Document:

exv10w1

Exhibit 10.1

March 29, 2011

Mr. Gregg G. Seibert

Cablevision Systems Corporation

1111 Stewart Avenue

Bethpage, NY 11714

Dear Gregg:

This letter agreement (the “Agreement”), effective on the date hereof, will confirm the terms of
your continued employment by Cablevision Systems Corporation (the “Company”).

1. Your title continues to be Executive Vice President and you will report to James Dolan (or if
James Dolan is no longer the Chief Executive Officer of the Company, to the Chairman of the Board
of Directors of the Company). You agree to continue to devote 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.

2. Your base salary will be $1,500,000 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.

3. You will also continue to participate in our discretionary annual bonus program with an annual
target bonus opportunity equal to 150% of your annual base salary. Bonus payments are based on
actual salary dollars paid during the year and depend on a number of factors including Company,
unit and individual performance. However, the decision of whether or not to pay a bonus, and the
amount of that bonus, if any, is made by the Compensation Committee in its sole discretion.
Bonuses are typically paid early in the subsequent calendar 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 continue to be eligible, subject to your continued employment by the Company and
actual grant by the Compensation Committee, to participate in such equity and other long-term
incentive programs that are made available in the future to similarly situated executives at the
Company. In calendar year 2011, for example, you will be entitled to receive one or more long-term
cash and/or equity awards with an aggregate target value of $5,000,000, all as determined by the
Compensation Committee in its discretion. Both types of awards are expected to be subject to three
year cliff vesting. Any such awards, 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.

 

 

Mr. Gregg G. Seibert

Page 2

5. With respect to the shares of Class A Common Stock of the Company which you purchased pursuant
to that certain letter agreement dated as of January 12, 2009 (the “Original Agreement”) by and
between you and the Company (the “Required Shares”), you agree to continue to own the Required
Shares (or such other number that may result from any stock split, reverse stock split or
similar action, as determined by the Company) and not to hedge, incur any lien or margin on or
otherwise transfer, directly or indirectly, any of the Required Shares or any of the economic risks
or benefits of ownership of such shares, until the earlier of (i) January 20, 2014 and (ii) the
date you are no longer an employee of the Company. You agree to provide the Company with
verification of such continued ownership of the Required Shares from time to time upon request.
The Company’s sole remedy, however, for any breach by you of the obligations of this paragraph
shall be the immediate automatic forfeiture of the stock options granted to you by the Compensation
Committee on January 20, 2009 to the extent outstanding and not yet vested at the time of such
breach (“Options Forfeiture”).

6. You will also continue to 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 continue to be eligible for four (4) weeks of
vacation to be accrued and used in accordance with Company policy.

7. If your employment with the Company is terminated prior to December 31, 2016 (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 calendar year prior to the calendar year which
includes your Termination Date, which will be paid to you when such bonuses are
generally paid to similarly situated active employees and will be calculated on the
same basis as if you remained an active employee at the time of determination and
payment of such bonuses; and a pro rated bonus based on the amount of your

 

 

Mr. Gregg G. Seibert

Page 3

	 	 	 	base salary actually earned by you during the calendar year through the Termination
Date, provided that such bonus payment, if any, will be payable to you if and when
such bonuses are generally paid to similarly situated active employees and will be
based on your then current annual target bonus as well as Company and your business
unit performance as determined by the Company in its sole discretion, but without
adjustment for your individual performance;
	 
	 	(c)	 	Each of your outstanding long-term cash awards 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 employees 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); provided, however, that (i) in the event of a
“Going Private Transaction”, as such term is defined in your respective long-term cash
performance award agreements, then any more favorable provisions set forth in such
agreements (including with respect to timing of payment) with respect to treatment of
outstanding awards in the event of a Going Private Transaction shall be applicable in
lieu of the foregoing provisions; and (ii) for the avoidance of doubt, in the event of
a “Change of Control”, as such term is defined in your respective long-term cash
performance award agreements, your outstanding long-term awards shall be paid to you at
the same time as such awards are paid to active employees of the Company, if such time
is earlier than you otherwise would have been paid such awards pursuant hereto.
	 
