Document:

exv10w3

Exhibit 10.3

FORM OF

EMPLOYEE MATTERS AGREEMENT

by and between

CABLEVISION SYSTEMS CORPORATION

and

MADISON SQUARE GARDEN, INC.

Dated
as of
                    ,
2010

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	 
	 	 	 	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 General Interpretive Principles
	 	 	9	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	GENERAL PRINCIPLES
	 	 	 	 
	 
	 	 	 	 
	Section 2.1 Assumption and Retention of Liabilities; Related Assets
	 	 	9	 
	Section 2.2 MSG Participation in CVC Plans
	 	 	10	 
	Section 2.3 Service Recognition
	 	 	11	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	U.S. QUALIFIED DEFINED BENEFIT PLAN
	 	 	 	 
	 
	 	 	 	 
	Section 3.1 Establishment of MSG Cash Balance Pension Plan
	 	 	12	 
	Section 3.2 Transfer of Assets and Liabilities
	 	 	13	 
	Section 3.3 No Separation from Service
	 	 	13	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	U.S. QUALIFIED DEFINED CONTRIBUTION PLANS
	 	 	 	 
	 
	 	 	 	 
	Section 4.1 The MSG 401(k) Savings Plan
	 	 	13	 
	Section 4.2 Stock Investment Options
	 	 	14	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	NONQUALIFIED PLANS
	 	 	 	 
	 
	 	 	 	 
	Section 5.1 Excess Cash Balance Pension Plan
	 	 	14	 
	Section 5.2 Transfer of Assets and Liabilities
	 	 	15	 
	Section 5.3 Excess Savings Plan
	 	 	15	 
	Section 5.4 Transferred Employees
	 	 	16	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	U.S. HEALTH AND WELFARE PLANS
	 	 	 	 
	 
	 	 	 	 
	Section 6.1 Health and Welfare Plans Maintained by CVC Prior to the Distribution Date
	 	 	16	 
	Section 6.2 Flexible Spending Accounts Plan
	 	 	18	 
	Section 6.3 Legal Plan
	 	 	18	 
	Section 6.4 COBRA and HIPAA
	 	 	18	 
	Section 6.5 Liabilities
	 	 	18	 
	Section 6.6 Time-Off Benefits
	 	 	20	 

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	 	 	Page
	Section 6.7 Severance Pay Plans
	 	 	20	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	EQUITY COMPENSATION
	 	 	 	 
	 
	 	 	 	 
	Section 7.1 Equity Compensation
	 	 	20	 
	Section 7.2 Forfeiture of CVC Restricted Stock
	 	 	21	 
	Section 7.3 Taxes and Withholding
	 	 	21	 
	Section 7.4 Cooperation
	 	 	23	 
	Section 7.5 SEC Registration
	 	 	24	 
	Section 7.6 Savings Clause
	 	 	24	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	ADDITIONAL COMPENSATION AND BENEFITS MATTERS
	 	 	 	 
	 
	 	 	 	 
	Section 8.1 Cash Incentive Awards
	 	 	24	 
	Section 8.2 Individual Arrangements
	 	 	25	 
	Section 8.3 Non-Competition
	 	 	26	 
	Section 8.4 Collective Bargaining
	 	 	26	 
	Section 8.5 Union Dues
	 	 	26	 
	Section 8.6 Director Programs
	 	 	26	 
	Section 8.7 Sections 162(m)/409A
	 	 	26	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 
	INDEMNIFICATION
	 	 	 	 
	 
	 	 	 	 
	Section 9.1 Indemnification
	 	 	26	 
	 
	 	 	 	 
	ARTICLE X
	 	 	 	 
	GENERAL AND ADMINISTRATIVE
	 	 	 	 
	 
	 	 	 	 
	Section 10.1 Sharing of Information
	 	 	27	 
	Section 10.2 Reasonable Efforts/Cooperation
	 	 	27	 
	Section 10.3 Non-Termination of Employment; No Third-Party Beneficiaries
	 	 	27	 
	Section 10.4 Consent of Third Parties
	 	 	28	 
	Section 10.5 Access to Employees
	 	 	28	 
	Section 10.6 Beneficiary Designation/Release of Information/Right to Reimbursement
	 	 	28	 
	Section 10.7 Not a Change in Control
	 	 	28	 
	 
	 	 	 	 
	ARTICLE XI
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 11.1 Effect If Distribution Does Not Occur
	 	 	28	 
	Section 11.2 Complete Agreement; Construction
	 	 	29	 
	Section 11.3 Counterparts
	 	 	29	 
	Section 11.4 Survival of Agreements
	 	 	29	 
	Section 11.5 Notices
	 	 	29	 

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	 	 	Page
	Section 11.6 Waivers
	 	 	29	 
	Section 11.7 Amendments
	 	 	29	 
	Section 11.8 Assignment
	 	 	30	 
	Section 11.9 Successors and Assigns
	 	 	30	 
	Section 11.10 Subsidiaries
	 	 	30	 
	Section 11.11 Title and Headings
	 	 	30	 
	Section 11.12 Governing Law
	 	 	30	 
	Section 11.13 Waiver of Jury Trial
	 	 	30	 
	Section 11.14 Specific Performance
	 	 	30	 
	Section 11.15 Severability
	 	 	30	 

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Exhibits

	 	 	 
	Exhibit A

	 	Pension Transfer Terms
	Exhibit B

	 	MSG Retained Retirement Plans
	Exhibit C

	 	MSG Retained Multi-Employer Benefit Plans
	Exhibit D

	 	CVC Health & Welfare Plans
	Exhibit E

	 	Unions

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EMPLOYEE MATTERS AGREEMENT

     THIS
EMPLOYEE MATTERS AGREEMENT (the “Agreement”),
dated as of                     , 2010, is
by and between Cablevision Systems Corporation, a Delaware corporation (“CVC”), and Madison
Square Garden, Inc., a Delaware corporation and an indirect subsidiary of CVC (“MSG,” and,
together with CVC, each, a “Party” and collectively, the “Parties”).

RECITALS

     WHEREAS, the Board of Directors of CVC has determined that it is in the best interests of CVC
to separate the MSG Business and the CVC Business into two independent public companies, on the
terms and subject to the conditions set forth in the Distribution Agreement (as defined below);

     WHEREAS, in order to effectuate the foregoing, CVC and MSG have entered into a Distribution
Agreement, dated as of
                    ,
2010, as amended (the “Distribution Agreement”),
pursuant to which and subject to the terms and conditions set forth therein, the MSG Business shall
be separated from the CVC Business, and all of the issued and outstanding Class A Common Stock, par
value $0.01 per share, of MSG and Class B Common Stock, par value $0.01 per share, of MSG
(collectively, the “MSG Common Stock”) beneficially owned by CVC shall be distributed (the
“Distribution”) on a pro rata basis to the holders of the issued and outstanding Class A
Common Stock, par value $0.01 per share, of CVC and Class B Common Stock, par value $0.01 per
share, of CVC (collectively, the “CVC Common Stock”); and

     WHEREAS, CVC and MSG 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:

     “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.

     “Affiliate” means, when used with respect to any specified Person, a Person that
directly or indirectly controls, is controlled by, or is under common control with such specified
Person. As used herein, “control” means 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.

     “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
wheresoever situated and whether or not carried or reflected, or required to be carried or
reflected, on the books of any Person.

     “Cablevision Cash Balance Pension Plan Trust” means the trust maintained to pay
benefits under the Cablevision Cash Balance Pension Plan.

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

     “Cablevision Retirement Plans” means, collectively, the Cablevision Cash Balance
Pension Plan, Cablevision 401(k) Savings Plan, Cablevision Excess Cash Balance Plan and Cablevision
Excess Savings Plan.

     “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.

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

     “CVC Actuary” means the actuary regularly engaged by CVC for the purposes of providing
actuarial services relative to the Cablevision Cash Balance Pension Plan.

     “CVC Allocation” means the amount of assets of the Cablevision Cash Balance Pension
Plan Trust to be retained by the Cablevision Cash Balance Pension Plan Trust as of January 1, 2010.

     “CVC Business” means all businesses and operations conducted by the CVC Group from
time to time, whether prior to, at or after the Distribution Date, other than the MSG Business. For
the avoidance of doubt, the business of Fuse shall be deemed to be part of the MSG Business only
from and after CVC’s contribution of that business to MSG on June 2, 2008 and part of the CVC
Business prior thereto.

     “CVC Common Stock” shall have the meaning ascribed thereto in the recitals to this
Agreement.

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     “CVC Director” means any individual who is a current or former director of CVC as of
the Distribution Date.

     “CVC Employee” means any individual who, immediately following the Distribution Date,
will be employed by CVC or any member of the CVC Group in a capacity considered by CVC 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).

     “CVC Flexible Spending Accounts Plan” shall have the meaning ascribed thereto in
Section 6.2 of this Agreement.

     “CVC Group” means, as of the Distribution Date, CVC 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 CVC Group shall not include any member
of the MSG Group. For the avoidance of doubt, the business of Fuse shall be deemed to be part of
the MSG Group only from and after CVC’s contribution of that business to MSG on June 2, 2008 and
part of the CVC Group prior thereto.

     “CVC Health & Welfare Plans” shall have the meaning ascribed thereto in Section
6.1(a) of this Agreement.

     “CVC Option” means an option to buy Cablevision Class A Common Stock granted pursuant
to a CVC Share Plan (including the options adjusted for the Distribution) and outstanding as of the
Distribution Date.

     “CVC Participant” means any individual who, immediately following the Distribution
Date, is a CVC Employee, a Former CVC Employee or a beneficiary, dependent or alternate payee of
any of the foregoing.

     “CVC Plan” means any Plan sponsored, maintained or contributed to by CVC or any of its
Subsidiaries or Affiliates, including the Cablevision Cash Balance Pension Plan, Cablevision Excess
Cash Balance Plan, Cablevision 401(k) Savings Plan, Cablevision Excess Savings Plan, CVC Share
Plans, CVC Flexible Spending Accounts Plan, and CVC Health & Welfare Plans.

     “CVC Restricted Stock” means unvested restricted shares of Cablevision Class A Common
Stock granted pursuant to a CVC Share Plan and outstanding as of the Distribution Date.

     “CVC RSU” means a restricted stock unit representing an unfunded and unsecured promise
to deliver a share of Cablevision Class A Common Stock, or cash or other property equal in value to
the share of Cablevision Class A Common Stock, that is granted pursuant to a CVC Share Plan and
outstanding as of the Distribution Date.

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     “CVC SAR” means a stock appreciation right with respect to Cablevision Class A Common
Stock granted pursuant to a CVC Share Plan (including the stock appreciation rights adjusted for
the Distribution) and outstanding as of the Distribution Date.

     “CVC 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 CVC or its Subsidiaries or
Affiliates, as amended.

     “CVC Stock Investment Option” means the unitized stock fund investment option offered
under the Cablevision 401(k) Savings Plan, with a value based on the value of CVC Common Stock and
the cash liquidity component.

     “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 CVC Options, CVC Restricted Stock, CVC
SARs, CVC RSUs, MSG Options, MSG SARs and MSG Dividend Shares.

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

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

     “Former MSG Employee” means any former employee of any member of the MSG Group. Any
individual who is an employee of any member of the CVC Group on the Distribution Date or a Former
CVC Employee shall not be a Former MSG 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 CVC Group and/or the MSG Group, as the context requires.

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

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     “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 U.S., 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.

     “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.

     “Minimum Standards” means Section 414(l) of the Code, including such provisions of the
ERISA as may be incorporated by reference therein, and regulations and other administrative
guidance promulgated under Section 414(l) of the Code and provisions of ERISA incorporated therein.

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

     “MSG 401(k) Savings Plan” shall have the meaning ascribed thereto in Section
4.1(a) of this Agreement.

     “MSG Actuary” means such actuarial firm as MSG may engage.

     “MSG Allocation” shall have the meaning ascribed thereto in term (1) of Exhibit A.

     “MSG Business” means all businesses and operations conducted by the MSG Group from
time to time, whether prior to, at or after the Distribution Date, including the businesses and

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operations conducted by the MSG Group as more fully described in the MSG Information Statement
and excluding the CVC Business. For the avoidance of doubt, the business of Fuse shall be deemed
to be part of the MSG Business only from and after CVC’s contribution of that business to MSG on
June 2, 2008 and part of the CVC Business prior thereto.

     “MSG Cash Balance Pension Plan” shall have the meaning ascribed thereto in Section
3.1(a) of this Agreement.

     “MSG Cash Balance Plan Participants” shall mean:

     (i) any individual who is employed in the MSG Business and who had satisfied the
requirements for participation in the Cablevision Cash Balance Pension Plan prior to January
1, 2010;

     (ii) any individual who is an MSG Employee eligible for, but not yet participating in,
the Cablevision Cash Balance Pension Plan as of January 1, 2010;

     (iii) any individual who is first employed by the MSG Group subsequent to the
Distribution Date and who meets the requirements for participation in the MSG Cash Balance
Pension Plan;

     (iv) any Former MSG Employee whose latest employment with CVC or Subsidiary or
Affiliate was with the MSG Business, and who was either in receipt of periodic payments from
the Cablevision Cash Balance Pension Plan or who had earned a vested right to a deferred
benefit from the Cablevision Cash Balance Pension Plan as of December 31, 2009; or

     (v) any beneficiary or alternate payee of an individual described in clauses (i), (ii),
(iii), or (iv), and any beneficiary or alternate payee of an individual who had died prior
to December 31, 2009, but who would have been described in clause (iv), if he had then been
living.

