Document:

Document

TENTH AMENDMENT TO FORBEARANCE AGREEMENT

This Tenth Amendment to Forbearance Agreement is made this 9th day of September, 2022, by and between UNIQUE FABRICATING NA, INC., a Delaware corporation (“US Borrower”) and UNIQUE-INTASCO CANADA, INC., a corporation organized under the laws of the province of British Columbia (“CA Borrower”, called together with US Borrower, the “Borrowers” and each of them referred to herein as a “Borrower”),  UNIQUE FABRICATING, INC., a Delaware corporation (“Parent”), UNIQUE-CHARDAN, INC., a Delaware corporation, UNIQUE MOLDED FOAM TECHNOLOGIES, INC., a Delaware corporation, UNIQUE PRESCOTECH, INC., a Delaware corporation, UNIQUE FABRICATING REALTY, LLC, a Michigan limited liability company, UNIQUE FABRICATING SOUTH, INC., a Michigan corporation, and UNIQUE-INTASCO USA, INC., a Michigan corporation (each a “Guarantor” and collectively the “Guarantors”), the financial institutions signatory hereto (individually a “Lender,” and collectively the “Lenders”), CITIZENS BANK, NATIONAL ASSOCIATION, a national banking association, as Agent for the Lenders (in such capacity, the “Agent”).

Recitals:

Borrowers, Agent and the Lenders are party to an Amended and Restated Credit Agreement dated November 8, 2018, as amended by a Waiver and First Amendment to Credit Agreement and Loan Documents dated May 7, 2019, a Second Amendment to Credit Agreement and Loan Documents dated June 14, 2019, a Third Amendment to Credit Agreement and Loan Documents dated June 28, 2019, a Waiver and Fourth Amendment to Credit Agreement and Loan Documents dated July 16, 2019, a Fifth Amendment to Credit Agreement dated August 7, 2019, a Sixth Amendment to Credit Agreement dated April 3, 2020, a Seventh Amendment to Credit Agreement dated April 23, 2020 and an Eighth Amendment to Credit Agreement dated August 7, 2020 (as so amended and further amended by the Forbearance Agreement, as amended, the “Credit Agreement”), pursuant to which the Lenders have made certain Loans available to the Borrowers.  

The Loans and the Borrowers’ obligations under the Credit Agreement are secured by, among other documents and instruments: (i) a first priority all-assets security interest granted by the US Borrower and the Guarantors to Agent pursuant to the terms and conditions of the Security Agreement dated April 29, 2016 as affirmed by a Consent and Reaffirmation of Security Agreement dated November 8, 2018 (the “Security Agreement”); (ii) a first priority all-assets security interest granted by the CA Borrower to Agent pursuant to the terms and conditions of the Security Agreement dated April 29, 2016 as affirmed by a Consent and Reaffirmation of Security Agreement dated November 8, 2018 (the “CA Security Agreement”); and (iii) the absolute and unconditional, joint and several Continuing Agreement of Guaranty and Suretyship dated April 29, 2016 of US Borrower and Guarantors, as affirmed by a Consent and Reaffirmation of, and Amendment to, Continuing Agreement of Guaranty and Suretyship dated November 18, 2018 (collectively the “Guaranty”). 

As a result of Specified Defaults, the Obligors and the Lenders entered into a Forbearance Agreement dated April 9, 2021 pursuant to which, the Lenders agreed to forbear on a limited basis from exercising their rights because of the Specified Defaults.  The Obligors subsequently requested that the Agent and Lenders extend the Forbearance Period.  Accordingly, the Obligors, Agent and Lenders entered into a First Amendment to Forbearance Agreement dated June 14, 
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2021 (the “First Amendment”).  The Obligors then requested that the Lenders and Agent agree to certain further amendments to the Forbearance Agreement in connection with the issuance by the Borrower of additional equity securities.  Accordingly, the Borrower and Agent, and Lenders entered into a Second Amendment to Forbearance Agreement dated September 21, 2021 (the “Second Amendment”).  Subsequently a Specified Forbearance Termination Event occurred in that the Borrowers failed to meet the required Minimum Consolidated EBITDA Covenant set forth in Section 7(d) of the Credit Agreement.  As a result, the Obligors requested that the Lenders forbear with respect to the Specified Forbearance Termination Event in addition to the Specified Events of Default and requested certain other modifications to the Forbearance Agreement.  Accordingly, the Obligors, Lenders and Agent entered into a Third Amendment to Forbearance Agreement dated December 9, 2021 (the “Third Amendment”).  Subsequently, a Second Specified Forbearance Termination Event occurred under the Forbearance Agreement in that the US Borrower failed to meet the minimum Liquidity for the period ended December 31, 2021.  As a result, the Obligors requested that the Agent and Lenders waive US Borrower’s failure to meet the required minimum Liquidity for the period ended December 31, 2021.  Accordingly, the Obligors, Lenders and Agent entered into a Fourth Amendment to Forbearance Agreement dated February 4, 2022 (the “Fourth Amendment”).  Obligors requested that the Agent and Lenders extend the Forbearance Period from February 28, 2022 to March 11, 2022.  Agent and Lenders were willing to do so.  Accordingly, the Obligors, Agent and Lenders entered into a Fifth Amendment to Forbearance Agreement dated effective as of February 28, 2022 (the “Fifth Amendment”).  Obligors further requested that Agent and Lenders extend the Forbearance Period from March 11, 2022 to May 30, 2022.  Agent and Lenders were willing to do so.  Accordingly, Obligors, Agent and Lenders entered into a Sixth Amendment to Forbearance Agreement dated effective as of March 11, 2022 (the “Sixth Amendment”).   Obligors further requested that Agent and Lenders extend the Forbearance Period from May 30, 2022 to June 13, 2022.  Agent and Lenders were willing to do so.  Accordingly, Obligors, Agent and Lenders entered into a Seventh Amendment to Forbearance Agreement dated effective as of May 30, 2022 (the “Seventh Amendment”).   Obligors further requested that the Agent and Lenders extend the Forbearance Period from June 13, 2022 to July 14, 2022, among other revisions to the Forbearance Agreement and other Loan Documents.  Agent and Lenders were willing to do so.  Accordingly, the Obligors, Agent and Lenders entered into an Eighth Amendment to Forbearance Agreement dated effective as of June 13, 2022 (the “Eighth Amendment”).  Obligors further requested that the Agent and Lenders extend the Forbearance Period from July 14, 2022 to September 12, 2022, among other revisions to the Forbearance Agreement and other Loan Documents.  Agent and Lenders were willing to do so.  Accordingly, the Obligors, Agent and Lender entered into a Ninth Amendment to Forbearance Agreement dated effective as of July 14, 2022 (the “Ninth Amendment”).  

