Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

November 17, 2021

 

Loral Space & Communications Inc.

600 Fifth Avenue

New York, N.Y.

Attn: Avi Katz

Email:
avi.katz@hq.loral.com

 

Public Sector Pension Investment Board

1250 René-Lévesque Blvd. West

Suite 1400

Montréal, Québec

Attn: Senior Vice President and Global Head of Credit and Private Equity
Investments

Email: privateequity@investpsp.ca

with a copy to: legalnotices@investpsp.ca

 

MHR Institutional Partners LP

MHRA LP

MHRM LP

MHR Institutional Partners II LP

MHR Institutional Partners IIA LP

MHR Institutional Partners III LP

MHR Capital Partners Master Account II Holdings LLC

MHR Capital Partners Master Account LP

MHR Capital Partners (100) Account LP

c/o MHR Fund Management LLC

1345 Ave. of the Americas

42nd Floor

New York, NY 10105

Attn: Janet Yeung and Keith Schaitkin

Email:
JYeung@mhrfund.com; KSchaitkin@mhrfund.com

 

cc:

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019

Attn: Maurice M. Lefkort

Email: mlefkort@willkie.com

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attn: Douglas Warner

Email: doug.warner@weil.com

 

     

     

    

 

 

 

Via Email

 

Ladies and Gentlemen:

 

Reference is hereby made to the Transaction Agreement
and Plan of Merger (as it may be amended from time to time, the “Transaction Agreement”), by and among Telesat Canada,
a Canadian corporation (“Telesat”), Loral Space & Communications Inc., a Delaware corporation (“Loral”),
Telesat Partnership LP, a limited partnership formed under the laws of Ontario, Canada, Telesat Corporation, a newly formed corporation
incorporated under the laws of the Province of British Columbia, Canada and the sole general partner of Telesat Partnership (“Telesat
Corporation”), Telesat CanHold Corporation, a corporation incorporated under the laws of British Columbia, Canada and wholly
owned subsidiary of Telesat Partnership, Lion Combination Sub Corporation, a Delaware corporation and wholly owned subsidiary of Loral,
Public Sector Pension Investment Board, a Canadian Crown corporation (“PSP Investments”), and Red Isle Private Investments
Inc., a Canadian corporation and wholly owned subsidiary of PSP Investments. Capitalized terms used in this letter but not defined herein
shall have the meanings ascribed to such terms in the Transaction Agreement.

 

Section 8.7 of the Transaction Agreement provides
that prior to the Closing, all Contracts and transactions set forth on Section 8.7 of the Leo Disclosure Letter shall be terminated, and
all financial obligations thereunder shall be satisfied in full with no further obligation or liability of the Leo Group following the
Closing.

 

Please confirm by executing this letter and returning
a copy to Telesat that each of the Parties hereby consents and agrees (i) that, notwithstanding Section 8.7 of the Transaction Agreement,
the Services Agreement, dated as of June 23, 2008, by and among Loral, Fernando Ceylão Consultoria Ltda. and Fernando Carlos Ceylão
Filho, as amended June 23, 2011, December 17, 2015 and June 14, 2018 (the “Ceylão Agreement”) will not be terminated
at or prior to Closing, (ii) for purposes of Section 8.6 of the Transaction Agreement, to the designation of the name of the Class A Topco
Common Shares and Class B Topco Common Shares as Class A Common shares and Class B Variable Voting shares, respectively and (iii) that
Section 7.6 of the Transaction Agreement is hereby amended and restated in its entirety with the following Section 7.6:

 

Section
7.6 Ownership of Transit Securities. Polaris is the indirect beneficial owner, and Rover is the record
and direct beneficial owner, of 35,172,218 Transit Common Shares, 1,824,294 Transit Non-Voting Participating Preferred Shares and 7,034,444
Transit Voting Participating Preferred Shares, free and clear of all Liens, other than restrictions on transfer imposed by applicable
Legal Requirements and by the Transit Shareholders Agreement.

 

For the avoidance of doubt and notwithstanding
anything contained in the Transaction Agreement to the contrary, (i) Section 7.6 of the Transaction Agreement, as amended and set forth
herein, shall govern for purposes of Section 10.3(a) under the Transaction Agreement and (ii) the Ceylão Agreement is a Contract
of the Leo Group in effect at or prior to the Reference Time and shall continue to be subject in all respects to Section 9.9(b) of the
Transaction Agreement. This letter constitutes notice by the Joint Obligors to Rover that the Ceylão Agreement may affect a Liability
that would give rise to a claim pursuant to Section 9.9(a) or Section 9.9(b) of the Transaction Agreement.