     “MSG Cash Balance Pension Plan Trust” shall have the meaning ascribed thereto in
Section 3.1(a) of this Agreement.

     “MSG Common Stock” shall have the meaning ascribed thereto in the recitals to this
Agreement.

     “MSG Dividend Shares” means shares of MSG Class A Common Stock issued to the
beneficial owners of CVC Restricted Stock in connection with the Distribution and subject to the
same conditions and restrictions as the CVC Restricted Stock.

     “MSG Employee” means any individual who, immediately following the Distribution Date,
will be employed by MSG or any member of the MSG Group in a capacity considered by MSG 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

-6-

 

Reemployment Rights Act of 1994, and leave under the Family Medical Leave Act and other
approved leaves).

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

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

     “MSG Flexible Spending Accounts Plan” shall have the meaning ascribed thereto in
Section 6.2 of this Agreement.

     “MSG Group” means, as of the Distribution Date, MSG 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 MSG Group shall not include any member
of the CVC Group. For the avoidance of doubt, the business of Fuse shall be deemed to be part of
the MSG Group only from and after CVC’s contribution of that business to MSG on June 2, 2008 and
part of the CVC Group prior thereto.

     “MSG Health & Welfare Plans” shall have the meaning ascribed thereto in Section
6.1(a) of this Agreement.

     “MSG Information Statement” means the definitive information statement distributed to
holders of CVC Common Stock in connection with the Distribution and filed with the SEC as Exhibit
99.1 to the Registration Statement or as an exhibit to a Form 8-K of MSG.

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

     “MSG Option” means an option to buy MSG Class A Common Stock granted pursuant to a MSG
Share Plan and granted in connection with the Distribution.

     “MSG Participant” means any individual who, immediately following the Distribution
Date, is a MSG Employee, a Former MSG Employee or a beneficiary, dependent or alternate payee of
any of the foregoing.

     “MSG Plan” means any Plan sponsored, maintained or contributed to by any member of the
MSG Group, including the MSG Cash Balance Pension Plan, MSG Excess Cash Balance Plan, MSG 401(k)
Savings Plan, MSG Excess Savings Plan, MSG Share Plans, MSG Flexible Spending Accounts Plan, MSG
Retained Retirement Plans, the Madison Square Garden Retiree Medical Program, MSG Health & Welfare
Plans and MSG Retained Multi-Employer Benefit Plans.

     “MSG
Retained Multi-Employer Benefit Plans” means the multi-employer plans
that are listed on Exhibit C.

     “MSG Retained Retirement Plans” means the retirement plans that are listed on Exhibit
B.

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     “MSG Retirement Plans” means, collectively, the MSG Cash Balance Pension Plan, MSG
401(k) Savings Plan, MSG Excess Cash Balance Plan and MSG Excess Savings Plan.

     “MSG SAR” means a stock appreciation right with respect to MSG Class A Common Stock
granted pursuant to a MSG Share Plan and granted in connection with the Distribution.

     “MSG
Share Plan” means the Madison Square Garden Inc. 2010 Employee Stock Plan,
Madison Square Garden Inc. 2010 Stock Plan For Non-Employee Directors and any stock plan or stock
incentive arrangement, including equity award agreements, entered into by MSG in connection with
the Distribution.

     “MSG Stock Investment Option” means the unitized stock fund investment option to be
offered under the Cablevision 401(k) Savings Plan, with a value based on the value of MSG Common
Stock and the cash liquidity component, subject to the limitations set forth in Section
4.2(b).

     “NASDAQ” means The Nasdaq Stock Market, Inc.

     “NYSE” means the New York Stock Exchange, Inc.

     “Participating Company” means CVC and any Person (other than an individual)
participating in a CVC 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).

     “Retained CVC Cash Balance Liability” means the excess of the value of all accrued
benefits under the Cablevision Cash Balance Pension Plan as of January 1, 2010, over the
Transferred CVC Cash Balance Liability.

     “Service Crediting Date” shall have the meaning ascribed thereto in Section
2.3(b)(i) of this Agreement.

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

     “Transferred CVC Cash Balance Liability” means the value, determined in accordance
with term (3)(a) of Exhibit A, of all accrued benefits being transferred to the MSG Cash Balance
Plan Participants under the Cablevision Cash Balance Pension Plan as of January 1, 2010.

     “Transition Period” means, with respect to each CVC Plan in which any MSG Group member
is a Participating Company, the period of time beginning on the Distribution Date and ending on the
date MSG establishes a corresponding Plan and allows participation in such Plan, which shall be no
later than December 31, 2010. The Transition Period may be extended beyond December 31, 2010 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.

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,
CVC shall, or shall cause one or more members of the CVC Group to, assume or retain and CVC hereby
agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all
CVC Plans (provided that, as between CVC and MSG, MSG 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 CVC Employees, Former CVC Employees, CVC 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 CVC Group
or in any other employment, non-employment, or retainer arrangement or relationship with any member
of the CVC 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 CVC Group, and (iii) any other
Liabilities expressly assumed by or retained by CVC or any of its Subsidiaries or Affiliates under
this Agreement. For purposes

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of clarification and the avoidance of doubt, (x) the Liabilities assumed or retained by the
CVC Group as provided for in this Section 2.1(a) are intended to be Cablevision Liabilities
as such term is defined in the Distribution Agreement, and (y) the Parties intend that such
Liabilities assumed or retained by the CVC Group include the retirement benefits and health and
welfare plan benefits under the CVC Plans for all CVC Employees, Former CVC Employees, their
dependents, beneficiaries, alternate payees and surviving spouses.

     (b) As of the Distribution Date, except as otherwise expressly provided for in this Agreement,
MSG shall, or shall cause one or more members of the MSG Group to, assume or retain and MSG hereby
agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all
MSG Plans, including but not limited to, the MSG Retained Retirement Plans, the MSG Retained
Multi-Employer Benefit Plans and the Madison Square Garden Retiree Medical Program, (ii)
all Liabilities with respect to the employment, service, retirement, termination of employment or
termination of service of all MSG Employees, Former MSG 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 MSG
Group or in any other employment, non-employment, or retainer arrangement or relationship with any
member of the MSG Group), and (iii) any other Liabilities expressly assumed or retained by MSG or
any of its Subsidiaries or Affiliates under this Agreement. For purposes of clarification and the
avoidance of doubt, the Liabilities assumed or retained by the MSG Group as provided for in this
Section 2.1(b) are intended to be MSG Liabilities as such term is defined in the
Distribution Agreement.

     (c) From time to time after the Distribution, MSG shall promptly reimburse CVC, upon CVC’s
presentation of such substantiating documentation as MSG shall reasonably request, for the cost of
any Liabilities satisfied by CVC or its Subsidiaries or Affiliates that are, or that have been made
pursuant to this Agreement, the responsibility of MSG or any of its Subsidiaries or Affiliates.
Where applicable, such payment shall be consistent with past practice.

     (d) From time to time after the Distribution, CVC shall promptly reimburse MSG, upon MSG’s
presentation of such substantiating documentation as CVC shall reasonably request, for the cost of
any Liabilities satisfied by MSG or its Subsidiaries or Affiliates that are, or that have been made
pursuant to this Agreement, the responsibility of CVC or any of its Subsidiaries or Affiliates.

     Section 2.2 MSG Participation in CVC Plans.

     (a) During the Transition Period. Except for the CVC Plans described in
Articles III, VII and VIII and Section 5.1 herein, until
the Transition Period End Date, MSG and each member of the MSG Group that presently participates in
a particular CVC Plan may continue to be a Participating Company in such CVC Plan, and CVC and MSG
shall take all necessary action to effectuate each such continuation. MSG and each member of the
MSG Group shall pay CVC for any MSG Employee or Former MSG Employee’s participation in the CVC
Plans, if and to the extent such payment is consistent with past practice.

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

     Section 2.3 Service Recognition.

     (a) Pre-Distribution Service Credit. MSG shall give each MSG Participant full credit
for purposes of eligibility, vesting, determination of level of benefits, and, to the extent
applicable, benefit accruals under any MSG Plan for such MSG Participant’s service with any member
of the CVC Group prior to the Distribution Date to the same extent such service was recognized by
the corresponding CVC 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 Cablevision Retirement Plans and MSG
Retirement Plans. Each of CVC and MSG (acting directly or through their respective
Subsidiaries or Affiliates) shall cause each of the Cablevision Retirement Plans and the MSG
Retirement Plans, respectively, to provide the following service crediting rules effective as of
the Distribution Date:

     (i) If a CVC Employee who participates in, or is eligible to participate but as of
December 31, 2010 (the “Service Crediting Date”) is not participating in, any of the
Cablevision Retirement Plans becomes employed by a member of the MSG Group on or after the
Distribution Date, but on or before the Service Crediting Date, and such CVC Employee has
been continuously employed by the CVC Group through the date such CVC Employee commences
active employment with a member of the MSG Group, then such CVC Employee’s service with the
CVC Group following the Distribution Date shall be recognized for purposes of eligibility,
vesting and level of benefits under the corresponding MSG Retirement Plans, in each case to
the same extent as such CVC Employee’s service with the CVC Group was recognized under the
corresponding Cablevision Retirement Plans.

     (ii) If a MSG Employee becomes employed by a member of the CVC Group prior to the
Service Crediting Date and such MSG Employee is continuously employed by the MSG Group from
the Distribution Date through the date such MSG Employee commences active employment with a
member of the CVC Group, then such MSG Employee’s service with the MSG Group following the
Distribution Date shall be recognized for purposes of eligibility, vesting and level of
benefits under the corresponding Cablevision Retirement Plans.

     (iii) Notwithstanding anything in this Agreement to the contrary, for the period
commencing on the Distribution Date until the Service Crediting Date, the Cablevision
Retirement Plans and the MSG Retirement Plans shall provide that no break in service occurs
with respect to any CVC Employee or MSG Employee who is hired or rehired by any member of
the MSG Group or the CVC Group after the termination of such CVC

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Employee’s or MSG Employee’s employment with either the CVC Group or the MSG Group
within such period.

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

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

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

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

ARTICLE III

U.S. QUALIFIED DEFINED BENEFIT PLAN

     Section 3.1 Establishment of MSG Cash Balance Pension Plan.

     (a) Effective January 1, 2010, MSG shall establish a defined benefit pension plan (the “MSG
Cash Balance Pension Plan”) and related trust (the “MSG Cash Balance Pension Plan
Trust”) to provide retirement benefits to MSG Cash Balance Plan Participants. MSG shall be
responsible for taking all necessary, reasonable, and appropriate action to establish, maintain and
administer the MSG Cash Balance Pension Plan so that it is qualified under Section 401(a) of the
Code and that the related trust thereunder is exempt under Section 501(a) of the Code.

     (c) As of January 1, 2010, MSG (acting directly or through its Subsidiaries or
Affiliates) shall cause the MSG Cash Balance Pension Plan to recognize and maintain all
existing elections, including beneficiary designations, payment form elections and rights of
alternate payees under qualified domestic relations orders with respect to MSG Cash Balance
Plan Participants under the Cablevision Cash Balance Pension Plan.

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     (c) Beginning January 1, 2010 and ending on a date agreed upon by the Parties (which date
shall be no later than December 31, 2010), the recordkeeping of the MSG Cash Balance Pension Plan
will be maintained under the existing Cablevision Cash Balance Pension Plan. During this period,
MSG will pay CVC the administrative and other recordkeeping expenses with respect to the MSG Cash
Balance Pension Plan, if and to the extent such payment is consistent with past practice, and such
amounts will be adjusted in accordance with the terms that are set forth in Exhibit A and made part
of this Agreement.

     (d) Beginning January 1, 2010 and ending on a date agreed upon by the Parties (which date
shall be no later than December 31, 2010), any payments payable to a MSG Employee or Former MSG
Employee with respect to the MSG Cash Balance Pension Plan will be paid by the Cablevision Cash
Balance Pension Plan Trust and such amounts will be adjusted in accordance with the terms that are
set forth in Exhibit A.

     Section 3.2 Transfer of Assets and Liabilities. The Parties agree that the assets and
liabilities of the Cablevision Cash Balance Pension Plan relating to MSG Cash Balance Plan
Participants shall be transferred to the MSG Cash Balance Pension Plan in accordance with Section
414(l) of the Code and the regulations thereunder and the terms set forth in Exhibit A.

     Section 3.3 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
Cablevision Cash Balance Pension Plan or the MSG Cash Balance Pension Plan, each of which shall
provide that no distribution of retirement benefits shall be made to any MSG Employee on account of
these transactions.