The Obligors now have requested that the Agent and Lenders extend the Forbearance Period from September 12, 2022 to October 24, 2022.  The Agent and Lenders are willing to do so on the terms and conditions in this Tenth Amendment to Forbearance Agreement.  “Forbearance Agreement” means the Forbearance Agreement dated April 9, 2021, as amended by the First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth Amendment, Sixth Amendment, Seventh Amendment, Eighth Amendment, Ninth Amendment and as amended by this Tenth Amendment.

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            NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged the Obligors, Agent and Lenders hereby agree as follows:

1.RECITALS.  The foregoing recitals of facts are true and accurate in all material respects and are incorporated into this Agreement and shall form a part of it.  Capitalized terms used herein, but not defined herein, shall have the meaning ascribed to them in the Credit Agreement or the Forbearance Agreement, as applicable.

2.PRECONDITIONS TO EFFECTIVENESS OF AGREEMENT.  The effectiveness of the terms and provisions of this Agreement shall be subject to:

a.the receipt by the Agent of each of the following, in form and substance satisfactory to the Agent:

i.an original of this Agreement, duly authorized, executed and delivered by each of the Obligors; 

ii.a certificate from an authorized officer of each Obligor that is not a natural person certifying, among other things, that attached are true and correct copies of:  (i) a resolution of such Obligor authorizing the execution, delivery and performance of this Agreement, and the other documents and certificates to be delivered in connection herewith and (ii) the names, incumbency and certified signatures of those persons authorized on behalf of such Obligor to sign this Agreement and the other documents and certificates to be delivered in connection herewith;

iii.Obligors’ payment of all outstanding attorneys’ fees and expenses of counsel and financial advisors for the Agent and Lenders and all other fees and expenses payable pursuant to the Credit Agreement including, without limitation, appraisal or Collateral audit fees, if any, incurred by the Agent and Lenders;

iv.Payment by the Obligors of all interest accrued but unpaid on the Loan (except for PIK Interest), if any, any unpaid regularly scheduled principal payments required under the Loan Documents, if any, and the Forbearance Fee due under this Agreement; and

v.all financial information and financial reports due pursuant to the terms of the Loan Documents or this Agreement, or otherwise requested by the Lender in connection with the negotiation and preparation of this Agreement.

b.The occurrence of no other Default under the Loan Documents (other than the Specified Defaults and the Specified Forbearance Termination Event);

3.ACKNOWLEDGMENT OF DEFAULT/OBLIGATIONS.  Obligors hereby acknowledge, agree, and confirm that they are in default of their obligations under the 
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Loan Documents because of the Specified Defaults and Specified Forbearance Termination Event.  Obligors further hereby acknowledge, confirm, and agree that as of the close of business on September 6, 2022 Obligors are indebted to the Lenders in respect of the Loans, as follows:

a.With respect to the Revolving Credit, the outstanding principal amount of Seventeen Million Six Hundred Thousand and 00/100 ($17,600,000.00) Dollars, plus accrued and unpaid interest in the amount of One Hundred Forty Thousand Two Hundred Seventeen and 68/100 ($140,217.68) Dollars; and 

b.With respect to the US Term Loan, the outstanding principal amount of Eighteen Million Nine Hundred Thousand and 00/100 ($18,900,000.00) Dollars, plus accrued and unpaid interest in the amount of Twenty-Six Thousand Twenty-Four and 16/100 ($26,024.16) Dollars; and

c.With respect to the CA Term Loan, the outstanding principal amount of Six Million Seven Hundred Fifty Thousand and 00/100 ($6,750,000.00) Dollars, plus accrued and unpaid interest in the amount of Nine Thousand Three Hundred and 17/100 ($9,300.17) Dollars; and

d.With respect to the CAPEX Loan, the outstanding principal amount of Nine Hundred Eighty-Three Thousand One Hundred Twenty-Five and 00/100 ($983,125.00) Dollars, plus accrued and unpaid interest in the amount of One Thousand Three Hundred Fifty-Four and 89/100 ($1,354.89) Dollars; and

e.With respect to the Swing Line Loan, the outstanding principal amount of Three Million Two Hundred Forty-Four Thousand Three Hundred Ninety-Five and 11/100 ($3,244,395.11) Dollars, plus accrued and unpaid interest in the amount of Thirty-One Thousand Three Hundred Nine and 88/100 ($31,309.88) Dollars.

f.Obligors further acknowledge and agree: (i) the aggregate accrued and unpaid PIK Interest on the Loans calculated as of the date of the expiration of the last Interest Period(s) applicable to each Loan is Two Hundred Fifty Thousand Seventy-Three and 84/100 ($250,073.84) Dollars and is due and owing to the Lenders; and (ii) additional PIK Interest has accrued during the current Interest Periods in effect for each Loan that is not reflected in the above figure (collectively, the “Accrued PIK Interest”).  

4.ADVISOR.  Obligors have advised the Agent and Lenders that Obligors have retained B. Riley Securities, Inc as advisor to the Obligors (the “Advisor”) pursuant to an engagement letter dated July 28, 2022.  
a.As part of the Advisor’s scope of engagement, the Advisor and Obligors shall provide to the Agent and Lenders on or before September 9, 2022 the Advisor’s report containing a review of strategic alternatives designed to repay the outstanding principal balance of the Loans, all accrued and unpaid interest and all other costs and expenses owed by the Obligors under the Loan Documents which report shall include Advisor’s opinion and recommendations of: (i) refinancing the Loans, including estimated timing considerations of when to commence the 
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process and an opinion as to whether such process should be effectuated in one or multiple phases, (ii) raising different types of “junior capital” (e.g. mezzanine debt, convertible debt, preferred equity, and common equity), (iii) a sale of the company, and (iv) Borrowers’ value (both going-concern value and liquidation value) (the “Advisor Report”).

b.On or before September 30, 2022, the Obligors and Advisor shall provide to the Agent and Lenders a reasonably detailed plan (the “Repayment Plan”) to pursue one or more equity or debt transaction(s) designed to repay the outstanding principal balance of the Loans, all accrued and unpaid interest and all other costs and expenses owed by the Obligors under the Loan Documents (the “Refinancing Transaction”) which Repayment Plan shall include: (i) Advisor’s assessment of the likelihood of Borrowers successfully concluding a Refinancing Transaction; (ii) a reasonably detailed projected timeline for concluding a Refinancing Transaction; (iii) potential financing sources of a Refinancing Transaction; (iv) based on the foregoing a reasonably detailed analysis of sources and uses of funds from contemplated Refinancing Transaction scenarios; and (v) potential strategic alternatives for the Obligors to consider in the event the Obligors are unable to successfully and timely conclude a Refinancing Transaction, which Repayment Plan shall be satisfactory to the Agent and Lenders. 

