Document:

EX-10.2

 Exhibit 10.2 
  

 
  

FORM OF 
 TAX
DISAFFILIATION AGREEMENT 
 BETWEEN 

THE MADISON SQUARE GARDEN COMPANY (TO BE RENAMED MSG 

NETWORKS INC.) 

AND 
 MSG SPINCO, INC.
(TO BE RENAMED THE MADISON SQUARE GARDEN 
 COMPANY) 
  

 
  

 TABLE OF CONTENTS 
  

									
	SECTION 1.	  	 Definition of Terms
	  	 	2	  
			
	SECTION 2.	  	 Allocation of Taxes and Tax-Related Losses
	  	 	11	  
				
		  	 2.1
	  	Allocation of Taxes	  	 	11	  
				
		  	 2.2
	  	Allocation of Deconsolidation Taxes, Distribution Taxes and Transfer Taxes	  	 	12	  
				
		  	 2.3
	  	Tax Payments	  	 	12	  
			
	SECTION 3.	  	 Preparation and Filing of Tax Returns
	  	 	12	  
				
		  	 3.1
	  	Combined Returns	  	 	12	  
				
		  	 3.2
	  	Separate Returns	  	 	13	  
				
		  	 3.3
	  	Agent	  	 	13	  
				
		  	 3.4
	  	Provision of Information	  	 	13	  
				
		  	 3.5
	  	Special Rules Relating to the Preparation of Tax Returns	  	 	13	  
				
		  	 3.6
	  	Refunds, Credits, Offsets, Tax Benefits	  	 	14	  
				
		  	 3.7
	  	Carrybacks	  	 	15	  
				
		  	 3.8
	  	Amended Returns	  	 	15	  
				
		  	 3.9
	  	Compensatory Equity Interests	  	 	15	  
			
	SECTION 4.	  	 Tax Payments
	  	 	15	  
				
		  	 4.1
	  	Payment of Taxes to Tax Authority	  	 	15	  
				
		  	 4.2
	  	Indemnification Payments	  	 	15	  
				
		  	 4.3
	  	Interest on Late Payments	  	 	16	  
				
		  	 4.4
	  	Tax Consequences of Payments	  	 	16	  
				
		  	 4.5
	  	Adjustments to Payments	  	 	16	  
				
		  	 4.6
	  	Section 336(e) Election	  	 	17	  
				
		  	 4.7
	  	Certain Final Determinations	  	 	17	  
			
	SECTION 5.	  	 Cooperation and Tax Contests
	  	 	18	  
				
		  	 5.1
	  	Cooperation	  	 	18	  
				
		  	 5.2
	  	Notices of Tax Contests	  	 	18	  
				
		  	 5.3
	  	Control of Tax Contests	  	 	18	  
				
		  	 5.4
	  	Cooperation Regarding Tax Contests	  	 	19	  
			
	SECTION 6.	  	 Tax Records
	  	 	19	  
				
		  	 6.1
	  	Retention of Tax Records	  	 	19	  
				
		  	 6.2
	  	Access to Tax Records	  	 	19	  
				
		  	 6.3
	  	Confidentiality	  	 	19	  

  
 i 

									
			