	 	(d)	 	Each of your outstanding restricted stock or restricted stock unit awards
granted to you under the plans of the Company shall continue to vest in accordance with
their original vesting schedule and payments or deliveries with respect to your
restricted stock and restricted stock units shall be made on the original vesting date
(or, in the case of restricted stock units, on the original distribution date);
provided, however, that (i) at the time of your termination from employment, the
Company shall withhold and settle a portion of each of your outstanding restricted
stock awards in an amount sufficient to fund the minimum statutory tax withholding
requirements (including, federal, state and local income and employment taxes)
resulting from the recognition of income in respect of each such outstanding restricted
stock award, and make a payroll tax contribution in such amount on your behalf; and
(ii) if your termination of employment occurs on or after October 25th of a particular
year, then any such restricted stock units which would otherwise be delivered after
termination of your employment and before December 31st of the calendar year during
which such termination occurs will instead be delivered on the 68th day following your
date of termination; and

 

 

Mr. Gregg G. Seibert

Page 4

	 	(e)	 	Each of your outstanding stock options and stock appreciation awards
under the plans of the Company shall continue to vest in accordance with their original
vesting schedule 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 7, your estate
or beneficiaries will be provided with any remaining benefits and rights under this Paragraph 7.

8. If after the Scheduled Expiration Date, your employment with the Company is terminated by you
for any reason on at least 12 months prior written notice by you to the Company of your
intention to so terminate, such termination to be effective no earlier than the first day after the
Scheduled Expiration Date, and at the time of such termination Cause does not exist, 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, you will
be provided with the benefits and rights set forth in Paragraphs 7(b) through (e) above.

9. If you cease to be an employee of the Company prior to the Scheduled Expiration Date as a
result of your death or your physical or mental disability, 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 7(b), (d) and (e) above, and each of your
outstanding long-term cash awards granted under the plans of the Company shall immediately vest in
full, whether or not subject to performance criteria and shall be payable on the 90th
day after the termination of your employment; provided, that (A) if any such award is subject to
any performance criteria, then (i) if the measurement period for such performance criteria has not
yet been fully completed, then the payment amount shall be at the target amount for such award and
(ii) if the measurement period for such performance criteria has already been fully completed, then
the payment of such award shall be at the same time and to the extent that other similarly situated
executives receive payment as determined by the Compensation Committee (subject to satisfaction of
the applicable performance criteria); and (B) to the extent that (i) any such awards constitute
“non-qualified deferred compensation” subject to Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”) and any regulations and guidelines promulgated thereunder (collectively,
“Section 409A”); (ii) such physical or mental disability does not constitute a “disability” under
Section 409A; and (iii) accelerated payout is not permitted by Section 409A, such awards shall be
payable to you at the same time as such awards are paid to other active employees of the Company.
Notwithstanding the foregoing, if provided for in the applicable stock option, restricted stock or
restricted stock unit award agreement, your stock options, restricted stock and restricted stock
unit awards will vest in full (and shares subject to restricted stock units will be distributed) at
the time of your death.

 

 

Mr. Gregg G. Seibert

Page 5

10. 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 Annex A hereto regarding non-compete (limited to one year),
non-disparagement, non-solicitation, confidentiality and further cooperation obligations and
restrictions on you (with Company reimbursement of your associated expenses 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).

11. Except as otherwise set forth in Paragraphs 7, 8 and 9 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.

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

For purposes of this Agreement, “Good Reason” means that (1) without your written consent, (A) your
base salary or annual target bonus (as each may be increased from time to time in the Company’s
sole discretion) is reduced, (B) your title (as in effect from time to time) is diminished, (C) you
report directly to someone other than James Dolan (or if James Dolan is no longer the Chief
Executive Officer of the Company, to someone other than the Chairman of the Board of Directors of
the Company), (D) the Company requires that your principal office be located outside of Nassau
County or the Borough of Manhattan, (E) the Company materially breaches its obligations to you
under this Agreement; or (F) your responsibilities as in effect immediately after the date hereof,
taken together with any additional material responsibilities which are hereafter assigned to you
and which are intended to continue at least through the Scheduled Expiration Date, are thereafter
materially diminished, (2) you have given the Company written notice, referring specifically to
this Agreement and definition, that you do not consent to such action, (3) the Company has not
corrected such action within 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.

