Document:

EX-10.3

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 
 BY
AND BETWEEN 
 THE MADISON SQUARE GARDEN COMPANY 

(TO BE RENAMED MADISON SQUARE GARDEN SPORTS CORP.) 

AND 
 MSG ENTERTAINMENT SPINCO,
INC. 
 (TO BE RENAMED MADISON SQUARE GARDEN ENTERTAINMENT CORP.) 

Dated as of March 31, 2020 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  

	DEFINITIONS	  

			
	 Section 1.1
	  	Definitions	  	 	1	 
	 Section 1.2
	  	General Interpretive Principles	  	 	8	 
	
	ARTICLE II	  

	GENERAL PRINCIPLES	  

			
	 Section 2.1
	  	Assumption and Retention of Liabilities; Related Assets	  	 	9	 
	 Section 2.2
	  	MSGS Participation in Spinco Plans	  	 	10	 
	 Section 2.3
	  	Service Recognition	  	 	10	 
	
	ARTICLE III	  

	U.S. QUALIFIED DEFINED BENEFIT PLAN	  

			
	 Section 3.1
	  	Cash Balance Pension Plan	  	 	12	 
	
	ARTICLE IV	  

	U.S. QUALIFIED DEFINED CONTRIBUTION PLANS	  

			
	 Section 4.1
	  	401(k) Plan	  	 	12	 
	 Section 4.2
	  	Investment and Benefits Committee	  	 	12	 
	
	ARTICLE V	  

	NONQUALIFIED PLANS	  

			
	 Section 5.1
	  	Excess Cash Balance Pension Plan	  	 	12	 
	 Section 5.2
	  	Excess Retirement Plan	  	 	13	 
	 Section 5.3
	  	Excess Savings Plan	  	 	13	 
	 Section 5.4
	  	Transferred Employees	  	 	14	 
	 Section 5.5
	  	No Separation from Service	  	 	14	 
	
	ARTICLE VI	  

	U.S. HEALTH AND WELFARE PLANS	  

			
	 Section 6.1
	  	Health and Welfare Plans Maintained by Spinco Prior to the Distribution Date	  	 	14	 
	 Section 6.2
	  	Flexible Spending Accounts Plan	  	 	15	 
	 Section 6.3
	  	Legal Plan	  	 	15	 
	 Section 6.4
	  	COBRA and HIPAA	  	 	15	 
	 Section 6.5
	  	Liabilities	  	 	16	 
	 Section 6.6
	  	Time-Off Benefits	  	 	17	 
	 Section 6.7
	  	Severance Pay Plans	  	 	18	 

  
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	ARTICLE VII	  

	EQUITY COMPENSATION	  

	 Section 7.1
	  	Equity Compensation	  	 	18	 
	 Section 7.2
	  	Taxes and Withholding	  	 	18	 
	 Section 7.3
	  	Cooperation	  	 	20	 
	 Section 7.4
	  	SEC Registration	  	 	20	 
	 Section 7.5
	  	Savings Clause	  	 	20	 
	
	ARTICLE VIII	  

	ADDITIONAL COMPENSATION AND BENEFITS MATTERS	  

			
	 Section 8.1
	  	Cash Incentive Awards	  	 	20	 
	 Section 8.2
	  	Individual Arrangements	  	 	21	 
	 Section 8.3
	  	Non-Competition	  	 	22	 
	 Section 8.4
	  	Collective Bargaining	  	 	22	 
	 Section 8.5
	  	Union Dues; Severance and Fringe Benefits	  	 	22	 
	 Section 8.6
	  	Director Programs	  	 	22	 
	 Section 8.7
	  	Sections 162(m)/409A	  	 	23	 
	
	ARTICLE IX	  

	INDEMNIFICATION	  

			
	 Section 9.1
	  	Indemnification	  	 	23	 
	
	ARTICLE X	  

	GENERAL AND ADMINISTRATIVE	  

			
	 Section 10.1
	  	Sharing of Information	  	 	23	 
	 Section 10.2
	  	Reasonable Efforts/Cooperation	  	 	24	 
	 Section 10.3
	  	Non-Termination of Employment; No Third-Party Beneficiaries	  	 	24	 
	 Section 10.4
	  	Consent of Third Parties	  	 	24	 
	 Section 10.5
	  	Access to Employees	  	 	24	 
	 Section 10.6
	  	Beneficiary Designation/Release of Information/Right to Reimbursement	  	 	25	 
	 Section 10.7
	  	Not a Change in Control	  	 	25	 
	
	ARTICLE XI	  

	MISCELLANEOUS	  

			
	 Section 11.1
	  	Effect If Distribution Does Not Occur	  	 	25	 
	 Section 11.2
	  	Complete Agreement; Construction	  	 	25	 
	 Section 11.3
	  	Counterparts	  	 	25	 
	 Section 11.4
	  	Survival of Agreements	  	 	25	 
	 Section 11.5
	  	Notices	  	 	25	 
	 Section 11.6
	  	Waivers	  	 	26	 
	 Section 11.7
	  	Amendments	  	 	26	 
	 Section 11.8
	  	Assignment	  	 	26	 
	 Section 11.9
	  	Successors and Assigns	  	 	26	 

  
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	 Section 11.10
	  	 Subsidiaries
	  	 	26	 
	 Section 11.11
	  	 Title and Headings
	  	 	26	 
	 Section 11.12
	  	 Governing Law
	  	 	26	 
	 Section 11.13
	  	 Waiver of Jury Trial
	  	 	27	 
	 Section 11.14
	  	 Specific Performance
	  	 	27	 
	 Section 11.15
	  	 Severability
	  	 	27	 

  
 -iii- 

 Exhibits 
  

			
	 Exhibit A
	 	 MSGS Retained Retirement Plans

	 Exhibit B
	 	 Spinco Retained Retirement Plans

	 Exhibit C
	 	 MSGS Retained Multi-Employer Benefit Plans

	 Exhibit D
	 	 Spinco Retained Multi-Employer Benefit Plans

	 Exhibit E
	 	 Spinco Health & Welfare Plans

	 Exhibit F
	 	 MSGS Union Relationships

	 Exhibit G
	 	 Spinco Union Relationships

	 Exhibit H
	 	 FY 2020 Annual Cash Incentive Awards

  
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 EMPLOYEE MATTERS AGREEMENT 

THIS EMPLOYEE MATTERS AGREEMENT (this “Agreement”), dated as of March 31, 2020, is by and between The Madison Square
Garden Company (to be renamed Madison Square Garden Sports Corp. at the Distribution (as defined herein)), a Delaware corporation (“MSGS”), and MSG Entertainment Spinco, Inc. (to be renamed Madison Square Garden Entertainment Corp.
at the Distribution), a Delaware corporation and an indirect wholly-owned subsidiary of MSGS (“Spinco” and, together with MSGS, each, a “Party” and collectively, the “Parties”). 

RECITALS 
 WHEREAS,
the Board of Directors of MSGS determined that it is in the best interests of MSGS and its stockholders to separate the business of Spinco, as more fully described in Spinco’s registration statement on Form 10 (collectively, the “Spinco
Business”), from MSG’s other businesses, on the terms and subject to the conditions set forth in the Distribution Agreement (as defined below); 

WHEREAS, in order to effectuate the foregoing, MSGS and Spinco have entered into a Distribution Agreement, dated as of March 31, 2020
(the “Distribution Agreement”), pursuant to which and subject to the terms and conditions set forth therein, the Spinco Business shall be separated from the MSGS Business, and all of the issued and outstanding shares of Spinco
Common Stock beneficially owned by MSGS shall be distributed (the “Distribution”) to the holders of the issued and outstanding MSGS Common Stock; and 

WHEREAS, MSGS and Spinco have agreed to enter into this Agreement for the purpose of allocating Assets, Liabilities and
responsibilities with respect to certain employee compensation and benefit plans, programs and arrangements, and certain employment matters between and among them. 

NOW, THEREFORE, in consideration of the premises and of the respective agreements and covenants contained in this Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the
meanings set forth below: 
 “401(k) Plan” shall have the meaning ascribed thereto in Section 4.1
of this Agreement. 
 “Action” means any claim, demand, complaint, charge, action, cause of action, suit, countersuit,
arbitration, litigation, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal. 

  
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 “Actual Benefit Cost” shall have the meaning set forth in
Section 6.5(b). 
 “Agreement” shall have the meaning ascribed thereto in the preamble to this
Agreement, including all the exhibits hereto, and all amendments made hereto from time to time. 
 “Asset” means any right,
property or asset, whether real, personal or mixed, tangible or intangible, of any kind, nature and description, whether accrued, contingent or otherwise, and wherever situated and whether or not carried or reflected, or required to be carried or
reflected, on the books of any Person. 
 “Cash Balance Pension Plan” means the MSG Sports & Entertainment, LLC
Cash Balance Pension Plan or any successor thereto. 
 “COBRA” means the continuation coverage requirements for “group
health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Control” means, as to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of voting securities or other interests, by contract or otherwise. 

“Distribution” shall have the meaning ascribed thereto in the recitals to this Agreement, as the same is further described in
the Distribution Agreement. 
 “Distribution Agreement” shall have the meaning ascribed thereto in the recitals to this
Agreement. 
 “Distribution Date” shall have the meaning ascribed thereto in the Distribution Agreement. 

“DOL” means the U.S. Department of Labor. 

“Effective Date” shall have the meaning ascribed thereto in Section 6.1(a) of this Agreement. 

“Equity Compensation” means, collectively, the MSGS Options, MSGS RSUs, Spinco Options, and Spinco RSUs. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Estimated Benefit Cost” shall have the meaning set forth in Section 6.5(b). 

  
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 “Former MSGS Employee” means: 

 

	 	i.	 with respect to an individual whose MSGS Group employment terminated prior to the Distribution Date, any such
individual (A) whose last position was in the Corporate Division and who was expected to be employed by the MSGS Group following the Distribution Date, or (B) whose last position was in the Sports division (other than the Sports Properties
Group); and 

  

	 	ii.	 with respect to an individual whose MSGS Group employment terminated on or after the Distribution Date, any
former employee of any member of the MSGS Group. 

 Any individual who is an employee of any member of the Spinco Group on
the Distribution Date or a Former Spinco Employee shall not be a Former MSGS Employee. 
 “Former Spinco Employee” means:

  

	 	i.	 with respect to an individual whose MSGS Group employment terminated prior to the Distribution Date, any such
individual (A) whose last position was in the Corporate Division and who was not expected to be employed by the MSGS Group following the Distribution Date, (B) whose last position was in the Sports Properties Group or (C) whose last
position was not in the Sports division (except as provided in clauses (A) and (B) of this sentence); and 

  

	 	ii.	 with respect to an individual whose Spinco Group employment terminated on or after the Distribution Date, any
former employee of any member of the Spinco Group. 

 Any individual who is an employee of any member of the MSGS Group on
the Distribution Date or a Former MSGS Employee shall not be a Former Spinco Employee. 
 “Governmental Authority” means
any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official, the NYSE, NASDAQ or other regulatory, administrative or governmental authority. 

“Group” means the MSGS Group and/or the Spinco Group, as the context requires. 

“HIPAA” means the Health Insurance Portability and Accountability Act of 1996, as amended. 

“Information” shall mean all information, whether in written, oral, electronic or other tangible or intangible form, stored
in any medium, including non-public financial information, studies, reports, records, books, accountants’ work papers, contracts, instruments, flow charts, data, communications by or to attorneys, memos
and other materials prepared by attorneys and accountants or under their direction (including attorney work product) and other financial, legal, employee or business information or data. 

“IRS” means the U.S. Internal Revenue Service. 

“Law” means all laws, statutes and ordinances and all regulations, rules and other pronouncements of Governmental Authorities
having the effect of law of the United States, any foreign country, or any domestic or foreign state, province, commonwealth, city, country, municipality, territory, protectorate, possession or similar instrumentality, or any Governmental Authority
thereof. 