	SECTION 7.	  	 Representations and Covenants
	  	 	20	  
				
		  	 7.1
	  	Covenants of Networks and Spinco	  	 	20	  
				
		  	 7.2
	  	Private Letter Ruling	  	 	20	  
				
		  	 7.3
	  	Covenants of Spinco	  	 	20	  
				
		  	 7.4
	  	Covenants of Networks	  	 	21	  
				
		  	 7.5
	  	Exceptions	  	 	22	  
				
		  	 7.6
	  	Injunctive Relief	  	 	22	  
				
		  	 7.7
	  	Further Assurances	  	 	22	  
			
	SECTION 8.	  	 General Provisions
	  	 	23	  
				
		  	 8.1
	  	Construction	  	 	23	  
				
		  	 8.2
	  	Ancillary Agreements	  	 	23	  
				
		  	 8.3
	  	Counterparts	  	 	23	  
				
		  	 8.4
	  	Notices	  	 	23	  
				
		  	 8.5
	  	Amendments	  	 	24	  
				
		  	 8.6
	  	Assignment	  	 	24	  
				
		  	 8.7
	  	Successors and Assigns	  	 	24	  
				
		  	 8.8
	  	Change in Law	  	 	24	  
				
		  	 8.9
	  	Authorization, Etc.	  	 	24	  
				
		  	 8.10
	  	Termination	  	 	24	  
				
		  	 8.11
	  	Subsidiaries	  	 	24	  
				
		  	 8.12
	  	Third-Party Beneficiaries	  	 	24	  
				
		  	 8.13
	  	Double Recovery	  	 	25	  
				
		  	 8.14
	  	Titles and Headings	  	 	25	  
				
		  	 8.15
	  	Governing Law	  	 	25	  
				
		  	 8.16
	  	Waiver of Jury Trial	  	 	25	  
				
		  	 8.17
	  	Severability	  	 	25	  
				
		  	 8.18
	  	No Strict Construction; Interpretation	  	 	25	  
		
	SCHEDULE A	  	 	2	  
		
	SCHEDULE B	  	 	3	  
		
	SCHEDULE C	  	 	4	  
		
	SCHEDULE D	  	 	5	  

  
 ii 

 FORM OF TAX DISAFFILIATION AGREEMENT 

THIS FORM OF TAX DISAFFILIATION AGREEMENT (the “Agreement”) is dated as of
[            ], 2015, by and between The Madison Square Garden Company (to be renamed MSG Networks Inc. after the Effective Time (as defined below)), a Delaware corporation
(“Networks”), and MSG Spinco, Inc. (to be renamed The Madison Square Garden Company after the Effective Time), a Delaware corporation and an indirect wholly-owned subsidiary of Networks (“Spinco” and, together with
Networks, the “Parties”, and each, a “Party”). Unless otherwise indicated, all “Section” references in this Agreement are to sections of the Agreement. 

RECITALS 
 WHEREAS,
the Board of Directors of Networks determined that, based on the Corporate Business Purposes (as defined below), it is in the best interests of Networks and its stockholders to separate the businesses of Spinco, all as more fully described in
Spinco’s registration statement on Form 10, from Networks’ other businesses on the terms and conditions set forth in the Distribution Agreement between Networks and Spinco dated on or about the date hereof (the “Distribution
Agreement”); 
 WHEREAS, the Board of Directors of Regional MSG Holdings LLC (“RMH”) authorized the
distribution to Networks, as the sole member of RMH, of all the Spinco Pre-Recapitalization Shares (as defined below) (the “RMH Distribution”) and has determined that, based on the Corporate Business Purposes, the RMH Distribution
is in the best interests of RMH and its stockholder and has approved the Distribution Agreement; 
 WHEREAS, the Board of
Directors of Networks has authorized the distribution to the holders of the issued and outstanding shares of Class A Common Stock, par value $0.01 per share, of Networks (“Networks Class A Common Stock”) and
Class B Common Stock, par value $0.01 per share, of Networks (“Networks Class B Common Stock” and, together with the Networks Class A Common Stock, the “Networks Common Stock”) as of the record date
for the distribution of all the issued and outstanding shares of Class A Common Stock, par value $0.01 per share, of Spinco (the “Spinco Class A Common Shares”) and Class B Common Stock, par value $0.01 per share, of
Spinco (the “Spinco Class B Common Shares”) (each such Spinco Class A Common Share and Spinco Class B Common Share is individually referred to as a “Spinco Share” and collectively referred to as the
“Spinco Shares”), respectively, on the basis of one Spinco Share for every one share of Networks Common Stock (the “Distribution”); 