 

 

 

160 Elgin Street, Suite 2100, Ottawa, ON Canada K2P 2P7
tel:
+1 613 748 0123

    

    

    

 

 

 

Section 3.9 of the Voting Support Agreement (the
 “Voting Support Agreement”), by and among Telesat, PSP Investments and the other parties thereto (such other parties,
the “Stockholders”) requires that the parties to the Transaction Agreement shall not and shall not agree to, any modification,
amendment or waiver of the Transaction Agreement the unless such modification, amendment or waiver is previously consented to in writing
by each Stockholder.

 

Please confirm by executing this letter and returning
a copy to Telesat that each Stockholder consents to (i) the waiver of the requirement to terminate the Ceylão Agreement at or prior
to the Closing pursuant to Section 8.7 of the Transaction Agreement and (ii) the foregoing amendment to Section 7.6 of the Transaction
Agreement.

 

Except as set forth herein, all of the terms and
conditions of the Transaction Agreement shall remain in effect without modification and shall be deemed to apply to this letter.

 

[Signature Page Follows]

 

 

 

 

160 Elgin Street, Suite 2100, Ottawa, ON Canada K2P 2P7
tel:
+1 613 748 0123

    

    

    

 

	 	Very truly yours,
	 	 
	 	TELESAT CANADA
	 	 
	 	By:	/s/ Christopher S. DiFrancesco
	 	 	Name: 	Christopher S. DiFrancesco
	 	 	Title:	Vice President, General Counsel and Secretary

 

[Integration Agreement Waiver – Ceylão
Agreement, Share Designation and PSP Capitalization Representation]

 

     

     

    

 

	Confirmed, acknowledged, and agreed
    as of the date first written above:	 
	 	 
	LORAL SPACE & COMMUNICATIONS INC.	 
	 	 
	By:	/s/
    Avi Katz	 
	 	Name: 	Avi Katz	 
	 	Title:	President, General Counsel and Secretary	 

 

[Integration Agreement Consent – Ceylão
Agreement, Share Designation and PSP Capitalization Representation]

 

     

     

    

 

	Confirmed, acknowledged, and agreed
    as of the date first written above:	 
	 	 
	PUBLIC SECTOR INVESTMENT PENSION BOARD	 
	 	 
	By:	/s/ Selin Bastin	 
	 	Name: 	Selin Bastin	 
	 	Title:	Authorized Signatory	 
	 	 
	By:	/s/ Martin Longchamps	 
	 	Name:	Martin Longchamps	 
	 	Title:	Authorized Signatory	 
	 	 
	RED ISLE PRIVATE INVESTMENTS INC.	 
	 	 
	By:	/s/ Selin Bastin	 
	 	Name:	Selin Bastin	 
	 	Title:	Authorized Signatory	 
	 	 
	By:	/s/ Martin Longchamps	 
	 	Name:	Martin Longchamps	 
	 	Title:	Authorized Signatory	 

 

[Integration Agreement Consent – Ceylão
Agreement, Share Designation and PSP Capitalization Representation]

 

     

     

    

 

	Confirmed, acknowledged, and agreed
    as of the date first written above:	 
	 	 
	MHR INSTITUTIONAL PARTNERS LP	 
	 	 
	By:	MHR Institutional Advisors LLC, its
    General Partner	 
	 	 
	By:	/s/ Janet Yeung	 
	 	Name: 	Janet Yeung	 
	 	Title:	Authorized Signatory	 
	 	 
	MHRA LP	 
	 	 
	By:	MHR Institutional Advisors LLC, its
    General Partner	 
	 	 
	By:	/s/ Janet Yeung	 
	 	Name:	Janet Yeung	 
	 	Title:	Authorized Signatory	 
	 	 
	MHRM LP	 
	 	 
	By:	MHR Institutional Advisors LLC, its
    General Partner	 
		 
	By:	/s/ Janet Yeung	 
	 	Name:	Janet Yeung	 
	 	Title:	Authorized Signatory	 
	 	 
	MHR INSTITUTIONAL PARTNERS II LP	 
	 	 
	By:	MHR Institutional Advisors II LLC,
    its General Partner	 
	 	 
	By:	/s/ Janet Yeung	 
	 	Name:	Janet Yeung	 
	 	Title:	Authorized Signatory	 

 

[Integration Agreement Consent – Ceylão
Agreement, Share Designation and PSP Capitalization Representation]

 

     

     

    

 