c.On or before October 7, 2022 Obligors shall deliver to the Agent an amended and restated engagement letter, which engagement scope and milestones will be consistent with the Advisor Report recommendations and will be otherwise reasonably acceptable to the Agent and Majority Lenders.

d.Obligors acknowledge and agree that failure to timely deliver any of: (i) the Advisor Report under 4(a), above, or (ii) the Repayment Plan under 4(b), above, or (iii) the amended and restated engagement letter reasonably acceptable to the Majority Lenders required under 4(c), above, shall constitute a Forbearance Termination Event, entitling the Agent and Lenders to exercise their rights and remedies under the Loan Documents.

e.Obligors shall grant the Agent and its agents, full access to Advisor, and Advisor’s any reports, findings , workpapers and analysis of Obligors’ and their businesses at such time during business hours and at such locations as the Agent shall reasonably request.  In addition, Obligors will make Advisor’s appropriate officers and consultants available to the Agent and its agents, to discuss the information in any reports delivered to the Agent or Lenders and any questions the Agent or Lenders may have.  

5.FORBEARANCE PERIOD EXTENSION.  The Forbearance Period set forth in Section 9 of the Forbearance Agreement is hereby extended from September 12, 2022 to October 24, 2022.

6.FINANCIAL COVENANTS.  

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a.Section 7.1(c) of the Credit Agreement is hereby deleted and replaced with the following:

“(c)”       Minimum Liquidity.  The US Borrower’s Liquidity to be less than Five Hundred Thousand and 00/100 ($500,000.00) Dollars as of the as of the Friday of each week while the Loans are outstanding.” 

b.New section 7.1(e) is hereby added to the Credit Agreement as follows:

“(e)         Borrowers’ monthly sales for: (i) the month ending August 31, 2022 to be less than Twelve Million One Hundred Thousand and 00/100 ($12,100,000.00) Dollars ; and (ii) the month ending September 30, 2022 to be less than Eleven Million Seven Hundred Thousand and 00/100 ($11,700,000.00) Dollars.  Borrower shall deliver to Agent within fifteen (15) days of the end of each month a monthly sales report and supporting documentation acceptable to the Agent evidencing compliance with the minimum monthly sales covenant.”

c.Section 7 of the Third Amendment (as amended by the Sixth Amendment and the Ninth Amendment) is hereby deleted and replaced with the following:

“The Obligors’ actual cumulative total cash disbursements reflected on the Cash Flow Statements shall not exceed the projected total cash disbursements for the same cumulative period as set forth on the cash projection schedule attached hereto as Exhibit A (the “Projections) by more than 15% at any time during the Forbearance Period.  The foregoing covenant shall be tested weekly on a rolling basis during the Forbearance Period commencing July 13, 2022.

d.Exhibit A attached to the Ninth Amendment setting forth the Projections is hereby deleted and replaced with Exhibit A, attached hereto.

7.RESOURCING.   Obligors agree that if one or more customer whose sales represent in the aggregate greater than five (5.00%) percent of the Obligors net sales for the twelve (12) month-period as of June 30, 2022, as determined by the Agent, provide notice to either of the Borrowers that such customer(s) is/are resourcing business away from any Obligor to a different supplier then such event(s) shall constitute a Forbearance Termination Event, entitling the Agent and Lenders to exercise their rights and remedies under the Forbearance Agreement and other Loan Documents.

8.ACKNOWLEDGMENT OF SECURITY INTERESTS. Each of the Obligors hereby acknowledge, confirm and agree that the Agent has and shall continue to have valid, enforceable and perfected first-priority liens upon and security interests in the Collateral securing the Loans heretofore granted to the Agent pursuant to the Loan Documents or otherwise granted to or held by Agent or Lenders.

9.BINDING EFFECT OF DOCUMENTS.  Each Obligor hereby acknowledges, confirms and agrees that:  (a) each of the Loan Documents, including the Forbearance Agreement,  to which it is a party has been duly executed and delivered to the Agent or Lenders, as applicable by Obligors, and each is in full force and effect as of the date hereof (except to the extent any provision is superseded hereby), (b) the agreements and obligations of Obligors contained in such documents and in this Agreement constitute the legal, valid 
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and binding obligations of Obligors, enforceable against them in accordance with their respective terms, and Obligors have no valid defense to the enforcement of such obligations, and (c) the Agent and Lenders are and shall be entitled to the rights, remedies and benefits provided for in the Loan Documents and applicable law.

10.NO OTHER WAIVERS; RESERVATION OF RIGHTS.

a.In consideration of the accommodations made in this Agreement Obligors represent to and agree with Agent and Lenders that (i) the Indebtedness is due to Lenders on demand or subject to acceleration by reason of the Specified Defaults and the Specified Forbearance Termination Event without setoff, defense or counterclaim at law or in equity, of any kind or nature, or to the extent that any of the Obligors believe that they have any such defense, set-off or counterclaim, they have agreed to, and do hereby, waive each and every such defense, set-off or counterclaim, nor have they assigned any of same, (ii) that any potential defenses, counterclaims and setoffs have been freely waived, with full knowledge of all facts and circumstances underlying same; (iii) Agent and the Lenders have fully performed all of their obligations under the Loan Documents; (iv) Agent and Lenders have no obligation to forbear from enforcing their rights and remedies available upon default; (v) any future loans or forbearance will be extended in the sole discretion of Lenders; (vi) neither Agent nor any Lender has made any representations of any kind or nature that funding in any amount will continue, or that forbearance by the Agent and Lenders will be extended beyond the date set forth herein; (vii) the actions taken by the Agent and each Lender to date in furtherance of the Loan Documents have been reasonable and appropriate under the circumstances, have not violated any of Obligors’ rights, and were within the rights of Agent and Lenders thereunder; and (viii) the Agent and Lenders have neither violated any of the terms or conditions of any Loan Documents, nor made any representations or commitments, oral or written, or undertaken any obligations to Obligors other than as set forth in the Loan Documents or this Agreement.

b.The Agent and Lenders have not waived, are not by this Agreement waiving, and have no intention of waiving, any default under the Loan Documents which may be continuing on the date hereof or any such default which may occur after the date hereof (whether the same or similar to the Specified Defaults and the Specified Forbearance Termination Event) and Agent and Lenders have not agreed to forbear with respect to any of their rights or remedies concerning any such default (other than, during the Forbearance Period, the Specified Defaults and the Specified Forbearance Termination Event, to the extent expressly set forth herein), which may have occurred or are continuing as of the date hereof or which may occur after the date hereof.