WHEREAS, Networks and Spinco intend the MSGH Contribution (as defined below) to qualify as a transaction to which sections 351(a) and 1032(a)
of the Code (as defined below) apply; 
 WHEREAS, Networks and Spinco intend the MSGH Distribution (as defined below) to qualify, with
respect to Networks, as a distribution to which section 731(a) of the Code applies; 
 WHEREAS, Networks and Spinco intend the
Recapitalization (as defined below) to qualify as a tax-free transaction under section 368(a)(1)(E) of the Code; 

 WHEREAS, Networks and Spinco intend the Distribution to qualify for the Tax-Free Status (as
defined below); 
 WHEREAS, the Boards of Directors of Networks and Spinco have each determined that the Distribution and the other
transactions contemplated by the Distribution Agreement, and the Ancillary Agreements (as defined below) are in furtherance of and consistent with the Corporate Business Purposes and, as such, are in the best interests of their respective companies
and stockholders or sole stockholder, as applicable, and have approved the Distribution Agreement, and each of the Ancillary Agreements; 

WHEREAS, the Parties set forth in the Distribution Agreement the principal arrangements between them regarding the separation of the Spinco
Group (as defined below) from the Networks Group (as defined below); and 
 WHEREAS, the Parties desire to provide for and agree upon the
allocation between the Parties of liabilities for Taxes (as defined below) arising prior to, as a result of, and subsequent to the Distribution, and to provide for and agree upon other matters relating to Taxes; 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, the Parties hereby agree as follows: 

SECTION 1. Definition of Terms. For purposes of this Agreement (including the recitals hereof), the following terms have the following
meanings: 
 “Affiliate” has the meaning set forth in the Distribution Agreement. For the avoidance of doubt, the term
“Affiliate” as it applies to Spinco shall include the Spinco Company Entities. 
 “Agreed Treatment” means the treatment
of (i) the MSGH Contribution as a transaction to which sections 351(a) and 1032(a) of the Code apply, (ii) the MSGH Distribution with respect to Networks as a distribution to which section 731(a) of the Code applies, (iii) the
Recapitalization as a tax-free transaction to which section 368(a)(1)(E) of the Code applies, and (iv) the Distribution in accordance with the Tax-Free Status. 

“Agreement” has the meaning set forth in the preamble hereof. 

“Ancillary Agreements” means the agreements encompassed by such term in the Distribution Agreement. 

“Business Day” has the meaning set forth in the Distribution Agreement. 

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

“Combined Return” means a consolidated, combined or unitary Tax Return that includes, by election or otherwise, one or more members
of the Networks Group and one or more members of the Spinco Group. 
 “Companies” means Networks and Spinco. 

  
 2 

 “Company” means Networks or Spinco, as the context requires. 

“Compensatory Equity Interests” means options, stock appreciation rights, restricted stock, restricted stock units or other rights
with respect to Networks Common Stock or Spinco Shares that are granted by Networks, Spinco or any of their respective Subsidiaries in connection with employee or director compensation or other employee benefits. 

“Compensatory Equity Net Share Settlements” means “net share settlement” transactions with respect to Compensatory Equity
Interests between either Party (or any of their respective Subsidiaries) on the one hand and the employee (or director, as the case may be) of such Party or the other Party (or any of their respective Subsidiaries) on the other hand, in each case
pursuant to the terms of the relevant agreement with respect to such Compensatory Equity Interests. 
 “Contribution Agreement”
means the Contribution Agreement between Networks, MSGH, and Spinco dated on or about the date hereof. 
 “Controlling Party”
means, with respect to a Tax Contest, the Person that has responsibility, control and discretion in handling, defending, settling or contesting such Tax Contest. 

“Corporate Business Purposes” means the Corporate Business Purposes as set forth in the Tax Opinion Representations (including any
appendices thereto) and the “Reasons for the Distribution” in Spinco’s registration statement on Form 10. 