	MHR INSTITUTIONAL PARTNERS IIA LP	 
	 	 
	By:	MHR Institutional Advisors II LLC,
    its General Partner	 
	 	 
	By:	/s/
    Janet Yeung	 
	 	Name: 	Janet Yeung	 
	 	Title:	Authorized Signatory	 
	 	 
	MHR INSTITUTIONAL PARTNERS III LP	 
	 	 
	By:	MHR Institutional Advisors III LLC,
    its General Partner	 
	 	 
	By:	/s/
    Janet Yeung	 
	 	Name:	Janet Yeung	 
	 	Title:	Authorized Signatory	 
	 	 
	MHR CAPITAL PARTNERS MASTER ACCOUNT
    II HOLDINGS LLC	 
	 	 
	By:	MHR Advisors LLC, the General Partner
    of its Sole Member	 
	 	 
	By:	/s/
    Janet Yeung	 
	 	Name:	Janet Yeung	 
	 	Title:	Authorized Signatory	 
	 	 
	MHR CAPITAL PARTNERS MASTER ACCOUNT
    LP	 
	 	 
	By:	MHR Advisors LLC, its General Partner	 
	 	 
	By:	/s/
    Janet Yeung	 
	 	Name:	Janet Yeung	 
	 	Title:	Authorized Signatory	 

 

[Integration Agreement Consent – Ceylão
Agreement, Share Designation and PSP Capitalization Representation]

 

     

     

    

 

	MHR CAPITAL PARTNERS (100) ACCOUNT
    LP	 
	 	 
	By:	MHR Advisors LLC, its General Partner	 
	 	 
	By:	/s/
    Janet Yeung	 
	 	Name: 	Janet Yeung	 
	 	Title:	Authorized Signatory	 

 

[Integration Agreement Consent – Ceylão
Agreement, Share Designation and PSP Capitalization Representation]EX-10.1

 Exhibit 10.1 

MADISON SQUARE GARDEN SPORTS CORP. 

Executive Deferred Compensation Plan 

The Company has established the Madison Square Garden Sports Corp. Executive Deferred Compensation Plan for the purpose of permitting a select
group of highly-compensated employees to defer the employee’s annual base salary and bonus into the Plan with returns on such deferrals tracking the performance of certain investments. The Plan is adopted effective as of November 16, 2021
(the “Effective Date”). 
 Article 1. Definitions 

Whenever the following words and phrases are used in the Plan, with the first letter capitalized, they shall have the meanings specified
below. 
  

	1.1	 Administrator means the Madison Square Garden Sports Corp. Investment and Benefits Committee or any
other committee of at least three members appointed by the Compensation Committee of the Board. The administration of the Plan, the exclusive power to interpret it and the responsibility for carrying out its provisions are vested in the
Administrator. 

  

	1.2	 Affiliate means any entity that is, or would be, aggregated and treated as a single employer with the
Company under Sections 414(b) or (c) of the Code; provided, however, that an ownership threshold of at least 50% shall be used hereunder instead of the 80% minimum ownership threshold that would otherwise apply under such sections of the Code.

  

	1.3	 Annual Enrollment Letter means the letter provided prior to the Deferral Deadline by the Administrator
to an Eligible Employee for each Plan Year in which an employee is an Eligible Employee setting forth the Eligible Employee’s eligibility to defer compensation under the Plan, the maximum amount that the Eligible Employee is eligible to defer
under the Plan and such other terms as the Administrator may determine. 

  

	1.4	 Board means the Board of Directors of the Company. 

 

	1.5	 Change in Control means a change in ownership or effective control of the Company or in the ownership of
a substantial portion of its assets, in each case within the meaning of Section 409A(a)(2)(A)(v) of the Code, other than the acquisition, in a transaction or a series of related transactions by Charles F. Dolan or members of the immediate
family of Charles F. Dolan or trusts for the benefit of Charles F. Dolan or his immediate family (or an entity or entities controlled by any of them) or any employee benefit plan sponsored or maintained by the Company, of the power to direct the
management of the Company or substantially all of its assets (as constituted immediately prior to such transaction or transactions). 

	1.6	 Code means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute.
Any reference to any section of the Code shall also be a reference to any successor provision and any Treasury Regulation promulgated thereunder. 