13. 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.

14. 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 Internal Revenue Code, the

 

 

Mr. Gregg G. Seibert

Page 6

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.

15. It is intended that this Agreement will comply with Section 409A of the Code and Section 409A
to the extent the Agreement is subject thereto, and the 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. Any such payment or benefit shall be treated as a
separate payment for purposes of Section 409A to the extent Section 409A applies to such payments.

16. 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.

17. 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

 

 

Mr. Gregg G. Seibert

Page 7

Company will hold you harmless for any action it may take or omission in violation of this
Paragraph 17, including any attorney’s fees you may incur in enforcing your rights.

18. It is our intention that the benefits and rights to which you could become entitled in
connection with termination of employment comply with Section 409A. If you or the Company
believes, at any time, that any of such benefit or right 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).

19. 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.

20. 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.

21. 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.

22. 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.

23. You agree to keep this Agreement and its terms strictly confidential (unless it is made public
by the Company); provided that (1) you are authorized to make any disclosure required of you by any
federal, state or local laws or judicial proceedings, after providing the Company with prior
written notice and an opportunity to respond to such disclosure (unless such notice is prohibited
by law) and (2) you are authorized to disclose this Agreement and its terms to your legal,

 

 

Mr. Gregg G. Seibert

Page 8

financial and tax advisors so long as such advisors agree to maintain the confidentiality of this
Agreement.

24. 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 the Original Agreement which shall automatically terminate and be of no further
force and effect upon the execution hereof: provided, however, that you shall continue to be
entitled to any compensation, payments or other benefits to which you became entitled prior to the
date hereof pursuant to the Original Agreement which have not been paid or delivered to you as of
the date hereof (without duplication of any compensation, payment or other benefit payable to you
pursuant to this Agreement).

25. This Agreement will automatically terminate, and be of no further force or effect, on December
31, 2016; provided, however, that the provisions of Paragraphs 7 through 11, 14 through 26 and
Annex A shall survive the termination of the Agreement and remain binding on you and the Company in
accordance with their terms.

26. The Company shall promptly pay or reimburse you for reasonable legal fees incurred by you in
connection with the negotiation and drafting of this Agreement, up to a maximum amount of $25,000.

 

 

Mr. Gregg G. Seibert

Page 9

	 	 	 	 	 
	 	Sincerely,

CABLEVISION SYSTEMS CORPORATION

 	 
	 	
/s/ James L. Dolan	 
	 	By: James L. Dolan 	 
	 	Title: Chief Executive Officer 	 
	 

Accepted and Agreed:

	 	 	 	 	 
	 	 
	
/s/ Gregg G. Seibert	 
	Gregg G. Seibert 	 
	 	 	 

 

 

	 	 	 	 	 

Mr. Gregg G. Seibert

Page 10

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) subscriber, customer,
fan, vendor or shareholder lists or data; (iv) technical or strategic information regarding the
Covered Parties’, cable, data, telephone, programming, advertising, film production, motion picture
exhibition, newspaper, multichannel video data and distribution services or other businesses; (v)
advertising, business, sales or marketing tactics and strategies; (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, agents, consultants, advisors or
representatives, including their compensation or other human resources policies and procedures; and
(xi) 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 (other than
MSG and its subsidiaries) subsidiaries, officers, directors, employees, teams, players, coaches,
consultants or agents or any of the Covered Parties.

Notwithstanding the foregoing, the obligations of this section, other than with respect to
subscriber information, shall not apply to Confidential Information which is:

a) already in the public domain;

 

 

Mr. Gregg G. Seibert

Page 11

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, you are authorized to make any disclosure
required of you by any federal, state and local laws or judicial, arbitral or governmental agency
proceedings, after providing the Company with prior written notice and an opportunity to respond
prior to such disclosure. In addition, this Agreement in no way restricts or prevents you from
providing truthful testimony concerning the Company to judicial, administrative, regulatory or
other governmental authorities.