“Deconsolidation Taxes” means any Taxes imposed on any member of the Networks Group or the Spinco Group as a result of or in
connection with the MSGH Contribution, the MSGH Distribution and the Distribution (or any portion thereof), including, but not limited to, (i) MSGH Contribution Taxes, (ii) MSGH Distribution Taxes, and (iii) any Taxes imposed pursuant
to or as a result of section 311 or 1502 of the Code or the Treasury Regulations thereunder (and under any applicable similar state, local or foreign law), but excluding any Transfer Taxes and Distribution Taxes. 

“Disclosing Party” has the meaning set forth in Section 6.3. 

“Distribution” has the meaning set forth in the recitals hereof. 

“Distribution Agreement” has the meaning set forth in the recitals hereof. 

“Distribution Date” has the meaning set forth in the Distribution Agreement. 

“Distribution Taxes” means any Taxes arising from a Final Determination that the Distribution failed to be tax-free to Networks in
accordance with the requirements of section 355 of the Code (including any Taxes resulting from the application of section 355(d) or (e) to the Distribution), or that any stock of Spinco failed to qualify as “qualified property”
within the meaning of section 355(c)(2) of the Code (including as a result of the application of section 355(d) or 355(e) of the Code to the Distribution), and shall include any Taxes resulting from an election under section 336(e) of the Code
in the circumstances set forth in Section 4.6 hereof. 

  
 3 

 “Due Date” has the meaning set forth in Section 4.3. 

“Effective Time” shall mean 11:59 p.m., New York City time, on the Distribution Date. 

“Employee Matters Agreement” means the Employee Matters Agreement by and between Networks and Spinco entered into on or about the
date hereof. 
 “Escheat Liability” means any unclaimed property or escheat liability, including any interest, penalty,
administrative charge, or addition thereto and further including all costs of responding to or defending against an audit, examination, or controversy with respect to such liability, imposed by or on behalf of a governmental entity with respect to
any property or obligation (including, without limitation, uncashed checks to vendors, customers, or employees and non-refunded overpayments). 

“Excess Taxes” means the excess of (x) the Taxes for which Networks Group is liable if an election is made pursuant to section
336(e) of the Code under Section 4.6 of this Agreement, over (y) the Taxes for which Networks Group is liable if such an election is not made, in each case taking into account the allocation of Taxes that is otherwise applicable in
this Agreement but without regard to Section 4.6 hereof. 
 “Expert Law Firm” means a law firm nationally recognized for its
expertise in the matter for which its opinion is sought. 
 “Fifty-Percent Equity Interest” means, in respect of any corporation
(within the meaning of the Code), stock or other equity interests of such corporation possessing (i) at least fifty percent (50%) of the total combined voting power of all classes of stock or equity interests entitled to vote, or
(ii) at least fifty percent (50%) of the total value of shares of all classes of stock or of the total value of all equity interests. 

“Filer” means the Company that is responsible for filing the applicable Tax Return pursuant to Sections 3.1 or 3.2. 

“Final Determination” means a determination within the meaning of section 1313 of the Code or any similar provision of state or
local Tax Law. 
 “Group” means the Networks Group or the Spinco Group, as the context requires. 

“Indemnified Party” has the meaning set forth in Section 4.5. 

“Indemnifying Party” has the meaning set forth in Section 4.5. 

“Interest Rate” means (x) the “Applicable Rate” as set forth in the Distribution Agreement, or (y) if
higher and if with respect to a payment to indemnify for a Tax to which the “large corporate underpayment” provision within the meaning of section 6621(c) of the Code applies, such interest rate that would be applicable at such time
to such “large corporate underpayment.” 

  
 4 

 “IRS” means the Internal Revenue Service. 

“MSGH” means MSG Holdings, L.P., a Delaware limited partnership. 

“MSGH Contribution” means the contribution by MSGH to Spinco of (i) all of MSGH’s interests in the Spinco Company Entities
and (ii) approximately $[            ] in cash, in exchange for the Spinco Pre-Recapitalization Shares. 

“MSGH Contribution Gain” means any income or gain (including in respect of Schedule C) recognized upon the MSGH Contribution. 

“MSGH Contribution Taxes” means any Taxes imposed on the MSGH Contribution Gain. 

