Shares (if any) delivered to the Employee that the Company determines, in its sole discretion, is necessary to satisfy the
Employee’s tax liability incurred with respect to such Shares on the date that such Shares are delivered to the Employee. All Shares delivered to the Employee on the Initial Delivery Date that are not Transferable Shares (such Shares, the
“Remaining Shares”) will remain subject to the restrictions set forth in this Agreement (including Section 1(e)) until the date that such Remaining Shares otherwise would have been delivered to the Employee following the Final Service
Date or such earlier date on which such Remaining Shares would have been delivered pursuant to this Agreement as a result of the Employee’s death or a Change in Control (such date, the “Final Delivery Date”). Accordingly, prior to the
Final Delivery Date, neither the Employee nor any of the Employee’s creditors or beneficiaries will have the right to subject the Remaining Shares to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, hedge,
exchange, attachment or garnishment or any similar transaction. Furthermore, for the avoidance of doubt, the Remaining Shares shall continue to be subject to the forfeiture provisions set forth in this Agreement relating to violation of the
restrictive covenants set forth in Appendix B, which are incorporated herein by reference (the “Restrictive Covenants”) until the Final Delivery Date. 

(e) Notwithstanding any provision of this Agreement to the contrary, in the event that the Employee incurs a Termination of Employment by the
Company other than for Cause (regardless of whether the Retirement Eligibility Date precedes the date of such Termination of Employment) or due to a Retirement in accordance with Section 1(d)(ii), in each case, prior to a Change in Control,
from and after the date of such Termination of Employment, in order for the Stock Units or the Remaining Shares, as applicable, to be treated as provided in Section 1(d), the Employee must sign a customary release of claims in favor of the
Company and its Affiliates that is acceptable to the Company, and such release must become effective and irrevocable on or before the 65th day following the Employee’s Termination of Employment. In the event the Employee does not sign such
release or revokes such release before it becomes irrevocable, the Employee shall forfeit all rights to any unvested Stock Units or Remaining Shares, as applicable. 

  
 4 

 
In the event that the Employee incurs a Termination of Employment pursuant to Section 1(d)(i) (other than as a result of death) or 1(d)(ii), and the Employee violates any of the provisions
of the Restrictive Covenants prior to the Final Delivery Date, all outstanding vested or unvested Stock Units (including Fiscal Year Stock Units and Dividend Equivalent Stock Units) and, if applicable, all Remaining Shares, shall be forfeited and
canceled. Notwithstanding that certain Restricted Covenants in Appendix B apply for only a limited period following a Termination of Employment, in the event that the Employee incurs a Termination of Employment due to a Retirement, the Employee
will forfeit any outstanding Stock Units (including Fiscal Year Stock Units and Dividend Equivalent Stock Units) and, if applicable, any Remaining Shares, if the Employee does not comply with all of the Restrictive Covenants in Appendix B until
the earlier of the Final Service Date or, as applicable, Final Delivery Date. For the avoidance of doubt, in no event shall a violation of the Restrictive Covenants in Appendix B serve as a basis for forfeiture of Stock Units (including Fiscal Year
Stock Units and Dividend Equivalent Stock Units) and, if applicable, any Remaining Shares, from and after a Change in Control. 
 (f) (i)
Notwithstanding any provision of this Agreement to the contrary, in the event of a Change in Control that occurs prior to the end of the Performance Period (without regard to whether the Employee’s Retirement has occurred on or prior to the
date of such Change in Control), the Performance Conditions shall no longer apply and, instead, shall be deemed to have been satisfied as of immediately prior to the Change in Control at the greater of (A) the target level and (B) the
actual performance level achieved during the period beginning at the start of the Performance Period and ending on the date of such Change in Control, as determined by the Committee prior to the Change in Control with any necessary exercise of
discretion determined by the Committee prior to the Change in Control. 
  