  
 -3- 

 “Liabilities” means all debts, liabilities, obligations, responsibilities,
Losses, damages (whether compensatory, punitive, or treble), fines, penalties and sanctions, absolute or contingent, matured or unmatured, liquidated or unliquidated, foreseen or unforeseen, joint, several or individual, asserted or unasserted,
accrued or unaccrued, known or unknown, whenever arising, including without limitation those arising under or in connection with any Law, Action, threatened Action, order or consent decree of any Governmental Authority or any award of any
arbitration tribunal, and those arising under any contract, guarantee, commitment or undertaking, whether sought to be imposed by a Governmental Authority, private party, or a Party, whether based in contract, tort, implied or express warranty,
strict liability, criminal or civil statute, or otherwise, and including any costs, expenses, interest, attorneys’ fees, disbursements and expense of counsel, expert and consulting fees, fees of third-party administrators and costs related
thereto or to the investigation or defense thereof. 
 “Loss” means any claim, demand, complaint, damages (whether
compensatory, punitive, consequential, treble or other), fines, penalties, loss, liability, payment, cost or expense arising out of, relating to or in connection with any Action. 

“MSGS” shall have the meaning ascribed thereto in the preamble to this Agreement. 

“MSGS Business” means all businesses and operations conducted by the MSGS Group from time to time, whether prior to, at or
after the Distribution Date, other than the Spinco Business. 
 “MSGS Common Stock” means the issued and outstanding
Class A Common Stock, par value $0.01 per share, of MSGS and Class B Common Stock, par value $0.01 per share, of MSG. 

“MSGS Compensation Committee” means the Compensation Committee of the Board of Directors of MSG. 

“MSGS Director” means any individual who is a current or former non-employee director
of MSGS as of the Distribution Date. 
 “MSGS Employee” means any individual who, immediately following the Distribution
Date, will be employed by MSGS or any member of the MSGS Group in a capacity considered by MSGS to be common law employment, including active employees and employees on vacation and approved leaves of absence (including maternity, paternity, family,
sick, short-term or long-term disability leave, qualified military service under the Uniformed Services Employment and Reemployment Rights Act of 1994, and leave under the Family Medical Leave Act and other approved leaves). 

“MSGS Excess Cash Balance Plan” shall have the meaning ascribed thereto in Section 5.1(a) of this
Agreement. 
 “MSGS Excess Savings Plan” shall have the meaning ascribed thereto in
Section 5.3(a). 

  
 -4- 

 “MSGS Excess Retirement Plan” shall have the meaning ascribed thereto in
Section 5.2(a) of this Agreement. 
 “MSGS Flexible Spending Accounts Plan” shall have the
meaning ascribed thereto in Section 6.2 of this Agreement. 
 “MSGS Group” means, as of the
Distribution Date, MSGS and each of its former and current Subsidiaries (or any predecessor organization thereof), and any corporation or entity that may become part of such Group from time to time thereafter. The MSGS Group shall not include any
member of the Spinco Group. 
 “MSGS Health & Welfare Plans” shall have the meaning ascribed thereto
in Section 6.1(a) of this Agreement. 
 “MSGS Liabilities” means all Liabilities assumed or
retained by any member of the MSGS Group pursuant to this Agreement. 
 “MSGS Option” means an option to buy MSGS
Class A Common Stock granted pursuant to an MSGS Share Plan (including the options adjusted for the Distribution) and outstanding as of the Distribution Date (or shortly thereafter to the extent necessary to determine any adjustments in
connection with the Distribution). 
 “MSGS Participant” means any individual who, immediately following the Distribution
Date, is an MSGS Employee, a Former MSGS Employee or a beneficiary, dependent or alternate payee of any of the foregoing. 
 “MSGS
Plan” means any Plan sponsored, maintained or contributed to by MSGS or any of its Subsidiaries, including the MSGS Retained Retirement Plans, MSGS Share Plans, MSGS Flexible Spending Accounts Plan, MSGS Health & Welfare Plans and
MSGS Retained Multi-Employer Benefit Plans. 
 “MSGS Retained Multi-Employer Benefit Plans” means the multi-employer plans
that are listed on Exhibit C. 
 “MSGS Retained Retirement Plans” means the retirement plans that are listed on
Exhibit A. 
 “MSGS RSU” means a restricted stock unit (including, for the avoidance of doubt, any restricted stock
unit that is subject to performance vesting conditions) representing an unfunded and unsecured promise to deliver a share of MSGS Class A Common Stock, or cash or other property equal in value to the share of MSGS Class A Common Stock,
that is granted pursuant to an MSGS Share Plan and outstanding as of the Distribution Date (or shortly thereafter to the extent necessary to determine any adjustments in connection with the Distribution). 

“MSGS Share Plans” means, collectively, any stock option or stock incentive compensation plan or arrangement, including
equity award agreements, maintained before the Distribution Date for employees, officers or non-employee directors of MSGS or its Subsidiaries or affiliates, as amended. 

  
 -5- 

 “NASDAQ” means The NASDAQ Stock Market LLC. 

“NYSE” means the New York Stock Exchange. 

“Participating Company” means MSGS and any Person (other than a natural person) participating in an MSGS Plan. 

“Party” and “Parties” shall have the meanings ascribed thereto in the preamble to this Agreement. 

“Person” means any natural person, corporation, business trust, limited liability company, joint venture, association,
company, partnership or governmental, or any agency or political subdivision thereof. 
 “Plan” means, with respect to an
entity, each plan, program, arrangement, agreement or commitment that is an employment, consulting, non-competition or deferred compensation agreement, or an executive compensation, incentive bonus or other
bonus, employee pension, profit-sharing, savings, retirement, supplemental retirement, stock option, stock purchase, stock appreciation rights, restricted stock, other equity-based compensation, severance pay, salary continuation, life, health,
hospitalization, sick leave, vacation pay, disability or accident insurance plan, corporate-owned or key-man life insurance or other employee benefit plan, program, arrangement, agreement or commitment,
including any “employee benefit plan” (as defined in Section 3(3) of ERISA), entered into, sponsored or maintained by such entity (or to which such entity contributes or is required to contribute). 

“Service Crediting Date” shall have the meaning ascribed thereto in Section 2.3(b)(i) of this
Agreement. 
 “Shared Executives” means those individuals who, as of the Distribution Date, are employed in a senior executive
capacity by both MSGS and Spinco. 
 “Spinco” shall have the meaning ascribed thereto in the preamble to this Agreement.

 “Spinco Business” means all businesses and operations conducted by the Spinco Group from time to time, whether prior to,
at or after the Distribution Date, including (A) the businesses and operations of the Sports Properties Group and (B) the other businesses and operations conducted by the Spinco Group as more fully described in the Spinco Information
Statement and excluding the MSGS Business. 
 “Spinco Common Stock” means the outstanding Class A Common Stock, par
value $0.01 per share, of Spinco and Class B Common Stock, par value $0.01 per share, of Spinco. 
 “Spinco Director”
means any individual who is a current non-employee director of Spinco as of the Distribution Date. 

  
 -6- 

 “Spinco Employee” means any individual who, immediately following the
Distribution Date, will be employed by Spinco or any member of the Spinco Group in a capacity considered by Spinco to be common law employment, including active employees and employees on vacation and approved leaves of absence (including maternity,
paternity, family, sick, short-term or long-term disability leave, qualified military service under the Uniformed Services Employment and Reemployment Rights Act of 1994, and leave under the Family Medical Leave Act and other approved leaves). 

“Spinco Excess Cash Balance Plan” shall have the meaning ascribed thereto in Section 5.1(a). 

“Spinco Excess Savings Plan” shall have the meaning ascribed thereto in Section 5.3(a). 

“Spinco Excess Retirement Plan” shall have the meaning ascribed thereto in Section 5.2(a). 

“Spinco Flexible Spending Accounts Plan” shall have the meaning ascribed thereto in Section 6.2 of
this Agreement. 
 “Spinco Group” means, as of the Distribution Date, Spinco and each of its former and current
Subsidiaries (or any predecessor organization thereof), and any corporation or entity that may become part of such Group from time to time thereafter. The Spinco Group shall not include any member of the MSGS Group. 

“Spinco Health & Welfare Plans” shall have the meaning ascribed thereto in
Section 6.1(a) of this Agreement. 
 “Spinco Information Statement” means the definitive
information statement distributed to holders of MSGS Common Stock in connection with the Distribution and filed with the Securities and Exchange Commission (the “SEC”) as Exhibit 99.1 to the registration statement on Form 10 filed
with the Commission to effect the registration of the Spinco Class A Common Shares pursuant to the Securities Exchange Act of 1934, as amended, or as an exhibit to a Form 8-K of Spinco. 

“Spinco Liabilities” means all Liabilities assumed or retained by any member of the Spinco Group pursuant to this Agreement.

 “Spinco Option” means an option to buy Spinco Class A Common Stock granted pursuant to a Spinco Share Plan and
granted in connection with the Distribution (or shortly thereafter to the extent necessary to determine any adjustments in connection with the Distribution). 

“Spinco Participant” means any individual who, immediately following the Distribution Date, is a Spinco Employee, a Former
Spinco Employee or a beneficiary, dependent or alternate payee of any of the foregoing. 
 “Spinco Plan” means any Plan
sponsored, maintained or contributed to by any member of the Spinco Group, including the Spinco Retained Retirement Plans, Spinco Share Plans, Spinco Flexible Spending Accounts Plan, the Spinco Retiree Medical Program, Spinco Health &
Welfare Plans and Spinco Retained Multi-Employer Benefit Plans. 

  
 -7- 

 “Spinco Retained Multi-Employer Benefit Plans” means the multi-employer
plans that are listed on Exhibit D. 
 “Spinco Retained Retirement Plans” means the retirement plans that are listed
on Exhibit B. 
 “Spinco RSU” means a restricted stock unit (including, for the avoidance of doubt, any restricted
stock unit that is subject to performance vesting conditions) representing an unfunded and unsecured promise to deliver a share of Spinco Class A Common Stock, or cash or other property equal in value to the share of Spinco Class A Common
Stock, that is granted pursuant to a Spinco Share Plan and granted in connection with the Distribution (or shortly thereafter to the extent necessary to determine any adjustments in connection with the Distribution). 

“Spinco Share Plans” means the Spinco 2020 Employee Stock Plan, Spinco 2020 Stock Plan For
Non-Employee Directors and any stock plan or stock incentive arrangement, including equity award agreements, entered into by Spinco in connection with the Distribution. 

“Subsidiary” has the same meaning as provided in the Distribution Agreement. 

“Transition Period” means, with respect to each MSGS Plan in which any Spinco Group member is a Participating Company, the
period of time beginning on the Distribution Date and ending on the date Spinco establishes a corresponding Plan and allows participation in such Plan, which shall be no later than the Effective Date. The Transition Period may be extended beyond the
Effective Date if both Parties agree to the extension, and such agreement shall not be unreasonably withheld. 
 “Transition Period
End Date” means the last day of each applicable Transition Period. 
 “U.S.” means the United States of America.

 Section 1.2 General Interpretive Principles. Words in the singular shall include the plural and vice versa, and
words of one gender shall include the other gender, in each case, as the context requires. The words “hereof,” “herein,” “hereunder,” and “herewith” and words of similar import shall, unless otherwise stated,
be construed to refer to this Agreement and not to any particular provision of this Agreement, and references to Article, Section, paragraph and Exhibit are references to the Articles, Sections, paragraphs and Exhibits to this Agreement unless
otherwise specified. The word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified. Any reference to any federal, state, local or non-U.S.
statute or Law shall be deemed to also refer to all rules and regulations promulgated thereunder, unless the context otherwise requires. 

  
 -8- 

 ARTICLE II 

GENERAL PRINCIPLES 

Section 2.1 Assumption and Retention of Liabilities; Related Assets. 