“MSGH Distribution” means the distribution by MSGH to RMH of all Spinco Pre-Recapitalization Shares received by MSGH pursuant to the
MSGH Contribution. 
 “MSGH Distribution Gain” means any gain recognized by Networks upon the MSGH Distribution from the deemed
sale or exchange of unrealized receivables or inventory items (as defined in section 751(c) and (d) of the Code, respectively) of MSGH. 

“MSGH Distribution Taxes” means any Taxes imposed on the Networks Distribution Gain. 

“Networks” has the meaning set forth in the preamble hereof. 

“Networks Business” has the meaning ascribed to the term “Networks Business” in the Tax Opinion Representations that
constitutes an active trade or business (within the meaning of section 355(b) of the Code) of the separate affiliated group of Networks. 

“Networks Class A Common Stock” has the meaning set forth in the recitals to this Agreement. 

“Networks Class B Common Stock” has the meaning set forth in the recitals to this Agreement. 

“Networks Common Stock” has the meaning set forth in the recitals to this Agreement. 

“Networks Group” has the meaning ascribed to the term “MSG Networks Group” in the Distribution Agreement. 

“Networks Indemnified Party” includes each member of the Networks Group, each of their representatives and Affiliates, each of their
respective directors, officers, managers and employees, and each of their heirs, executors, trustees, administrators, successors and assigns. 

  
 5 

 “Networks Restricted Action” means any action by Networks or any of its Subsidiaries
inconsistent with the covenants set forth in Section 7.4(a); and, for the avoidance of doubt, an action shall be and remain a Networks Restricted Action even if Networks or any of its Subsidiaries is permitted to take such an action pursuant to
Section 7.5(b). 
 “Networks Tainting Act” means any breach of a representation or covenant made by Networks in
Section 7.1 of this Agreement or the taking of a Networks Restricted Action, if as a result of such breach or taking of a Networks Restricted Action a Final Determination is made that the Distribution failed to be tax-free by reason of
(i) failing to qualify as a distribution described in section 355 of the Code, or (ii) any stock of Spinco failing to qualify as “qualified property” within the meaning of section 355(c)(2) of the Code (including as a result of
the application of section 355(d) or 355(e) of the Code to the Distribution). 
 “Non-Controlling Party” has the meaning set forth
in Section 5.3(a). 
 “Non-Filer” means any Company that is not responsible for filing the applicable Tax Return pursuant to
Sections 3.1 or 3.2. 
 “Other Party” has the meaning set forth in Section 4.6(b). 

“Party” has the meaning set forth in the preamble hereof. 

“Parties” has the meaning set forth in the preamble hereof. 

“Payment Date” means (x) with respect to any U.S. federal income tax return, the date on which any required installment of
estimated taxes determined under section 6655 of the Code is due, the date on which (determined without regard to extensions) filing the return determined under section 6072 of the Code is required, and the date the return is filed, and
(y) with respect to any other Tax Return, the corresponding dates determined under the applicable Tax Law. 
 “Periodic
Taxes” means Taxes imposed on a periodic basis that are not based upon or related to income or receipts. Periodic Taxes include property Taxes and similar Taxes. 

“Permitted Acquisition” means any acquisition (as a result of the Distribution) of Spinco Shares solely by reason of holding
Networks Common Stock, but does not include such an acquisition if such Networks Common Stock, before such acquisition, was itself acquired in a manner to which the flush language of section 355(e)(3)(A) of the Code applies (thus causing, for
the avoidance of doubt, section 355(e)(3)(A)(i), (ii), (iii) or (iv) of the Code not to apply). 
 “Person”
means any individual, corporation, company, limited liability company, partnership, trust, incorporated or unincorporated association, joint venture or other entity of any kind. 

“Post-Distribution Period” means any Tax Year or other taxable period beginning after the Distribution Date and, in the case of any
Straddle Period, that part of the Tax Year or other taxable period that begins at the beginning of the day after the Distribution Date. 