	 	(ii)	Except as otherwise provided in this Section 1(f)(ii) and 1(f)(iii) below, following a Change in Control, the unvested Stock Units (and, if applicable, any Remaining Shares) shall remain outstanding through the
Final Service Date or Final Delivery Date, as applicable; provided, however, that in the event that the Employee incurs a Termination of Employment upon or following a Change in Control but prior to the Final Service Date under any of
the circumstances described in Section 1(d)(i) or 1(d)(ii) above, the date of such Termination of Employment shall be deemed to be the Final Delivery Date, and all Shares issued in settlement of such Stock Units shall be Transferable Shares.
Furthermore, in the event that the Employee incurs a Termination of Employment under any of the circumstances described in Section 1(d)(i) or 1(d)(ii) above prior to the Final Delivery Date and prior to a Change in Control, upon a Change in
Control, the date of the Change in Control shall be deemed to be the Final Service Date for purposes of any Stock Units (and the Final Delivery Date for any Remaining Shares and, for purposes of Section 1(e), all Stock Units) then held by the
Employee and any dividends held by an escrow agent with respect thereto, as set forth in Section 4 below. 

  

	 	(iii)	 Notwithstanding the foregoing, in the event of a Change in Control prior to the Final Service Date, unless (A) either (1) the unvested Stock
Units and Remaining Shares remain outstanding following such Change in 

  
 5 

	 	
Control or (2) provision is made in connection with the Change in Control for assumption of such Stock Units or substitution of such Stock Units and Remaining Shares for new awards covering
equity interests in a successor entity, with appropriate adjustments to the number of Stock Units and Remaining Shares, as determined by the Committee prior to the Change in Control pursuant to Section 3(b)(ii) of the Plan, and (B) the
material terms and conditions of such Stock Units and Remaining Shares as in effect immediately prior to the Change in Control are preserved following the Change in Control (including, without limitation, with respect to the vesting schedules, the
intrinsic value of the Stock Units and Remaining Shares and transferability of the Shares or other securities underlying the Stock Units and Remaining Shares prior to and following the Change in Control), the date of the Change in Control shall be
deemed to be the Final Service Date for purposes of such Stock Units (and the Final Delivery Date for purposes of any Remaining Shares then outstanding and, for purposes of Section 1(e), all Stock Units) and such Stock Units shall be settled
within 30 days following such date. 

     2. Settlement of Units, Restrictions on Remaining Shares. 

As soon as practicable (but in no event more than 30 days) after any Stock Unit has vested and is no longer subject to the applicable Service
Condition and Performance Conditions, the Company shall, subject to Sections 1(d), 1(e) and 6, cause its applicable Affiliate to deliver to the Employee one or more unlegended, freely-transferable stock certificates or book-entry credits in respect
of such Shares issued upon settlement of the vested Stock Units. Notwithstanding the foregoing, (a) the Company shall be entitled to hold the Shares or cash issuable upon settlement of Stock Units that have vested until the Company shall have
received from the Employee a duly executed Form W-9 or W-8, as applicable, and (b) any certificate or book entry credit issued or entered in respect of the Remaining Shares shall be registered in the Employee’s name and shall bear an
appropriate legend referring to the terms, conditions and restrictions applicable to the Remaining Shares, substantially in the following form: 

“The transferability of this certificate and the shares of stock represented hereby is subject to the terms and
conditions (including forfeiture) of the Lazard Ltd 2008 Incentive Compensation Plan and an Award Agreement, as well as the terms and conditions of applicable law. Copies of such Plan and Agreement are on file at the offices of Lazard Ltd.”

 The Company may require that the certificates or book entry credits evidencing title of the Remaining Shares be held in custody by the
Company until the restrictions thereon shall have lapsed and that, as a condition of receiving the Remaining Shares, the Employee shall have delivered to the Company a stock power, endorsed in blank, relating to such Remaining Shares. If and when
the Final Delivery Date occurs (or is deemed to occur) with respect to the Remaining Shares, the legend set forth shall be removed from the certificates or book entry credits evidencing such Shares. Notwithstanding any provision of this Agreement to
the contrary, Shares will be delivered to the Employee in settlement of any Stock Units for which all conditions have been satisfied (or deemed satisfied) no later than March 15 of the year following the year in which such Stock Units are no
longer subject to a substantial risk of forfeiture within the meaning of Treasury Regulation Section 1.409A-1(d). 

  
 6 

     3. Nontransferability of the Stock Units and Remaining Shares. 

Until such time as the Stock Units are ultimately settled or the Remaining Shares are ultimately free from restriction, as applicable, as
provided in Section 1(d), Section 1(f) or Section 2 above, the Stock Units and Remaining Shares shall not be transferable by the Employee by means of sale, assignment, exchange, encumbrance, pledge, hedge or otherwise. 