ARTICLE IV

U.S. QUALIFIED DEFINED CONTRIBUTION PLANS

     Section 4.1 The MSG 401(k) Savings Plan.

     (a) Establishment of the MSG 401(k) Savings Plan. Effective as of the day following
the Transition Period End Date for the Cablevision 401(k) Savings Plan, MSG shall establish a
defined contribution plan and trust for the benefit of MSG Participants (the “MSG 401(k)
Savings Plan”) who immediately prior to the day following such Transition Period End Date were
participants in, or entitled to, future benefits under the Cablevision 401(k) Savings Plan. MSG
shall be responsible for taking all necessary, reasonable and appropriate action to establish,
maintain and administer the MSG 401(k) Savings Plan so that it is qualified under Section 401(a) of
the Code and that the related trust thereunder is exempt under Section 501(a) of the Code.
Notwithstanding the above, until the Transition Period End Date, all benefits payable to MSG
Participants shall be paid from the Cablevision 401(k) Savings Plan and MSG will continue to
withhold MSG Employee contributions, fund matching contributions for MSG Employees and pay CVC the
administrative and other expenses for the payment of such benefits, if and to the extent such
payment is consistent with past practice.

     (b) Transfer of Cablevision 401(k) Savings Plan Assets. As soon as reasonably
practicable following the Transition Period End Date, CVC shall cause the accounts (including any
outstanding loan balances and forfeitures) in the Cablevision 401(k) Savings Plan

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attributable to MSG Participants and all of the Assets in the Cablevision 401(k) Savings Plan
related thereto to be transferred to the MSG 401(k) Savings Plan, and MSG shall cause the MSG
401(k) Savings Plan to accept such transfer of accounts and underlying Assets and, effective as of
the date of such transfer, to assume and to fully perform, pay and discharge all Liabilities of the
Cablevision 401(k) Savings Plan relating to the accounts of MSG Participants (to the extent the
Assets related to those accounts are actually transferred from the Cablevision 401(k) Savings Plan
to the MSG 401(k) Savings Plan) as of the day following such Transition Period End Date. The
transfer of Assets shall be conducted in accordance with Sections 414(l) of the Code and the
regulations thereunder.

     (c) Continuation of Elections. As of the effective date of the MSG 401(k) Savings
Plan, MSG (acting directly or through its Subsidiaries or Affiliates) shall cause the MSG 401(k)
Savings Plan to recognize and maintain all elections, including deferral and payment form
elections, beneficiary designations, and the rights of alternate payees under qualified domestic
relations orders with respect to MSG Participants under the Cablevision 401(k) 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 MSG 401(k)
Savings Plan.

     Section 4.2 Stock Investment Options.

     (a) No deferrals, employee contributions, employer contributions or exchanges into the CVC
Stock Investment Option shall be permitted to be made by MSG Participants following the
Distribution Date.

     (b) The Cablevision 401(k) Savings Plan will be amended as of the Distribution Date to: (i)
create a MSG Stock Investment Option; (ii) enable the MSG Stock Investment Option to receive shares
of MSG Common Stock to be distributed in the Distribution on behalf of Cablevision 401(k) Savings
Plan participants; and (iii) provide that, following the Distribution, no new amounts may be
contributed to a MSG Stock Investment Option, whether through employee contributions, employer
contributions or exchanges.

ARTICLE V

NONQUALIFIED PLANS

     Section 5.1 Excess Cash Balance Pension Plan.

     (a) Effective as of January 1, 2010, MSG shall establish and make payments pursuant to a
non-qualified defined benefit pension plan (the “MSG Excess Cash Balance Plan”) to provide
non-qualified retirement benefits to eligible MSG Participants and shall assume the Liabilities of
the Cablevision Excess Cash Balance Plan relating to MSG Participants.

     (b) As of January 1, 2010, MSG (acting directly or through its Subsidiaries or Affiliates)
shall cause the MSG Excess Cash Balance Plan to recognize and maintain all existing beneficiary
designations with respect to MSG Participants under the Cablevision Excess Cash Balance Plan.

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     (c) Beginning January 1, 2010 and ending on a date agreed upon by the Parties (which date
shall be no later than December 31, 2010), the recordkeeping of the MSG Excess Cash Balance Plan
will be maintained under the existing Cablevision Excess Cash Balance Plan. During this period,
MSG will pay CVC the administrative and other recordkeeping expenses with respect to the MSG Excess
Cash Balance Plan, if and to the extent such payment is consistent with past practice.

     (d) Beginning January 1, 2010 and ending on a date agreed upon by the Parties (which date
shall be no later than December 31, 2010), any payments payable to a MSG Employee or Former MSG
Employee under the MSG Excess Cash Balance Plan will be paid by MSG.

     Section 5.2 Transfer of Assets and Liabilities. The Parties agree that the
Liabilities of the Cablevision Excess Cash Balance Plan relating to MSG Participants shall be
transferred to the MSG Excess Cash Balance Plan effective January 1, 2010. As soon as reasonably
practicable following the Distribution Date, but in any event within 30 days of the Distribution
Date, CVC will pay an amount equal to the sum of the following:

     (a) the amount paid by MSG to CVC for the pension expense accrued under the Cablevision Excess
Cash Balance Plan less payments made by MSG directly to former
participants during the period from January 1, 2001 through December 31, 2009; and

     (b) the amount paid by Fuse to CVC for the pension expense accrued under the Cablevision
Excess Cash Balance Plan during the period from January 1, 2001 through December 31, 2009.

     Section 5.3 Excess Savings Plan.

     (a) Establishment of the MSG Excess Savings Plan. Effective as of the day following
the Transition Period End Date for the Cablevision Excess Savings Plan, MSG shall establish a
defined contribution plan for the benefit of MSG Participants (the “MSG Excess Savings
Plan”) who immediately prior to the day following such Transition Period End Date were
participants in, or entitled to, future benefits under the Cablevision Excess Savings Plan. Until
the Transition Period End Date, MSG will continue to withhold MSG Employee contributions, track
matching contributions for MSG Employees and pay CVC the administrative and other expenses for the
payment of such benefits, if and to the extent such payment is consistent with past practice.

     (b) Transfer of Cablevision Excess Savings Plan Accounts. As soon as reasonably
practicable following the Transition Period End Date, CVC shall cause the accounts in the
Cablevision Excess Savings Plan attributable to MSG Participants to be transferred to the MSG
Excess Savings Plan and MSG shall cause the MSG 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 Cablevision Excess Savings Plan relating to the accounts of MSG Participants
as of the day following such Transition Period End Date.

     (c) Continuation of Elections. As of the effective date of the MSG Excess Savings
Plan, MSG (acting directly or through its Subsidiaries or Affiliates) shall cause the MSG Excess
Savings Plan to recognize and maintain all elections, including deferral elections and beneficiary

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designations with respect to MSG Participants under the Cablevision 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 MSG
Excess Savings Plan.

     Section 5.4 Transferred Employees. Employees who transfer from CVC to MSG between the
Distribution Date and the Service Crediting Date will not be eligible for an immediate distribution
of their account balance from the Cablevision Excess Cash Balance Plan or the Cablevision Excess
Savings Plan; instead, any such account balance shall be transferred to the MSG Excess Cash Balance
Plan or the MSG Excess Savings Plan on the date of transfer, and CVC shall pay MSG an amount equal
to the vested account balance as of the transfer date within 30 days of such transfer date.
Employees who transfer from MSG to CVC between the Distribution Date and the Service Crediting Date
will not be eligible for an immediate distribution of their account balance from the MSG Excess
Cash Balance Plan or the MSG Excess Savings Plan; instead, any such account balance shall be
transferred to the Cablevision Excess Cash Balance Plan or the Cablevision Excess Savings Plan on
the date of transfer, and MSG shall pay CVC an amount equal to the vested account balance as of the
transfer date within 30 days of such transfer date.

ARTICLE VI

U.S. HEALTH AND WELFARE PLANS

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

     (a) Establishment of the MSG Health & Welfare Plans. CVC or one or more of its
Subsidiaries or Affiliates maintain each of the health and welfare plans set forth on Exhibit D
attached hereto (the “CVC Health & Welfare Plans”) for the benefit of eligible CVC
Participants and MSG Participants. Effective as of January 1, 2010 (the “Effective Date”),
MSG shall, or shall cause one of its Subsidiaries or Affiliates to, adopt corresponding or
substantially similar health and welfare plans for the benefit of eligible MSG Participants
(collectively, the “MSG Health & Welfare Plans”).

     (b) Terms of Participation in MSG Health & Welfare Plans. MSG (acting directly or
through its Subsidiaries or Affiliates) shall cause all MSG Health & Welfare Plans, if applicable,
to (i) waive all limitations as to pre-existing conditions, exclusions, and service conditions with
respect to participation and coverage requirements applicable to MSG Participants, other than
limitations that were in effect with respect to MSG Participants immediately prior to the Effective
Date, (ii) provide credit for any deductible, out-of-pocket maximum, and co-payment incurred by MSG
Participants under the CVC Health & Welfare Plans in which they participated immediately prior to
the Effective Date, in satisfying any applicable deductible or out-of-pocket requirements under any
MSG Health & Welfare Plans during the same plan year in which such deductible, out-of-pocket
maximums and co-payments were made, (iii) waive any waiting period limitation or evidence of
insurability requirement that would otherwise be applicable to a MSG Participant immediately prior
to the Effective Date to the extent such MSG Participant had satisfied any similar limitation under
the analogous CVC Health & Welfare Plan, and (iv) in the case of self-insured MSG Health & Welfare
Plans, provide credit for all benefits paid to MSG

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Participants under the CVC Health & Welfare Plans for purposes of determining when such
persons have reached their annual and lifetime maximums under the MSG Health & Welfare Plan.
Notwithstanding the foregoing, in the event that any MSG Participant, Former MSG Employee, or
dependent thereof is confined to a facility for treatment as of the Effective Date, such persons
nevertheless shall become covered under MSG Health & Welfare Plans as of such date, and shall cease
being covered under CVC Health & Welfare Plans as of such date.

     (c) Post-Distribution Employee Transfers. Notwithstanding anything herein to the
contrary, with respect to any CVC Employee who becomes employed by any member of the MSG Group
during the period from the Distribution Date until December 31, 2010, MSG shall cause the MSG
Health & Welfare Plans to (i) waive all limitations as to pre-existing conditions, exclusions, and
service conditions with respect to participation and coverage requirements applicable to such
individual, other than limitations that were in effect with respect to MSG Participants at the time
of the individual’s transfer, (ii) provide credit for any deductible, out-of-pocket maximum, and
co-payment incurred by such individual under the CVC Health & Welfare Plans in which he or she
participated immediately prior to the transfer, in satisfying any applicable deductible or
out-of-pocket requirements under any MSG Health & Welfare Plans during the same plan year in which
such deductible, out-of-pocket maximums and co-payments were made, (iii) waive any waiting period
limitation or evidence of insurability requirement that would otherwise be applicable to the
individual immediately prior to the transfer to the extent such individual had satisfied any
similar limitation under the analogous CVC Health & Welfare Plan, and (iv) provide credit for all
benefits paid to the individual under the CVC Health & Welfare Plans for purposes of determining
when such individual has reached his or her annual and lifetime maximums under the analogous MSG
Health & Welfare Plans. With respect to any MSG Employee who becomes employed by any member of the
CVC Group during the period from the Distribution Date until December 31, 2010, CVC shall cause the
CVC Health & Welfare Plans to (i) waive all limitations as to pre-existing conditions, exclusions,
and service conditions with respect to participation and coverage requirements applicable to such
individual, other than limitations that were in effect with respect to CVC Participants at the time
of the individual’s transfer, (ii) provide credit for any deductible, out-of-pocket maximum, and
co-payment incurred by such individual under the MSG Health & Welfare Plans in which he or she
participated immediately prior to the transfer, in satisfying any applicable deductible or
out-of-pocket requirements under any CVC Health & Welfare Plans during the same plan year in which
such deductible, out-of-pocket maximums and co-payments were made, (iii) waive any waiting period
limitation or evidence of insurability requirement that would otherwise be applicable to the
individual immediately prior to the transfer to the extent such individual had satisfied any
similar limitation under the analogous MSG Health & Welfare Plan, and (iv) provide credit for

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all benefits paid to the individual under the MSG Health & Welfare Plans for purposes of
determining when such individual has reached his or her annual and lifetime maximums under the
analogous CVC Health & Welfare Plans.