  
 6 

 “Pre-Distribution Period” means any Tax Year or other taxable period that ends on or
before the Distribution Date and, in the case of any Straddle Period, that part of the Tax Year or other taxable period through the end of the day on the Distribution Date. 

“Preparer” means the Company that is responsible for the preparation and filing of the applicable Tax Return pursuant to
Sections 3.1 or 3.2. 
 “Recapitalization” means the issuance of all Spinco Shares to Networks in exchange for all of
Networks’ Spinco Pre-Recapitalization Shares. 
 “Receiving Party” has the meaning set forth in Section 6.3. 

“Responsible Party” has the meaning set forth in Section 4.6(b). 

“Restriction Period” means the period beginning on the Distribution Date and ending twenty-four (24) months after the
Distribution Date. 
 “Ruling” means the private letter ruling that was issued to Networks in response to the Ruling Request. 

“Ruling Request” means the request for ruling in connection with the Distribution filed by Networks with the IRS, as amended or
supplemented, including any appendices and exhibits attached thereto or included therewith and including so much of the pre-submission materials submitted by Networks to the IRS, as related to the Distribution. 

“Satisfactory Guidance” means either a ruling from the IRS or an Unqualified Opinion, in either case reasonably satisfactory to
Networks or Spinco (as the context dictates) in both form and substance. 
 “Separate Return” means (a) in the case of any
Tax Return required under relevant Tax Law to be filed by any member of the Networks Group (including any consolidated, combined or unitary Tax Return), any such Tax Return that does not include any member of the Spinco Group, and (b) in the
case of any Tax Return required under relevant Tax Law to be filed by any member of the Spinco Group (including any consolidated, combined or unitary Tax Return), any such Tax Return that does not include any member of the Networks Group. 

“Spinco” has the meaning set forth in the preamble hereof. 

“Spinco Business” has the meaning ascribed to the term “Spinco Business” in the Tax Opinion Representations that
constitutes an active trade or business (within the meaning of section 355(b) of the Code) of the separate affiliated group of Spinco. 

“Spinco Class A Common Shares” has the meaning set forth in the recitals to this Agreement. 

“Spinco Class B Common Shares” has the meaning set forth in the recitals to this Agreement. 

  
 7 

 “Spinco Company Entities” means, collectively, the entities listed on Schedule A of the
Distribution Agreement. 
 “Spinco Group” has the meaning ascribed to the term “Spinco Group” in the Distribution
Agreement. 
 “Spinco Indemnified Party” includes each member of the Spinco Group, each of their representatives and Affiliates,
each of their respective directors, officers, managers and employees, and each of their heirs, executors, trustees, administrators, successors and assigns. 

“Spinco Pre-Recapitalization Shares” means the single class of issued and outstanding common stock, par value $0.01 per share, of
Spinco. 
 “Spinco Restricted Action” means any action by Spinco or any of its Subsidiaries inconsistent with the covenants set
forth in Section 7.3; and, for the avoidance of doubt, an action shall be and remain a Spinco Restricted Action even if Spinco or any of its Subsidiaries is permitted to take such an action pursuant to Section 7.5(a). 

“Spinco Shares” has the meaning set forth in the recitals to this Agreement. 

“Spinco Tainting Act” means a breach of the covenant made by Spinco in Section 7.1 of this Agreement or the taking of a Spinco
Restricted Action, if as a result of such breach or taking of a Spinco Restricted Action a Final Determination is made that the MSGH Contribution failed to be tax-free by reason of the application of section 351(e) of the Code to the MSGH
Contribution, or that the Distribution failed to be tax-free by reason of (i) failing to qualify as a distribution described in section 355 of the Code, or (ii) any stock of Spinco failing to qualify as “qualified property”
within the meaning of section 355(c)(2) of the Code (including as a result of the application of section 355(d) or 355(e) of the Code to the Distribution). 

“Straddle Period” means any taxable period beginning on or prior to, and ending after, the Distribution Date. 