(a) As of the Distribution Date, except as otherwise expressly provided for in this Agreement, MSGS shall, or shall cause one or more
members of the MSGS Group to, assume or retain and MSGS hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all MSGS Plans (provided that, as between MSGS and Spinco, Spinco shall be
responsible for certain of those Liabilities pursuant to Section 2.1(b) of this Agreement), (ii) all Liabilities with respect to the employment, retirement, service, termination of employment or termination of service
of all MSGS Employees, Former MSGS Employees, MSGS Directors, their dependents and beneficiaries and other service providers (including any individual who is, or was, an independent contractor, temporary employee, temporary service worker,
consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker of any member of the MSGS Group or in any other
employment, non-employment, or retainer arrangement or relationship with any member of the MSGS Group), in each case to the extent arising in connection with or as a result of employment with or the
performance of services for any member of the MSGS Group, and (iii) any other Liabilities expressly assumed by or retained by MSGS or any of its Subsidiaries under this Agreement, including liabilities retained pursuant to Article V of
this Agreement. For purposes of clarification and the avoidance of doubt, (x) the Liabilities assumed or retained by the MSGS Group as provided for in this Section 2.1(a) are intended to be MSGS Liabilities as such
term is defined in the Distribution Agreement, and (y) the Parties intend that such Liabilities assumed or retained by the MSGS Group include the retirement benefits and health and welfare plan benefits under the MSGS Plans for all MSGS
Employees, Former MSGS Employees, their dependents, beneficiaries, alternate payees and surviving spouses. 
 (b) As of the Distribution
Date, except as otherwise expressly provided for in this Agreement, Spinco shall, or shall cause one or more members of the Spinco Group to, assume or retain and Spinco hereby agrees to pay, perform, fulfill and discharge, in due course in full
(i) all Liabilities under all Spinco Plans, (ii) all Liabilities with respect to the employment, service, retirement, termination of employment or termination of service of all Spinco Employees, Former Spinco Employees, their dependents
and beneficiaries and other service providers (including any individual who is, or was, an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee,
on-call worker, incidental worker, or non-payroll worker of any member of the Spinco Group or in any other employment,
non-employment, or retainer arrangement or relationship with any member of the Spinco Group), and (iii) any other Liabilities expressly assumed or retained by Spinco or any of its Subsidiaries under this
Agreement. For purposes of clarification and the avoidance of doubt, the Liabilities assumed or retained by the Spinco Group as provided for in this Section 2.1(b) are intended to be Spinco Liabilities as such term is
defined in the Distribution Agreement. 
 (c) From time to time after the Distribution, Spinco shall promptly reimburse MSGS, upon
MSG’s presentation of such substantiating documentation as Spinco shall reasonably request, for the cost of any Liabilities satisfied by MSGS or its Subsidiaries that are, or that have been made pursuant to this Agreement, the responsibility of
Spinco or any of its Subsidiaries. 
 (d) From time to time after the Distribution, MSGS shall promptly reimburse Spinco, upon Spinco’s
presentation of such substantiating documentation as MSGS shall reasonably request, for the cost of any Liabilities satisfied by Spinco or its Subsidiaries that are, or that have been made pursuant to this Agreement, the responsibility of MSGS or
any of its Subsidiaries. 

  
 -9- 

 Section 2.2 MSGS Participation in Spinco Plans. 

(a) During the Transition Period. Except for the Spinco Plans described in Articles III, V, VII and
VIII herein, until the Transition Period End Date, MSGS and each member of the MSGS Group that presently participates in a particular Spinco Plan may continue to be a Participating Company in such Spinco Plan, and MSGS and Spinco shall take
all necessary action to effectuate each such continuation. MSGS and each member of the MSGS Group shall pay Spinco for any MSGS Employee or Former MSGS Employee’s participation in the Spinco Plans. 

(b) After the Transition Period. Except as otherwise expressly provided for in this Agreement, effective as of the Transition Period
End Date, MSGS and each member of the MSGS Group shall cease to be a Participating Company in the corresponding Spinco Plan, and MSGS and Spinco shall take all necessary action to effectuate each such cessation. 

Section 2.3 Service Recognition. 

(a) Pre-Distribution Service Credit. MSGS shall give each MSGS Participant full credit for
purposes of eligibility, vesting, determination of level of benefits, and, to the extent applicable, benefit accruals under any MSGS Plan for such MSGS Participant’s service with any member of the Spinco Group prior to the Distribution Date to
the same extent such service was recognized by the corresponding Spinco Plans immediately prior to the Distribution Date; provided, however, that such service shall not be recognized to the extent that such recognition would result in
the duplication of benefits. 
 (b) Post-Distribution Service Crediting for the MSGS Retained Retirement Plans and Spinco Retained
Retirement Plans. Each of MSGS and Spinco (acting directly or through their respective Subsidiaries) shall cause each of the MSGS Retained Retirement Plans and the Spinco Retained Retirement Plans, respectively, to provide the following service
crediting rules effective as of the Distribution Date: 
 (i) If an MSGS Employee who participates in, or is eligible to
participate but as of June 30, 2021 (the “Service Crediting Date”) is not participating in, any of the MSGS Retained Retirement Plans becomes employed by a member of the Spinco Group on or after the Distribution Date, but on or
before the Service Crediting Date, and such MSGS Employee has been continuously employed by the MSGS Group from the Distribution Date through the date such MSGS Employee commences active employment with a member of the Spinco Group, then such MSGS
Employee’s service with the MSGS Group following the Distribution Date shall be recognized for purposes of eligibility, vesting and level of benefits under the corresponding Spinco Retained Retirement Plans, in each case to the same extent as
such MSGS Employee’s service with the MSGS Group was recognized under the corresponding MSGS Retained Retirement Plans, if any. 

  
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 (ii) If a Spinco Employee becomes employed by a member of the MSGS Group
prior to the Service Crediting Date and such Spinco Employee is continuously employed by the Spinco Group from the Distribution Date through the date such Spinco Employee commences active employment with a member of the MSGS Group, then such Spinco
Employee’s service with the Spinco Group following the Distribution Date shall be recognized for purposes of eligibility, vesting and level of benefits under the corresponding MSGS Retained Retirement Plans, in each case to the same extent as
such Spinco Employee’s service with the Spinco Group was recognized under the corresponding Spinco Retained Retirement Plans, if any. 

(iii) Notwithstanding anything in this Agreement to the contrary, for the period commencing on the Distribution Date until the
Service Crediting Date, the MSGS Retained Retirement Plans and the Spinco Retained Retirement Plans (other than the Cash Balance Pension Plan) shall provide that no break in service occurs with respect to any MSGS Employee or Spinco Employee who is
hired or rehired by any member of the Spinco Group or the MSGS Group after the termination of such MSGS Employee’s or Spinco Employee’s employment with either the MSGS Group or the Spinco Group within such period. 

(iv) Notwithstanding anything in this Agreement to the contrary, the employment service with the MSGS Group or the Spinco Group
shall not be double counted or result in duplicative benefits or service crediting under any MSGS Retained Retirement Plan or Spinco Retained Retirement Plan. 

(c) Post-Distribution Service Crediting for the MSGS and Spinco Health & Welfare Plans. 

(i) If an MSGS Employee who participates in any of the MSGS Health & Welfare Plans becomes employed by a member of
the Spinco Group on or after the Distribution Date, but on or before the Service Crediting Date, and such MSGS Employee has been continuously employed by the MSGS Group from the Distribution Date through the date such MSGS Employee commences active
employment with a member of the Spinco Group, then such MSGS Employee’s service with the MSGS Group following the Distribution Date shall be recognized for purposes of eligibility under the corresponding Spinco Health & Welfare Plans,
in each case to the same extent as such MSGS Employee’s service with the MSGS Group was recognized under the corresponding MSGS Health & Welfare Plan. 

(ii) If a Spinco Employee who participates in any of the Spinco Health & Welfare Plans becomes employed by a member of
the MSGS Group on or after the Distribution Date, but on or before the Service Crediting Date, and such Spinco Employee has been continuously employed by the Spinco Group from the Distribution Date through the date such Spinco Employee commences
active employment with a member of the MSGS Group, then such Spinco Employee’s service with the Spinco Group following the Distribution Date shall be recognized for purposes of eligibility under the corresponding MSGS Health & Welfare
Plans, in each case to the same extent as such Spinco Employee’s service with the Spinco Group was recognized under the corresponding Spinco Health & Welfare Plans. 

  
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 ARTICLE III 

U.S. QUALIFIED DEFINED BENEFIT PLAN 

Section 3.1 Cash Balance Pension Plan. As of the Distribution Date, a member of the Spinco Group shall
retain all of the assets in the trust underlying the Cash Balance Pension Plan, and remain responsible for all Liabilities under the Cash Balance Pension Plan. 

ARTICLE IV 
 U.S.
QUALIFIED DEFINED CONTRIBUTION PLANS 
 Section 4.1 401(k) Plan. On or prior to the Distribution
Date, MSGS and Spinco shall take all necessary actions to add MSGS as a contributing employer to the Madison Square Garden 401(k) Savings Plan (the “401(k) Plan”). On and after the Distribution Date, MSGS Participants who,
immediately prior to the Distribution Date were participants in, or entitled to, future benefits under the 401(k) Plan shall continue to participate in the 401(k) Plan on the same terms and conditions as applied prior to the Distribution Date, as
may be modified from time to time. On and after the Distribution Date, all contributions payable to the 401(k) Plan with respect to MSGS Participants, determined in accordance with the terms of the 401(k) Plan, ERISA and the Code, shall be paid by
MSGS to the 401(k) Plan. 
 Section 4.2 Investment and Benefits Committee. Effective
as of the Distribution Date, MSGS shall establish an Investments and Benefits Committee, which, among other things, shall oversee its participation in the 401(k) Plan. 

ARTICLE V 
 NONQUALIFIED
PLANS 
 Section 5.1 Excess Cash Balance Pension Plan. 

(a) No later than the Distribution Date, MSGS shall establish and make payments pursuant to a
non-qualified defined benefit pension plan (the “MSGS Excess Cash Balance Plan”) to provide non-qualified retirement benefits to MSGS Employees
(including Shared Executives) who, immediately prior to the effective date of the MSGS Excess Cash Balance Plan, were entitled to future benefits under the MSG Sports & Entertainment, LLC Excess Cash Balance Plan (the “Spinco Excess
Cash Balance Plan”) and shall assume the Liabilities as of the Distribution Date of the Spinco Excess Cash Balance Plan relating to MSGS Employees, Former MSGS Employees and Shared Executives. 

(b) As of the effective date of the MSGS Excess Cash Balance Plan, MSGS (acting directly or through its Subsidiaries) shall cause the MSGS
Excess Cash Balance Plan to recognize and maintain all existing beneficiary designations with respect to MSGS Employees, Former MSGS Employees and Shared Executives under the Spinco Excess Cash Balance Plan. 

(c) The Parties agree that the Liabilities of the Spinco Excess Cash Balance Plan relating to MSGS Employees, Former MSGS Employees and Shared
Executives shall be transferred to the MSGS Excess Cash Balance Plan effective as of the Distribution Date. 

  
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 Section 5.2 Excess Retirement Plan. 

(a) No later than the Distribution Date, MSGS shall establish and make payments pursuant to a
non-qualified defined benefit pension plan (the “MSGS Excess Retirement Plan”) to provide non-qualified retirement benefits to eligible MSGS Employees
and shall assume the Liabilities as of the Distribution Date of the MSG Sports & Entertainment, LLC Excess Retirement Plan (the “Spinco Excess Retirement Plan”) relating to MSGS Employees and, subject to the following
sentence, Former MSGS Employees. For the avoidance of doubt, MSGS shall not assume, and Spinco shall remain responsible for, any Liabilities of the Spinco Excess Retirement Plan relating to any individual who is no longer employed by the MSGS Group
or the Spinco Group as of the Distribution Date and has already commenced receipt of his or her benefit under such plan. 
 (b) As of the
effective date of the MSGS Excess Retirement Plan, MSGS (acting directly or through its Subsidiaries) shall cause the MSGS Excess Retirement Plan to recognize and maintain all existing beneficiary designations with respect to MSGS Employees and, as
applicable pursuant to Section 5.2(a), Former MSGS Employees, under the Spinco Excess Retirement Plan. 
 (c) The Parties agree that,
effective as of the Distribution Date, the Liabilities of the Spinco Excess Retirement Plan relating to MSGS Employees and, as applicable pursuant to Section 5.2(a), Former MSGS Employees, shall be transferred to the MSGS Excess Retirement
Plan. 
 Section 5.3 Excess Savings Plan. 