     Section 6.2 Flexible Spending Accounts Plan. As of the Effective Date, MSG (acting
directly or through its Subsidiaries or Affiliates) shall establish a flexible spending accounts
plan (the “MSG Flexible Spending Accounts Plan”) with features that are comparable to those
contained in the flexible spending accounts plan maintained by CVC for the benefit of MSG
Participants immediately prior to the Effective Date (the “CVC Flexible Spending Accounts
Plan”). Following the Effective Date, MSG Participants that presently participate in the CVC
Flexible Spending Accounts Plan may submit, for reimbursement in accordance with the CVC Flexible
Spending Accounts Plan, claims for health costs incurred during the 2009 plan year and any
applicable grace period thereafter, and CVC shall be responsible for the payment of such claims.
MSG shall be entitled to retain the net positive balance, if any, of the MSG Participants’ flexible
spending accounts from the 2009 plan year. MSG shall pay to CVC the net negative balance, if any,
of the MSG Participants’ flexible spending accounts from the 2009 plan year. As of the Effective
Date, MSG shall be responsible for administering all reimbursement claims of MSG Participants under
the MSG Flexible Spending Account Plan with respect to calendar year 2010 under the MSG Flexible
Spending Accounts Plan.

     Section 6.3 Legal Plan. Any case initiated by a MSG Participant under the Cablevision
CHOICEPlus Group Legal Plan prior to the Effective Date will continue under such plan until its
completion regardless of whether the MSG Participant enrolls in the MSG Group Legal Plan after the
Effective Date.

     Section 6.4 COBRA and HIPAA. As of the Effective Date, MSG (acting directly or
through its Subsidiaries or Affiliates) shall assume, or shall have caused the MSG Health & Welfare
Plans to assume, responsibility for compliance with the health care continuation coverage
requirements of COBRA with respect to MSG Participants who, as of the day prior to the Effective
Date, were covered under a CVC Health & Welfare Plan pursuant to COBRA or were eligible for COBRA
under a CVC Health & Welfare Plan and incur any COBRA claims after the Effective Date. CVC shall
be responsible for the claims incurred by MSG Participants prior to the Effective Date, regardless
if payments for such claims are made or due after the Effective Date. CVC (acting directly or
through its Subsidiaries or Affiliates) shall be responsible for administering compliance with the
certificate of creditable coverage requirements of HIPAA applicable to the CVC Health & Welfare
Plans with respect to MSG 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 CVC
Group to the MSG Group or directly from the MSG Group to the CVC Group that occur before the
Effective Date shall constitute a COBRA “qualifying event” for purposes of COBRA.

     Section 6.5 Liabilities.

     (a) Insured Benefits. With respect to employee welfare and fringe benefits that are
provided through the purchase of insurance, CVC shall cause the CVC Health & Welfare Plans to fully
perform, pay and discharge all claims of MSG Participants that are incurred prior to the Effective
Date (whether reported or unreported by the Effective Date) for the CVC Health &

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Welfare Plans, and MSG shall cause the MSG Health & Welfare Plans to fully perform, pay and
discharge all claims of MSG Participants that are incurred on or after the Effective Date. With
respect to claims of MSG Participants that are incurred prior to the Effective Date (whether
reported or unreported by the Effective Date) and paid by the CVC Health & Welfare Plans, MSG, as a
Participating Company, shall pay CVC for any administrative or other expenses, if and to the extent
such payment is consistent with past practice.

     (i) Long-Term Disability. Any MSG Participant who is on long-term disability
leave and receiving long-term disability benefits under the Cablevision CHOICEPlus Long Term
Disability Plan as of the Effective Date shall continue to receive benefits under the
Cablevision CHOICEPlus Long Term Disability Plan in accordance with the provisions of such
Plan following the Effective Date.

     (ii) Cablevision Executive Life. Effective as of the Distribution Date, CVC
shall retain responsibilities for all Liabilities, and fully perform, pay or discharge all
Liabilities when such Liabilities become due, relating to any payments of premiums with
respect to the continued participation of CVC Employees who are also MSG Employees who
participate in the Cablevision Executive Life Insurance program, and MSG shall have no
obligations with respect to any such payments.

     (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, MSG (acting directly or
through its Subsidiaries or Affiliates) shall cause the MSG Health & Welfare Plans and the Madison
Square Garden Retiree Medical Program to fully perform, pay and discharge all claims of MSG
Participants after the Effective Date that are incurred on or after the Effective Date. Except as
provided otherwise herein, and in a manner if and to the extent such payment is consistent with
past practice, MSG shall reimburse CVC for the administrative and other expenses related to
self-insured benefit claims paid by the CVC Health & Welfare Plans or CVC that were incurred prior
to the Effective Date (whether reported or unreported by the Effective Date).

          (i) Short-Term Disability.

     (A) Any MSG Participant who is on short-term disability leave and
receiving short-term disability benefits under the Cablevision Salary
Continuation Plan as of the Effective Date shall continue to receive
short-term disability benefits under the Cablevision Salary Continuation
Plan. MSG, as a Participating Company, shall reimburse CVC for all
administrative and other expenses paid by the Cablevision Salary
Continuation Plan or CVC after the Effective Date, if and to the extent
consistent with past practice. MSG shall continue to pay any short-term
disability benefits owed to a MSG Participant under the Cablevision Salary
Continuation Plan, if and to the extent consistent with past practice.

     (B) Any MSG 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

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eligible for long-term disability benefits in accordance with the
provisions of the Cablevision CHOICEPlus Long Term Disability Plan, will
continue to be eligible for long-term disability benefits under the
Cablevision CHOICEPlus 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.

     Section 6.6 Time-Off Benefits. MSG shall credit each MSG Participant with the amount
of accrued but unused vacation time, sick time and other time-off benefits as such MSG Participant
had with the CVC Group as of the Distribution Date or as of an employee’s transfer date for a CVC
Employee who becomes a MSG Employee prior to December 31, 2010. CVC shall promptly reimburse MSG
for the value of such employee transfer accruals credited by MSG, up to the maximum payout amount
for each such participant. CVC shall credit each CVC 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 a
MSG Employee who becomes a CVC Employee prior to December 31, 2010. MSG shall promptly reimburse
CVC for the value of such employee transfer accruals credited by CVC, up to the maximum payout
amount for each such participant. Notwithstanding the above, MSG shall not be required to credit
any MSG Participant and CVC shall not be required to credit any CVC Participant with any accrual to
the extent that a benefit attributable to such accrual is provided by the CVC Group or MSG Group,
respectively.

     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 MSG Participant for purposes of any policy, plan, program or agreement of CVC or
MSG or any member of the CVC Group or MSG 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 CVC Share Plans, for the issuance of the Equity
Compensation under the MSG 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

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resolutions adopted by the Cablevision Compensation Committee in connection with the
Distribution.

     Section 7.2 Forfeiture of CVC Restricted Stock.

     (a) CVC Restricted Stock. If a holder of CVC Restricted Stock forfeits such
restricted stock pursuant to the terms of the CVC Restricted Stock, the parties shall ensure that
the appropriate transfer agent returns the forfeited stock to CVC. For the avoidance of doubt,
forfeited CVC Restricted Stock held by a MSG Employee or Former MSG Employee shall be returned to
CVC without any reimbursement by CVC to MSG for such forfeited restricted stock.

     (b) MSG Dividend Shares. If a holder of CVC Restricted Stock outstanding as of the
Distribution Date forfeits such CVC Restricted Stock and therefore forfeits the accompanying MSG
Dividend Shares, the parties shall ensure that the appropriate transfer agent returns the forfeited
MSG Dividend Shares to MSG. For the avoidance of doubt, forfeited MSG Dividend Shares held by a
CVC Employee or Former CVC Employee shall be delivered to MSG without any reimbursement by MSG to
CVC for such forfeited MSG Dividend Shares.

     Section 7.3 Taxes and Withholding.

     (a) Options.

          (i) Exercise Price.

     (A) Upon the exercise of a CVC Option, whether by a CVC Employee,
Former CVC Employee, MSG Employee or Former MSG Employee, the parties shall
take steps to ensure that the exercise price is delivered to CVC.

     (B) Upon the exercise of a MSG Option, whether by a CVC Employee,
Former CVC Employee, MSG Employee or Former MSG Employee, the parties shall
take steps to ensure that the exercise price is delivered to MSG.

          (ii) Taxes.

     (A) Upon exercise of a CVC Option or MSG Option by any holder other
than a CVC Director, the employer or former employer of such holder shall
fund any employer taxes.

     (B) Upon exercise of a CVC Option or MSG Option by any holder other
than a CVC Director, the parties shall take steps to ensure that the
applicable withholding amount is remitted in cash to the employer or former
employer of such holder.

     (C) CVC will be responsible for any tax reporting obligations
associated with any CVC Options outstanding as of the Distribution Date that
are exercised by a CVC Director.

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     (b) SARs.

     (i) Settlement.

     (A) As of the Distribution Date, CVC shall be responsible for all
Liabilities under CVC SARs and MSG SARs held by CVC Employees or Former CVC
Employees. CVC shall settle such CVC SARs or MSG SARs upon vesting.

     (B) As of the Distribution Date, MSG shall assume responsibility for
all Liabilities under CVC SARs and MSG SARs held by MSG Employees or Former
MSG Employees. MSG shall settle such CVC SARs and MSG SARs upon vesting.

     (ii) Taxes.

     (A) Upon exercise of a CVC SAR or MSG SAR by any holder, the employer
or former employer of such holder shall fund any employer taxes.

     (B) Upon exercise of a CVC SAR or MSG SAR by any holder, the parties
shall take steps to ensure that the applicable withholding amount is
remitted in cash to the employer or former employer of such holder.

     (c) Restricted Stock.

     (i) CVC Restricted Stock. Upon vesting of CVC Restricted Stock with respect to
any holder, CVC will net share settle such restricted stock. If the holder is a MSG
Employee or Former MSG Employee, CVC will cause the cash payments associated with the net
settlement to be delivered promptly to MSG in order for MSG to satisfy the associated
employee withholding obligation. The employer or former employer of the holder shall fund
any employer taxes with respect to the CVC Restricted Stock.

     (ii) MSG Dividend Shares. Upon vesting of CVC Restricted Stock with respect to
any holder, MSG will net share settle the associated MSG Dividend Shares. If the holder is
a CVC Employee or Former CVC Employee, MSG will cause the cash payments associated with the
net settlement to be delivered promptly to CVC in order for CVC to satisfy the associated
employee withholding obligation. The employer or former employer of the holder shall fund
any employer taxes with respect to the MSG Dividend Shares.

     (d) Dividends Payable on Options or Restricted Stock.

     (i) CVC shall fund any accrued dividends with respect to CVC Options or CVC Restricted
Stock. CVC shall fund any dividends accrued as of the Distribution Date with respect to MSG
Options. CVC shall be responsible for collecting any applicable

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withholding amounts with respect to such dividends and, to the extent a holder is a MSG
Employee or Former MSG Employee, shall promptly remit such amounts to MSG.

     (ii) For dividends accrued with respect to CVC Options, MSG Options or CVC Restricted
Stock, the employer or former employer of the holder shall fund any employer taxes.

     (e) Restricted Stock Units.

     (i) Settlement. As of the Distribution Date, CVC shall be responsible for all
Liabilities under CVC RSUs that are outstanding as of the Distribution Date and held by CVC
Directors. CVC shall settle, and satisfy any dividend obligations with respect to, such CVC
RSUs in accordance with the terms of the Cablevision Systems Corporation 2006 Stock Plan for
Non-Employee Directors.

     (ii) Taxes. Upon settlement of any CVC RSU that is outstanding as of the
Distribution Date and held by a CVC Director, CVC will be responsible for any associated tax
reporting obligations.

     (f) Tax Deductions. With respect to the Equity Compensation held by individuals who
are CVC Employees or CVC Directors at the time the Equity Compensation becomes taxable and
individuals who are Former CVC Employees at such time, CVC shall claim any federal, state and/or
local tax deductions after the Distribution Date, and MSG shall not claim such deductions. With
respect to the Equity Compensation held by individuals who are employees of the MSG Group at the
time the Equity Compensation becomes taxable and individuals who are Former MSG Employees at such
time, MSG shall claim any federal, state and/or local tax deductions after the Distribution Date,
and CVC shall not claim such deductions. If either CVC or MSG determines in its reasonable
judgment that there is a substantial likelihood that a tax deduction that was assigned to CVC or
MSG pursuant to this Section 7.3 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 7.3. 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 7.4 Cooperation. In addition to any cooperation principles governed by
Article X, if, after the Distribution Date, CVC or MSG 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, CVC and MSG shall
mutually cooperate in taking such actions as are necessary or appropriate to place, as nearly as
reasonably practicable, the individual and CVC and MSG 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 CVC Options, MSG Options, CVC SARs and
MSG SARs and the settlement of CVC Restricted Stock. Each of the

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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 7.5 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 7.6 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 or long-term cash incentive awards established under the 2006 Cablevision Cash
Incentive Plan (or the comparable non-executive annual incentive plan maintained by CVC) or the CVC
Long Term Incentive Plan as approved by the Cablevision 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.

     (b) Liability.

     (i) Effective as of the Distribution Date and subject to Section 8.2(c), MSG
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 or long-term cash incentive awards, or portion of any such incentive awards,
established under the 2006 Cablevision Cash Incentive Plan (or the comparable non-executive
annual incentive plan maintained by CVC) or the CVC Long Term Incentive Plan that any MSG
Participant is eligible to receive with respect to any performance period that ends on,
before or after the Distribution Date and, effective as of the Distribution Date, CVC shall
have no obligations with respect to any such incentive awards.