“Subsidiary” when used with respect to any Person, means (i)(A) a corporation a majority in voting power of whose share capital or
capital stock with voting power, under ordinary circumstances, to elect directors is at the time, directly or indirectly, owned by such Person, by one or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such
Person, whether or not such power is subject to a voting agreement or similar encumbrance, (B) a partnership or limited liability company in which such Person or a Subsidiary of such Person is, at the date of determination, (1) in the case
of a partnership, a general partner of such partnership with the power affirmatively to direct the policies and management of such partnership or (2) in the case of a limited liability company, the managing member or, in the absence of a
managing member, a member with the power affirmatively to direct the policies and management of such limited liability company, or (C) any other Person (other than a corporation) in which such Person, one or more Subsidiaries of such Person or
such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has or have (1) the power to elect or direct the election of a majority of the members of the governing body of such Person,
whether or not such power is subject to a voting agreement or similar encumbrance, or (2) in the absence of such a governing body, at least a majority ownership interest or (ii) any other Person of which an aggregate of 50%

  
 8 

 
or more of the equity interests are, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such Person. For the avoidance of doubt, the term
“Subsidiary” as it applies to Spinco shall include the Spinco Company Entities. 
 “Tax” or “Taxes” means any
income, gross income, gross receipts, profits, capital stock, franchise, withholding, payroll, social security, workers’ compensation, employment, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service,
sales, use, license, lease, transfer, import, export, value added, alternative minimum, estimated or other similar tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax) imposed by any Tax Authority, any Escheat
Liability, abandoned, or unclaimed property law, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing, together with any reasonable expenses, including attorneys’ fees, incurred in defending against
any such tax. 
 “Tax Adjustment” has the meaning set forth in Section 4.7. 

“Tax Authority” means, with respect to any Tax, the governmental entity or political subdivision, agency, commission or authority
thereof that imposes such Tax, and the agency, commission or authority (if any) charged with the assessment, determination or collection of such Tax for such entity or subdivision. 

“Tax Benefit” means a reduction in the Tax liability of a taxpayer (or of the Group of which it is a member) for any taxable period.
Except as otherwise provided in this Agreement, a Tax Benefit shall be deemed to have been realized or received from a Tax Item in a taxable period only if and to the extent that the Tax liability of the taxpayer (or of the Group of which it is a
member) for such period, after taking into account the effect of the Tax Item on the Tax liability of such taxpayer in the current period and all prior periods, is less than it would have been if such Tax liability were determined without regard to
such Tax Item. 
 “Tax Contest” means an audit, review, examination, or any other administrative or judicial proceeding with the
purpose, potential or effect of redetermining Taxes of any member of either Group (including any administrative or judicial review of any claim for refund). 

“Tax Counsel” means the advisors listed in Schedule A. 

“Tax-Free Status” means the qualification of the Distribution (a) as a transaction described in section 355 of the Code,
(b) as a transaction in which the stock of Spinco distributed by Networks is “qualified property” for purposes of sections 355(c)(2), 355(d) and 355(e) of the Code, and (c) a transaction in which shareholders of Networks will not
recognize income, gain or loss upon the Distribution under section 355(a) of the Code (except with respect to cash received in lieu of fractional shares). 

“Tax Item” means, with respect to any Tax, any item of income, gain, loss, deduction, credit, adjustment in basis, or other
attribute that may have the effect of increasing or decreasing any Tax. 

  
 9 

 “Tax Law” means the law of any governmental entity or political subdivision thereof,
and any controlling judicial or administrative interpretations of such law, relating to any Tax. 
 “Tax Opinion” means the
opinion (or opinions) to be delivered by Tax Counsel to Networks in connection with the Distribution to the effect that (i) Networks will not recognize gain or loss upon the Distribution under section 355(c) of the Code, and
(ii) shareholders of Networks will not recognize gain or loss upon the Distribution under section 355(a) of the Code, and no amount will be included in such shareholders’ income, except in respect of cash received in lieu of fractional
shares of Spinco. 
 “Tax Opinion Representations” means the written and signed representations delivered to Tax Counsel in
connection with the Tax Opinion. 
 “Tax Records” means Tax Returns, Tax Return work papers, documentation relating to any Tax
Contests, and any other books of account or records required to be maintained under applicable Tax Laws (including but not limited to section 6001 of the Code) or under any record retention agreement with any Tax Authority. 