(a) Establishment of the MSGS Excess Savings Plan. No later than the Distribution Date, MSGS shall establish a defined
contribution plan for the benefit of MSGS Employees (including Shared Executives) (the “MSGS Excess Savings Plan”) who, immediately prior to the effective date of the MSGS Excess Savings Plan, were participants in, or entitled to
future benefits under, the MSG Sports & Entertainment, LLC Excess Savings Plan (the “Spinco Excess Savings Plan”). 
 (b)
Transfer of Spinco Excess Savings Plan Accounts. No later than the Distribution Date, Spinco shall cause the accounts in the Spinco Excess Savings Plan attributable to MSGS Employees, Former MSGS Employees and Shared Executives to be
transferred to the MSGS Excess Savings Plan and MSGS shall cause the MSGS Excess Savings Plan to accept such transfer of accounts in accordance with current practice and to assume and to fully perform, pay and discharge all Liabilities of the Spinco
Excess Savings Plan relating to the accounts of MSGS Employees, Former MSGS Employees and Shared Executives as of the effective date of the MSGS Excess Savings Plan. 

(c) Continuation of Elections. As of the effective date of the MSGS Excess Savings Plan, MSGS (acting directly or through its
Subsidiaries) shall cause the MSGS Excess Savings Plan to recognize and maintain all elections, including deferral elections and beneficiary designations, as applicable, with respect to MSGS Employees, Former MSGS Employees and Shared Executives
under the Spinco Excess Savings Plan for the remainder of the period or periods for which such elections or designations are by their original terms applicable, to the extent such election or designation is available under the MSGS Excess Savings
Plan. 

  
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 Section 5.4 Transferred Employees. Employees who
transfer from Spinco to MSGS between the Distribution Date and June 30, 2021 will not be eligible for an immediate distribution of their account balance from the Spinco Excess Cash Balance Plan, Spinco Excess Retirement Plan or the Spinco
Excess Savings Plan; instead, subject to compliance with any applicable requirements of Section 409A of the Code, any such account balance shall be transferred to the MSGS Excess Cash Balance Plan, MSGS Excess Retirement Plan or the MSGS Excess
Savings Plan on the date of transfer, and Spinco shall pay MSGS an amount equal to the vested account balance as of the transfer date within 30 days of such transfer date. Employees who transfer from MSGS to Spinco between the Distribution Date and
June 30, 2021 will not be eligible for an immediate distribution of their account balance from the MSGS Excess Cash Balance Plan, MSGS Excess Retirement Plan or the MSGS Excess Savings Plan; instead, subject to compliance with any applicable
requirements of Section 409A of the Code, any such account balance shall be transferred to the MSGS Excess Cash Balance Plan, Spinco Excess Retirement Plan or the Spinco Excess Savings Plan on the date of transfer, and MSGS shall pay Spinco an
amount equal to the vested account balance as of the transfer date within 30 days of such transfer date.  
 Section 5.5
No Separation from Service. The transactions provided for under this Agreement shall not constitute a separation from service or a termination of employment under the MSGS Excess Cash Balance Plan, Spinco Excess Cash Balance Plan,
MSGS Excess Retirement Plan, Spinco Excess Retirement Plan, MSGS Excess Savings Plan or the Spinco Excess Savings Plan, each of which shall provide that no distribution of retirement benefits shall be made to any MSGS Employee or Spinco Employee on
account of these transactions. 
 ARTICLE VI 

U.S. HEALTH AND WELFARE PLANS 

Section 6.1 Health and Welfare Plans Maintained by Spinco Prior to the Distribution Date. 

(a) Establishment of the MSGS Health & Welfare Plans. Spinco or one or more of its Subsidiaries maintain each of
the health and welfare plans set forth on Exhibit E attached hereto (the “Spinco Health & Welfare Plans”) for the benefit of eligible MSGS Participants and Spinco Participants. Effective as of
January 1, 2021 (the “Effective Date”), MSGS shall, or shall cause one of its Subsidiaries to, adopt health and welfare plans (other than a retiree medical program) for the benefit of eligible MSGS Participants (collectively,
the “MSGS Health & Welfare Plans”). 
 (b) Terms of Participation in MSGS
Health & Welfare Plans. MSGS (acting directly or through its Subsidiaries) shall cause all MSGS Health & Welfare Plans, if applicable, to (i) waive all limitations as to preexisting conditions, exclusions,
and service conditions with respect to participation and coverage requirements applicable to MSGS Participants, other than limitations that were in effect with respect to MSGS Participants immediately prior to the Effective Date, (ii) waive any
waiting period limitation or evidence of insurability requirement that would otherwise be applicable to an MSGS Participant immediately prior to the Effective Date to the extent such MSGS Participant had satisfied any similar limitation under the
analogous Spinco Health & Welfare Plan, and (iii) in the case of self-insured MSGS Health & 

  
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Welfare Plans, provide credit for all benefits paid to MSGS Participants under the Spinco Health & Welfare Plans for purposes of determining when such persons have reached their lifetime
maximums (if any) under the MSGS Health & Welfare Plan. Notwithstanding the foregoing, in the event that any MSGS Participant, Former MSGS Employee, or dependent thereof is confined to a facility for treatment as of the Effective Date, such
persons nevertheless shall become covered under MSGS Health & Welfare Plans as of such date, and shall cease being covered under Spinco Health & Welfare Plans as of such date. 

Section 6.2 Flexible Spending Accounts Plan. As of the Effective Date, MSGS (acting directly or
through its Subsidiaries) shall establish a flexible spending accounts plan (the “MSGS Flexible Spending Accounts Plan”) with features that are comparable to those contained in the flexible spending accounts plan maintained by
Spinco for the benefit of MSGS Participants immediately prior to the Effective Date (the “Spinco Flexible Spending Accounts Plan”). Following the Effective Date, MSGS Participants that presently participate in the Spinco Flexible
Spending Accounts Plan may submit, for reimbursement in accordance with the Spinco Flexible Spending Accounts Plan, claims for health costs incurred during the 2020 plan year and any applicable grace period thereafter, and Spinco shall be
responsible for the payment of such claims. MSGS shall be entitled to retain the net positive balance, if any, of the MSGS Participants’ flexible spending accounts from the 2020 plan year. MSGS shall pay to Spinco the net negative balance, if
any, of the MSGS Participants’ flexible spending accounts from the 2020 plan year. As of the Effective Date, MSGS shall be responsible for administering all reimbursement claims of MSGS Participants under the MSGS Flexible Spending Accounts
Plan with respect to calendar year 2020 under the MSGS Flexible Spending Accounts Plan. 
 Section 6.3
Legal Plan. Any case initiated by an MSGS Participant under the Spinco Group Legal Plan prior to the Effective Date will continue under such plan until its completion regardless of whether the MSGS Participant enrolls in the MSGS
Group Legal Plan after the Effective Date. 
 Section 6.4 COBRA and HIPAA. As of the Effective Date, MSGS (acting directly or
through its Subsidiaries) shall assume, or shall have caused the MSGS Health & Welfare Plans to assume, responsibility for compliance with the health care continuation coverage requirements of COBRA with respect to MSGS Participants who, as of
the day prior to the Effective Date, were covered under a Spinco Health & Welfare Plan pursuant to COBRA or were eligible for COBRA under a Spinco Health & Welfare Plan and incur any COBRA claims after the Effective Date. Spinco shall be
responsible for the claims incurred by MSGS Participants prior to the Effective Date, regardless of whether payments for such claims are made or due after the Effective Date. Spinco (acting directly or through its Subsidiaries) shall be responsible
for administering compliance with the certificate of creditable coverage requirements of HIPAA applicable to the Spinco Health & Welfare Plans with respect to MSGS Participants for the period ending on the Effective Date. The Parties hereto
agree that neither the Distribution nor any transfers of employment directly from the MSGS Group to the Spinco Group or directly from the Spinco Group to the MSGS Group that occur before the Effective Date shall constitute a COBRA “qualifying
event” for purposes of COBRA. 

  
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 Section 6.5 Liabilities. 

(a) Insured Benefits. With respect to employee welfare and fringe benefits that are provided through the purchase of insurance,
Spinco shall cause the Spinco Health & Welfare Plans to fully perform, pay and discharge all claims of MSGS Participants that are incurred prior to the Effective Date (whether reported or unreported by the Effective Date) for the Spinco
Health & Welfare Plans, and MSGS shall pay Spinco for premiums incurred by Spinco in respect of MSGS Participants from the Distribution Date through the Effective Date. MSGS shall cause the MSGS Health & Welfare Plans to fully
perform, pay and discharge all claims of MSGS Participants that are incurred on or after the Effective Date. With respect to claims of MSGS Participants that are incurred under such Spinco Health & Welfare Plans prior to the Effective Date
(whether reported or unreported by the Effective Date), but after the Distribution Date, and paid by the Spinco Health & Welfare Plans, MSGS, as a Participating Company, shall promptly reimburse Spinco for any administrative or other
expenses. 
 (i) Long-Term Disability. Any MSGS Participant who is on long-term disability leave and receiving
long-term disability benefits under the MSG Sports & Entertainment, LLC Long Term Disability Plan as of the Effective Date shall continue to receive benefits under the MSG Sports & Entertainment, LLC Long Term Disability Plan in
accordance with the provisions of such Plan following the Effective Date. 
 (b) Self-Insured Benefits. With respect to employee
welfare and fringe benefits that are provided on a self-insured basis, except as otherwise provided herein, MSGS (i) shall pay Spinco the Estimated Benefit Cost (defined below) for each month from the Distribution Date through the Effective
Date for each MSGS Participant participating in such benefits (prorated for any partial month based on the number of days in such month) and (ii) acting directly or through its Subsidiaries, shall cause the MSGS Health & Welfare Plans
to fully perform, pay and discharge all claims of MSGS Participants that are incurred on or after the Effective Date. The “Estimated Benefit Cost” shall equal the aggregate monthly cost of such self-insured benefits on a per-employee basis, as set forth in Spinco’s applicable annual budget (as may be adjusted quarterly), taking into account relevant claims experience. As soon as administratively practicable after the Effective
Date, Spinco and MSGS shall determine the actual cost of providing such self-insured benefits to the MSGS Participants for the period from the Distribution Date through the Effective Date (the “Actual Benefit Cost”), which shall be
determined based on the number, and claims experience, of MSGS Participants and Spinco Participants during that period. If the Actual Benefit Cost is greater than the aggregate Estimated Benefit Cost paid by MSGS, then MSGS shall promptly pay Spinco
such shortfall, or if the aggregate Estimated Benefit Cost paid by MSGS is greater than the Actual Benefit Cost, then Spinco shall promptly reimburse such excess amount to MSGS. Except as provided otherwise herein, MSGS shall promptly reimburse
Spinco for the administrative and other expenses related to self-insured benefit claims of MSGS Participants paid by the Spinco Health & Welfare Plans or Spinco that were incurred prior to the Effective Date (whether reported or unreported
by the Effective Date). 

  
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 (i) Short-Term Disability. 