2. NON-COMPETE

You acknowledge that due to your executive position in the Company and your knowledge of the
Company’s confidential and proprietary information, your employment or affiliation with certain
entities would be detrimental to the Company. You agree that, without the prior written consent of
the Company, you will not represent, become employed by, consult to, advise in any manner or have
any material interest in any business directly or indirectly in any Competitive Entity (as defined
below). A “Competitive Entity” shall mean (1) any person or entity that competes with any of the
Company’s or its affiliates cable television, telephone, on-line data, on-line content, or
newspaper businesses or that competes with any of the Company’s or its affiliates’ programming
businesses, nationally or regionally or that competes with any other business of the Company or its
affiliates that produced greater than 10% of the Company’s revenues in the calendar year
immediately preceding the year in which the determination is made; or (2) any trade or professional
association representing any of the companies covered by this paragraph, other than the National
Cable Television Association and any state cable television association. For purposes of this
paragraph 2, an affiliate of the Company shall mean an entity that directly or indirectly controls,
is controlled by, or under common control with, the Company. 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. Ownership of not more than 1% of the outstanding stock of any publicly
traded company shall not be a violation of this paragraph. This agreement not to compete will
expire upon the one year anniversary of the date of your termination of employment with the
Company.

 

 

Mr. Gregg G. Seibert

Page 12

3. ADDITIONAL UNDERSTANDINGS

You agree, for yourself and others acting on your behalf, that you (and they) have not disparaged
and will not disparage, make negative statements about or act in any manner which is intended to or
does damage to the good will of, or the business or personal reputations of the Company or any of
its incumbent or former officers, directors, agents, consultants, employees, successors and assigns
or any of the Covered Parties.

Unless the Company determines in good faith that you have committed any malfeasance during your
employment by the Company, the Company agrees that 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 during the course of 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.

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,
teams, players, coaches, guests, representatives, agents or vendors. The Company will pay you for
your services rendered under this provision at the rate of $6,800 per day for each day or part
thereof, within 30 days of approved 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

 

 

Mr. Gregg G. Seibert

Page 13

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 then current employee of the Company, or any of its
subsidiaries or affiliates (other than MSG and its subsidiaries), until the first anniversary of
the date of your termination of employment with the Company. This restriction does not apply to
any employee who was discharged by the Company. In addition, this restriction will not prevent you
from providing references.

6. ACKNOWLEDGMENTS

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

7. SURVIVAL

The provisions of this Annex A shall survive any termination of your employment by the Company or
the expiration of the Agreement.exv10w2

Exhibit 10.2

TIME SHARING AGREEMENT

          THIS TIME SHARING AGREEMENT is entered into effective as of the 29th day of March, 2011, by
and between CSC TRANSPORT IV, INC. (“CSC”), a Delaware corporation with a place of business at 8000
Republic Airport Hangar 5, Farmingdale, New York 11735 (“Lessor”), and GREGG G. SEIBERT, with a
mailing address at 1111 Stewart Avenue, Bethpage, NY 11714 (“Lessee”).

W I T N E S S E T H:

          WHEREAS, CSC is the lessee and the operator of a Gulfstream Aerospace G-V aircraft,
manufacturer’s serial number 639, United States registration N501CV (the “Aircraft”); and

          WHEREAS, Lessor employs a fully-qualified and credentialed flight crew to operate the
Aircraft; and

          WHEREAS, Lessor has agreed to lease the Aircraft, with flight crew, to Lessee on a “time
sharing” basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”) upon
the terms and subject to the conditions set forth herein;

          NOW, THEREFORE, in consideration of the foregoing premises, and the covenants and agreements
set forth herein, and for other good and valuable consideration, the receipt and sufficiency of
which are acknowledged, Lessor and Lessee, intending to be legally bound, hereby agree as follows:

          1. Lease of Aircraft. Lessor agrees to lease the Aircraft to Lessee pursuant to the
provisions of FAR Section 91.501(b)(6) and Section 91.501(c)(1) and this Agreement, and to provide
a fully-qualified and credentialed flight crew for all flights to be conducted hereunder during the
Term (as defined in Section 13) hereof. The parties acknowledge and agree that this Agreement did
not result in any way from any direct or indirect advertising, holding out or soliciting on the
part of Lessor or any person purportedly acting on behalf of Lessor. Lessor and Lessee intend that
the lease of the Aircraft effected by this Agreement shall be treated as a “wet lease” pursuant to
which Lessor provides transportation services to Lessee in accordance with FAR Section 91.501(b)(6)
and Section 91.501(c)(1).