     (ii) CVC 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 CVC Group or MSG Group to
any CVC Participant.

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     (iii) MSG 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 CVC Group or MSG Group to
any MSG Participant.

     (c) Transferred Employees. Notwithstanding anything to the contrary in this
Section 8.1, CVC shall promptly pay MSG the portion of any annual or long-term cash incentive awards
established under the 2006 Cablevision Cash Incentive Plan (or the comparable non-executive annual
incentive plan maintained by CVC) or the CVC Long Term Incentive Plan that has accrued but has not
yet been paid up to the date of transfer with respect to any employee that transfers from CVC to
MSG on or after the Distribution Date (or in advance of the
Distribution Date if such transfer was in connection with the
Distribution). MSG shall refund to CVC any portion of such amount to
the extent it relates to an award that is ultimately forfeited
by such employee without payment (such refund, if any, to occur
promptly after a forfeiture of any such award). MSG shall promptly pay CVC the portion of any annual or long-term
cash incentive award established under the 2006 Cablevision Cash Incentive Plan (or the comparable
non-executive annual incentive plan maintained by CVC) or the CVC Long Term Incentive Plan that has
accrued but has not yet been paid up to the date of transfer with respect to any employee that
transfers from MSG to CVC on or after the Distribution Date (or in
advance of the Distribution Date if such transfer was in connection
with the Distribution). CVC shall refund to MSG any portion of such
amount to the extent it relates to an award that is ultimately
forfeited by such employee without payment (such refund, if any, to
occur promptly after a forfeiture of any such award). In connection
with any performance-based award granted in March 2007 (where the
performance objective(s) relates to 2009 performance) or any annual
bonus relating to 2009 performance, the “prompt” payment
required under this Section 8.1(c) with respect to any employee that
transfers after December 31, 2009 and before the payment of such
awards, shall be the full actual amount of such calculated payment to
such employees once determined (rather than the accrued amount at the
date of transfer).

     (d) Cooperation. In addition to any cooperation principles governed by Article
X, CVC shall provide MSG with projections, on a quarterly basis, of long-term cash incentive
payments that are expected to be payable for MSG Participants with respect to long-term cash
incentive awards outstanding as of the Distribution Date.

     Section 8.2 Individual Arrangements.

     (a) CVC Individual Arrangements. CVC 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,
consulting, non-competition, retention or other compensatory arrangement previously provided by any
member of the CVC Group or MSG Group to any CVC Participant.

     (b) MSG Individual Arrangements. MSG 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,
consulting, non-competition, retention or other compensatory arrangement previously provided by any
member of the CVC Group or MSG Group to any MSG Participant.

     (c) Shared Executives. For purposes of this Agreement, for so long as any executive
is employed by both CVC and MSG, such executive shall be considered to be a CVC Employee with
respect to all amounts and awards outstanding as of the Distribution Date. MSG shall not be
responsible for any costs associated with any annual or long-term cash or equity incentive award
outstanding as of the Distribution Date with respect to any such executive.

     (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 MSG Participant for purposes of any policy, plan, program or agreement of CVC or
MSG or any member of the CVC Group or MSG Group that provides for the payment of

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severance, separation pay, salary continuation or similar benefits in the event of a
termination of employment. 

     Section 8.3 Non-Competition. For the purpose of any non-compete provision in any CVC
Plan, MSG shall not be regarded as a “competitive entity.” For the purpose of any non-compete
provision in any MSG Plan, CVC shall not be regarded as a “competitive entity.” This Section
8.3 shall apply only so long as CVC and MSG 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 CVC or MSG or any of
their respective Affiliates 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, CVC or MSG may be
obligated to bargain with the union representing affected employees concerning those subjects.

     Section 8.5 Union Dues. MSG and its respective Affiliates shall retain responsibility
for the payment of dues and fringe benefit payments on behalf of MSG Employees with respect to the
unions set forth on Exhibit E.

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

     Section 8.7
Cable, Online and Voice Employee Benefits. In
addition to CVC’s obligations under the Transition Services Agreement
(as defined in the Distribution Agreement) with respect to MSG
Employees regarding certain continued cable television, online and
voice services and benefits, CVC shall continue to provide the
employee product benefit to those Former MSG Employees receiving the
employee product benefit as of the Distribution Date at the same
level provided to such individuals as of such date, and MSG shall
reimburse CVC for the actual cost, if any, incurred by CVC in
continuing to provide those benefits to such Former MSG Employees.

     Section 8.8 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, 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
CVC or the CVC Group pursuant to this Agreement shall be deemed to be “Cablevision 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 MSG or the MSG Group pursuant to this
Agreement shall be deemed to be “MSG Liabilities” (as defined in the Distribution Agreement) for
purposes of Article III of the Distribution Agreement.

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ARTICLE X

GENERAL AND ADMINISTRATIVE

     Section 10.1 Sharing of Information. CVC and MSG (acting directly or through their
respective Subsidiaries or Affiliates) 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 MSG in obtaining its own
insurance policies to provide benefits under MSG 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.

     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 CVC
Employee or MSG Employee or other future, present, or former employee of any member of the CVC
Group or MSG Group under any CVC Plan or MSG 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 CVC or MSG or either of their respective Subsidiaries
or Affiliates 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

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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 CVC, MSG or either of their respective
Subsidiaries or Affiliates 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, CVC and MSG shall,
or shall cause each of their respective Subsidiaries or Affiliates 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 CVC Group and any member
of the MSG Group) to which any employee, director or Plan of the CVC Group or MSG Group is a party
and which relates to their respective Plans prior to the Distribution Date.

     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 MSG Participants under CVC Plans shall be transferred to and
be in full force and effect under the corresponding MSG Plans until such beneficiary designations,
authorizations or rights are replaced or revoked by, or no longer apply, to the relevant MSG
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 CVC Plan or MSG 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

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CVC and MSG 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 Cablevision:

Cablevision Systems Corporation

1111 Stewart Avenue

Bethpage, New York 11714

Attention: General Counsel

To MSG:

Madison Square Garden, Inc.

Two Penn Plaza

New York, New York 10001

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.

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     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 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.

     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.

     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

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effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

[signature page follows]

-31-

 

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

	 	 	 	 	 
	 	CABLEVISION SYSTEMS CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MADISON SQUARE GARDEN, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

Exhibit A

Pension Transfer Terms

     (1) Share of Trust Assets. Effective January 1, 2010, the amount of assets of the
Cablevision Cash Balance Pension Plan Trust allocated to the MSG Cash Balance Pension Plan in
accordance with term (3) of this Exhibit A (the “MSG Allocation”) shall be deemed
transferred to the MSG Cash Balance Pension Plan Trust, so that the Cablevision Cash Balance
Pension Plan Trust shall own the CVC Allocation, determined in accordance with term (3) of this
Exhibit A, and the MSG Cash Balance Pension Plan Trust shall own the MSG Allocation.

     Except for benefit payments in the ordinary course, the assets of the MSG Cash Balance Pension
Plan Trust shall remain in the Cablevision Cash Balance Pension Plan Trust until transferred
pursuant to term (5) of this Exhibit A.

     (2) Assignment and Assumption of Benefit Liabilities. Effective January 1, 2010, the
Transferred CVC Cash Balance Liability shall be deemed assigned to and assumed by the MSG Cash
Balance Pension Plan. From and after January 1, 2010, the MSG Cash Balance Pension Plan shall be
solely liable for, and the Cablevision Cash Balance Pension Plan, the Cablevision Cash Balance
Pension Plan Trust, the fiduciaries with respect to the Cablevision Cash Balance Pension Plan and
Cablevision Cash Balance Pension Plan Trust, shall not have any liability for or with respect to,
the Transferred CVC Cash Balance Liability. The Retained CVC Cash Balance Liability shall be
retained by the Cablevision Cash Balance Pension Plan. From and after January 1, 2010, the
Cablevision Cash Balance Pension Plan shall be solely liable for, and the MSG Cash Balance Pension
Plan, the MSG Cash Balance Pension Plan Trust, the fiduciaries with respect to the MSG Cash Balance
Pension Plan and MSG Cash Balance Pension Plan Trust, shall not have any liability for or with
respect to, the Retained CVC Cash Balance Liability.

     (3) Valuation of Transferred Liabilities; Allocation of Assets.

     (a) Valuation of Transferred Liabilities.

          (i) Starting promptly after January 1, 2010, the pension actuary engaged by CVC to make the
determinations provided for under this Exhibit A, who may be the CVC Actuary, shall determine the
following:

               (A) The total accrued benefit obligation as of January 1, 2010 of the Cablevision Cash Balance
Pension Plan taking into account all participants; and

               (B) The total accrued benefit obligation as of January 1, 2010, taking into account only the
MSG Cash Balance Plan Participants.

The accrued benefits determined in accordance with this paragraph (a) shall be allocated to the
priority categories established under Section 4044 of ERISA, in accordance with the requirements of
Section 414(l) of the Code and the regulations thereunder.

          (ii) The accrued benefit obligations described in subparagraphs (i)(A) and (i)(B) above shall
be determined using the same data used to determine the funding target, within
the meaning of Section 430(d)(1) of the Code and the regulations thereunder, as of January 1, 2010.
The actuarial assumptions and methods used to determine the accrued benefit obligations

A-1

 

described in subparagraphs (i)(A) and (i)(B) above shall be those described in ERISA Section 4044 and the
regulations thereunder.

          (iii) Upon completion, the CVC Actuary’s determinations shall be presented for review and
acceptance pursuant to and in accordance with term (4) of this Exhibit A.

     (b) Allocation of Assets.

               (i) Starting promptly after January 1, 2010, the CVC Actuary shall determine:

                    (A) The MSG Allocation, which shall be determined taking into account only the Transferred CVC
Cash Balance Liability; and

                    (B) The CVC Allocation, which shall be determined taking into account only the Retained CVC
Cash Balance Liability.

               (ii) In making the foregoing determinations, the CVC Actuary shall apply the Minimum
Standards, so that the MSG Allocation and the CVC Allocation shall each comply with the regulations
under Section 414(l) of the Code, and the MSG Allocation shall not exceed the amount required to
comply with the Minimum Standards.

     (4) Review Procedure.

     (a) The CVC Actuary shall provide its final determinations under term (3) of this Exhibit A in
writing to CVC, MSG and the MSG Actuary by May 31, 2010. Unless otherwise mutually agreed by CVC
and MSG, MSG and the MSG Actuary shall have a period of 90 days from the date of delivery of the
CVC Actuary’s final determinations to review such determinations, and, during such time, CVC and
the CVC Actuary shall make available such additional related information and analysis as MSG may
reasonably request.

     (b) If MSG does not object to the CVC Actuary’s final determinations under term (3) of this
Exhibit A within 90 days of provision of such determinations, then the valuation of liabilities and
allocation of assets shall be final and binding upon the parties, the valuation of liabilities
described in term (3)(a)(i)(B) of this Exhibit A shall be the Transferred CVC Cash Balance
Liability, and the allocation of assets to the MSG Cash Balance Pension Plan described in term
(3)(b)(i)(A) of this Exhibit A shall be the MSG Allocation.

     (c) If MSG objects, in whole or in part, to any or all of the CVC Actuary’s final
determinations under term (3) of this Exhibit A, CVC and MSG shall engage in good-faith
negotiations to resolve the objection or objections. If any objections cannot be resolved, the
parties shall cooperate to hire an independent actuary who will make a final determination on the
objections presented. The determination of the value of liabilities described in term (3)(a)(i)(B)
of this Exhibit A shall be the Transferred CVC Cash Balance Liability and the allocation of assets
to the MSG Cash Balance Pension Plan shall be the MSG Allocation. The fees and expenses of the
independent actuary shall be borne equally between the parties.

     (5) Final Asset Transfer.

A-2

 

     (a) As soon as reasonably practicable after the final determination of the Transferred CVC
Cash Balance Liability and the MSG Allocation, but in all events within 15 business days after the
latest of such determinations, CVC shall cause to be transferred from the Cablevision Cash Balance
Pension Plan Trust to the MSG Cash Balance Pension Plan Trust an amount equal to the MSG Allocation
as further adjusted pursuant to clause (b) of this term (5).

     (b) The amount of assets allocated to the MSG Cash Balance Pension Plan and transferred to the
MSG Cash Balance Pension Plan Trust shall be adjusted as follows:

                    (i) Increased or decreased to reflect a proportional amount of investment gains or losses from
January 1, 2010 to the actual date of the final transfer;

                    (ii) Decreased by the full amount of benefits paid to or in connection with MSG Cash Balance
Plan Participants by the Cablevision Cash Balance Pension Plan during the period from January 1,
2010 to the date of the transfer pursuant to term 5(a) of this Exhibit A; and

                    (iii) Increased by the vested account balance for employees who transfer from CVC to MSG
during the period from January 1, 2010 to the date of the transfer pursuant to term 5(a) of this
Exhibit A;

                    (iv) Decreased by the vested account balance for employees who transfer from MSG to CVC during
the period from January 1, 2010 to the date of the transfer pursuant to term 5(a) of this Exhibit
A; and

                    (v) Decreased by the amount of any administrative expenses paid by CVC on behalf of the MSG
Cash Balance Plan.