c.Subject to Section 9 of the Forbearance Agreement (solely with respect to the Specified Defaults and the Specified Forbearance Termination Event), Agent and Lenders reserve the right, in their discretion, to exercise any or all of its rights and remedies under the Loan Documents, and applicable law as a result of any Event of Default which may be continuing on the date hereof or any Event of Default or 
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Forbearance Termination Event which may occur after the date hereof, and Agent and the Lenders have not waived any of such rights or remedies, and nothing in this Agreement, and no delay on their part in exercising any such rights or remedies, should be construed as a waiver of any such rights or remedies all such rights having been reserved.

d.Without limiting the generality of the foregoing, Obligors will not claim that any prior action or course of conduct by the Agent or any Lender constitutes an agreement or obligation to continue such action or course of conduct in the future.  Obligors acknowledge that the Lenders have made no commitment to make further loans to Obligors and Obligors acknowledge the Indebtedness shall be paid in full and all obligations satisfied prior to the end of the Forbearance Period. 

e.Except as otherwise specifically provided herein, nothing in this Agreement shall be construed as an amendment to any Loan Document.  The Loan Documents are in full force and effect, and shall remain in full force and effect unless and until an agreement modifying any Loan Document is executed and delivered by the applicable parties, and then only to the extent such agreement actually modifies such documents.

11.REPRESENTATIONS, WARRANTIES AND COVENANTS.  Obligors acknowledge and agree that each of the representations, warranties, waivers, and covenants made by or on behalf of any Obligor to the Agent or Lenders or undertaken by any Obligor to the Agent or Lenders Bank in the Forbearance Agreement are hereby restated, ratified and affirmed as of the date of this Agreement as if fully and completely restated herein.  

12.NO NOVATION OR IMPAIRMENT OF SECURITY. As amended by the Forbearance Agreement, all the terms, covenants, conditions and warranties of the Credit Agreement and other Loan Documents shall continue in full force and effect. Neither this Ninth Amendment, nor the Forbearance Agreement nor any of the other amendments to the Loan Documents through the date hereof is intended to be and shall not constitute a substitution or novation of the Credit Agreement or of any of the other Loan Documents. Nothing contained in this Ninth Amendment nor any prior amendment of the Loan Documents shall (a) be construed as (i) invalidating or releasing any security or collateral now or hereafter held by Lenders for the Loan, or (ii) giving any person, other than the parties hereto, any right, remedy or claim under or in respect of this Ninth Amendment or any of the other Loan Documents, nor (b) impair the priority or perfection of the liens, rights or security interests in favor of Agent or Lenders under any of the Loan Documents.

13.RELEASE.  

a.In consideration of Agent’s and Lenders’ agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Obligors, on behalf of themselves  and each of their officers,  employees, present and former shareholders, attorneys, agents, affiliates, subsidiaries, divisions, predecessors, successors, assigns, anyone acting on their behalf and other legal representatives (collectively referred to hereinafter as the 
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“Releasors”), hereby absolutely, unconditionally and irrevocably release, remise and forever discharge Agent, each Lender and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, advisors, employees, agents and other representatives (collectively hereinafter referred to as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any or all of the Releasors may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Agreement, including, without limitation, for or on account of, or in relation to, or in any way in connection with any of the Credit Agreement, the other Loan Documents, any of the Mortgages or this Agreement or transactions thereunder or related thereto.

b.Obligors understand, acknowledge and agree that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.

c.Obligors agree that no fact, event, circumstance, evidence, or transaction which could now be asserted, or which may hereafter be discovered shall affect in any manner the final, absolute, and unconditional nature of the release set forth above.

14.COVENANT NOT TO SUE.  Releasors hereby absolutely, unconditionally and irrevocably, covenant and agree with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by Obligors pursuant to Section 13 above.  If any or all of the Releasors violate the foregoing covenant, each Obligor and each of their successors, assigns and legal representatives, agree to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys' fees and costs incurred by any Releasee as a result of such violation.

15.INDEMNIFICATION.  Each Obligor agrees to indemnify and hold Agent and each Lender and each of their directors, officers, employees, agents (including attorneys and other professionals providing advice in connection herewith) and Affiliates (each, an “Indemnified Person”) harmless from and against any and all claims, losses, damages, obligations, liabilities, penalties, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) of any kind or nature whatsoever, whether direct, indirect or consequential (collectively, “Indemnified Costs”), that may at any time be imposed on, incurred by or asserted against any such Indemnified Person as a result of, arising from or in any way relating to the preparation, execution, performance or enforcement of this Agreement or any agreements prepared, negotiated, executed or delivered in connection with the transactions contemplated hereby or any action, suit or 
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proceeding (including any inquiry or investigation) by any Person, whether threatened or initiated, related to any of the foregoing, and in any case whether or not such Indemnified Person is a party to any such action, proceeding or suit or a subject of any such inquiry or investigation.  All the foregoing Indemnified Costs of any Indemnified Person shall be paid or reimbursed by the each of the Obligors, as and when incurred and upon demand.

16.REAFFIRMATION OF GUARANTY.  Each of the Obligors reaffirms and ratifies its respective obligations under the Guaranty of the Loans executed and delivered by any Obligor, all of which remain in full force and effect, consents to the execution and delivery of this Agreement, and agrees and acknowledges that its Guaranty liability shall not be diminished in any way by the execution and delivery of this Agreement or by the consummation of any of the transactions contemplated herein.   

17.FEES AND EXPENSES.    As consideration for the Lenders’ agreement to forebear contained herein, the Obligors absolutely and unconditionally agree to reimburse the Agent and consenting Lenders, on demand at any time and as often as the occasion therefore may require, whether or not all or any of the transactions contemplated by this Agreement are consummated, all fees, costs, expenses and disbursements of the Agent or Lenders and any counsel, appraiser or financial consultant to any of them, if any, including the internally allocated cost of in-house counsel, in connection with the preparation, negotiation, execution, or delivery of this Agreement and administration of the Loans and any agreements delivered in connection with the transactions contemplated hereby and expenses which shall at any time be incurred or sustained by Agent or Lenders as a consequence of or in any way in connection with the preparation, negotiation, execution, or delivery of this Agreement or the administration of the Loan and the enforcement, attempted enforcement or preservation of any rights or remedies under this Agreement, any of the Loan Documents and any agreements prepared, negotiated, executed or delivered in connection with the transactions contemplated hereby.  Such fees and expenses shall constitute additional Indebtedness under the Loan Documents until paid notwithstanding any failure by the Obligors to comply with any other term of this Agreement.  Upon the occurrence of a Forbearance Termination Event all unpaid portions of the Forbearance Extension Fee and unreimbursed expenses outstanding shall be paid forthwith by the Obligors.