    4. Dividend Equivalents, Rights as a Shareholder. 

If the Company declares and pays (or sets a record date with respect to) ordinary quarterly cash dividends on the Common Stock (a) during
the Performance Period, the target number of Stock Units less any Transferable Shares and Remaining Shares (such Stock Units, the “Target Stock Units”) shall be credited with additional Stock Units (determined by dividing the aggregate
dividend amount that would have been paid with respect to the Target Stock Units if they had been actual Shares by the Fair Market Value of a Share on the dividend payment date) (such additional Stock Units, the “Dividend Equivalent Stock
Units”), which Dividend Equivalent Stock Units (and any additional Dividend Equivalent Stock Units that are granted while the Dividend Equivalent Stock Units are outstanding) shall be subject to the Service Condition and all other terms of this
Agreement but shall not be subject to the Performance Conditions (i.e., the Dividend Equivalent Stock Units shall be treated as Stock Units for which the Performance Conditions have already been satisfied), or (b) after the Performance
Period but while any Stock Units remain outstanding, any then outstanding Stock Units shall be credited with additional Stock Units (determined by dividing the aggregate dividend amount that would have been paid with respect to the Stock Units if
they had been actual Shares by the Fair Market Value of a Share on the dividend payment date), which additional Stock Units shall vest and be settled concurrently with the underlying Stock Units and be treated as Stock Units for all purposes of this
Agreement. For the avoidance of doubt, the provisions of the immediately preceding sentence shall not apply to any extraordinary dividends or distributions, which are addressed in Section 3(b)(i) of the Plan. 

Notwithstanding the foregoing, subject to Section 1(d) and Section 2 and any other applicable law or agreement, from and after the
Initial Delivery Date, the Employee will have all rights and privileges of a shareholder with respect to the Shares delivered on such Initial Delivery Date, including the right to vote the Shares and to receive dividends and other distributions with
respect thereto, provided that, any dividends that are paid on the Remaining Shares prior to the Final Delivery Date (whether payable in cash or Shares) will be held until the Final Delivery Date by an escrow agent that is designated by the Company,
and in the event that the Remaining Shares are forfeited in accordance with Section 1(e), such dividends will also be forfeited. For the avoidance of doubt, the determination of applicable dividends, and the calculation of amounts equivalent
thereto, provided for in this Section 4 shall be made consistent with the Company’s past practice with respect to similar Awards. 

  
 7 

     5. Payment of Transfer Taxes, Fees and Other Expenses. 

The Company agrees, or will cause its applicable Affiliate, to pay any and all original issue taxes and stock transfer taxes that may be
imposed on the issuance of Shares received by an Employee in connection with the Stock Units, together with any and all other fees and expenses necessarily incurred by the Company in connection therewith. 

    6. Taxes and Withholding; Disgorgement of Tax Benefits. 

(a) No later than the date as of which an amount first becomes includible in the gross income of the Employee for federal, state, local or
foreign income tax purposes with respect to any Stock Units, the Employee shall pay to the Company or its applicable Affiliate, or make arrangements satisfactory to the Company or its applicable Affiliate regarding the payment of, any federal,
state, local and foreign taxes that are required by applicable laws and regulations to be withheld with respect to such amount. Except as otherwise required by applicable law, the Company will report that the Employee will be taxed on the full value
of the Shares underlying the Employee’s Stock Units on the date that such Shares are issued to the Employee in accordance with this Agreement. The obligations of the Company under this Agreement shall be conditioned on compliance by the
Employee with this Section 6, and the Company or its applicable Affiliate shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Employee, including deducting such amount from the
delivery of Shares or cash issued upon settlement of the Stock Units that gives rise to the withholding requirement. Notwithstanding the foregoing, the Company or an Affiliate may, in the Company’s sole discretion and subject to such other
terms and conditions as the Company may determine, if the Employee is not subject to withholding as a matter of applicable law as of the date that the Shares are delivered to the Employee (including if the Employee is a member of the Company who
reports income from the Company and its Affiliates on Schedule K-1 to the Company’s Federal income tax return) and pursuant to the prior written approval of the Company, permit the Employee to surrender some or all of the Transferable Shares to
the Company or an Affiliate and have the Company or such Affiliate remit the relevant taxes on the Employee’s behalf to the appropriate taxing authorities. Prior to an Initial Delivery Date, the Company will notify the Employee of (i) how
many Shares will be delivered to the Employee on such Initial Delivery Date and (ii) the portion, if any, of the Transferable Shares that the Company or an Affiliate will retain pursuant to the immediately preceding sentence. 