(A) Any MSGS Participant who is on short-term disability leave and receiving short-term disability benefits under the
Sports & Entertainment, LLC Short Term Disability Plan as of the Effective Date shall continue to receive short-term disability benefits under the MSG Sports & Entertainment, LLC Short Term Disability Plan. MSGS, as a Participating
Company, shall reimburse Spinco for all administrative and other expenses paid by the MSG Sports & Entertainment, LLC Short Term Disability Plan or Spinco after the Effective Date. MSGS shall continue to pay any short-term disability
benefits owed to an MSGS Participant under the MSG Sports & Entertainment, LLC Short Term Disability Plan. 
 (B)
Any MSGS Participant who is on a short-term disability leave as of the Effective Date, and who but for the transactions contemplated under the Distribution Agreement would have become eligible for long-term disability benefits in accordance with the
provisions of the MSG Sports & Entertainment, LLC Long Term Disability Plan, will continue to be eligible for long-term disability benefits under the MSG Sports & Entertainment, LLC Long Term Disability Plan. 

(c) Incurred Claim Definition. For purposes of this Section 6.5, a claim or Liability is deemed to be
incurred (i) with respect to medical, dental, vision and/or prescription drug benefits, upon the rendering of health services or provision of supplies giving rise to such claim or Liability; (ii) with respect to life insurance, accidental
death and dismemberment and business travel accident insurance, upon the occurrence of the event giving rise to such claim or Liability; (iii) with respect to disability benefits, upon the date of an individual’s disability, as determined
by the disability benefit insurance carrier or claim administrator, giving rise to such claim or Liability; and (iv) with respect to a period of continuous hospitalization (or any medical or other service or supply performed or provided during
the period of continuous hospitalization), upon the date of admission to the hospital. 
 (d) Retiree Medical Program.
Notwithstanding the foregoing, Spinco shall retain all Liabilities under the Spinco Retiree Medical Program, whether incurred before, on or after the Distribution Date, with respect to qualifying MSGS Participants and Spinco Participants. 

Section 6.6 Time-Off Benefits. MSGS shall credit each MSGS Participant with the amount of accrued but unused vacation time, sick
time and other time-off benefits as such MSGS Participant had with the Spinco Group as of the Distribution Date or as of an employee’s transfer date for a Spinco Employee who becomes an MSGS Employee prior to the Service Crediting Date. Spinco
shall credit each Spinco Participant with the amount of accrued but unused vacation time, sick time and other time-off benefits as of an employee’s transfer date for an MSGS Employee who becomes a Spinco Employee prior to the Service Crediting
Date. Notwithstanding the above, MSGS shall not be required to credit any MSGS Participant and Spinco shall not be required to credit any Spinco Participant with any accrual to the extent that a benefit attributable to such vacation time, sick time
and other time-off benefits is paid by the Spinco Group or MSGS Group, respectively. 

  
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 Section 6.7 Severance Pay Plans. The Parties acknowledge and agree that
the transactions contemplated by the Distribution Agreement will not constitute a termination of employment of any Spinco Participant or MSGS Participant for purposes of any policy, plan, program or agreement of MSGS or Spinco or any member of the
MSGS Group or Spinco Group that provides for the payment of severance, separation pay, salary continuation or similar benefits in the event of a termination of employment. 

ARTICLE VII 
 EQUITY
COMPENSATION 
 Section 7.1 Equity Compensation. The Parties, including through instructions
with their respective administrators and recordkeepers, shall use commercially reasonable efforts and shall cooperate in good faith to take all actions reasonably necessary or appropriate for the adjustment of the Equity Compensation under the MSGS
Share Plans, for the issuance of the Equity Compensation under the Spinco Share Plans, and to coordinate the tax treatment of such Equity Compensation as set forth in this Article VII, all in a manner consistent with the
resolutions adopted by the MSGS Compensation Committee in connection with the Distribution and the provisions of this Article VII. 

Section 7.2 Taxes and Withholding. 

(a) Options. 

(i) Exercise Price. 

(A) Upon the exercise of an MSGS Option, whether by an MSGS Employee, Former MSGS Employee, MSGS Director, Spinco Employee,
Former Spinco Employee or Spinco Director, the Parties shall take steps to ensure that the exercise price is delivered to MSG. 

(B) Upon the exercise of a Spinco Option, whether by an MSGS Employee, Former MSGS Employee, MSGS Director, Spinco Employee,
Former Spinco Employee or Spinco Director, the Parties shall take steps to ensure that the exercise price is delivered to Spinco. 

(ii) Taxes. 

(A) Upon exercise of an MSGS Option or Spinco Option, the employer or, in the case of a Former MSGS Employee or Former Spinco
Employee, the former employer of such holder shall fund any employer taxes. 
 (B) Upon exercise of an MSGS Option or Spinco
Option, the Parties shall take steps to ensure that the applicable withholding amount is remitted in cash to the employer or, in the case of a Former MSGS Employee or Former Spinco Employee, the former employer of such holder. 

  
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 (b) [Intentionally Omitted.] 

(c) Restricted Stock Units. 

(i) Settlement. 

(A) After the Distribution Date, MSGS shall be responsible for all Liabilities under MSGS RSUs, whether such MSGS RSUs are held
by MSGS Employees, Former MSGS Employees, Spinco Employees, Former Spinco Employees and individuals who received such MSGS RSUs in their capacity as MSGS Directors. MSGS shall settle, and satisfy any dividend obligations with respect to, such MSGS
RSUs in accordance with the terms of its 2015 Employee Stock Plan and its 2015 Stock Plan for Non-Employee Directors. 

(B) After the Distribution Date, Spinco shall be responsible for all Liabilities under Spinco RSUs, whether such Spinco RSUs
are held by MSGS Employees, Former MSGS Employees, Spinco Employees or Former Spinco Employees. Spinco shall settle, and satisfy any dividend obligations with respect to, such Spinco RSUs in accordance with the terms of its 2020 Employee Stock Plan.

 (ii) Taxes. 

(A) Upon settlement of any MSGS RSU or Spinco RSU, other than an MSGS RSU that is held by an individual who received such MSGS
RSU in his capacity as an MSGS Director, the employer, or, in the case of a Former MSGS Employee or Former Spinco Employee, the former employer, of such holder shall fund any employer taxes. 

(B) Upon settlement of any MSGS RSU or Spinco RSU, other than an MSGS RSU that is held by an individual who received such MSGS
RSU in his capacity as an MSGS Director, the Parties shall take steps to ensure that the applicable withholding amount is remitted in cash to the employer, or, in the case of a Former MSGS Employee or Former Spinco Employee, the former employer of
such holder. 
 (C) MSGS will be responsible for any tax reporting obligations associated with any MSGS RSUs that are held by
an individual who received such MSGS RSU in his capacity as an MSGS Director. 
 (d) Tax Deductions. With respect to the Equity
Compensation held by individuals who are MSGS Employees or MSGS Directors at the time the Equity Compensation becomes taxable and individuals who are Former MSGS Employees at such time, MSGS shall claim any federal, state and/or local tax deductions
after the Distribution Date, and Spinco shall not claim such deductions. With respect to the Equity Compensation held by individuals who are employees of the Spinco Group at the time the Equity Compensation becomes taxable and individuals who are
Former Spinco Employees at such time, Spinco shall claim any federal, state 

  
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and/or local tax deductions after the Distribution Date, and MSGS shall not claim such deductions. If either MSGS or Spinco determines in its reasonable judgment that there is a substantial
likelihood that a tax deduction that was assigned to MSGS or Spinco pursuant to this Section 7.2 will instead be available only to the other party (whether as a result of a determination by the IRS, a change in the Code or
the regulations or guidance thereunder, or otherwise), it will notify the other party and both Parties will negotiate in good faith to resolve the issue in accordance with the following principle: the party entitled to the deduction shall pay to the
other party an amount that places the other party in a financial position equivalent to the financial position the party would have been in had the party received the deduction as intended under this Section 7.2. Such
amount shall be paid within 90 days of filing the last tax return necessary to make the determination described in the preceding sentence. 

Section 7.3 Cooperation. In addition to any cooperation principles governed by Article X, if,
after the Distribution Date, MSGS or Spinco identify an administrative error in the individuals identified as holding Equity Compensation, the amount of Equity Compensation so held, the vesting level of such Equity Compensation, or any other similar
error, MSGS and Spinco shall mutually cooperate in taking such actions as are necessary or appropriate to place, as nearly as reasonably practicable, the individual and MSGS and Spinco in the position in which they would have been had the error not
occurred. Each of the Parties shall establish an appropriate administration system in order to handle in an orderly manner exercises of MSGS Options and Spinco Options and the settlement of MSGS RSUs and Spinco RSUs. Each of the Parties will work
together to unify and consolidate all indicative data and payroll and employment information on regular timetables and make certain that each applicable entity’s data and records with respect to Equity Compensation are correct and updated on a
timely basis. The foregoing shall include employment status and information required for tax withholding/remittance, compliance with trading windows and compliance with the requirements of the Securities Exchange Act of 1934 and other applicable
Laws. 
 Section 7.4 SEC Registration. The Parties mutually agree to use commercially
reasonable efforts to maintain effective registration statements with the Securities and Exchange Commission with respect to the long-term incentive awards to the extent any such registration statement is required by applicable Law. 

Section 7.5 Savings Clause. The Parties hereby acknowledge that the provisions of this
Article VII are intended to achieve certain tax, legal and accounting objectives and, in the event such objectives are not achieved, the Parties agree to negotiate in good faith regarding such other actions that may be
necessary or appropriate to achieve such objectives. 
 ARTICLE VIII 

ADDITIONAL COMPENSATION AND BENEFITS MATTERS 

Section 8.1 Cash Incentive Awards. 

(a) Cooperation. The Parties shall use commercially reasonable efforts and shall cooperate in good faith to take all actions
reasonably necessary or appropriate to achieve the treatment of annual cash incentive awards established under MSG’s 2015 Cash Incentive Plan (or the comparable non-executive annual incentive plan
maintained by MSG) as approved by the MSGS Compensation Committee prior to the Distribution in accordance with the terms of such Plans and the award agreements issued thereunder, including as set forth in this Section 8.1.

  
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 (b) Liability. 

(i) Effective as of the Distribution Date, Spinco shall assume or retain, as applicable, responsibilities for all Liabilities,
and fully perform, pay and discharge all Liabilities when such Liabilities become due, relating to any annual cash incentive awards, or portion of any such incentive awards, including awards established under MSG’s 2015 Cash Incentive Plan (or
the comparable non-executive annual incentive plan maintained by MSG), that any Spinco Participant is eligible to receive with respect to any performance period that ends after the Distribution Date and,
effective as of the Distribution Date, MSGS shall have no obligations with respect to any such incentive awards. As soon as reasonably practicable, but in any event within 30 days, following the date that MSGS or Spinco pays an annual cash incentive
award established with respect to the fiscal year ending June 30, 2020 to a MSGS Participant or Spinco Participant who, immediately prior to the Distribution, was a “corporate” employee of MSGS (including Shared Executives), the
Parties shall cooperate to ensure that each Party is responsible for (and reimburses as applicable) the portion of the Liability with respect to such award accrued as of the Distribution Date (after giving effect to the portion of such Liability
allocated to MSG Networks Inc.) reflected on Exhibit H, except as otherwise agreed between the Parties. 
 (ii) MSGS
acknowledges and agrees that, except as otherwise provided herein, it shall have full responsibility with respect to any Liabilities and the payment or performance of any obligations arising out of or relating to any incentive, commission or other
similar compensatory arrangement previously provided by any member of the MSGS Group or Spinco Group to any MSGS Participant. 

(iii) Spinco acknowledges and agrees that, except as otherwise provided herein, it shall have full responsibility with respect
to any Liabilities and the payment or performance of any obligations arising out of or relating to any incentive, commission or other similar compensatory arrangement previously provided by any member of the MSGS Group or Spinco Group to any Spinco
Participant. 
 Section 8.2 Individual Arrangements. 