18.MISCELLANEOUS.  

a.Effect of this Agreement.  This Agreement and the Loan Documents constitute and embody the entire agreement between the parties as to the Loans and the temporary forbearance contemplated by the  Forbearance Agreement.  Except as specifically set forth herein, no changes or modifications to the Loan Documents are intended or implied.  To the extent of conflict between the terms of this Agreement and the other Loan Documents, the terms of this Agreement shall control.  The parties acknowledge and agree that there are no agreements, understandings, warranties, or representations among and between the parties except as set forth in this Agreement and the Loan Documents

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b.Further Assurances.  The parties hereto shall execute and deliver such additional documents and take such additional action as may be necessary or desirable to effectuate the provisions and purposes of this Agreement.

c.Binding Effect.  This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.  Neither Borrowers nor any Guarantor shall assign any interest in this Agreement.

d.Survival of Representations and Warranties.  All representations and warranties made in this Agreement or any other document furnished in connection with this Agreement shall survive the execution and delivery of this Agreement and the other documents, and no investigation by the Agent or any Lender or any closing shall affect the representations and warranties or the right of the Agent and Lenders to rely upon them.

e.Severability.  Any provision of this Agreement held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Agreement.

f.Time of Essence.  Time is of the essence with respect to Obligors’ obligations under this Agreement.

g.Reviewed by Attorneys.  Each Obligor represents and warrants to the Lenders that it (a) understands fully the terms of this Agreement and the consequences of the execution and delivery of this Agreement, (b) has been afforded an opportunity to have this Agreement reviewed by, and to discuss this Agreement and any documents executed in connection herewith with, such attorneys and other persons as Obligors may wish, and (c) has entered into this Agreement and executed and delivered all documents in connection herewith of its own free will and accord and without threat, duress or other coercion of any kind.  The parties hereto acknowledge and agree that neither this Agreement nor the other documents executed pursuant hereto shall be construed more favorably in favor of one than the other based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation and preparation of this Agreement and the other documents executed pursuant hereto or in connection herewith.

h.Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MICHIGAN, WITHOUT REFERENCE TO THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.

i.Consent to Jurisdiction and Venue.  Each of the Obligors hereby irrevocably consents to the personal jurisdiction and venue of the state and federal courts located in Wayne County, Michigan, in any action, claim or other proceeding arising out of any dispute in connection with this Agreement or the Loan Documents, any rights or obligations hereunder, or the performance of such rights and obligations.  Nothing in this Section shall affect the right of the Agent to 
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serve legal process in any other manner permitted by applicable law or affect the right of the Agent to bring any action or proceeding against any of the Obligors or their properties in the courts of any other jurisdictions.  Additionally, each of the Obligors, if elected by the Agent or Lenders as a remedy upon the occurrence of a Forbearance Termination Event, consent to and will refrain from interfering with the appointment of a Receiver to administer and operate any of the Obligors or any of their properties or assets.

j.Waiver of Jury Trial.  EACH OF THE OBLIGORS, AGENT AND THE LENDERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY, AND AFTER AN OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL, (A) WAIVE ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE LOAN DOCUMENTS, THE INDEBTEDNESS, ALL MATTERS CONTEMPLATED HEREBY AND DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND (B) AGREE NOT TO SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE, OR HAS NOT BEEN WAIVED. EACH OF THE OBLIGORS CERTIFIES THAT NEITHER AGENT NOR ANY LENDER NOR ANY OF THEIR REPRESENTATIVES, AGENTS OR COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR LENDERS WOULD NOT IN THE EVENT OF ANY SUCH PROCEEDING SEEK TO ENFORCE THIS WAIVER OR RIGHT TO TRIAL BY JURY.

k.Counterparts; Electronic Signature.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery of an executed signature page counterpart hereof by telecopy, emailed .pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart hereof. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic association of signatures and records on electronic platforms,  deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, any other similar state laws based on the Uniform Electronic Transactions Act or the Uniform Commercial Code, each as amended, and the parties hereto hereby waive any objection to the contrary, provided that (x) nothing herein shall require Agent to accept electronic signature counterparts in any form or format and (y) Agent reserves the right to require, at any time and at its sole discretion, the delivery of manually executed counterpart signature pages to this Agreement or any 
12

document signed in connection with this Agreement and the parties hereto agree to promptly deliver such manually executed counterpart signature pages.

l.Amendments.  No change, addition to, amendment or modification of the terms of this Agreement shall be effective unless reduced to writing and executed by all the parties hereto.

m.Other Agreements.  The parties understand and agree (i) that the consideration for this Agreement is contractual and not a mere recital, (ii) that neither this Agreement, nor any part thereof, shall be used or construed as an admission of liability on the part of the Agent or Lenders and that this Agreement shall not be admissible in any proceeding or cause of action as an admission of liability by the Agent or any Lender, and (iii) that this Agreement is knowing and voluntary and is executed without reliance on any statement or representation by the Agent or any Lender concerning the nature or extent of any claims, damages or legal liability therefore.

(Balance of Page Intentionally Blank)

13

IN WITNESS WHEREOF, the Obligors and Lenders have executed this Tenth Amendment to Forbearance Agreement as of the day and year first-above written.

BORROWERS:

UNIQUE FABRICATING NA, INC. 

By:  /s/ Byrd Douglas Cain III             
            Byrd Douglas Cain III
Title:    President

UNIQUE-INTASCO CANADA, INC.

By:  /s/ Byrd Douglas Cain III              
            Byrd Douglas Cain III
Title:    President

 “Borrowers”  

UNIQUE FABRICATING, INC., a Delaware                         
corporation 

By:  /s/ Byrd Douglas Cain III                
            Byrd Douglas Cain III
Title:    President

UNIQUE-CHARDAN, INC., a Delaware 
corporation, 

By:  /s/ Byrd Douglas Cain III                 
            Byrd Douglas Cain III
Title:    President

(Signatures Continued on Next Page) 

14

UNIQUE MOLDED FOAM TECHNOLOGIES, 
INC., a Delaware corporation, 

By:  /s/ Byrd Douglas Cain III                         
            Byrd Douglas Cain III
Title:    President

UNIQUE PRESCOTECH, INC., a Delaware 
corporation, 

By:  /s/ Byrd Douglas Cain III                          
            Byrd Douglas Cain III
Title:    President

UNIQUE FABRICATING REALTY, LLC a 
Michigan limited liability company, 

By:  /s/ Byrd Douglas Cain III                           
            Byrd Douglas Cain III
Title:    President

UNIQUE FABRICATING SOUTH, INC., a 
Michigan corporation, 

By:  /s/ Byrd Douglas Cain III                            
            Byrd Douglas Cain III
Title:    President

UNIQUE-INTASCO USA, INC., a Michigan 
corporation 

By:  /s/ Byrd Douglas Cain III                            
            Byrd Douglas Cain III
Title:    President

“Guarantors”

(Signatures Continued on Next Page)

15

IN WITNESS WHEREOF, the Obligors and Lenders have executed this Tenth Amendment to Forbearance Agreement as of the day and year first-above written.