(b) In the event that the Employee incurs a Termination of Employment due to a Retirement and, after such Retirement, the Employee forfeits
the Remaining Shares and the dividends held in escrow in accordance with Section 4 of this Agreement, the Employee shall disgorge to the Company any tax benefit the Employee realizes from the forfeiture of any such Remaining Shares or
dividends, if, as and when actually realized by the Employee. The Employee agrees to use commercially reasonable efforts to claim any tax benefit from such forfeiture that the Company reasonably determines is available to the Employee on all
relevant tax returns filed after having received notice from the Company. Notwithstanding the foregoing, this Section 6(b) shall not apply from and after a Change in Control or a Termination of Employment pursuant to Section 1(d)(i). 

  
 8 

     7. Effect of Agreement. 

Except as otherwise provided hereunder, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of
the Company. The invalidity or enforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. Nothing in this Agreement or the Plan shall confer upon the Employee any right
to continue in the employ of the Company or any of its Affiliates or interfere in any way with the right of the Company or any such Affiliates to terminate the Employee’s employment at any time. Until Shares are actually delivered to the
Employee upon settlement of the Stock Units, the Employee shall not have any rights as a shareholder with respect to the Stock Units, except as specifically provided herein. 

    8. Laws Applicable to Construction; Consent to Jurisdiction. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York (United States of America), without
regard to principles of conflict of laws that could cause the application of the law of any jurisdiction other than the State of New York. In addition to the terms and conditions set forth in this Agreement and the Restrictive Covenants, the Stock
Units are subject to the terms and conditions of the Plan, which is hereby incorporated by reference. By accepting the Stock Units, the Employee agrees to and is bound by the Plan and the Restrictive Covenants. 

(b) Subject to the provisions of Section 8(c), any controversy or claim between the Employee and the Company or its Affiliates arising
out of or relating to or concerning the provisions of this Agreement or the Plan shall be finally settled by arbitration in New York City before, and in accordance with the rules then obtaining of, the Financial Industry Regulatory Authority
(“FINRA”) or, if FINRA declines to arbitrate the matter, the American Arbitration Association (the “AAA”) in accordance with the commercial arbitration rules of the AAA. 

(c) Notwithstanding the provisions of Section 8(b), and in addition to its right to submit any dispute or controversy to arbitration, the
Company or one of its Affiliates may bring an action or special proceeding in a state or federal court of competent jurisdiction sitting in the City of New York, whether or not an arbitration proceeding has theretofore been or is ever initiated, for
the purpose of temporarily, preliminarily, or permanently enforcing the provisions of the Restrictive Covenants, or to enforce an arbitration award, and, for the purposes of this Section 8(c), the Employee (i) expressly consents to the
application of Section 8(d) to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of the Restrictive Covenants or this Agreement would be difficult to calculate
and that remedies at law would be inadequate, and (iii) irrevocably appoints the General Counsel of the Company as the Employee’s agent for service of process in connection with any such action or proceeding, who shall promptly advise the
Employee of any such service of process by notifying the Employee at the last address on file in the Company’s records. 
 (d) The
Employee and the Company hereby irrevocably submit to the exclusive jurisdiction of any state or federal court located in the City of New York over any suit, action, or proceeding arising out of, relating to or in connection with this Agreement or
the Plan that is not otherwise required to be arbitrated or resolved in accordance with the provisions of Section 8(b). 

  
 9 

 
This includes any suit, action or proceeding to compel arbitration or to enforce an arbitration award. The Employee and the Company acknowledge that the forum designated by this Section 8(d)
has a reasonable relation to this Agreement, and to the Employee’s relationship to the Company. Notwithstanding the foregoing, nothing herein shall preclude the Company or the Employee from bringing any action or proceeding in any other court
for the purpose of enforcing the provisions of Sections 8(a), 8(b), or this Section 8(d). The agreement of the Employee and the Company as to forum is independent of the law that may be applied in the action, and the Employee and the Company
agree to such forum even if the forum may under applicable law choose to apply non-forum law. The Employee and the Company hereby waive, to the fullest extent permitted by applicable law, any objection which the Employee or the Company now or
hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in this Section 8(d). The Employee and the Company undertake not to commence any action arising out of, or
relating to or in connection with this Agreement in any forum other than a forum described in this Section 8(d), or, to the extent applicable, Section 8(b). The Employee and the Company agree that, to the fullest extent permitted by
applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any such court shall be conclusive and binding upon the Employee and the Company. 