(a) MSGS Individual Arrangements. MSGS acknowledges and agrees that, except as otherwise provided herein, it shall have full
responsibility with respect to any Liabilities and the payment or performance of any obligations arising out of or relating to any employment, separation, severance, consulting, non-competition, retention or
other compensatory arrangement previously provided by any member of the MSGS Group or Spinco Group to any MSGS Participant. 
 (b) Spinco
Individual Arrangements. Spinco acknowledges and agrees that, except as otherwise provided herein, it shall have full responsibility with respect to any Liabilities and the payment or performance of any obligations arising out of or relating to
any employment, separation, severance, consulting, non-competition, retention or other compensatory arrangement previously provided by any member of the MSGS Group or Spinco Group to any Spinco Participant.

  
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 (c) [Intentionally Omitted]. 

(d) Effect of the Distribution on Severance. The Parties acknowledge and agree that the transactions contemplated by the Distribution
Agreement will not constitute a termination of employment of any Spinco Participant for purposes of any policy, plan, program or agreement of MSGS or Spinco or any member of the MSGS Group or Spinco Group that provides for the payment of severance,
separation pay, salary continuation or similar benefits in the event of a termination of employment.  

(e) Rangers and Knicks Arrangements. As of the Distribution Date, MSGS shall assume the compensation and/or salary arrangements, and
any agreements and assets related thereto, in respect of Glen Sather, Kevin Stevens, Bradley Richards, Daniel Girardi, Kevin Shattenkirk, Scott Arniel and Darryl Williams. As of the Distribution Date, MSGS shall assume the compensation and/or salary
arrangements, and any agreements and assets related thereto, in respect of Joakim Noah, Zach Randolph, David Fizzdale, Steve Mills and Keith Smart. 

Section 8.3 Non-Competition. For the purpose of any non-compete provision in any MSGS Plan or any award thereunder, Spinco shall not be regarded as a “competitive entity.” For the purpose of any non-compete provision
in any Spinco Plan or any award thereunder, MSGS shall not be regarded as a “competitive entity.” This Section 8.3 shall apply only so long as MSGS and Spinco remain under common Control. 

Section 8.4 Collective Bargaining. To the extent any provision of this Agreement is contrary to
the provisions of any collective bargaining agreement to which MSGS or Spinco or any of their respective Subsidiaries is a party, the terms of such collective bargaining agreement shall prevail. Should any provisions of this Agreement be deemed to
relate to a topic determined by an appropriate authority to be a mandatory subject of collective bargaining, MSGS or Spinco may be obligated to bargain with the union representing affected employees concerning those subjects. 

Section 8.5 Union Dues; Severance and Fringe Benefits. MSGS and its Subsidiaries shall
retain responsibility for the payment of dues and severance and fringe benefit payments on behalf of MSGS Employees with respect to the unions set forth on Exhibit F. Spinco and its Subsidiaries shall retain responsibility for the payment of
dues and severance and fringe benefit payments on behalf of Spinco Employees with respect to the unions set forth on Exhibit G. 

Section 8.6 Director Programs. MSGS shall retain responsibility for the payment of any fees and MSGS RSUs payable in respect of
service on the MSGS Board of Directors that are payable but not yet paid as of the Distribution Date, and Spinco shall have no responsibility for any such payments (to an individual who is a member of the Spinco Board of Directors as of the
Distribution Date or otherwise). 

  
 -22- 

 Section 8.7 Sections 162(m)/409A. Notwithstanding anything in this
Agreement to the contrary (including the treatment of supplemental and deferred compensation plans, outstanding long-term incentive awards and annual incentive awards as described herein), the Parties agree to negotiate in good faith regarding the
need for any treatment different from that otherwise provided herein to ensure that (i) a federal income tax deduction for the payment of such supplemental or deferred compensation or long-term incentive award, annual incentive award or other
compensation is not limited by reason of Section 162(m) of the Code, if applicable, and (ii) the treatment of such supplemental or deferred compensation or long-term incentive award, annual incentive award or other compensation does not
cause the imposition of a tax under Section 409A of the Code. 
 ARTICLE IX 

INDEMNIFICATION 

Section 9.1 Indemnification. All Liabilities retained or assumed by or allocated to MSGS or the MSGS Group pursuant to this
Agreement shall be deemed to be “MSGS Liabilities” (as defined in the Distribution Agreement) for purposes of Article III of the Distribution Agreement, and all Liabilities retained or assumed by or allocated to Spinco or the Spinco
Group pursuant to this Agreement shall be deemed to be “Spinco Liabilities” (as defined in the Distribution Agreement) for purposes of Article III of the Distribution Agreement. 

ARTICLE X 
 GENERAL AND
ADMINISTRATIVE 
 Section 10.1 Sharing of Information. MSGS and Spinco (acting directly or through their
respective Subsidiaries) shall provide to the other and their respective agents and vendors all Information as the other may reasonably request to enable the requesting Party to administer efficiently and accurately each of its Plans, to assist
Spinco in obtaining its own insurance policies to provide benefits under Spinco Plans, and to determine the scope of, as well as fulfill, its obligations under this Agreement; provided, however, that, in the event that any Party
reasonably determines that any such provision of Information could be commercially detrimental to such Party or any member of its Group, violate any Law or agreement to which such Party or member of its Group is a party, or waive any attorney-client
privilege applicable to such Party or member of its Group, the Parties shall provide any such Information and the Parties shall take all reasonable measures to comply with the obligations pursuant to this Section 10.1 in a manner that
mitigates any such harm or consequence to the extent practicable, and the Parties agree to cooperate with each other and take such commercially reasonable steps as may be practicable to preserve the attorney-client privilege with respect to the
disclosure of any such Information. Such Information shall, to the extent reasonably practicable, be provided in the format and at the times and places requested, but in no event shall the Party providing such Information be obligated to incur any
out-of-pocket expenses not reimbursed by the Party making such request or make such Information available outside of its normal business hours and premises. Any Information shared or exchanged pursuant to this Agreement shall be subject to the same
confidentiality requirements set forth in Section 4.4 of the Distribution Agreement. 

  
 -23- 

 Section 10.2 Reasonable Efforts/Cooperation. Each of
the Parties hereto will use its commercially reasonable efforts to promptly take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws and regulations to consummate the
transactions contemplated by this Agreement, including adopting plans or plan amendments. Each of the Parties hereto shall cooperate fully on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a
determination letter or private letter ruling from the IRS, an advisory opinion from the DOL or any other filing, consent or approval with respect to or by a Governmental Authority. 

Section 10.3 Non-Termination of Employment; No Third-Party
Beneficiaries. No provision of this Agreement or the Distribution Agreement shall be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any MSGS Employee or Spinco Employee or
other future, present, or former employee of any member of the MSGS Group or Spinco Group under any MSGS Plan or Spinco Plan or otherwise. This Agreement is solely for the benefit of the Parties hereto and their respective successors and permitted
assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other person or persons (including any employee or former employee of MSGS or Spinco or either of their respective Subsidiaries or any beneficiary or
dependent thereof) any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. No provision in this Agreement shall modify or amend any other agreement, plan, program, or document unless this Agreement explicitly
states that the provision “amends” that other agreement, plan, program, or document. This shall not prevent the Parties entitled to enforce this Agreement from enforcing any provision in this Agreement, but no other person shall be
entitled to enforce any provision in this Agreement on the grounds that it is an amendment to another agreement, plan, program, or document unless the provision is explicitly designated as such in this Agreement, and the person is otherwise entitled
to enforce the other agreement, plan, program, or document. If a person not entitled to enforce this Agreement brings a lawsuit or other action to enforce any provision in this Agreement as an amendment to another agreement, plan, program, or
document, and that provision is construed to be such an amendment despite not being explicitly designated as one in this Agreement, that provision in this Agreement shall be void ab initio, thereby precluding it from having any amendatory
effect. Furthermore, nothing in this Agreement is intended to confer upon any employee or former employee of MSGS, Spinco or either of their respective Subsidiaries any right to continued employment, or any recall or similar rights to an individual
on layoff or any type of approved leave. 
 Section 10.4 Consent of Third Parties. If any provision
of this Agreement is dependent on the consent of any third party and such consent is withheld, the Parties hereto shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the fullest extent practicable. If
any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties hereto shall negotiate in good faith to implement the provision in a mutually satisfactory manner. 

Section 10.5 Access to Employees. Following the Distribution Date, MSGS and Spinco shall, or
shall cause each of their respective Subsidiaries to, make available to each other those of their employees who may reasonably be needed in order to defend or prosecute any legal or administrative action (other than a legal action between any member
of the MSGS Group and any member of the Spinco Group) to which any employee, director or Plan of the MSGS Group or Spinco Group is a party and which relates to their respective Plans prior to the Distribution Date. 

  
 -24- 

 Section 10.6 Beneficiary Designation/Release of
Information/Right to Reimbursement. To the extent permitted by applicable Law and except as otherwise provided for in this Agreement, all beneficiary designations, authorizations for the release of information and rights to reimbursement
made by or relating to Spinco Participants under MSGS Plans shall be transferred to and be in full force and effect under the corresponding Spinco Plans until such beneficiary designations, authorizations or rights are replaced or revoked by, or no
longer apply to, the relevant Spinco Participant. 
 Section 10.7 Not a Change in
Control. The Parties hereto acknowledge and agree that the transactions contemplated by the Distribution Agreement and this Agreement do not constitute a “change in control” for purposes of any MSGS Plan or Spinco Plan. 

ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Effect If Distribution Does Not Occur. Notwithstanding anything in this Agreement to the
contrary, if the Distribution Agreement is terminated prior to the Distribution Date, then all actions and events that are, under this Agreement, to be taken or occur effective immediately prior to or as of the Distribution Date, or otherwise in
connection with the Distribution, shall not be taken or occur except to the extent specifically agreed to in writing by MSGS and Spinco and neither Party shall have any Liability to the other Party under this Agreement. 

Section 11.2 Complete Agreement; Construction. This Agreement, including the Exhibits, shall
constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 

Section 11.3 Counterparts. This Agreement may be executed in one or more counterparts, all of which
shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Party. 

Section 11.4 Survival of Agreements. Except as otherwise contemplated by this Agreement, all
covenants and agreements of the Parties contained in this Agreement shall survive the Distribution Date. 

Section 11.5 Notices. All notices and other communications hereunder shall be in writing, shall
reference this Agreement and shall be hand delivered or mailed by registered or certified mail (return receipt requested) to the Parties at the following addresses (or at such other addresses for a Party as shall be specified by like notice) and
will be deemed given on the date on which such notice is received: 
 To MSG: 

The Madison Square Garden Company (or, after the applicable name change, Madison Square Garden Sports Corp.) 

Two Penn Plaza 
 New York, New York 10121 

Attention: General Counsel 

  
 -25- 

 To Spinco: 

MSG Entertainment Spinco, Inc. (or, after the applicable name change, Madison Square Garden Entertainment Corp.) 

Two Penn Plaza 
 New York, New York 10121 

Attention: General Counsel 

Section 11.6 Waivers. The failure of any Party to require strict performance by any other Party of any
provision in this Agreement will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. 

Section 11.7 Amendments. Subject to the terms of Sections 11.8 and
11.10 hereof, this Agreement may not be modified or amended except by an agreement in writing signed by each of the Parties. 

Section 11.8 Assignment. This Agreement shall not be assignable, in whole or in part, directly or
indirectly, by any Party without the prior written consent of the other Party, and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void; provided that either Party may assign this Agreement
to a purchaser (by merger, sale of assets or otherwise) of all or substantially all of the properties and assets of such Party so long as such purchaser expressly assumes, in a written instrument in form reasonably satisfactory to the non-assigning Party, the due and punctual performance or observance of every agreement and covenant of this Agreement on the part of the assigning Party to be performed or observed. Any arrangement in violation of
the provisions of this Section 11.8 shall be void. 
 Section 11.9
Successors and Assigns. The provisions to this Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns. 

Section 11.10 Subsidiaries. Each of the Parties shall cause to be performed, and hereby guarantees the
performance of, all actions, agreements and obligations set forth herein to be performed by any entity that is contemplated to be a Subsidiary of such Party after the Distribution Date. 