  

	1.7	 Company means Madison Square Garden Sports Corp. and any successor company thereto.

  

	1.8	 Deferral Deadline means the date by which the Participation Agreement must be completed.

  

	1.9	 Deferred Compensation Account means the account, which may be by book-keeping entry, maintained by the
Employer for each Participant that reflects the sum of the amounts in the Participant’s Deferred Compensation Principal Account and the Deferred Compensation Earnings Account (including any negative amount as a result of any net losses). The
Deferred Compensation Account may be divided into subaccounts (based on the source of the Deferred Compensation Amount, on a Plan Year basis, or such other basis determined by the Administrator). 

 

	1.10	 Deferred Compensation Amount means the amount voluntarily deferred under Article 2.

  

	1.11	 Deferred Compensation Earnings Account means the account, which may be by book-keeping entry, maintained
by the Employer for each Participant that reflects the earnings, if any, with respect to such Participant’s Deferred Compensation Amount debited by amounts equal to all distributions to the Participant. The Deferred Compensation Earnings
Account may be divided into subaccounts (based on a Plan Year basis or such other basis determined by the Administrator). 

  

	1.12	 Deferred Compensation Principal Account means the account, which may be by book-keeping entry,
maintained by the Employer for each Participant that reflects such Participant’s Deferred Compensation Amount adjusted by amounts equal to all distributions to the Participant. The Deferred Compensation Principal Account may be divided into
subaccounts (based on a Plan Year basis or such other basis determined by the Administrator). 

  

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

  

	1.14	 Eligible Employee means a full-time employee of the Employer at a manager level of Senior Vice President
or Above, who otherwise has been designated as eligible to participate in the Plan in accordance with the parameters established by the Administrator. 

  
 2 

	1.15	 Employer means the Company and any Participating Affiliate. All acts required of the Employers under the
Plan may be performed by the Company for itself and its Participating Affiliates. 

  

	1.16	 ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any
successor statute. Any reference to any section of ERISA shall also be a reference to any successor provision and any Department of Labor regulation promulgated thereunder. 

 

	1.17	 Investments means one or more investment alternatives as may be determined from time to time by the
Administrator. 

  

	1.18	 Participant means an Eligible Employee who has become a Participant in accordance with the provisions of
Article 2 and who has not received a complete distribution of all amounts credited to his or her Deferred Compensation Account. 

  

	1.19	 Participating Affiliate means an Affiliate that the Administrator has designated as a Participating
Affiliate. At such times and under such conditions as the Administrator may direct, one or more other Affiliates may become Participating Affiliates or a Participating Affiliate may be withdrawn from the Plan. An initial list of the Participating
Affiliates is set forth in Appendix A to the Plan. 

  

	1.20	 Participation Agreement means the agreement, in a form prescribed by the Administrator, filed by a
Participant on a Plan Year basis on or prior to December 31 of the calendar year prior to the calendar year during which services for which the Eligible Compensation is paid are performed. 

 

	1.21	 Plan means the Madison Square Garden Sports Corp. Executive Deferred Compensation Plan, as it may be
amended from time to time. 

  

	1.22	 Plan Year means the calendar year or any other
12-consecutive-month period that may be designated by the Company as the plan year of the Plan. 

  

	1.23	 Scheduled Withdrawal Date means the date elected by the Participant for an in-service withdrawal, if any, as set forth on the applicable Participation Agreement executed by the Participant. 

  

	1.24	 Termination or Termination of Employment means that a Participant shall have incurred a “separation
from service” within the meaning of Section 409A of the Code and the Treasury Regulations and other applicable guidance issued thereunder. Whether a Termination has occurred, including as a result of military leave, sick leave or other
bona fide leave of absence, shall be determined in accordance with Section 409A of the Code. In the event of any dispute as to whether a Participant has separated from service, the Administrator shall make the final determination in
accordance with the Treasury Regulations and other guidance issued under Section 409A of the Code. 

  

	1.25	 Treasury Regulations means the regulations promulgated under the Code by the United States Internal
Revenue Service, as they may be from time to time amended. 

  
 3 

 Article 2. Deferred Amounts 

 

	2.1	 General. For each Plan Year, on or prior to the Deferral Deadline, an Eligible Employee may elect to
participate in the Plan by filing a Participation Agreement with the Company. An employee who is newly eligible to participate in the Plan after a Deferral Deadline may elect to participate in the Plan by filing a Participation Agreement with the
Company within 30 days after becoming an Eligible Employee. A Participation Agreement must be filed in the manner specified by the Administrator. A new Participation Agreement shall be filed by the Eligible Employee for each Plan Year in which he or
she is permitted to elect to make a deferral election. After the Deferral Deadline (or, for a newly eligible Participant, the applicable 30-day period, subject to Section 6.2 and Section 6.3), an
Eligible Employee’s election to defer Eligible Compensation shall be irrevocable. An Eligible Employee’s eligibility to participate in the Plan in any Plan Year shall not be a guarantee of the Eligible Employee’s eligibility to
participate in the Plan for future Plan Years. 