    9. Conflicts and Interpretation. 

In the event of any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or
any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Committee has the power, among others, to (a) interpret the Plan, (b) prescribe, amend and
rescind rules and regulations relating to the Plan, and (c) make all other determinations deemed necessary or advisable for the administration of the Plan. 

    10. Amendment. 

Any modification, amendment or waiver to this Agreement that shall materially impair the rights of the Employee with respect to the Stock Units
shall require an instrument in writing to be signed (either in paper format or electronically) by both parties hereto, except such a modification, amendment or waiver made to cause the Plan or the Stock Units to comply with applicable law, tax
rules, stock exchange rules or accounting rules and which is made to similarly situated employees. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of
this Agreement, or of any subsequent breach by such party of a provision of this Agreement. 
     11. Section 409A of the Code.

 It is intended that the Stock Units shall be exempt from Section 409A of the Code pursuant to the “short-term deferral”
rule applicable to such section, as set forth in the regulations or other guidance published by the Internal Revenue Service thereunder. 

  
 10 

     12. Electronic Delivery. 

In lieu of receiving documents in paper format, the Employee hereby agrees, to the fullest extent permitted by law, to accept electronic
delivery of any documents that the Company or any Affiliate may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or Award notifications and agreements, account statements, annual and quarterly
reports, and all other forms of communications) in connection with the Stock Units or any other prior or future Award (it being understood and agreed that the Company or its Affiliates may, in their sole discretion, elect to satisfy any delivery
requirements electronically, in paper format, or a combination of both methods). Electronic delivery of a document to the Employee may be via a Company email system or by reference to a location on a Company intranet or secure internet site to which
Employee has access. 
     13. Compensation Recovery Policy.  

The Employee acknowledges and agrees that the Employee and the Stock Units are subject to the Company’s Compensation Recovery Policy
Applicable to Named Executive Officers, as in effect as of the date hereof (a copy of which has been provided to the Employee). 

    14. Headings. 

The headings of paragraphs herein are included solely for convenience of reference and shall not affect the meaning or interpretation of any of
the provisions of this Agreement. 
 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
 11 

 IN WITNESS WHEREOF, as of the date first above written, the Company has caused this Agreement to
be executed on behalf of its applicable Affiliate by a duly authorized officer and the Employee has hereunto set the Employee’s hand. 

LAZARD LTD, 
  

			
	by	 	
		 	  

		 	Name:
		 	Title:
		
		 	  

		 	NAME

  
 12 

 Appendix A 

Performance Criteria and Calculation 

  
 A-1 

 Appendix B 

Restrictive Covenants 
 The Employee
acknowledges that the grant of the performance-based Stock Units pursuant to the Performance-Based Stock Unit Agreement (such Stock Units, the “Stock Units” and such Performance-Based Stock Unit Agreement, the “Agreement”)
confers a substantial benefit upon the Employee, and agrees to the following covenants (the “Restrictive Covenants”), which are designed, among other things, to protect the interests of the Lazard Group LLC, a Delaware limited liability
company (the “Company”), and its Affiliates (collectively, the “Firm”) in its confidential and proprietary information, trade secrets, customer and employee relationships, orderly transition of responsibilities, and other
legitimate business interests. All capitalized terms used herein, to the extent not defined, shall have the meaning set forth in the Lazard Ltd 2008 Incentive Compensation Plan. The Employee acknowledges that the Stock Units will be forfeited upon a
violation by the Employee of the Restrictive Covenants, and that, pursuant to the Agreement, the Firm may seek injunctive relief in order to enforce the Restrictive Covenants: 

(a) Confidential Information. The Employee shall not at any time (whether prior to or following the Employee’s Termination of
Employment) disclose or use for the Employee’s own benefit or purposes or the benefit or purposes of any other person, corporation or other business organization or entity, other than the Firm, any trade secrets, information, data, or other
confidential or proprietary information relating to the customers, developments, programs, plans or business and affairs of the Firm; provided that the foregoing shall not apply to information that is not unique to the Firm or that is
generally known to the industry or the public other than as a result of the Employee’s breach of this Restrictive Covenant or as required pursuant to an order of a court, governmental agency or other authorized tribunal (provided that the
Employee shall provide the Firm prior written notice of any such required disclosure). The Employee agrees that upon the Employee’s Termination of Employment, the Employee or, in the event of the Employee’s death, the Employee’s heirs
or estate at the request of the Firm, shall return to the Firm immediately all books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business of the Firm. Without limiting the
foregoing, the existence of, and any information concerning, any dispute between the Employee and the Firm shall be subject to the terms of this Paragraph (a), except that the Employee may disclose information concerning such dispute to the
arbitrator or court that is considering such dispute, and to the Employee’s legal counsel, spouse or domestic partner, and tax and financial advisors (provided that such persons agree not to disclose any such information). 