Section 11.11 Title and Headings. Titles and headings to Sections herein are
inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 11.12 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK. 

  
 -26- 

 Section 11.13 Waiver of Jury Trial. The
Parties hereby irrevocably waive any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement. 

Section 11.14 Specific Performance. From and after the Distribution, in the event of any
actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Parties agree that the Party to this Agreement who is or is to be thereby aggrieved shall have the right to specific performance and
injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that, from and after the
Distribution, the remedies at law for any breach or threatened breach of this Agreement, including monetary damages, are inadequate compensation for any Loss, that any defense in any action for specific performance that a remedy at law would be
adequate is hereby waived, and that any requirements for the securing or posting of any bond with such remedy are hereby waived. 

Section 11.15 Severability. In the event any one or more of the provisions contained in this Agreement
should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in
good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

[signature page follows] 

  
 -27- 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of
the date first above written. 
  

					
	 THE MADISON SQUARE GARDEN COMPANY

(to be renamed Madison Square Garden Sports Corp.)

		
	By:	 	 /s/ Andrew Lustgarten

		 	Name:	 	Andrew Lustgarten
		 	Title:	 	President
	
	 MSG ENTERTAINMENT SPINCO, INC.
 (to
be renamed Madison Square Garden Entertainment Corp.)

		
	By:	 	 /s/ James L. Dolan

		 	Name:	 	James L. Dolan
		 	Title:	 	Executive Chairman and Chief Executive Officer

 [Signature Page to Employee Matters Agreement]EX-10.47

 Exhibit 10.47 

 
 

 
 March 31, 2020 

Mr. James L. Dolan 
 MSG Entertainment Spinco Inc. (to
be renamed Madison Square Garden Entertainment Corp.) 
 Two Pennsylvania Plaza 

New York, NY 10121 
 Dear Jim: 

This letter agreement (the “Agreement”), effective as of the closing of the distribution and spin-off (the “Spin-Off”) of the common stock of MSG Entertainment Spinco, Inc. (to be renamed Madison Square Garden Entertainment Corp.) (the “Company”) to the shareholders of The Madison Square Garden
Company (to be renamed Madison Square Garden Sports Corp., “MSGS”) (the “Effective Date”) will confirm the terms of your employment with the Company following the Effective Date. 

1. Your title will be Executive Chairman and Chief Executive Officer and it is expected that you will continue to be nominated for election as a director of
the Company during the period you serve as Executive Chairman. Subject to the provisions of this paragraph, you agree to devote your business time and attention to the business and affairs of the Company. The Company understands that you are a party
to an Employment Agreement with each of MSGS and MSG Networks Inc. (“MSG Networks”) and recognizes and agrees that your responsibilities to MSGS and MSG Networks will preclude you from devoting substantially all of your time and attention
to the Company’s affairs. However, the Company understands, and you agree, that you will not take on another significant and substantial employment role outside of these three entities and/or their respective subsidiaries, and that you will
devote to the Company’s affairs a sufficiently substantial portion of your time and attention as may be reasonably necessary to accomplish the objectives of your strategic and operational role for the Company as identified in this Agreement and
as mutually agreed between yourself and the Company from time to time. In addition, as recognized in Article Tenth of the Company’s Amended and Restated Certificate of Incorporation (the “Overlap Policy”), there may be certain
potential conflicts of interest and fiduciary duty issues associated with your roles at the Company, MSGS and MSG Networks. The Company recognizes and agrees that none of (i) your responsibilities at the Company, MSGS and MSG Networks,
(ii) your inability to devote substantially all of your time and attention to the Company’s affairs, (iii) the actual or potential conflicts of interest and fiduciary duty issues that are waived in the Overlap Policy or (iv) any
actions taken, or omitted to be taken, by you in good faith to comply with your duties and responsibilities to the Company in light of your responsibilities to the Company, MSGS and MSG Networks, shall be deemed to be a breach by you of your
obligations under this Agreement (including your obligations under Annex A) nor shall any of the foregoing constitute “Cause” as such term is defined herein. 

 Mr. James L. Dolan 

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 2. Your annual base salary will be not less than $600,000 annually, paid
bi-weekly, subject to annual review and potential increase by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) in its discretion. The Compensation
Committee will continue to review your compensation package on an annual basis to ensure you are paid consistently with the market for other similarly situated executives as well as external peers. 

3. You will also participate in our discretionary annual bonus program with an annual target bonus opportunity equal to not less than 200% of your annual base
salary (with such target bonus opportunity effective for the current fiscal year). Bonus payments are based on actual salary dollars paid during the year and depend on a number of factors including Company, unit and individual performance. However,
the decision of whether or not to pay a bonus, and the amount of that bonus, if any, is made by the Compensation Committee in its sole discretion. Annual bonuses are typically paid in the first fiscal quarter of the subsequent fiscal year. Except as
otherwise provided herein, in order to receive a bonus, you must be employed by the Company at the time bonuses are being paid. Notwithstanding the foregoing, if your employment with the Company ends on the Scheduled Expiration Date (as defined
below), you shall be paid your pro rata bonus for the fiscal year ending June 30, 2021, if any, even if such payment is not made to you prior to the Scheduled Expiration Date, which bonus shall be subject to Company and your business unit
performance for that fiscal year as determined by the Company in its sole discretion, but without adjustment for your individual performance. 
 4.
    You will also, subject to your continued employment by the Company and actual grant by the Compensation Committee, participate in such equity and other long-term incentive programs that are made available in the future to
similarly situated executives at the Company but subject to the terms of this Paragraph. Commencing with the Company’s fiscal year starting July 1, 2020, it is expected that such awards will consist of annual grants of cash and/or equity
awards with an annual target value of not less than $5,400,000, as determined by the Compensation Committee in its discretion. 
 All awards
described in this Paragraph 4, in addition to being subject to actual grant by the Compensation Committee, would be pursuant to the applicable plan document and would be subject to any terms and conditions established by the Compensation Committee
in its sole discretion that would be detailed in separate agreements you would receive after any award is actually made; provided, however, that such terms and conditions shall be consistent with those in awards granted to similarly situated
executives. Long-term incentive awards are currently expected to be subject to three-year vesting. 
 5. You will also be eligible to participate in all of
our benefits and retirement plans and programs, subject to meeting the relevant eligibility requirements, payment of the required premiums, and the terms of the plans themselves. We currently offer medical, dental, vision, life, and accidental death
and dismemberment insurance; short- and long- term disability insurance; a savings and retirement program; and ten paid holidays. Any Company provided life and accidental death and dismemberment insurance will be based on your Company base salary.

 Mr. James L. Dolan 

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You will also continue to be eligible for paid time off to be accrued and used in accordance with Company policy, which currently allows for time off on a flexible and unlimited basis. 

6. If your employment with the Company is terminated on or prior to the first anniversary of the Effective Date (the “Scheduled Expiration Date”):
(i) by the Company (other than for “Cause”); or (ii) by you for “Good Reason” (other than if “Cause” then exists); then, subject to your execution and delivery, within 60 days after the date of termination of your
employment, and non-revocation (within any applicable revocation period) of the Separation Agreement (as defined below), the Company will provide you with the following: 

 

	 	(a)	 Severance in an amount to be determined by the Company (the “Severance Amount”), but in no event less
than two (2) times the sum of your annual base salary and your annual target bonus as in effect at the time your employment terminates. Sixty percent (60%) of the Severance Amount will be payable to you on the
six-month anniversary of the date your employment so terminates (the “Termination Date”) and the remaining forty percent (40%) of the Severance Amount will be payable to you on the twelve-month
anniversary of the Termination Date; 

  

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

  

	 	(c)	 Each of your then-outstanding and not yet vested long-term cash awards (including any deferred compensation
awards under the long-term cash award programs) granted under the plans of the Company, if any, shall immediately vest in full and shall be payable to you at the same time as such awards are paid to active executives of the Company, and the payment
amount of such award shall be to the same extent that other similarly situated active executives receive payment as determined by the Compensation Committee (subject to satisfaction of any applicable performance criteria but without adjustment for
your individual performance); 

  

	 	(d)	 (i) All of the time-based restrictions on each of your then-outstanding and
not-yet vested restricted stock or restricted stock unit awards granted to you under the plans of the Company, if any, shall immediately be eliminated, (ii) payment and deliveries with respect to your
restricted stock that are not subject to performance 

 Mr. James L. Dolan 

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criteria or are subject to performance criteria that have previously been satisfied (as certified by the Compensation Committee) shall be made immediately after the effective date of the
Separation Agreement, (iii) payment and deliveries with respect to your restricted stock units that are not subject to performance criteria or are subject to performance criteria that have previously been satisfied (as certified by the
Compensation Committee) shall be made on the 90th day after the termination of your employment and (iv) payments or deliveries with respect to your restricted stock and restricted stock units
that are subject to performance criteria that have not yet been satisfied shall be made on the 90th day after the applicable performance criteria is certified by the Compensation Committee as
having been satisfied; and 

  

	 	(e)	 Each of your then-outstanding and not yet vested stock options and stock appreciation awards, if any, under the
plans of the Company shall immediately vest and become exercisable, and you shall have the right to exercise each of those options and stock appreciation awards for the remainder of the term of such option or award. 

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

(b) If, prior to or after the Scheduled Expiration Date, you cease to be employed by the Company for any reason other than your being
terminated for Cause, you shall have three years to exercise outstanding stock options and stock appreciation awards, unless you are afforded a longer period for exercise pursuant to another provision of this Agreement or any applicable award
letter, but in no event exercisable after the end of the applicable regularly scheduled term (except in the case of death, as may otherwise be permitted under the applicable Employee Stock Plan or award letter). 

 Mr. James L. Dolan 

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 (c)    If, after the Scheduled Expiration Date, your employment with the
Company is terminated (i) by the Company, (ii) by you for Good Reason, or (iii) as a result of your death or Disability, and at the time of any such termination described in clause (i), (ii) or (iii), Cause does not exist, then,
subject (other than in the case of your death) to your execution and delivery, within 60 days after the date of termination of your employment, and non-revocation (within any applicable revocation period) of
the Separation Agreement, each of your then outstanding long term cash awards and equity awards (including restricted stock, restricted stock units, options and stock appreciation rights) that was awarded prior to the Scheduled Expiration Date shall
vest and/or be payable as set forth in Paragraphs 6(c), (d) and (e) above. 
 (d) Upon the termination of your employment with the
Company, the Company shall pay you any unpaid base salary through the date of termination by no later than the next payroll period, and shall reimburse you for any unreimbursed expenses incurred through the date of termination in accordance with the
Company’s reimbursement policy. Except as otherwise specifically provided in this Agreement, your rights to benefits and payments under the Company’s pension and welfare plans (other than severance benefits) and any outstanding long-term
cash or equity awards shall be determined in accordance with the then current terms and provisions of such plans, agreements and awards under which such benefits and payments (including such long-term cash or equity awards) were granted. 

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

 Mr. James L. Dolan 

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 10.    For purposes of this Agreement, “Cause” means your
(i) commission of an act of fraud, embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against the Company or an affiliate thereof, or (ii) commission of any act or omission that results in a
conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any crime involving moral turpitude or any felony. 