  

	2.2	 Eligible Deferrals. Each Eligible Employee may elect to defer receipt of one or more of the following to
his or her Deferred Compensation Account (the “Eligible Compensation”): 

  

	 	•	 	 up to a maximum of 75% of his or her annual base salary, in increments of 5%; and 

 

	 	•	 	 all or any portion of his or her earned award, if any, under the Management Performance Incentive Plan (MPIP), in
increments of 25%. 

 For a newly eligible Participant, Eligible Compensation only includes such portions of salary and
MPIP awards earned with respect to service after the date on which the Participation Agreement becomes irrevocable as determined by the Administrator in accordance with Section 409A of the Code. 

 

	2.3	 Allocation of Deferred Compensation Amounts. A Participant’s Deferred Compensation Amount shall be
credited to his or her Deferred Compensation Principal Account as soon as administratively practicable following the time the Participant is paid the Eligible Compensation for that Plan Year (or, if all of the Eligible Compensation is deferred, at
the time such Eligible Compensation would otherwise have been paid). The amount initially credited to the Participant’s Deferred Compensation Principal Account shall equal the amount deferred. 

Article 3. Vesting 
  

	3.1	 Deferred Compensation Principal Account. A Participant shall at all times be fully vested in his or her
Deferred Compensation Principal Account. 

  

	3.2	 Deferred Compensation Earnings Account. A Participant shall at all times be fully vested in his or her
Deferred Compensation Earnings Account. 

  
 4 

 Article 4. [Reserved] 

Article 5. Investments 
  

	5.1	 The Administrator shall have the sole discretion to determine the Investments in which the Deferred
Compensation Amounts will be invested and may change, limit or eliminate an Investment from time to time. 

  

	5.2	 In the manner specified by the Administrator, Participants may elect one or more Investments in which the funds
in their Deferred Compensation Earnings Account are invested and may elect to change the Investment allocations of the Deferred Compensation Account by filing an election on a form or in the manner provided by the Administrator. Except as provided
below, Participants may prospectively change their Investment elections once each calendar month, and the new investment allocations will be effective on the first day of the next month. 

Article 6. Timing and Form of Benefit Distributions 
  

	6.1	 Form and Timing. Subject to the provisions of this Article 6, the Deferred Compensation Account for a
Participant for each Plan Year shall be distributed to the Participant in a lump sum, cash payment, or up to five annual cash installments, in each case on or beginning 90 days following the first to occur of: (i) the Scheduled Withdrawal Date,
(ii) a Termination of Employment, (iii) the Participant’s Disability and (iv) a Change in Control. Participants must file such payment timing elections on or prior to the Deferral Deadline for the applicable Plan Year. For those
Participants who fail to file a timely election, payment will be made in the form of a lump sum payment. Subject to the provisions of this Article 6, the Deferred Compensation Account for a Participant for each Plan Year shall be distributed to the
Participant’s estate in a lump sum, cash payment, on the 90th day following the Participant’s death. 

 

	6.2	 Domestic Relations Orders. To the extent permitted by Section 409A of the Code, and notwithstanding
any provision of the Plan to the contrary, the Administrator, in its sole discretion, may elect to accelerate the time or form of payment of a benefit owed to a Participant hereunder in accordance with the terms and subject to the conditions of
Treasury Regulation 1.409A-3(j)(4)(ii). 

  

	6.3	 Unforeseeable Emergency. In the event the Administrator, upon written request of a Participant,
determines in its sole discretion that the Participant has suffered an unforeseeable emergency, consistent with the guidance contained in Section 1.409A-3(i)(3) of the Treasury Regulations, the
Administrator may (i) revoke the Participant’s deferral election with respect to future Eligible Compensation in accordance with Section 1.409A-3(j)(4)(viii) of the Treasury Regulations and/or
(ii) pay to a Participant as soon as practicable following such determination, an amount from a Participant’s Deferred Compensation Account that shall not exceed the minimum amount necessary to satisfy the emergency, including payment of
applicable taxes, consistent with the guidance in Section 1.409A-3(i)(3)(ii) of the Treasury Regulations. A Participant who receives a hardship distribution pursuant to this Section 6.3 shall be
ineligible to make any additional deferrals under the Plan for the balance of the Plan Year in which the hardship distribution occurs and for the immediately following Plan Year. 