          2. Payment for Use of Aircraft. Lessee shall pay Lessor the following actual expenses
of each flight conducted under this Agreement (i.e. non-business flights for which reimbursement is
required in accordance with Lessor’s policies), not to exceed the maximum amount legally payable
for such flight under FAR Section 91.501(d)(1)-(10):

               (a) fuel, oil, lubricants and other additives;

1

 

               (b) travel expenses of crew, including food,
lodging and ground transportation;

               (c) hangar and tie-down costs away from the
Aircraft’s base of operation;

               (d) additional insurance obtained for the specific
flight at the request of Lessee;

               (e) landing fees, airport taxes and similar
assessments;

               (f) customs, foreign permit and similar fees
directly related to the flight;

               (g) in-flight food and beverages;

               (h) in-flight telecommunication expenses;

               (i) passenger ground transportation; and

               (j) flight planning and weather contract services.

          3. Operational Control of Aircraft. Lessor and Lessee intend and agree that on all
flights conducted under this Agreement, Lessor shall have complete and exclusive operational
control over the Aircraft, its flight crews and maintenance, and complete and exclusive possession,
command and control of the Aircraft. Lessor shall have complete and exclusive responsibility for
scheduling, dispatching and flight following of the Aircraft on all flights conducted under this
Agreement, which responsibility includes the sole and exclusive right over initiating, conducting
and terminating such flights. Lessee shall have no responsibility for scheduling, dispatching or
flight following on any flight conducted under this Agreement, nor any right over initiating,
conducting or terminating any such flight. Nothing in this Agreement is intended or shall be
construed so as to convey to Lessee any operational control over, or possession, command and
control of, the Aircraft, all of which are expressly retained by Lessor.

          4. Scheduling.

          (a) Lessee will provide Lessor with requests for flight time and proposed flight schedules as
far in advance of any given flight as possible. Lessee or the designated authorized
representative(s) of Lessee shall submit scheduling requests under this Agreement to the designated
authorized representative(s) of Lessor. Requests for flight time shall be in such form (whether
oral or written) mutually convenient to, and agreed upon by, the parties. In

2

 

addition to proposed schedules and flight times, Lessee shall upon request provide Lessor with the following information
for each proposed flight prior to scheduled departure: (i) proposed departure point; (ii)
destination; (iii) date and time of flight; (iv) the number of anticipated passengers; (v) the
nature and extent of luggage to be carried; (vi) the date and time of a return
flight, if any; and (vii) any other pertinent information concerning the proposed flight that
Lessor or the flight crew may request.

          (b) Subject to Aircraft and crew availability and to any usage limitations established by
Lessor, Lessor shall use its good faith efforts, consistent with Lessor’s approved policies, in
order to accommodate the needs of Lessee, to avoid conflicts in scheduling, and to enable Lessee to
enjoy the benefits of this Agreement; however, Lessee acknowledges and agrees that notwithstanding
anything in this Agreement to the contrary, (i) Lessor shall have sole and exclusive final
authority over the scheduling of the Aircraft; and (ii) the needs of Lessor for the Aircraft shall
take precedence over Lessee’s rights and Lessor’s obligations under this Agreement.

          (c) Although every good faith effort shall be made to avoid its occurrence, any flight
scheduled under this Agreement is subject to cancellation by either party without incurring
liability to the other party. In the event that cancellation is necessary, the canceling party
shall provide the maximum notice practicable.