(b) Non-Competition. The Employee acknowledges and recognizes the highly competitive nature of the businesses of the Firm. The Employee
further acknowledges that the Employee has been and shall be provided with access to sensitive and proprietary information about the clients, prospective clients, knowledge capital and business practices of the Firm, and has been and shall be
provided with the opportunity to develop relationships with clients, prospective clients, consultants, employees, representatives and other agents of the Firm, and the Employee further acknowledges that such proprietary information and relationships
are extremely valuable assets in which the Firm has invested and shall continue to invest substantial time, effort and expense. The Employee agrees that while employed by the Firm and thereafter until (i) (A) three months after the
Employee’s date of Termination of Employment for any 

  
 B-1 

 
reason other than a termination by the Firm without Cause or (B) one month after the date of the Employee’s Termination of Employment by the Firm without Cause (in either case, the date
of such Termination of Employment, the “Date of Termination”) or (ii) the end of any longer period during which any similar covenants would be applicable to the Employee pursuant to any other agreement (other than an award agreement
evidencing previously granted equity-based, fund interest, deferred cash or similar awards (collectively, the “Prior Awards”)) between the Employee and the Firm (such period, the “Non-compete Restriction Period”), the Employee
shall not, directly or indirectly, on the Employee’s behalf or on behalf of any other person, firm, corporation, association or other entity, as an employee, director, advisor, partner, consultant or otherwise, provide services or perform
activities for, or acquire or maintain any ownership interest in, a “Competitive Enterprise”. For purposes of the Agreement, including this Appendix B, “Competitive Enterprise” shall mean a business (or business unit) that
(x) engages in any activity or (y) owns or controls a significant interest in any entity that engages in any activity, that in either case, competes anywhere with any activity that is similar to an activity in which the Firm is engaged up
to and including the Employee’s Date of Termination. Notwithstanding anything in this Appendix B, the Employee shall not be considered to be in violation of the Restrictive Covenants solely by reason of owning, directly or indirectly, any stock
or other securities of a Competitive Enterprise (or comparable interest, including a voting or profit participation interest, in any such Competitive Enterprise) if the Employee’s interest does not exceed 5% of the outstanding capital stock of
such Competitive Enterprise (or comparable interest, including a voting or profit participation interest, in such Competitive Enterprise). The Employee acknowledges that the Firm is engaged in business throughout the world. Accordingly, and in view
of the nature of the Employee’s position and responsibilities, the Employee agrees that the provisions of this Paragraph (b) shall be applicable to each jurisdiction, foreign country, state, possession or territory in which the Firm may be
engaged in business while the Employee is providing services to the Firm. 
 (c) Nonsolicitation of Clients. The Employee hereby
agrees that during the Non-compete Restriction Period, the Employee shall not, in any manner, directly or indirectly, (i) Solicit a Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with
the Firm, to the extent the Employee is soliciting a Client to provide them with services the performance of which would violate Paragraph (b) above if such services were provided by the Employee, or (ii) interfere with or damage (or
attempt to interfere with or damage) any relationship between the Firm and a Client. For purposes of the Agreement, including this Appendix B, the term “Solicit” means any direct or indirect communication of any kind whatsoever, regardless
of by whom initiated, inviting, advising, persuading, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action, and the term “Client” means any client or prospective client of the Firm to
whom the Employee provided services, or for whom the Employee transacted business, or whose identity became known to the Employee in connection with the Employee’s relationship with or employment by the Firm, whether or not the Firm has been
engaged by such Client pursuant to a written agreement; provided that an entity which is not a client of the Firm shall be considered a “prospective client” for purposes of this sentence only if the Firm made a presentation or
written proposal to such entity during the 12-month period preceding the Date of Termination or was preparing to make such a presentation or proposal at the time of the Date of Termination. 