  
 5 

	6.4	 Subsequent Elections. With respect to any Deferred Compensation Account for a Plan Year that a
Participant elected to receive in a lump sum, in the event of a distribution pursuant to Section 6.1(i), the Participant may delay the distribution of such Deferred Compensation Amount subject to the following requirements: (A) the new
election may not take effect until at least 12 months after the date on which the new election is made; (B) the new election must provide for the deferral of the distribution for a period of at least five years from the date such distribution
otherwise would have been made and (C) the new election must be made at least 12 months prior to the date such distribution otherwise would have been made. 

Article 7. Administration 
  

	7.1	 Administration by the Committee. The Administrator shall be responsible for the general operation and
administration of the Plan and for carrying out the provisions thereof. 

  

	7.2	 General Powers of Administration. The Administrator shall have all the authority that may be necessary
or helpful to enable it to discharge its responsibilities with respect to the Plan. The Administrator may, subject to the provisions of the Plan, establish such rules and regulations as it deems necessary or advisable for the proper administration
of the Plan, and may make determinations and may take such other action in connection with or in relation to the Plan as it deems necessary or advisable. Each determination or other action made or taken pursuant to the Plan, including interpretation
of the Plan, shall be final and conclusive for all purposes and persons. The Administrator shall be entitled to rely conclusively upon all certificates, opinions, and information furnished by any counsel, or other person employed or engaged by the
Administrator with respect to the Plan. 

  

	7.3	 Indemnification. In addition to such other rights of indemnification as they may have as members of the
Investment and Benefits Committee, or as its delegatees, the members of the Committee and its delegatees shall be indemnified by the Company against (a) the reasonable expenses (as such expenses are incurred), including attorneys’ fees
actually and necessarily incurred in connection with the defense of any action, suit or proceeding (or in connection with any appeal therein), to which they or any of them may be a party by reason of any action taken or failure to act under or in
connection with the Plan; and (b) against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such
action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such member or delegatee is liable for gross negligence or misconduct in the performance of his duties; provided that
within 60 days after institution of any such action, suit or proceeding a member or delegatee shall in writing the Company offer the opportunity, at its own expense, to handle and defend the same. 

  
 6 

	7.4	 Section 409A of the Code. It is intended that the payments and benefits under the
Plan comply with the provisions of Section 409A of the Code. The Plan will be administered and interpreted in a manner consistent with this intent, and any provision that would cause the Plan to fail to satisfy Section 409A of the Code
will have no force and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Section 409A of the Code). In addition, for purposes of the Plan, each amount to be paid or benefit to be provided to
the Participant pursuant to the Plan, which constitutes deferred compensation subject to Section 409A of the Code, shall be construed as a separate identified payment for purposes of Section 409A of the Code. The Company shall have no
liability to any Participant, beneficiary or otherwise if the Plan or any amounts paid or payable hereunder are subject to the additional taxes and penalties under Section 409A. 

To the extent that any amount payable to the Participant pursuant to the Plan is determined by the Company to constitute “non-qualified deferred compensation” subject to Section 409A of the Code and is payable to the Participant by reason of the Participant’s termination of employment (other than death), then if
the Participant is a “specified employee” (within the meaning of Section 409A as determined by the Company), such payment shall not be made before the date that is six months after the date of the Participant’s termination of
employment (or, if earlier than the expiration of such six month period, the date of death). Any amount not paid at the end of such six-month period shall be paid to the Participant in a lump sum on the
expiration of such six-month period. 
 Article 8. Claims Appeal Procedure 

 

	8.1	 Initial Claims. After first discussing any claims a Participant (or anyone claiming through a
Participant) may have under the Plan with the Company’s Vice President, Benefits, the Participant may then make a claim under the Plan in writing to the Administrator. The Administrator shall make all determinations concerning such claim. Any
decision by the Administrator denying such claim shall be in writing and shall be delivered to the Participant, or if applicable, anyone who makes claim in respect of the Participant. Such decision shall set forth the reasons for denial in plain
language. Pertinent provisions of the Plan shall be cited and, where appropriate, an explanation as to how the claimant can perfect the claim will be provided. This notice of denial of benefits will be provided within 90 days of the
Administrator’s receipt of the claimant’s claim for benefits (or within 180 days if special circumstances require an extension of time for processing the claim and if written notice of such extension and special circumstances is given to
the claimant within the initial 90-day period). If the Administrator fails to notify the claimant of its decision regarding the claim within such period, the claim shall be considered denied as of the last day
of such period, and the claimant shall then be permitted to proceed with the appeal as provided in Section 8.2. 