          5. Billing. Lessor shall pay all expenses relating to the operation of the Aircraft
under this Agreement (in accordance with Section 2 hereof) on a monthly basis. As soon as possible
after the end of each monthly period during the Term, Lessor shall provide to Lessee an invoice
showing all use of the Aircraft by Lessee under this Agreement during that month and a complete
accounting detailing all amounts payable by Lessee pursuant to Section 2 for that month, including
such detail supporting all expenses paid or incurred by Lessor for which reimbursement is sought as
Lessee may reasonably request. Lessee shall pay all amounts due to Lessor under this Section 5 not
later than 30 days after receipt of the invoice therefor.

          6. Maintenance of Aircraft. Lessor shall be solely responsible for securing
maintenance, preventive maintenance and inspections of the Aircraft (utilizing an inspection
program listed in FAR Section 91.409(f)), and shall take such requirements into account in
scheduling the Aircraft hereunder.

          7. Flight Crew.

          (a) Lessor shall employ or engage and pay all salaries, benefits and/or compensation for a
fully-qualified flight crew with appropriate credentials to conduct each flight undertaken under
this Agreement. Lessor may use temporary flight crewmembers for a flight under this Agreement only
if any such temporary crewmember is FlightSafety (or SimuFlite) trained, is current on the Aircraft
and satisfies all of the requirements and conditions under the insurance coverage for the Aircraft.
All flight crewmembers shall be included on any insurance policies that Lessor is required to
maintain hereunder.

3

 

          (b) The qualified flight crew provided by Lessor shall exercise all of its duties and
responsibilities with regard to the safety of each flight conducted hereunder in accordance with
applicable FAR’s. The Aircraft shall be operated under the standards and policies established by
Lessor. Final authority to initiate or terminate each flight, and otherwise to decide all matters
relating to the safety of any given flight or requested flight, shall rest with the pilot-in-command of that flight. The flight crew may, in its sole discretion, terminate any flight,
refuse to commence any flight, or take any other action that, in the judgment of the
pilot-in-command, is necessitated by considerations of safety. No such termination or refusal to
commence by the pilot-in-command shall create or support any liability for loss, injury, damage or
delay in favor of Lessee or any other person. Lessor shall not be liable to Lessee or any other
person for loss, injury or damage occasioned by the delay or failure to furnish the Aircraft and
flight crew pursuant to this Agreement for any reason.

          8. Insurance.

          (a) At all times during the Term of this Agreement, Lessor shall maintain at its sole cost and
expense (i) comprehensive aircraft and liability insurance against bodily injury and property
damage claims, including, without limitation, contractual liability, premises damage, personal
property liability, personal injury liability, death and property damage liability, public and
passenger legal liability coverage, in an amount not less than $100,000,000 for each single
occurrence and (ii) hull insurance for the full replacement cost of the aircraft.

          (b) Any policies of aircraft and liability insurance carried in accordance with this Section 8
and any policies taken out in substitution or replacement of any such policies (i) shall name
Lessee and his employees, agents, licensees, servants and guests as additional insured; (ii) shall
provide for 30 days written notice to Lessee by such insurer of cancellation, change, non-renewal
or reduction (seven days in the case of war risk and allied perils coverage or such shorter period
as is customarily available in the industry); (iii) shall provide that in respect of the interests
of Lessee in such policies, the insurance shall not be invalidated by any action or inaction of
Lessor regardless of any breach or violation of any warranties, declarations or conditions
contained in such policies by or binding upon Lessor; and (iv) shall permit the use of the
Aircraft by Lessor for compensation or hire to the extent permitted under applicable law. Each
such policy shall be primary insurance, not subject to any co-insurance clause and shall be without
right of contribution from any other insurance.

          (c) Lessor shall use reasonable commercial efforts to provide such additional insurance
coverage for specific flights under this Agreement, if any, as Lessee may request in writing.
Lessee also acknowledges that any trips scheduled to the European Union may require Lessor to
purchase additional insurance to comply with local regulations. The cost of all additional
flight-specific insurance shall be borne by Lessee as set forth in Section 2(d) hereof.

          (d) Each party agrees that it will not do any act or voluntarily suffer or permit any act to
be done whereby any insurance required hereunder shall or may be suspended,

4

 

impaired or defeated. In no event shall Lessor suffer or permit the Aircraft to be used or operated under this Agreement
without such insurance being fully in effect.