A-3

 

Exhibit B

MSG Retained Retirement Plans

Madison Square Garden, L.P. Retirement Plan

Madison Square Garden, L.P. Retirement Plan for Licensed Ushers and Ticket Takers Local No. 176 of
the Service Employees’ International Union, AFL-CIO

Madison Square Garden, L.P. Network Retirement Plan for Collective Bargaining Employees

Madison Square Garden 401(k) Union Plan

Madison Square Garden, L.P. Excess Pension Plan

B-1

 

Exhibit C

MSG Retained Multi-Employer Benefit Plans

Multi-Employer Benefit Plans with respect to the following unions:

	 	1.	 	Theatrical Protective Union Local One, International Alliance of
Theatrical Stage Employees (IATSE)
	 
	 	2.	 	International Brotherhood of Electrical Workers, Local 3
	 
	 	3.	 	International Brotherhood of Electrical Workers, Local 1212
	 
	 	4.	 	International Union of Painters & Allied Trades, District Council 9
	 
	 	5.	 	International Union of Operating Engineers, Local 30
	 
	 	6.	 	Service Employees International Union, Local 32B/32J
	 
	 	7.	 	International Brotherhood of Firemen & Oilers, Local 56
	 
	 	8.	 	Hotel Employees & Restaurant Employees International Union, Local 100
	 
	 	9.	 	IATSE & Moving Picture Technicians, Local 306
	 
	 	10.	 	IATSE & Moving Picture Technicians, Artists and Allied Crafts of U.S.,
its territories and Canada
	 
	 	11.	 	United Brotherhood of Carpenters, New York District Council, Local 608
	 
	 	12.	 	Treasurers & Ticket Sellers Local 751, IATSE
	 
	 	13.	 	Theatrical Wardrobe Union Local 764, IATSE
	 
	 	14.	 	International Brotherhood of Teamsters, Local 817
	 
	 	15.	 	American Federation of Television & Radio Artists, AFTRA
	 
	 	16.	 	Directors Guild of America, DGA
	 
	 	17.	 	Associated Musicians of Greater New York, American Federation of
Musicians, Local 802
	 
	 	18.	 	American Guild of Variety Artists, AGVA
	 
	 	19.	 	Actors Equity Association
	 
	 	20.	 	Local 798, IATSE
	 
	 	21.	 	Association of Theatrical Press Agents and Managers, IATSE
	 
	 	22.	 	Theatrical Stage Employees Local 2 of IATSE and Moving Picture
Technicians, Artists and Allied Crafts of the U.S. and Canada
	 
	 	23.	 	Motion Picture Projectionists, Audio Visual Engineers & Computer
Technicians, Local 110, IATSE
	 
	 	24.	 	Treasurers and Ticketsellers Union Local No. 750
	 
	 	25.	 	Theatrical Wardrobe Union Chicago Local 769
	 
	 	26.	 	Teamsters Local Union No. 714

C-1

 

Exhibit D

CVC Health & Welfare Plans

Cablevision CHOICEPlus Medical Plan

Cablevision CHOICEPlus Dental Plan

Cablevision CHOICEPlus Vision Plan

Cablevision CHOICEPlus Group Legal Plan

Cablevision CHOICEPlus Salary Continuation Plan

Cablevision CHOICEPlus Long Term Disability Plan

Cablevision CHOICEPlus Life and AD&D Plan

Cablevision CHOICEPlus Employee Assistance Plan

Cablevision Transportation Plan

Cablevision College Savings Plan

Cablevision Fresh Start Policy

D-1

 

Exhibit E

Unions

Licensed Ushers & Ticket Takers Service Employees International Union, AFL-CIO, Local 176

Special Officers & Guards Service Employees International Union, AFL-CIO, Local 177

Theatrical Protective Union Local One, International Alliance of Theatrical Stage Employees (IATSE)

International Brotherhood of Electrical Workers, Local 3

International Union of Painters & Allied Trades, District Council 9

International Union of Operating Engineers, Local 30

Service Employees International Union, Local 32B/32J International Brotherhood of Firemen & Oilers,
Local 56

Treasurers & Ticket Sellers Local 751, IATSE

Theatrical Wardrobe Union Local 764, IATSE

International Brotherhood of Teamsters, Local 817

Associated Musicians of Greater New York, American Federation of Musicians, Local 802

IATSE Moving Picture Technicians, Artists and Allied Crafts of U.S., its territories and Canada

Theatrical Stage Employees Local 2 of IATSE and Moving Picture Technicians, Artists and Allied
Crafts of the U.S. and Canada

Theatrical Wardrobe Union Chicago Local 769

E-1exv10w4

Exhibit 10.4

Madison Square Garden, Inc. 2010 Employee Stock Plan

          1. Purpose. The purpose of the Madison Square Garden, Inc. 2010 Employee Stock Plan is to
compensate employees of the Company and its Affiliates who are and have been largely responsible
for the management and growth of the business of the Company and its Affiliates and to advance the
interest of the Company by encouraging and enabling the acquisition of a personal proprietary
interest in the Company by employees upon whose judgment and keen interest the Company and its
Affiliates are largely dependent for the successful conduct of their operations. It is anticipated
that such compensation and the acquisition of such proprietary interest in the Company will
stimulate the efforts of such employees on behalf of the Company and its Affiliates, and strengthen
their desire to remain with the Company and its Affiliates. It is also expected that such
compensation and the opportunity to acquire such a proprietary interest will enable the Company and
its Affiliates to attract and retain desirable personnel.

          2. Definitions. When used in this Plan, unless the context otherwise requires:

          (a) “Affiliate” shall mean (i) any Entity controlling, controlled by, or under common control
with the Company or any other Affiliate and (ii) any Entity in which the Company owns at least five
percent of the outstanding equity interest of such Entity.

          (b) “Award” shall mean an Option, Right, Restricted Share or Restricted Stock Unit or other
equity based award which is granted or made under the Plan.

          (c) “Award Agreement” shall mean an agreement which may be entered into by a Participant under
the Plan and the Company, setting forth the terms and provisions applicable to Awards granted to
such Participant.

          (d) “Board of Directors” shall mean the Board of Directors of the Company, as constituted at
any time.

          (e) “Committee” shall mean the Compensation Committee of the Board of Directors, as described
in Section 3.

          (f) “Company” shall mean Madison Square Garden, Inc., a Delaware corporation.

          (g) “Consent” shall mean (i) any listing, registration or qualification requirement in respect
of an Award or Share with respect to any securities exchange or under any federal, state or local
law, rule or regulation, (ii) any and all written agreements and representations by the Participant
with respect to the disposition of Shares, or with respect to any other matter, which the Committee
may deem necessary or desirable to

 

 

comply with the terms of any such listing, registration or qualification requirement or to
obtain an exemption therefrom, (iii) any and all other consents, clearances and approvals in
respect of an action under the Plan by any governmental or other regulatory body or any stock
exchange or self-regulatory agency, (iv) any and all consents by the Participant to (A) the
Company’s supplying to any third party recordkeeper of the Plan such personal information as the
Committee deems advisable to administer the Plan and (B) the Company’s imposing sales and transfer
procedures and restrictions on Shares delivered under the Plan and (v) any and all other consents
or authorizations required to comply with, or required to be obtained under law.

          (h) “Entity” shall mean any business, corporation, partnership, limited liability company or
other entity.

          (i) “Fair Market Value” on a specified date shall mean the closing price for a Share on the
stock exchange, if any, on which such Shares are primarily traded, but if no Shares were traded on
such date, the average of the bid and asked closing prices at which one Share is traded on the
over-the-counter market, as reported on the National Association of Securities Dealers Automated
Quotation System, or, if none of the above is applicable, the value of a Share as established by
the Committee for such date using any reasonable method of valuation.

          (j) “GAAP” shall mean accounting principles generally accepted in the United States of
America.

          (k) “Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as amended.

          (l) “Options” shall mean the stock options granted pursuant to Section 6 hereof.

          (m) “Participant” shall mean any employee or former employee of the Company or any Affiliate
who holds an outstanding Award granted under the Plan.

          (n) “Performance Criteria” shall mean a goal or goals established by the Committee and
measured over a period or periods selected by the Committee, such goal(s) to constitute a
requirement that must be met in connection with the vesting, exercise and/or payment of an Award
under the Plan as specified by the Committee. To the extent that an Award of Restricted Shares or
Restricted Stock Units or another stock based award (other than Options and Rights) is intended to
satisfy the requirements for deductibility under Section 162(m) of the Internal Revenue Code, the
payment of the Award will be conditioned on the satisfaction of one or more of the performance
criteria listed below over a period or periods selected by the Compensation Committee. The
performance criteria may be determined by reference to the performance of the Company, an affiliate
or a business unit, product, team, venue, production, event, network or service thereof or any
combination of the foregoing. Such criteria may also be measured on a per customer, subscriber,
sponsor, viewer (or available viewer), basic

 

 

or diluted share basis or any combination of the foregoing and may reflect absolute
performance, incremental performance or comparative performance to other companies (or their
products or services) determined on a gross, net, GAAP or non-GAAP basis, with respect to one or
more of the following: (i) net or operating income or other measures of profit; (ii) measures of
revenue; (iii) earnings before interest, taxes, depreciation and amortization (EBITDA); (iv) cash
flow, free cash flow, adjusted operating cash flow and similar measures; (v) return on equity,
investment, assets or capital; (vi) gross or operating margins or savings; (vii) performance
relative to budget, forecast or market expectations; (viii) market share or penetration, subscriber
or customer acquisition or retention, ratings, viewership, facilities utilization or attendance;
(ix) sports team performance; (x) operating metrics relating to sales, subscriptions, sponsorships
or customer service or satisfaction; (xi) capital spending management, network upgrades, facility
maintenance, construction or renovation or product or service deployments; (xii) achievement of
strategic business objectives such as acquisitions, dispositions or investments; (xiii) a specified
increase in the fair market value of the Shares; (xiv) a specified increase in the private market
value of the Company; (xv) the Share price; (xvi) earnings per share; and/or (xvii) total
shareholder return.

          (o) “Plan” shall mean this Madison Square Garden, Inc. 2010 Employee Stock Plan, as amended
from time to time.

          (p) “Restricted Period” shall mean the period of time during which Restrictions shall apply to
a Restricted Share, as determined by the Committee pursuant to Section 9 hereof.

          (q) “Restricted Shares” shall mean the Shares awarded pursuant to Section 9 hereof that are
subject to restrictions upon their sale, assignment, transfer, pledge or other disposal or
encumbrance as determined by the Committee.

          (r) “Restricted Stock Units” shall mean awards made pursuant to Section 10 hereof, each such
unit representing an unfunded and unsecured promise to deliver a Share (or cash or other property
equal in value to the Share).

          (s) “Restrictions” shall mean the restrictions upon sale, assignment, transfer, pledge or
other disposal or encumbrance on a Restricted Share as determined by the Committee in respect of an
Award of a Restricted Share pursuant to Section 9 hereof.

          (t) “Rights” shall mean stock appreciation rights granted pursuant to Section 7 of the Plan.

          (u) “Share” shall mean a share of Madison Square Garden, Inc. Class A Common Stock, par value
$0.01 per share.

          (v) “Subsidiary” shall mean any “subsidiary corporation,” as defined in Section 424(f) of the
Internal Revenue Code.

 

 

          3. Administration. (a)  The Plan shall be administered by the Committee, which shall consist
of at least two members of the Board of Directors who shall be appointed by, and shall serve at the
pleasure of, the Board of Directors. Except as otherwise determined by the Board of Directors, the
members of the Committee shall be “non-employee directors”, as defined in Rule 16b-3 of the
Securities Exchange Act of 1934 (the “Exchange Act”), and “outside directors” as defined in Section
162(m) of the Internal Revenue Code; provided, however, that the failure of the Committee to be so
comprised shall not cause any Award to be invalid. The Committee may delegate any of its powers
under the Plan to a subcommittee of the Committee (which hereinafter shall also be referred to as
the Committee). The Committee may also delegate to any person who is not a member of the Committee
or to any administrative group within the Company, any of its powers, responsibilities or duties.
In delegating its authority, the Committee shall consider the extent to which any delegation may
cause Awards to fail to be deductible under Section 162(m) of the Internal Revenue Code or to fail
to meet the requirements of Rule 16(b)-3(d)(1) or Rule 16(b)-3(e) under the Exchange Act.