  
 B-2 

 (d) No Hire of Employees. The Employee hereby agrees that while employed by the Firm and
thereafter until (i) six months after the Date of Termination for any reason or (ii) the end of any longer period during which any similar covenants would be applicable to the Employee pursuant to any other agreement (other than an award
agreement evidencing any Prior Awards) between the Employee and the Firm (such period, the “No Hire Restriction Period”), the Employee shall not, directly or indirectly, for himself or on behalf of any third party at any time in any
manner, Solicit, hire, or otherwise cause any employee who is at the associate level or above (including, without limitation, managing directors), officer or agent of the Firm to apply for, or accept employment with, any Competitive Enterprise, or
to otherwise refrain from rendering services to the Firm or to terminate his or her relationship, contractual or otherwise, with the Firm, other than in response to a general advertisement or public solicitation not directed specifically to
employees of the Firm. 
 (e) Nondisparagement. The Employee shall not at any time (whether prior to or following the Employee’s
Termination of Employment), and shall instruct the Employee’s spouse or domestic partner, parents, and any of their lineal descendants (it being agreed that in any dispute between the parties regarding whether the Employee breached such
obligation to instruct, the Firm shall bear the burden of demonstrating that the Employee breached such obligation) not to, make any comments or statements to the press, employees of the Firm, any individual or entity with whom the Firm has a
business relationship or any other person, if such comment or statement is disparaging to the Firm, its reputation, any of its affiliates or any of its current or former officers, members or directors, except for truthful statements as may be
required by law. 
 (f) Notice of Termination Required. The Employee agrees to provide a period of advance written notice to the Firm
prior to the Employee’s Termination of Employment equal to (i) three months or (ii) any longer notice period required pursuant to any other agreement (other than an award agreement evidencing any Prior Awards) between the Employee and
the Firm. The Employee hereby agrees that, if, during the applicable period after the Employee has provided notice of termination to the Firm or prior thereto, the Employee enters (or has entered into) a written agreement to provide services or
perform activities for a Competitive Enterprise that would violate Paragraph (b) if performed during the Non-compete Restriction Period, such action shall be deemed a violation of this Paragraph (f). 

(g) Restrictive Covenants Generally. If any of the Restrictive Covenants is finally held to be invalid, illegal or unenforceable
(whether in whole or in part), such Restrictive Covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining such Restrictive Covenants shall not be affected thereby;
provided, however, that if any of such Restrictive Covenants is finally held to be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such Restrictive
Covenant shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Employee hereby agrees that prior to accepting employment with any other person or entity during
his period of service with the Firm or during the Non-compete Restriction Period or the No Hire Restriction Period, the Employee shall provide such prospective employer with written notice of the provisions of this Appendix B, with a copy of such
notice delivered no later than the date of the Employee’s commencement of 

  
 B-3 

 
such employment with such prospective employer, to the General Counsel of the Company. The Employee acknowledges and agrees that the terms of the Restrictive Covenants: (i) are reasonable in
light of all of the circumstances, (ii) are sufficiently limited to protect the legitimate interests of the Firm, (iii) impose no undue hardship on the Employee and (iv) are not injurious to the public. The Employee acknowledges and
agrees that the Employee’s breach of the Restrictive Covenants will cause the Firm irreparable harm, which cannot be adequately compensated by money damages. The Employee also agrees that the Firm shall be entitled to injunctive relief for any
actual or threatened violation of any of the Restrictive Covenants in addition to any other remedies it may have, including, without limitation, money damages and forfeiture of the Stock Units. The Employee further acknowledges that, except as
provided in Paragraph (h), the Restrictive Covenants and notice period requirements set forth herein shall operate independently of, and not instead of, any other restrictive covenants or notice period requirements to which the Employee is subject
pursuant to other plans and agreements involving the Firm. 
 (h) Other Restrictive Covenants. The Employee acknowledges that, in the
event that the Employee is subject to an employment contract, the Restrictive Covenants set forth in this Appendix B constitute a supplement to such employment contract and will be entirely governed by the distinct and specific provisions of this
Appendix B. The Employee acknowledges that the Restrictive Covenants set forth in this Appendix B shall supersede and are in full substitution for any and all prior restrictive covenants included in any award agreement evidencing any Prior Awards by
which the Employee is bound, and this Paragraph (h) shall constitute a valid amendment to such award agreements. 

  
 B-4

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