  

	8.2	 Appeals. A claimant who has been completely or partially denied a benefit shall be entitled to appeal
this denial of his/her claim by filing a written statement of his/her position with the Administrator no later than 60 days after receipt of the written notification of such claim denial. If the claimant does not request a review within such

  
 7 

	 	
60-day or 180-day period, he or she shall be barred and estopped from challenging the Administrator’s
determination. The Administrator shall schedule an opportunity for a full and fair review of the issue within 30 days of receipt of the appeal. The decision on review shall set forth specific reasons for the decision, and shall cite specific
references to the pertinent Plan provisions on which the decision is based. Following the review of any additional information submitted by the claimant, either through the hearing process or otherwise, the Administrator shall render a decision on
the review of the denied claim. The Administrator shall make its decision regarding the merits of the denied claim within 60 days following receipt of the request for review (or within 120 days after such receipt, in a case where there are special
circumstances requiring extension of time for reviewing the appealed claim). The Administrator shall deliver the decision to the claimant in writing. If an extension of time for reviewing the appealed claim is required because of special
circumstances, written notice of the extension shall be furnished to the claimant prior to the commencement of the extension. If the decision on review is not furnished within the prescribed time, the claim shall be deemed denied on review.

  

	8.3	 General. The Administrator may at any time alter the claims procedure set forth above. The claims
procedure set forth in this Article 8 is intended to comply with United States Department of Labor Regulation §2560.503-1 and should be construed in accordance with such regulation. In no event shall the
claims procedure be interpreted as expanding the rights of claimants beyond what is required by United States Department of Labor Regulation §2560.503-1. A claimant must exhaust all administrative
remedies under the Plan prior to bringing an action. No such action may be brought later than three years from the date the claim arose. The Administrator’s interpretations, determinations and decisions with respect to any claim shall be made
in its sole discretion based on the Plan and other relevant documents and shall be final and binding on all persons. 

Article 9. Amendment and Termination of Plan 
  

	9.1	 Amendment or Termination. The Company intends the Plan to be permanent but reserves the right to amend
or terminate the Plan when, in the sole opinion of the Company, such amendment or termination is advisable. Any such amendment or termination shall be made pursuant to a resolution of the Board or Compensation Committee. To the extent the Company
has delegated the authority to amend the Plan to the Committee, any such amendment by the Administrator shall be made by resolution of the Administrator. 

  

	9.2	 Effect of Amendment or Termination. No amendment or termination of the Plan shall directly or indirectly
reduce the balance of any account held hereunder as of the effective date of such amendment or termination. No amendment, modification, suspension or termination will accelerate distributions unless such acceleration is approved by the Company and
permitted under Section 409A of the Code and the Treasury Regulations and other applicable guidance issued thereunder. A Participant’s Deferred Compensation Account shall continue to be credited with gains and losses pursuant to Article 3
of the Plan until the balance of such Deferred Compensation Account has been fully distributed to the Participant or such Participant’s beneficiary. 

  
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	9.3	 Employer’s Right to Terminate Plan. Any Employer may, at any time, by resolution of the Board or
Compensation Committee, terminate participation in the Plan with respect to its employees, in accordance with Section 9.2. If the Plan is terminated by fewer than all Employers, the Plan shall continue in effect for employees of the remaining
Employers. In the event that an Employer shall, for any reason, cease to exist, the Plan shall terminate with respect to the employees of such Employer, unless a successor organization adopts the Plan and thereby continues their participation.

 Article 10. Miscellaneous 
  

	10.1	 Participant’s Rights Unsecured. Except as set forth in Section 10.2, the Plan at all times
shall be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company for payment of any distributions hereunder. The right of a Participant or his or her beneficiary to receive a distribution
hereunder shall be an unsecured claim against the general assets of the Company and the Employer, and neither a Participant nor a beneficiary shall have any rights in or against any specific assets of the Company. All amounts credited to Deferred
Compensation Accounts of Participants shall constitute general assets of the Company and may be disposed of by the Company at such time and for such purposes as it may deem appropriate. 