          (b) The Committee shall have full authority, subject to the terms of the Plan (including
Section 19), to (a) exercise all of the powers granted to it under the Plan, (b) construe,
interpret and implement the Plan and all Awards and Award Agreements, (c) prescribe, amend and
rescind rules and regulations relating to the Plan, including rules governing its own operations,
(d) make all determinations necessary or advisable in administering the Plan, (e) correct any
defect, supply any omission and reconcile any inconsistency in the Plan, (f) amend the Plan,
(g) grant Awards and determine who shall receive Awards and the terms and conditions of such
Awards, including, but not limited to, conditioning the exercise, vesting, payout or other term or
condition of an Award on the achievement of Performance Criteria, (h) amend any outstanding Award
in any respect, including, without limitation, to (1) accelerate the time or times at which the
Award becomes vested or unrestricted or may be exercised or at which Shares are delivered under the
Award (and, without limitation on the Committee’s rights, in connection with such acceleration, the
Committee may provide that any Shares delivered pursuant to such Award shall be Restricted Shares,
which are subject to vesting, transfer, forfeiture or repayment provisions similar to those in the
Participant’s underlying Award) or (2) waive or amend any goals, restrictions, conditions or
Performance Criteria (subject to the requirements of Section 162(m) of the Internal Revenue Code,
if applicable to the Award) applicable to such Award, or impose new goals or restrictions and
(i) determine at any time whether, to what extent and under what circumstances and method or
methods (1) Awards may be (A) settled in cash, Shares, other securities, other Awards or other
property, (B) exercised or (C) canceled, forfeited or suspended or (2) Shares, other securities,
cash, other Awards or other property and other amounts payable with respect to an Award may be
deferred either automatically or at the election of the participant or of the Committee. The
enumeration of the foregoing powers is not intended and should not be construed to limit in any way
the authority of the Committee under the Plan which is intended, to the fullest extent permitted by
law, to be plenary. The Plan, and all such rules, regulations, determinations and interpretations,
shall be binding and conclusive upon the Company, its stockholders and all Participants, and upon

 

 

their respective legal representatives, heirs, beneficiaries, successors and assigns and upon
all other persons claiming under or through any of them.

          (c) No member of the Board of Directors or the Committee or any employee of the Company or any
of its Affiliates (each such person a “Covered Person”) shall have any liability to any person
(including, without limitation, any Participant) for any action taken or omitted to be taken or any
determination made in good faith with respect to the Plan or any Award. Each Covered Person shall
be indemnified and held harmless by the Company against and from any loss, cost, liability or
expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in
connection with or resulting from any action, suit or proceeding to which such Covered Person may
be a party or in which such Covered Person may be involved by reason of any action taken or omitted
to be taken under the Plan and against and from any and all amounts paid by such Covered Person,
with the Company’s approval, in settlement thereof, or paid by such Covered Person in satisfaction
of any judgment in any such action, suit or proceeding against such Covered Person; provided that,
the Company shall have the right, at its own expense, to assume and defend any such action, suit or
proceeding and, once the Company gives notice of its intent to assume the defense, the Company
shall have sole control over such defense with counsel of the Company’s choice. The foregoing right
of indemnification shall not be available to a Covered Person to the extent that a court of
competent jurisdiction in a final judgment or other final adjudication, in either case, not subject
to further appeal, determines that the acts or omissions of such Covered Person giving rise to the
indemnification claim resulted from such Covered Person’s bad faith, fraud or willful criminal act
or omission. The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which Covered Persons may be entitled under the Company’s Certificate of
Incorporation or by-laws, as a matter of law, or otherwise, or any other power that the Company may
have to indemnify such persons or hold them harmless.

          4. Participants. Except as hereinafter provided, all employees of the Company and its
Affiliates shall be eligible to receive Awards under the Plan, except that Options that are
intended to qualify as incentive stock options within the meaning of Section 422 of the Internal
Revenue Code shall be granted only to employees of the Company or a Subsidiary. Nothing herein
contained shall be construed to prevent the making of one or more Awards at the same or different
times to the same employee.

          5. Share Limitations. (a)  The Committee may make Awards under this Plan for up to an
aggregate number of 7,000,000 Shares, which may be either treasury Shares or authorized but unissued
Shares. To the extent that (i) an Award shall be paid, settled or exchanged or shall expire, lapse,
terminate or be cancelled for any reason without the issuance of Shares, (ii) any Shares under an
Award are not issued because of payment or withholding obligations or (iii) Restricted Shares shall
revert back to the Company prior to the lapse of the Restrictions or be applied by the Company for
purposes of tax withholding obligations, then the Committee may also grant Awards with respect to
such Shares or Restricted Shares. Awards payable only in cash or property

 

 

other than Shares shall not reduce the aggregate remaining number of Shares with respect to
which Awards may be made under the Plan and Shares relating to any other Awards that are settled in
cash or property other than Shares, when settled, shall be added back to the aggregate remaining
number of Shares with respect to which Awards may be made under the Plan. The maximum number of
Shares that may be issued under the Plan shall be adjusted by the Committee as appropriate to
account for the events provided for in Section 12 hereof. Any Shares with respect to which the
Company becomes obligated to make Awards through the assumption of, or in substitution for,
outstanding awards previously granted by an acquired entity, shall not count against the Shares
available to be delivered pursuant to Awards under this Plan.

          (b) In no event shall any Participant be granted Awards during any one (1) calendar year for,
or that relate to, an aggregate number of Shares exceeding 2,000,000. The maximum number of Shares
underlying Awards that may be granted to an individual in any one (1) calendar year under the Plan
shall be adjusted by the Committee as appropriate to account for the events provided for in Section
12 hereof.

          6. Options. Options granted under the Plan shall be either incentive stock options, within
the meaning of Section 422 of the Internal Revenue Code, or non-qualified options, as determined by
the Committee in its sole discretion.

     (a) Terms and Conditions. The form, terms and conditions of each Option shall be
determined by the Committee and shall be set forth in an Award Agreement. Such terms and
conditions may include, without limitation, provisions relating to the vesting and
exercisability of such Options as well as the conditions or circumstances upon which such
Options may be accelerated, extended, forfeited or otherwise modified. The Committee may,
in its sole discretion, establish one or more conditions to the vesting or exercise of an
Option including, without limitation, conditions the satisfaction of which are measured by
Performance Criteria; provided that, if such Option is designated as an incentive stock
option, then such condition or conditions shall not be inconsistent with Section 422 of the
Internal Revenue Code. Unless the Award Agreement specifies that the Option is an incentive
stock option, it shall be a non-qualified stock option. All or any part of any Options
granted to any Participant may be made exercisable upon the occurrence of such special
circumstances or events as determined in the sole discretion of the Committee.

     (b) Exercise Price for Options. The exercise price per Share of the Shares to be
purchased pursuant to any Option shall be fixed by the Committee at the time an Option is
granted, but in no event shall it be less than the Fair Market Value of a Share on the day
on which the Option is granted. Such exercise price shall thereafter be subject to
adjustment as required by the Award Agreement relating to each Option or Section 12 hereof.

 

 

     (c) Duration of Options. The duration of any Option granted under this Plan shall be
for a period fixed by the Committee but shall, except as described in the next sentence, in
no event be more than ten (10) years. Notwithstanding the foregoing, an Award Agreement may
provide that, in the event the Participant dies while the Option is outstanding, the Option
will remain outstanding until the first anniversary of the Participant’s date of death, and
whether or not such first anniversary occurs prior to or following the expiration of ten
(10) years from the date the Option was granted.

     (d) Incentive Stock Options Granted to Ten Percent Stockholders. To the extent
required by Section 422 of the Internal Revenue Code, no Option which is intended to
qualify as an incentive stock option shall be granted under this Plan to any employee who,
at the time the Option is granted, owns, or is considered owning, within the meaning of
Section 422 of the Internal Revenue Code, shares possessing more than ten percent (10%) of
the total combined voting power or value of all classes of stock of the Company or any
Subsidiary, unless the exercise price under such Option is at least one hundred and ten
percent (110%) of the Fair Market Value of a Share on the date such Option is granted and
the duration of such option is no more than five (5) years.

     (e) Initial Exercisability Limitation. The aggregate Fair Market Value (determined at
the time that an Option is granted) of the Shares with respect to incentive stock options
granted in any calendar year under all stock option plans of the Company or any corporation
which (at the time of the granting of such incentive stock option) was a parent or
Subsidiary of the Company, or of any predecessor corporation of any such corporation, which
are exercisable for the first time by a Participant during any calendar year shall not
exceed $100,000, or, if different, the maximum allowed under Section 422 of the Internal
Revenue Code.

     (f) Settlement of an Option. When an Option is exercised pursuant to Section 8
hereof, the Committee, in its sole discretion, may elect, in lieu of issuing Shares
pursuant to the terms of the Option, to settle the Option by paying the Participant an
amount equal to the product obtained by multiplying (i) the excess of the Fair Market Value
of one Share on the date the Option is exercised over the exercise price of the Option (the
“Option Spread”) by (ii) the number of Shares with respect to which the Option is
exercised. The amount payable to the Participant in these circumstances shall be paid by
the Company either in cash or in Shares having a Fair Market Value equal to the Option
Spread, or a combination thereof, as the Committee shall determine at the time the Option
is exercised or at the time the Option is granted.

          7. Rights. The Committee may grant to employees the right to receive such number of Rights,
as determined by the Committee in its sole discretion.

 

 

     
(a) Terms and Conditions. The form, terms and conditions of each Right shall be
determined by the Committee and shall be set forth in an Award Agreement. Such terms and
conditions may include, without limitation, provisions relating to the vesting and
exercisability of such Rights as well as the conditions or circumstances upon which such
Rights may be accelerated, extended, forfeited or otherwise modified. The Committee may, in
its sole discretion, establish one or more conditions to the vesting or exercise of a Right
including, without limitation, conditions the satisfaction of which are measured by
Performance Criteria. All or any part of any outstanding Rights granted to any Participant
may be made exercisable upon the occurrence of such special circumstances or events as
determined in the sole discretion of the Committee.

     (b) Exercise Price for Rights. The exercise price of each Right shall be fixed by the
Committee at the time a Right is granted, but in no event shall it be less than the Fair
Market Value of a Share on the day on which the Right is granted. Such exercise price shall
thereafter be subject to adjustment as required by the Award Agreement relating to each
Right or Section 12 hereof.

     (c) Duration of Rights. The duration of any Right granted under this Plan shall be
for a period fixed by the Committee but shall, except as described in the next sentence, in
no event be more than ten (10) years. Notwithstanding the foregoing, an Award Agreement may
provide that, in the event the Participant dies while the Right is outstanding, the Right
will remain outstanding until the first anniversary of the Participant’s date of death, and
whether or not such first anniversary occurs prior to or following the expiration of ten
(10) years from the date the Right was granted.

     (d) Settlement of Rights. Upon the exercise of any Rights, the Participant shall be
entitled to receive from the Company an amount equal to the product obtained by multiplying
(i) the excess of the Fair Market Value of one Share on the date the Rights are exercised
over the exercise price of the related Right by (ii) the number of Shares to which such
Rights are related. Such amount shall be paid in cash, in Shares having a Fair Market Value
equal to such amount, or a combination of cash and Shares, as the Committee shall determine
at the time the Right is exercised or at the time the Right is granted.

          8. Exercise of Options and Rights. (a)  An Option or Right shall be exercised by the delivery
to any person who has been designated by the Company for the purpose of receiving the same, of a
written notice duly signed by the Participant (or the representative of the estate or the heirs of
a deceased Participant) to such effect (or electronic notice in a manner, if any, previously
approved by the Company). Unless the Company chooses to settle an Option in cash, Shares or a
combination thereof pursuant to Section 6(f) hereof, the Participant shall be required to deliver
to the Company, within five (5) days of the delivery of the notice described above, either cash, a
check payable to the order of the Company, Shares duly endorsed over to the Company (which Shares

 

 

shall be valued at their Fair Market Value as of the date preceding the day of such
exercise) or any combination of such methods of payment, which together amount to the full exercise
price of the Shares purchased pursuant to the exercise of the Option. Notwithstanding the preceding
sentence, the Company and the Participant may agree upon any other reasonable manner of providing
for payment of the exercise price of the Option.

          (b) Except to the extent the Committee chooses to settle any Option or Right in cash pursuant
to Section 6(f) or 7(d) hereof, within a reasonable time after exercise of an Option or Right the
Company shall either issue to the Participant a certificate representing the Shares purchased
pursuant to the exercise of the Option or Right or credit the number of such Shares to a book-entry
account. To the extent the Committee chooses to settle any Option or Right in cash pursuant to
Section 6(f) or 7(d), within a reasonable time after exercise of an Option or Right the Company
shall cause to be delivered to the person entitled thereto a payment for the amount payable
pursuant to the exercise of the Option or Right.

          9. Restricted Shares. The Committee may grant to employees the right to receive such number
of Restricted Shares, as determined by the Committee in its sole discretion.

     (a) Issuance; Terms and Conditions. The form, terms and conditions of each Restricted
Share shall be determined by the Committee and shall be set forth in an Award Agreement.
Such terms and conditions may include, without limitation, the Restrictions upon such
Restricted Shares, the dates as of which Restrictions upon such Restricted Shares will
cease, and the conditions or circumstances upon which such Restricted Shares will be
forfeited or otherwise modified. The Committee may, in its sole discretion, establish one
or more Restrictions to the vesting of a Restricted Share that relate to the satisfaction
of Performance Criteria.