CITIZENS BANK, NATIONAL                                                         
ASSOCIATION, as Agent and Lender

By:  /s/ Seth McIntyre                                     
            Seth McIntyre 
Its:       Assistant Vice President 

COMERICA BANK,
as Lender

By:     /s/ Jacob Villemure                                
            Jacob Villemure 
Its:       Vice President

FLAGSTAR BANK, FSB,
as Lender

By:  /s/ Kathryn Pothier-Hilt                             
            Kathryn Pothier-Hilt
Its:       First Vice President

KEYBANK NATIONAL ASSOCIATION,
as Lender

By:     /s/ Sally C Barton                                    
            Sally C. Barton 
Its:       Senior Vice President

16EX-10.1

 Exhibit 10.1 
  

 
 September 9, 2022 

Mr. David Hopkinson 
 c/o Madison Square Garden Sports Corp.

 Two Pennsylvania Plaza 
 New York, NY 10121 

Dear David: 
 This letter agreement (the “Agreement”),
effective as of September 9, 2022 (the “Effective Date”), will confirm the terms of your employment with Madison Square Garden Sports Corp. (the “Company”) following the Effective Date. 

1. Your title will be President and Chief Operating Officer and you will report to the Executive Chairman of the Company. You agree to devote all of your
business time and attention to the business and affairs of the Company and to perform your duties in a diligent, competent, professional and skillful manner and in accordance with applicable law. You shall not undertake any outside business
commitments without the Company’s consent. 
 2. Your annual base salary will be not less than $1,250,000 annually, paid
bi-weekly, subject to annual review and potential increase by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) in its discretion. The Compensation
Committee will review your compensation package on an annual basis to ensure that you are paid consistently with other similarly situated executives as well as external peers. 

3. You will also participate in our discretionary annual bonus program with an annual target bonus opportunity equal to not less than 150% of your annual base
salary. Bonus payments depend on a number of factors including Company, unit and individual performance. However, the decision of whether or not to pay a bonus, and the amount of that bonus, if any, is made by the Compensation Committee in its sole
discretion. Annual bonuses are typically paid early in the subsequent fiscal year. Except as otherwise provided herein, in order to receive a bonus, you must be employed by the Company at the time bonuses are being paid. 

4. You will also, subject to your continued employment by the Company and actual grant by the Compensation Committee, participate in such equity and other
long-term incentive programs that are made available in the future to similarly situated executives at the Company. It is expected that such awards will consist of annual grants of cash and/or equity awards with an annual target value of not less
than $2,375,000, all as determined by the Compensation Committee in its discretion. For the Company’s fiscal year ending June 30, 2023, you will be entitled to a mid- 

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 2
 
  

 year long-term incentive grant representing the increase to your annual target. All awards described in
this Paragraph, in addition to being subject to actual grant by the Compensation Committee, would be pursuant to the applicable plan document and would be subject to any terms and conditions established by the Compensation Committee in its sole
discretion that would be detailed in separate agreements you would receive after any award is actually made; provided, however, that such terms and conditions shall be consistent with those in awards granted to similarly situated executives.
Long-term incentive awards are currently expected to be subject to three-year vesting. 
 5. You will also be eligible to participate in our standard
benefits program, subject to meeting the relevant eligibility requirements, payment of the required premiums, and the terms of the plans themselves. We currently offer medical, dental, vision, life, and accidental death and dismemberment insurance;
short- and long- term disability insurance; a savings and retirement program; and ten paid holidays. You will also be eligible for flexible time off in accordance with Company policy. 

6. If your employment with the Company is terminated on or prior to September 9, 2025 (the “Scheduled Expiration Date”) (i) by the Company
(other than for “Cause”); or (ii) by you for “Good Reason” (other than if “Cause” then exists); then, subject to your execution and delivery, within 60 days after the date of termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement (as defined below), the Company will provide you with the following: 

 

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

  

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

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 3
 
  

	 	(c)	 Each of your outstanding long-term cash awards, if any, granted under the plans of the Company shall
immediately vest in full and shall be payable to you at the same time as such awards are paid to active executives of the Company and the payment amount of such award shall be to the same extent that other similarly situated active executives
receive payment as determined by the Compensation Committee (subject to satisfaction of any applicable performance criteria but without adjustment for your individual performance); 

 

	 	(d)	 (i) All of the time-based restrictions on each of your outstanding restricted stock or restricted stock unit
awards granted to you under the plans of the Company shall immediately be eliminated, (ii) deliveries with respect to your restricted stock that are not subject to performance criteria or are subject to performance criteria that have previously
been satisfied (as certified by the Compensation Committee) shall be made immediately after the effective date of the Separation Agreement, (iii) payment and deliveries with respect to your restricted stock units that are not subject to
performance criteria or are subject to performance criteria that have previously been satisfied (as certified by the Compensation Committee) shall be made on the 90th day after the termination of
your employment and (iv) payments or deliveries with respect to your restricted stock and restricted stock units that are subject to performance criteria that have not yet been satisfied shall be made on the 90th day after the applicable performance criteria is certified by the Compensation Committee as having been satisfied; and 

 

	 	(e)	 Each of your outstanding stock options and stock appreciation awards, if any, under the plans of the Company
shall immediately vest and become exercisable, and you shall have the right to exercise each of those options and stock appreciation awards for the remainder of the term of such option or award. 

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

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 4
 
  

 
payment amount shall be at the target amount for such award and (ii) if the measurement period for such performance criteria has already been fully completed, then the payment of such award
shall be at the same time and to the extent that other similarly situated executives receive payment as determined by the Compensation Committee (subject to satisfaction of the applicable performance criteria). 