          (e) Lessor shall ensure that worker’s compensation insurance with all-states coverage is
provided for the Aircraft’s crew and maintenance personnel.

          (f) Lessor shall deliver certificates of insurance to Lessee with respect to the
insurance required or permitted to be provided by it hereunder not later than the first flight of
the Aircraft under this Agreement and upon the renewal date of each policy.

     9. Taxes. Lessee shall be responsible for paying, and Lessor shall be responsible for
collecting from Lessee and paying over to the appropriate authorities, all applicable Federal
transportation taxes and sales, use or other excise taxes imposed by any governmental authority in
connection with any use of the Aircraft by Lessee hereunder. Each party shall indemnify the other
party against any and all claims, liabilities, costs and expenses (including attorney’s fees as and
when incurred) arising out of its breach of this undertaking.

     10. Lessee’s Representations and Warranties. Lessee represents and warrants that:

          (a) He will not use the Aircraft for the purposes of providing transportation of
passengers or cargo in air commerce for compensation or hire or for common carriage.

          (b) He shall refrain from incurring any mechanic’s or other liens in connection with
inspection, preventive maintenance, maintenance or storage of the Aircraft, and shall not attempt
to convey, mortgage, assign, lease or in any way alienate the Aircraft or create any kind of lien
or security interest involving the Aircraft or do anything or take any action that might mature
into such a lien.

          (c) He shall not lien or otherwise encumber or create or place any lien or other
encumbrance of any kind whatsoever, on or against the Aircraft for any reason. He also will ensure
that no liens or encumbrances of any kind whatsoever are created or placed against the Aircraft for
claims against Lessee or by Lessee.

          (d) He will abide by and conform to all laws, governmental and airport orders, rules and
regulations, as shall be imposed upon the lessee of an aircraft under a time sharing agreement, and
applicable company policies of Lessor.

          11. Lessor’s Representations and Warranties. Lessor represents and warrants that it
will abide by and conform to all such laws, governmental and airport orders, rules and regulations,
as shall from time to time be in effect relating in any way to the operation and use of the
Aircraft pursuant to this Agreement.

5

 

          12. Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, LESSOR
HAS MADE NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT,
INCLUDING ANY WITH RESPECT TO ITS CONDITION, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.
IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR TO ANY OTHER PERSON FOR ANY
INCIDENTIAL, CONSEQUENTIAL OR SPECIAL DAMAGES, HOWEVER ARISING.

          13. Term. The term of this Agreement (the “Term”) shall commence on the effective date
hereof and, unless terminated in accordance with the provisions hereof, shall remain in full force
in effect for an initial term ending on December 31, 2011 and thereafter shall automatically renew
for successive one-year terms. Notwithstanding the foregoing, either party shall have the right to
terminate this Agreement for any reason or no reason by written notice given to the other party not
less than 30 days prior to the proposed termination date.

          14. Limitation of Liability. Lessee, for himself and on behalf of his agents, guests,
invitees, licensees, servants and employees, covenants and agrees that the insurance described in
Section 8 hereof shall be the sole recourse for any and all liabilities, claims, demands, suits,
causes of action, losses, penalties, fines, expenses or damages, including attorneys fees, court
costs and witness fees, attributable to the use, operation or maintenance of the Aircraft pursuant
to this Agreement or performance of or failure to perform any obligation under this Agreement.

          15. Relationship of Parties. Lessor is strictly an independent contractor
lessor/provider of transportation services with respect to Lessee. Nothing in this Agreement is
intended, nor shall it be construed so as, to constitute the parties as partners or joint venturers
or principal and agent. All persons furnished by Lessor for the performance of the operations and
activities contemplated by this Agreement shall at all times and for all purposes be considered
Lessor’s employees or agents.

          16. Governing Law; Severability. This Agreement shall be governed by and interpreted
in accordance with the laws of the State of New York, without regard to its choice of law rules.
If any provision of this Agreement conflicts with any statute or rule of law of the State of New
York, or is otherwise unenforceable, such provision shall be deemed null and void only the extent
of such conflict or unenforceability, and shall be deemed separate from, and shall not invalidate,
any other provision of this Agreement.