 

	10.2	 Trust Agreement. Notwithstanding the provisions of Section 10.1, an Employer may, at its
discretion, enter into a trust agreement (“Trust Agreement”) with a bank or trust company located in the continental United States as trustee, whereby the Employer may at its discretion contribute deferrals under the Plan to a trust
(“Trust”). Such Trust Agreement shall be substantially in the form of the model trust agreement set forth in Internal Revenue Service Revenue Procedure 92-64, or any subsequent Internal
Revenue Service Revenue Procedure, and shall include provisions required in such model trust agreement that all assets of the Trust shall be subject to creditors of the Employer in the event of insolvency. To the extent any benefits provided under
the Plan are paid from the Trust, the Employer shall have no further obligation to pay them. If not paid from the Trust, such benefits shall remain the obligation of the Employer or the Company. Notwithstanding the foregoing, no Employer
contributions shall be made to the Trust if doing so would violate the provisions of Section 409A. 

  

	10.3	 No Guarantee of Benefits. Nothing contained in the Plan shall constitute a guaranty by the Company or
any other person or entity that the assets of the Company shall be sufficient to pay any benefit hereunder. 

  

	10.4	 No Enlargement of Employee Rights. No Participant or Beneficiary shall have any right to receive a
distribution of contributions made under the Plan except in accordance with the terms of the Plan. Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Company or any Employer.

  

	10.5	 Spendthrift Provision. No interest of any person or entity in, or right to receive a distribution under,
the Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind, nor may such interest or right to receive a distribution be taken, either voluntarily or
involuntarily for the satisfaction of the debts of, or other obligations or claims against, such person or entity, except with respect to claims for alimony, support or separate maintenance. 

  
 9 

	10.6	 Applicable Law. The Plan shall be construed and administered under the laws of the State of New York,
except to the extent preempted by applicable federal law. 

  

	10.7	 Incapacity of Recipient. If any person entitled to a distribution under the Plan is deemed by the
Administrator to be incapable of personally receiving and giving a valid receipt for such payment, then, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the
Administrator may provide for such payment or any part thereof to be made to any other person or institution then contributing toward, or providing for the care and maintenance of, such person. Any such payment shall be a payment for the account of
such person and a complete discharge of any liability of the Administrator, the Company, Participating Affiliates and the Plan therefor. 

  

	10.8	 Corporate Successors. The Plan shall not be automatically terminated by a transfer or sale of assets of
the Company or by the merger or consolidation of the Company into or with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the transferee, purchaser or
successor entity agrees to continue the Plan. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall terminate subject to the provisions of Section 10.2. 

 

	10.9	 Unclaimed Benefit. Each Participant shall keep the Administrator informed of his or her current address
and the current address of his or her beneficiary. The Administrator shall not be obligated to search for the whereabouts of any person. If the location of a Participant is not made known to the Administrator within three years after the date on
which payment of the Administrator’s Deferred Compensation Account may first be made, payment may be made as though the Participant had died at the end of the three-year period. If, within one additional year after such three-year period has
elapsed, or, within three years after the actual death of a Participant, the Administrator is unable to locate any beneficiary of the Participant, then the Administrator shall have no further obligation to pay any benefit hereunder to such
Participant or beneficiary and such benefit shall be irrevocably forfeited. 

  

	10.10	 Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, neither the
Company and Participating Affiliates, nor any individual acting as employee or agent of the Company or Participating Affiliates shall be liable to any Participant, former Participant, beneficiary, or any other person for any claim, loss, liability,
or expense incurred in connection with the Plan. 

  

	10.11	 Withholding Taxes. An Employer shall have the right to deduct from each payment to be made under the
Plan any required withholding taxes. 

  
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	10.12	 Top-Hat Plan. It is the intention of the Company that, to the
extent the Plan is determined to be an employee pension benefit plan subject to ERISA, it shall be considered and interpreted in all respects as an unfunded “top-hat” plan maintained primarily to
provide deferred compensation benefits for “a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3), 401(a)(1) and 4021(b)(6) of ERISA. 

 

	10.13	 Electronic Election. Any reference herein to an election, designation or other action by a Participant
in writing shall be deemed to include an electronic election, designation or act made on the Internet to the maximum extent permitted by applicable law. 

IN WITNESS WHEREOF, Madison Square Garden Sports Corp. has caused this amendment and restatement of the Plan to be executed in its
name, by its duly authorized officer, on this 18th day of November, 2021. 
  

			
	MADISON SQUARE GARDEN SPORTS CORP.
		
	By:	 	/s/ Victoria M. Mink
		 	Name: Victoria M. Mink
		 	Title: Executive Vice President, Chief Financial Officer and Treasurer

  
 11 

 APPENDIX A 

PARTICIPATING AFFILIATES 

As of November 16, 2021 
 MSG Sports, LLC

 New York Knicks, LLC 
 New York Rangers, LLC

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