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

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 5
 
  

 For purposes of this Agreement, “Good Reason” means that (1) without your written
consent, (A) your annual base salary or annual target bonus (as each may be increased from time to time in the Compensation Committee’s sole discretion) is reduced, (B) your title (as in effect from time to time) is diminished,
(C) you report to someone other than to the Company’s senior-most executive officer (currently the Executive Chairman) or the Board of the Company, (D) the Company requires that your principal office be located outside of the Borough
of Manhattan, or (E) the Company materially breaches its obligations to you under this Agreement, (2) you have given the Company written notice, referring specifically to this Agreement and definition, that you do not consent to such
action, (3) the Company has not corrected such action within 15 days of receiving such notice, and (4) you voluntarily terminate your employment with the Company within 90 days following the happening of the action described in
subsection (1) above. 
 11. Except as provided herein, this Agreement does not constitute a guarantee of employment for any definite period. Your
employment is at will and may be terminated by you or the Company at any time, with or without notice or reason. 
 12. The Company may withhold from any
payment due to you any taxes required to be withheld under any law, rule or regulation. If any payment otherwise due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Code, the Company will instead
pay you either (i) such amount or (ii) the maximum amount that could be paid to you without the imposition of the excise tax, depending on whichever amount results in your receiving the greater amount of
after-tax proceeds. In the event that the payments and benefits payable to you would be reduced as provided in the previous sentence, then such reduction will be determined in a manner which has the least
economic cost to you and, to the extent the economic cost is equivalent, such payments or benefits will be reduced in the inverse order of when the payments or benefits would have been made to you (i.e. later payments will be reduced first)
until the reduction specified is achieved. If the Company elects to retain any accounting or similar firm to provide assistance in calculating any such amounts, the Company shall be responsible for the costs of any such firm. 

13. It is intended that this Agreement will comply with Section 409A to the extent this Agreement is subject thereto, and that this Agreement shall be
interpreted on a basis consistent with such intent. If and to the extent that any payment or benefit under this Agreement, or any plan, award or arrangement of the Company or its affiliates, constitutes
“non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of your termination of employment, then (a) such payment or benefit shall be made or provided
to you only upon a “separation from service” as defined for purposes of Section 409A under applicable regulations and (b) if you are a “specified employee” (within the meaning of Section 409A as determined by the
Company), such payment or benefit shall not be made or provided before the date that is six months after the date of your separation from service (or your earlier death). Any amount not paid or benefit not provided in respect of the six month period
specified in the preceding sentence will be paid to you, together with interest on such delayed amount at a rate equal to the average of the one-year LIBOR fixed rate equivalent for the ten business days prior
to the date of your employment termination, in a lump sum or provided to you as soon as practicable after the expiration of such six month period. Each payment or benefit provided under this Agreement shall be treated as a separate payment for
purposes of Section 409A to the extent Section 409A applies to such payment. 

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 6
 
  

 14. To the extent you are entitled to any expense reimbursement from the Company that is subject to
Section 409A, (i) the amount of any such expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except under any lifetime limit applicable to expenses
for medical care), (ii) in no event shall any such expense be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expense, and (iii) in no event shall any right to reimbursement be subject
to liquidation or exchange for another benefit. 
 15. The Company will not take any action, or omit to take any action, that would expose any payment or
benefit to you to the additional tax of Section 409A, unless (i) the Company is obligated to take the action under an agreement, plan or arrangement to which you are a party, (ii) you request the action, (iii) the Company advises
you in writing that the action may result in the imposition of the additional tax and (iv) you subsequently request the action in a writing that acknowledges you will be responsible for any effect of the action under Section 409A. The
Company will hold you harmless for any action it may take or omission in violation of this Paragraph 15, including any attorney’s fees you may incur in enforcing your rights. 

16. It is our intention that the benefits and rights to which you could become entitled in connection with termination of employment be exempt from or comply
with Section 409A. If you or the Company believes, at any time, that any of such benefit or right is not exempt or does not comply, it will promptly advise the other and will negotiate reasonably and in good faith to amend the terms of such
arrangement such that it complies (with the most limited possible economic effect on you and on the Company). 
 17. This Agreement is personal to you and
without the prior written consent of the Company shall not be assignable by you. This Agreement shall inure to the benefit of and be enforceable by your legal representatives. This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns. The rights or obligations of the Company under this Agreement may only be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or
liquidation of all or substantially all of the assets of Company; provided, however, that the assignee or transferee is the successor to all or substantially all of the assets of Company and such assignee or transferee assumes the liabilities and
duties of Company, as contained in this Agreement, either contractually or as a matter of law. 
 18. To the extent permitted by law, you and the Company
waive any and all rights to a jury trial with respect to any matter relating to this Agreement (including the covenants set forth in Annex A hereof). This Agreement will be governed by and construed in accordance with the law of the State of New
York applicable to contracts made and to be performed entirely within that State. 

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 7
 
  

 19. Both the Company and you hereby irrevocably submit to the jurisdiction of the courts of the State of New
York and the federal courts of the United States of America in each case located in the City of New York, Borough of Manhattan, solely in respect of the interpretation and enforcement of the provisions of this Agreement, and each party hereby
waives, and agrees not to assert, as a defense that either party, as appropriate, is not subject thereto or that the venue thereof may not be appropriate. You and the Company each agree that mailing of process or other papers in connection with any
such action or proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof. 
 20. This Agreement may not be amended
or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. It is the parties’ intention that this Agreement not be construed more strictly with regard to you or the Company. 

21. This Agreement reflects the entire understanding and agreement of you and the Company with respect to the subject matter hereof and supersedes all prior
understandings or agreements relating thereto, including, without limitation, the letter agreement dated August 27, 2020 by and between you and MSG Sports, LLC. 

22. This Agreement will automatically terminate, and be of no further force or effect, on the Scheduled Expiration Date; provided, however, that the
provisions of Paragraphs 6 through 9, 12 through 22 and Annex A, and any amounts earned but not yet paid to you pursuant to the terms of this Agreement as of the Scheduled Expiration Date shall survive the termination of the Agreement and remain
binding on you and the Company in accordance with their terms. 

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 8
 
  

 
	
	Sincerely,
	
	MADISON SQUARE GARDEN SPORTS CORP.
	