          17. Amendment. This Agreement may not be amended, supplemented, modified or
terminated, or any of its terms varied, except by an agreement in writing signed by each of the
parties hereto.

          18. Counterparts. This Time Sharing Agreement may be executed in counterparts, each
of which shall, for all purposes, be deemed an original and all such

6

 

counterparts, taken together, shall constitute one and the same agreement, even though all parties may not have executed the same
counterpart. Each party may transmit its signature by facsimile, and such faxed signature shall
have the same force and effect as an original signature.

          19. Successors and Assigns. This Time Sharing Agreement shall be binding upon the
parties hereto, and their respective heirs, executors, administrators, other legal representatives,
successors and assigns, and shall inure to the benefit of the parties hereto, and, except as
otherwise provided herein, to their respective heirs, executors, administrators, other legal
representatives, successors and permitted assigns. Lessee agrees that he shall not directly or
indirectly sublease, assign, transfer, pledge or hypothecate this Agreement or any part hereof
(including any assignment or transfer pursuant to the laws of intestacy) without the prior written
consent of Lessor, which may be given or withheld by Lessor in its sole and absolute discretion.

          20. Notices. All notices or other communications delivered or given under this
Agreement shall be in writing and shall be deemed to have been duly given if hand-delivered, sent
by certified or registered mail, return receipt requested, or nationally-utilized overnight
delivery service, or confirmed facsimile transmission, as the case may be. Such notices shall be
addressed to the parties at the addresses set forth above, or to such other address as may be
designated by any party in a writing delivered to the other in the manner set forth in this Section
20. In the case of notices to Lessor, a copy of each such notice shall be sent to Cablevision
Systems Corporation, 1111 Stewart Avenue, Bethpage, New York 11714, attention: General Counsel.
Notices sent by certified or registered mail shall be deemed received three business days after
being mailed. All other notices shall be deemed received on the date delivered. Routine
communications may be made by e-mail or fax to the addresses set forth therein.

          21. Truth-in-Leasing Compliance. Lessor, on behalf of the Lessee, shall (i) mail a
copy of this Agreement to the Aircraft Registration Branch, Technical Section, of the FAA in
Oklahoma City within 24 hours of its execution; (ii) notify the Farmingdale Flight Standards
District Office at least 48 hours prior to the first flight by Lessor under this Agreement of the
registration number of the Aircraft, and the location of the airport of departure and departure
time of the first flight; and (iii) carry a copy of this Agreement onboard the Aircraft at all
times when the Aircraft is being operated under this Agreement.

          22. TRUTH IN LEASING STATEMENT UNDER FAR SECTION 91.23:

          (A) LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART
91 DURING THE 12-MONTH PERIOD PRECEDING THE DATE OF EXECUTION OF THIS AGREEMENT. THE AIRCRAFT WILL
BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS OF FAR
PART 91 FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT.

          (B) CSC TRANSPORT IV, INC., 8000 REPUBLIC AIRPORT, HANGAR 5,

7

 

FARMINGDALE, NEW YORK 11735, HEREBY CERTIFIES THAT IT IS RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT FOR ALL OPERATIONS
UNDER THIS AGREEMENT.

          (C) EACH PARTY HEREBY CERTIFIES THAT IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH
APPLICABLE FEDERAL AVIATION REGULATIONS.

          (D) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF THE FACTORS BEARING ON OPERATIONAL CONTROL
AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT
STANDARDS DISTRICT OFFICE.

     IN WITNESS WHEREOF, Lessor and Lessee have executed this Time Sharing Agreement effective as
of the date first above written.

	 	 	 	 	 
	 	LESSOR:

CSC TRANSPORT IV, INC.

 	 
	 	By:  	/s/ James Nuzzo
 	 
	 	 	Name:  	James Nuzzo 	 
	 	 	Title:  	EVP, Business Planning 	 
	 
	 	LESSEE:

 	 
	 	/s/ Gregg G. Seibert
 	 
	 	Gregg G. Seibert 	 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]