     (b) Payment of Par Value. To the extent a Participant is required by law to pay to
the Company the par value of a Restricted Share, such Participant shall have forty-five
(45) business days from the date of such grant to pay to the Company, in cash or by check,
an amount equal to the par value of a Share multiplied by the number of Shares or
Restricted Shares which have been granted to the employee by the Committee. In such
instances, if the Participant fails to make payment to the Company for such Shares or
Restricted Shares within forty-five (45) business days of the grant thereof, the Company
shall withhold, or shall cause to be withheld, the amount of such payment from compensation
otherwise due the employee from the Company or any Affiliate. Unless the Committee
determines otherwise, a Participant’s prior service with the Company or any of its
Affiliates shall be deemed sufficient consideration for such Restricted Shares and no
payment therefore (including, without limitation, for the par value of the Restricted
Shares) shall be due from the Participant. Subject to the provisions of

 

 

Section 15 hereof, the Committee, in its sole discretion, shall either issue to the
employee a certificate representing such Restricted Shares or credit the number of such
Restricted Shares to a book-entry account upon the payment due, if any, pursuant to this
paragraph.

     (c) Restriction on Shares. In no event shall a Restricted Share be sold, assigned,
transferred, pledged or otherwise disposed of or encumbered until the expiration of the
Restricted Period which relates to such Restricted Share. All or any part of any
outstanding Restricted Shares granted to any Participant may be vested in full and the
Restrictions thereon shall lapse upon the occurrence of such special circumstances or
events as determined in the sole discretion of the Committee.

     (d) Forfeiture of Restricted Shares. If Restricted Shares are forfeited pursuant to
the terms of the Plan or an Award Agreement, such Restricted Shares shall revert back and
belong to the Company. In the event that any Restricted Shares should be forfeited by the
Participant, revert back and belong to the Company, any stock certificate or certificates
representing such Restricted Shares shall be cancelled and the Restricted Shares shall be
returned to the treasury of the Company. Upon the reversion of such Restricted Shares, the
Company shall repay to the employee or (in the case of death) to the representative of the
employee’s estate, the full cash amount paid, if any, to the Company by the employee for
such Restricted Shares pursuant to Section 9(b) hereof.

     (e) Right to Vote and Receive Dividends on Restricted Shares. Each Participant shall,
during the Restricted Period, be the beneficial and record owner of such Restricted Shares
and shall have full voting rights with respect thereto. Unless the Committee determines
otherwise, during the Restricted Period, all ordinary cash dividends (as determined by the
Committee in its sole discretion) paid upon any Restricted Share shall be retained by the
Company for the account of the relevant Participant. Such dividends shall revert back to
the Company if for any reason the Restricted Share upon which such dividends were paid
reverts back to the Company. Upon the expiration of the Restricted Period, all such
dividends made on such Restricted Share and retained by the Company will be paid to the
relevant Participant.

          10. Restricted Stock Units. The Committee may grant employees such number of Restricted Stock
Units as it may determine in its sole discretion.

     (a) Terms and Conditions. The form, terms and conditions of each Restricted Stock
Unit shall be determined by the Committee and shall be set forth in an Award Agreement.
Such terms and conditions may include, without limitation, the conditions or circumstances
upon which such Restricted Stock Unit will be paid, forfeited or otherwise modified, and
the date or dates upon which any Shares, cash or other property shall be delivered to the
Participant in respect

 

 

of the Restricted Stock Units. The Committee may, in its sole discretion, establish
one or more conditions to the vesting of a Restricted Stock Unit including, without
limitation, conditions the satisfaction of which are measured by Performance Criteria. All
or any part of any outstanding Restricted Stock Unit granted to any Participant may be
vested in full or paid upon the occurrence of such special circumstances or events as
determined in the sole discretion of the Committee.

     (b) Settlement of Restricted Stock Units. The Committee, in its sole discretion, may
instruct the Company to pay on the date when Shares would otherwise be issued pursuant to a
Restricted Stock Unit, in lieu of such Shares, a cash amount equal to the number of such
Shares multiplied by the Fair Market Value of a Share on the date when Shares would
otherwise have been issued. If a Participant is entitled to receive other stock, securities
or other property as a result of an adjustment, pursuant to Section 12 hereof, the
Committee, in its sole discretion, may instruct the Company to pay, in lieu of such other
stock, securities or other property, cash equal to the fair market value thereof as
determined in good faith by the Committee. Until the delivery of such Shares, cash,
securities or other property, the rights of a Participant with respect to a Restricted
Stock Unit shall be only those of a general unsecured creditor of the Company.

     (c) Right to Receive Dividends on Restricted Stock Units. Unless the Committee
determines otherwise, during the period prior to payment of the Restricted Stock Unit, all
ordinary cash dividends (as determined by the Committee in its sole discretion) that would
have been paid upon any Share underlying a Restricted Stock Unit had such Shares been
issued shall be paid only at the time and to the extent such Restricted Stock Unit is
vested.

          11. Grant of Other Stock-Based Awards. The Committee may grant other types of equity-based or
equity-related Awards (including unrestricted Shares) in such amounts and subject to such terms and
conditions as the Committee shall determine. Such Awards may entail the transfer of actual Shares,
or payment in cash or otherwise of amounts based on the value of Shares.

          12. Certain Adjustments. (a)  In the event that any dividend or other distribution (whether
in the form of cash, Shares, other securities, or other property), recapitalization, forward or
reverse stock split, reorganization, merger, consolidation, spin-off, combination, repurchase,
share exchange, liquidation, dissolution or other similar corporate transaction or event affects
Shares such that the failure to make an adjustment to an Award would not fairly protect the rights
represented by the Award in accordance with the essential intent and principles thereof (each such
event, an “Adjustment Event”), then the Committee shall, in such manner as it may determine to be
equitable in its sole discretion, adjust any or all of the terms of an outstanding Award
(including, without limitation, the number of Shares covered by such outstanding Award, the type of
property to which the Award is subject and the exercise price of such Award).

 

 

In determining adjustments to be made under this Section 12(a), the Committee may take into
account such factors as it determines to be appropriate, including without limitation (i) the
provisions of applicable law and (ii) the potential tax or accounting consequences of an adjustment
(or not making an adjustment) and, in light of such factors or others, may make adjustments that
are not uniform or proportionate among outstanding Awards.

          (b) Fractional Shares or Securities. Any fractional shares or securities payable upon the
exercise of an Award as a result of an adjustment pursuant to this Section 12 shall, at the
election of the Committee, be payable in cash, Shares, or a combination thereof, on such bases as
the Committee may determine in its sole discretion.

          13. No Rights of a Stockholder. A Participant shall not be deemed to be the holder of, or
have any of the rights of a stockholder with respect to, any Shares subject to Options, Rights or
Restricted Stock Units unless and until the Company shall have issued and delivered Shares to the
Participant and said Participant’s name shall have been entered as a stockholder of record on the
books of the Company. Thereupon, such Participant shall have full voting, dividend and other
ownership rights with respect to such Shares. The Company will not be obligated to issue or deliver
any Shares unless and until all legal matters in connection with the issuance and delivery of
Shares have been approved by the Company’s counsel and the Company’s counsel determines that all
applicable federal, state and other laws and regulations have been complied with and all listing
requirements for relevant stock exchanges have been met.

          14. No Right to Continued Employment. Nothing in the Plan or in any Award Agreement shall
confer upon any Participant the right to continued employment by the Company or any Affiliate or
affect any right which the Company or any Affiliate may have to terminate such employment.

          15. Issuance of Shares and Consents. If the Committee shall at any time determine that any
Consent is necessary or desirable as a condition of, or in connection with, the granting of any
Award, the delivery of Shares or the delivery of any cash, securities or other property under the
Plan, or the taking of any other action, then such action shall not be taken, in whole or in part,
unless and until such Consent shall have been effected or obtained to the full satisfaction of the
Committee. Any stock certificate representing Restricted Shares shall contain an appropriate legend
referring to the Plan and the Restrictions upon such Restricted Shares. Simultaneously with
delivery of any stock certificate for Restricted Shares, the Company may cause a stop transfer
order with respect to such certificate to be placed with the transfer agent of the Shares.

          16. Withholding. If the Company or an Affiliate shall be required to withhold any amounts by
reason of a federal, state or local tax laws, rules or regulations in respect of any Award, the
Company or an Affiliate shall be entitled to deduct or withhold such amounts from any payments
(including, without limitation Shares which would otherwise be issued to the Participant pursuant
to the Award; provided that, to the

 

 

extent desired for GAAP purposes, such withholding shall not exceed the statutory minimum
amount required to be withheld) to be made to the Participant. In any event, the Participant shall
make available to the Company or Affiliate, promptly when requested by the Company or such
Affiliate, sufficient funds or Shares to meet the requirements of such withholding and the Company
or Affiliate shall be entitled to take and authorize such steps as it may deem advisable in order
to have such funds made available to the Company or Affiliate out of any funds or property due to
the Participant.

          17. Right of Offset. The Company shall have the right to offset against its obligation to
deliver Shares, cash or other property under any Award any outstanding amounts of whatever nature
that the Participant then owes to the Company or any of its Affiliates.

          18. Non-Transferability of Awards. Unless the Committee shall permit (on such terms and
conditions as it shall establish) an Award to be transferred to a member of the Participant’s
immediate family or to a trust or similar vehicle for the benefit of members of the Participant’s
immediate family (collectively, the “Permitted Transferees”), no Award shall be assignable or
transferable except by will or by the laws of descent and distribution, and except to the extent
required by law, no right or interest of any Participant shall be subject to any lien, obligation
or liability of the Participant. All rights with respect to Awards granted to a Participant under
the Plan shall be exercisable during the Participant’s lifetime only by such Participant or, if
applicable, the Permitted Transferees.

          19. Administration and Amendment of the Plan. The Board of Directors or the Committee may
discontinue the Plan at any time and from time to time may amend or revise the terms of the Plan or
any Award Agreement, as permitted by applicable law, except that it may not (a) make any amendment
or revision in a manner unfavorable to a Participant (other than if immaterial), without the
consent of the Participant or (b) make any amendment or revision without the approval of the
stockholders of the Company if such approval is required by the rules of an exchange on which
Shares are traded. Consent of the Participant shall not be required solely pursuant to the previous
sentence in respect of any adjustment made pursuant to Section 12(a) except to the extent the terms
of an Award Agreement expressly refer to an Adjustment Event, in which case such terms shall not be
amended in a manner unfavorable to a Participant (other than if immaterial) without such
Participant’s consent.

          20. Effective Date. The Plan shall become effective upon approval by the stockholders of the
Company.

          21. Severability. If any of the provisions of this Plan or any Award Agreement is finally
held to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be
deemed modified to the extent, but only to the extent, of such invalidity, illegality or
unenforceability and the remaining provisions shall not be affected thereby; provided that, if any
of such provisions is finally held to be invalid,

 

 

illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to
permit such provision to be enforceable, such provision shall be deemed to be modified to the
minimum extent necessary to modify such scope in order to make such provision enforceable
hereunder.

          22. Plan Headings. The headings in this Plan are for the purpose of convenience only and are
not intended to define or limit the construction of the provisions hereof.

          23. Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform
and may be made by it selectively among persons who receive, or are eligible to receive, Awards
(whether or not such persons are similarly situated). Without limiting the generality of the
foregoing, the Committee shall be entitled, among other things, to make non-uniform and selective
determinations, amendments and adjustments, and to enter into non-uniform and selective Award
Agreements, as to the persons to receive Awards under the Plan, and the terms and provisions of
Awards under the Plan.

          24. Governing Law. The Plan and any Award Agreements shall be governed by and construed in
accordance with the laws of the State of Delaware, without reference to principles of conflict of
laws.

          25. Successors and Assigns. The terms of this Plan shall be binding upon and inure to the
benefit of the Company and its successors and assigns.

          26. Duration.
This Plan shall remain in effect until
[l] [ten years from
the Distribution] unless sooner terminated by the
Committee or the Board of Directors. Awards theretofore granted may extend beyond that date in
accordance with the provisions of the Plan.

          27. Distribution
Issuance. (a) Notwithstanding Section 3 of the Plan,
the Compensation Committee (the “Cablevision Committee”) of
the Board of Directors of Cablevision Systems Corporation
(“Cablevision”) may grant Awards with respect to
outstanding equity awards of Cablevision in connection with the
distribution by Cablevision to holders of its common stock of all of
the outstanding Shares (such distribution, the
“Distribution”). In this capacity, the Cablevision
Committee shall have full authority to grant Awards in connection
with the Distribution and determine the recipients, terms and
conditions of such Awards, and each member of the Cablevision
Committee shall be considered a “Covered person” for
purposes of Section 3(c) of the Plan.

          (b) Notwithstanding
Section 6(b) and Section 7(b) of the Plan, the exercise
price of each Option and Right granted by the Cablevision Committee
in connection with the Distribution may be lesser than the Fair
Market Value of a Share on the day on which the Option or Right is
granted, in order to preserve the intrinsic value of the outstanding
Cablevision equity awards prior to the Distribution.

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