	 /s/ James L. Dolan

	By: James L. Dolan
	Title: Executive Chairman

  

	
	Accepted and Agreed:
	
	 /s/ David Hopkinson

	David Hopkinson

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 9
 
  

 ANNEX A 

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

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

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

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 10
 
  

 Notwithstanding the foregoing, the obligations of this section, other than with respect to subscriber
information, shall not apply to Confidential Information which is: 
 a) already in the public domain or which enters the public domain other than by your
breach of this Paragraph 1; 
 b) disclosed to you by a third party with the right to disclose it in good faith; or 

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

Notwithstanding anything elsewhere in this Agreement, including this Paragraph 1 and Paragraph 3 below, you are authorized to make any disclosure required of
you by any federal, state and local laws or judicial, arbitral or governmental agency proceedings (including making truthful statements in connection with a judicial or arbitral proceeding to enforce your rights under this Agreement, to the extent
reasonably required and made in good faith), after, to the extent legal and practicable, providing the Company with prior written notice and an opportunity to respond prior to such disclosure. In addition, this Agreement in no way restricts or
prevents you from providing truthful testimony concerning the Company to judicial, administrative, regulatory or other governmental authorities. 
 2. NON-COMPETE 
 You acknowledge that due to your executive position in the Company and the knowledge of the Company’s
and its affiliates’ confidential and proprietary information which you will obtain during the term of your employment hereunder, your employment by certain businesses would be irreparably harmful to the Company and/or its affiliates. During
your employment with the Company and through the first anniversary of the date on which your employment with the Company has terminated for any reason (the “Non-Compete Period”), you agree not to
(other than with the prior written consent of the Company), become employed by any Competitive Entity (as defined below). A “Competitive Entity” shall mean any person or entity that (1) has a direct or indirect 10% or greater
ownership interest in, or management or control of, any business, person or entity that competes with any of the Company’s businesses including, without limitation, any professional sports team, sports league, or similar or related business
(e.g., Internet sites in connection therewith) within the United States or within any other country in which the Company has any competing business or from which such business, person or entity competes with any of the Company’s domestic
businesses, or (2) is an affiliate of a person or entity described in clause (1). For purposes of this Paragraph 2, an affiliate of an entity (including, without limitation, the Company) shall mean an entity that directly or indirectly
controls, is controlled by, or under common control with, such entity. An entity shall be deemed to compete with the on-line content business of the Company, or any of its affiliates only if the entity
directly competes against the on-line content business of the Company, or its affiliate; provided, however, that an entity’s business shall not be deemed to directly compete merely by the fact that the
business sells ads on-line, unless the business specifically targets such ads to the same customers or potential customers as being targeted by the on-line content
business of the Company, its subsidiary or affiliate. Additionally, the ownership by you of not more than 1% of the outstanding equity of any publicly traded company shall not, by itself, be a violation of this Paragraph. 

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 11
 
  

 3. ADDITIONAL UNDERSTANDINGS 

You agree, for yourself and others acting on your behalf, that you (and they) have not disparaged and will not disparage, make negative statements about
(either “on the record” or “off the record”) or act in any manner which is intended to or does damage to the good will of, or the business or personal reputations of the Company or any of its incumbent or former officers,
directors, agents, consultants, employees, successors and assigns or any of the Covered Parties. 
 The Company agrees that, except as necessary to comply
with applicable law or the rules of the New York Stock Exchange or any other stock exchange on which the Company’s stock may be traded (and any public statements made in good faith by the Company in connection therewith), it and its corporate
officers and directors, employees in its public relations department or third party public relations representatives retained by the Company will not disparage you or make negative statements in the press or other media which are damaging to your
business or personal reputation. In the event that the Company so disparages you or makes such negative statements, then notwithstanding the “Additional Understandings” provision to the contrary, you may make a proportional response
thereto. 
 In addition, you agree that the Company is the owner of all rights, title and interest in and to all documents, tapes, videos, designs, plans,
formulas, models, processes, computer programs, inventions (whether patentable or not), schematics, music, lyrics and other technical, business, financial, advertising, sales, marketing, customer or product development plans, forecasts,
strategies, information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation in connection with your employment by the Company (the “Materials”). The Company will have the sole and exclusive
authority to use the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you. 
 If requested by the Company,
you agree to deliver to the Company upon the termination of your employment, or at any earlier time the Company may request, all memoranda, notes, plans, files, records, reports, and software and other documents and data (and copies thereof
regardless of the form thereof (including electronic copies)) containing, reflecting or derived from Confidential Information or the Materials of the Company or any of its affiliates which you may then possess or have under your control. If so
requested, you shall provide to the Company a signed statement confirming that you have fully complied with this Paragraph. Notwithstanding the foregoing, you shall be entitled to retain your contacts, calendars and personal diaries and any
materials needed for your tax return preparation or related to your compensation. 

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 12
 
  

 In addition, you agree for yourself and others acting on your behalf, that you (and they) shall not, at any
time, participate in any way in the writing or scripting (including, without limitation, any “as told to” publications) of any book, periodical story, movie, play, or other similar written or theatrical work or video that (i) relates
to your services to the Company or any of its affiliates or (ii) otherwise refers to the Company or its respective businesses, activities, directors, officers, employees or representatives (other than identifying your biographical information),
without the prior written consent of the Company. 
 4. FURTHER COOPERATION 

Following the date of termination of your employment with the Company (the “Expiration Date”), you will no longer provide any regular services to the
Company or represent yourself as a Company agent. If, however, the Company so requests, you agree to cooperate fully with the Company in connection with any matter with which you were involved prior to the Expiration Date, or in any litigation or
administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal knowledge, attendance and participation could be beneficial to the Company. This cooperation includes, without limitation,
participation on behalf of the Company in any litigation or administrative proceeding brought by any former or existing Company employees, representatives, agents or vendors. The Company will pay you for your services rendered under this provision
at the rate of $7,000 per day for each day or part thereof, within 30 days of the approval of the invoice therefor. 
 The Company will provide you
with reasonable notice in connection with any cooperation it requires in accordance with this section and will take reasonable steps to schedule your cooperation in any such matters so as not to materially interfere with your other professional and
personal commitments. The Company will reimburse you for any reasonable out-of-pocket expenses you reasonably incur in connection with the cooperation you provide
hereunder as soon as practicable after you present appropriate documentation evidencing such expenses. You agree to provide the Company with an estimate of such expense before you incur the same. 

5. NON-HIRE OR SOLICIT 

You agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company), directly or
indirectly (whether for your own interest or any other person or entity’s interest) any person who is or was in the prior six months an employee of the Company, or any of its subsidiaries, until the first anniversary of the date of your
termination of employment with the Company. This restriction does not apply to any former employee who was discharged by the Company or any of its affiliates. In addition, this restriction will not prevent you from providing references. If you
remain continuously employed with the Company through the Scheduled Expiration Date, then this agreement not to hire or solicit will expire on the Scheduled Expiration Date; provided that in such case, the restriction in this Paragraph 5 will remain
in effect until March 9, 2026 with respect to the hiring or solicitation of any Company executive at the Executive Vice President level or higher. 

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Mr. David Hopkinson 

 Page
 13
 
  

 6. ACKNOWLEDGMENTS 

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

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

  
 MADISON SQUARE GARDEN SPORTS CORP.

 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000

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