For purposes of this Agreement, “Good Reason” means that (1) without your written consent and other than by your own causation,
(A) your annual base salary or annual target bonus (as each may be increased from time to time in the Compensation Committee’s sole discretion) is reduced, (B) you are no longer the Executive Chairman of the Company, (C) you no
longer report directly to the Board of Directors of the Company, (D) the Company requires that your principal office be located outside of Nassau County or the Borough of Manhattan, (E) the Company materially breaches its obligations to
you under this Agreement; or (F) your responsibilities are materially diminished, (2) you have given the Company written notice, referring specifically to this Agreement and definition, that you do not consent to such action, (3) the
Company has not corrected such action within 30 days of receiving such notice, and (4) you voluntarily terminate your employment with the Company within 90 days following the happening of the action described in subsection
(1) above. 
 11. This Agreement does not constitute a guarantee of employment for any definite period. Your employment is at will and may be
terminated by you or the Company at any time, with or without notice or reason. 
 12. The Company may withhold from any payment due to you any taxes
required to be withheld under any law, rule or regulation. If any payment otherwise due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Code, the Company will instead pay you either (i) such
amount or (ii) the maximum amount that could be paid to you without the imposition of the excise tax, depending on whichever amount results in your receiving the greater amount of after-tax proceeds. In
the event that the payments and benefits payable to you would be reduced as provided in the previous sentence, then such reduction will be determined in a manner which has the least economic cost to you and, to the extent the economic cost is
equivalent, such payments or benefits will be reduced in the inverse order of when the payments or benefits would have been made to you (i.e. later payments will be reduced first) until the reduction specified is achieved. If the Company
elects to retain any accounting or similar firm to provide assistance in calculating any such amounts, the Company shall be responsible for the costs of any such firm. 

13. It is intended that this Agreement will comply with Section 409A to the extent this Agreement is subject thereto, and that this Agreement shall be
interpreted on a basis consistent with such intent. If and to the extent that any payment or benefit under this Agreement, or any plan, award or arrangement of the Company or its affiliates, constitutes
“non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of your termination of 

 Mr. James L. Dolan 

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employment, then (a) such payment or benefit shall be made or provided to you only upon a “separation from service” as defined for purposes of Section 409A under applicable
regulations and (b) if you are a “specified employee” (within the meaning of Section 409A as determined by the Company), (i) any payments will not be made to you and instead will be made to a trust in compliance with Rev. Proc. 92-64 (the “Rabbi Trust”), provided, however, that no payment will be made to the Rabbi Trust if it would be contrary to law or cause you to incur additional tax under Section 409A, (ii) any
benefits will be delayed, and (iii) such payments or benefits shall not be made or provided to you before the date that is six months after the date of your separation from service (or your earlier death). Any amount not paid or benefit not
provided in respect of the six month period specified in the preceding sentence will be paid to you, together with interest on such delayed amount at a rate equal to the average of the one-year LIBOR fixed
rate equivalent for the ten business days prior to the date of your employment termination, in a lump sum or provided to you as soon as practicable after the expiration of such six month period. Each payment or benefit provided under this Agreement
shall be treated as a separate payment for purposes of Section 409A to the extent Section 409A applies to such payment. If the Rabbi Trust has not been established at the time of the termination of your employment, you may select an
institution to serve as the trustee of the Rabbi Trust (so long as the institution is reasonably acceptable to the Company). You may negotiate such terms with the trustee as are customary for such arrangements and reasonably acceptable to the
Company. The Company will bear all costs related to the establishment and operation of the Rabbi Trust, including your attorney’s fees. 
 14. To the
extent you are entitled to any expense reimbursement from the Company that is subject to Section 409A, (i) the amount of any such expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for
reimbursement in any other taxable year (except under any lifetime limit applicable to expenses for medical care), (ii) in no event shall any such expense be reimbursed after the last day of the calendar year following the calendar year in which you
incurred such expense, and (iii) in no event shall any right to reimbursement be subject to liquidation or exchange for another benefit. 
 15. The
Company will not take any action, or omit to take any action, that would expose any payment or benefit to you to the additional tax of Section 409A, unless (i) the Company is obligated to take the action under an agreement, plan or
arrangement to which you are a party, (ii) you request the action, (iii) the Company advises you in writing that the action may result in the imposition of the additional tax and (iv) you subsequently request the action in a writing
that acknowledges you will be responsible for any effect of the action under Section 409A. The Company will hold you harmless for any action it may take or omission in violation of this Paragraph 15, including any attorney’s fees you
may incur in enforcing your rights. 
 16. It is our intention that the benefits and rights to which you could become entitled in connection with
termination of employment be exempt from or comply with Section 409A. If you or the Company believes, at any time, that any of such benefit or right is not exempt or does not comply, it will promptly advise the other and will negotiate
reasonably and in good faith to amend the terms of such arrangement such that it complies (with the most limited possible economic effect on you and on the Company). 

 Mr. James L. Dolan 

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 17. This Agreement is personal to you and without the prior written consent of the Company shall not be
assignable by you. This Agreement shall inure to the benefit of and be enforceable by your legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. The rights or obligations
of the Company under this Agreement may only be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of Company;
provided, however, that the assignee or transferee is the successor to all or substantially all of the assets of Company and such assignee or transferee assumes the liabilities and duties of Company, as contained in this Agreement, either
contractually or as a matter of law. 
 18. To the extent permitted by law, you and the Company waive any and all rights to a jury trial with respect to
any matter relating to this Agreement (including the covenants set forth in Annex A hereof). This Agreement will be governed by and construed in accordance with the law of the State of New York applicable to contracts made and to be performed
entirely within that State. 
 19. Both the Company and you hereby irrevocably submit to the jurisdiction of the courts of the State of New York and the
federal courts of the United States of America in each case located in the City of New York, Borough of Manhattan, solely in respect of the interpretation and enforcement of the provisions of this Agreement, and each party hereby waives, and agrees
not to assert, as a defense that either party, as appropriate, is not subject thereto or that the venue thereof may not be appropriate. You and the Company each agree that mailing of process or other papers in connection with any such action or
proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof. 
 20. This Agreement may not be amended or modified
otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement. It is the parties’ intention that this Agreement not be construed more strictly with regard to you or the Company. 

21. This Agreement reflects the entire understanding and agreement of you and the Company with respect to the subject matter hereof and supersedes all prior
understandings or agreements relating thereto; provided, however, that you shall be entitled to the benefits under the indemnification agreement between you and the Company. This Agreement will automatically terminate, and be null and void ab
initio and of no force or effect, if the Spin-Off of the Company is not completed by June 30, 2020. 
 22.
This Agreement will automatically terminate, and be of no further force or effect, on the Scheduled Expiration Date; provided, however, that the provisions of Paragraphs 6 through 10, 12 through 22, Annex A, and any amounts earned but not yet paid
to you pursuant to the terms of this Agreement as of the Scheduled Expiration Date shall survive the termination of the Agreement and remain binding on you and the Company in accordance with their terms. 

[Signature Page Follows] 

 Mr. James L. Dolan 

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	Sincerely,
	
	MSG ENTERTAINMENT SPINCO, INC. (to be renamed Madison Square Garden Entertainment Corp.)
	
	 /s/ Andrew Lustgarten

	Andrew Lustgarten
	President

  

	
	Accepted and Agreed:
	
	 /s/ James L. Dolan

	James L. Dolan

 Mr. James L. Dolan 

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 ANNEX A 

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

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

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

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

 Mr. James L. Dolan 

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

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

Notwithstanding anything elsewhere in this Agreement, including this Paragraph 1 and Paragraph 3 below, you are authorized to make any disclosure required of
you by any federal, state and local laws or judicial, arbitral or governmental agency proceedings (including making truthful statements in connection with a judicial or arbitral proceeding to enforce your rights under this Agreement, to the extent
reasonably required and made in good faith), after, to the extent legal and practicable, providing the Company with prior written notice and an opportunity to respond prior to such disclosure. In addition, this Agreement in no way restricts or
prevents you from providing truthful testimony concerning the Company to judicial, administrative, regulatory or other governmental authorities. 
 2. NON-COMPETE 
 You acknowledge that due to your executive position in the Company and your knowledge of the Company’s
confidential and proprietary information, your employment or affiliation with certain entities would be detrimental to the Company. You agree that, without the prior written consent of the Company, you will not represent, become employed by, consult
to, advise in any manner or have any material interest in any business directly or indirectly in any Competitive Entity (as defined below). A “Competitive Entity” shall mean any person or entity that (i) owns or operates any arena or
theater with more than 2,000 seats in any area in which the Company or any of its subsidiaries owns or operates an arena or theater, (ii) creates, produces or presents live sporting events or live entertainment in any metropolitan area in which
the Company or any of its subsidiaries owns, operates or has exclusive booking rights to a venue or (iii) directly competes with any other business of the Company or one of its subsidiaries that produced greater than 10% of the Company’s
revenues in the calendar year immediately preceding the year in which the determination is made. An entity shall be deemed to compete with the on-line content business of the Company, or any of its affiliates
only if the entity directly competes against the on-line content business of the Company, or its affiliate(s); provided, however, that an entity’s business shall not be deemed to directly compete merely
by the fact that the business sells ads on-line, unless the business specifically targets such ads to the same customers or potential customers as being targeted by the
on-line content business of the Company, its subsidiary or affiliate. Ownership of not more than 1% of the outstanding stock of any publicly traded company shall not be a violation of this Paragraph. This
agreement not to compete will expire upon the one year anniversary of the date of a termination of your employment with the Company. 
 3. ADDITIONAL
UNDERSTANDINGS 
 You agree, for yourself and others acting on your behalf, that you (and they) have not disparaged and will not disparage, make negative
statements about, or act in any manner which is intended to or does damage to the good will of, or the business or personal reputations of the Company or any of its incumbent officers, directors, agents, consultants, employees, successors and
assigns or any of the Covered Parties. 

 Mr. James L. Dolan 

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

In addition, you agree that the Company is the owner of all rights, title and interest in and to all documents, tapes, videos, designs, plans, formulas,
models, processes, computer programs, inventions (whether patentable or not), schematics, music, lyrics and other technical, business, financial, advertising, sales, marketing, customer or product development plans, forecasts, strategies,
information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation in connection with your employment by the Company (the “Materials”). For purposes of clarity, Materials shall not include any music
or lyrics written (in the past or in the future) by you, and shall not include any documents, tapes or videos that relate to such music or lyrics or the performance of such music or lyrics other than music or lyrics written in connection with your
employment. The Company will have the sole and exclusive authority to use the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you. 

If requested by the Company, you agree to deliver to the Company upon the termination of your employment, or at any earlier time the Company may request, all
memoranda, notes, plans, files, records, reports, and software and other documents and data (and copies thereof regardless of the form thereof (including electronic copies)) containing, reflecting or derived from Confidential Information or the
Materials of the Company or any of its affiliates which you may then possess or have under your control. If so requested, you shall provide to the Company a signed statement confirming that you have fully complied with this Paragraph.
Notwithstanding the foregoing, you shall be entitled to retain your contacts, calendars and personal diaries and any materials needed for your tax return preparation or related to your compensation. 

4. FURTHER COOPERATION 
 Following the date of termination of
your employment with the Company (the “Expiration Date”), you will no longer provide any regular services to the Company or represent yourself as a Company agent. If, however, the Company so requests, you agree to cooperate fully with the
Company in connection with any matter with which you were involved prior to the Expiration Date, or in any litigation or administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal
knowledge, attendance and participation could be beneficial to the Company. This cooperation includes, without limitation, 

 Mr. James L. Dolan 

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participation on behalf of the Company in any litigation or administrative proceeding brought by any former or existing Company employees, representatives, agents or vendors. The Company will pay
you for your services rendered under this provision at the rate of $8,400 per day for each day or part thereof, within 30 days of the approval of the invoice therefor; provided that, if you provide services on the same day for the Company,
MSGS, and/or MSG Networks, your daily rate shall not exceed $8,400 in the aggregate. 
 The Company will provide you with reasonable notice in connection
with any cooperation it requires in accordance with this section and will take reasonable steps to schedule your cooperation in any such matters so as not to materially interfere with your other professional and personal commitments. The Company
will reimburse you for any reasonable out-of-pocket expenses you reasonably incur in connection with the cooperation you provide hereunder as soon as practicable after
you present appropriate documentation evidencing such expenses. You agree to provide the Company with an estimate of such expense before you incur the same. 

5. NON-HIRE OR SOLICIT 

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

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

 Mr. James L. Dolan 

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 7. SURVIVAL 

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

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