“Tax Return” means any report of Taxes due, any claims for refund of Taxes paid, any information return with respect to Taxes, or
any other similar report, statement, declaration, or document filed or required to be filed (by paper, electronically or otherwise) under any applicable Tax Law, including any attachments, exhibits, or other materials submitted with any of the
foregoing, and including any amendments or supplements to any of the foregoing. 
 “Tax Year” means, with respect to any Tax, the
year, or shorter period, if applicable, for which the Tax is reported as provided under applicable Tax Law. 
 “Transactions”
means the transactions contemplated by the Contribution Agreement and the Distribution Agreement and includes, for the avoidance of doubt, (i) the MSGH Contribution, (ii) the MSGH Distribution, (iii) the Recapitalization, and
(iv) the Distribution. 
 “Transfer Taxes” means all U.S. federal, state, local or foreign sales, use, privilege, transfer,
documentary, gains, stamp, duties, recording, and similar Taxes and fees (including any penalties, interest or additions thereto) imposed upon any Party hereto or any of its Affiliates in connection with the Distribution. 

“Transition Services Agreement” means the transition services agreement between Networks and Spinco dated on or about the date
hereof. 
 “Treasury Regulations” means the regulations promulgated from time to time under the Code as in effect for the relevant
Tax Year. 
 “Unqualified Opinion” means an unqualified “will” opinion of an Expert Law Firm that permits reliance by
Networks or Spinco (as the context dictates). For the avoidance of doubt, an Unqualified Opinion must be based on factual representations and assumptions that are reasonably satisfactory to Networks or Spinco (as the context dictates). 

  
 10 

 SECTION 2. Allocation of Taxes and Tax-Related Losses. 

2.1 Allocation of Taxes. Except as provided in Section 2.2 (Allocation of Deconsolidation Taxes, Distribution Taxes and Transfer
Taxes), Taxes shall be allocated as follows: 
 (a) Networks shall be liable for and shall be allocated (i) any Taxes attributable to
members of the Networks Group for all periods, (ii) any Taxes attributable to members of the Spinco Group for any Pre-Distribution Period, other than the Taxes listed on Schedule D, and (iii) any Taxes listed on Schedule D to the extent
that the amount of such Taxes is less than or equal to the amount listed on Schedule D. 
 (b) Spinco shall be liable for and shall be
allocated (i) any Taxes attributable to members of the Spinco Group for any Post-Distribution Period, and (ii) any Taxes listed on Schedule D to the extent that the amount of such Taxes is in excess of the amount listed on Schedule D. 

(c) In applying the provisions of Sections 2.1(a) and 2.1(b) (but subject to the provisions of Section 2.2): 

(i) Any Taxes, other than Periodic Taxes, in respect of a Straddle Period shall be allocated between the Pre-Distribution
Period and the Post-Distribution Period on a “closing of the books” basis by assuming that the books of the members of the Networks Group and the members of the Spinco Group were closed on the Distribution Date. Any Periodic Taxes in
respect of a Straddle Period shall be allocated to the Pre-Distribution Period in an amount equal to such Periodic Taxes for the entire Straddle Period multiplied by a fraction the numerator of which is the number of calendar days in the period
ending on the Distribution Date and the denominator of which is the number of calendar days in the entire period. The portion of any Periodic Taxes in respect of a Straddle Period not allocated to the Pre-Distribution Period shall be allocated to
the Post-Distribution Period. For the avoidance of doubt, if a Party has prepaid Periodic Taxes that are allocated to the other Party under any provisions of this Agreement, the second Party shall reimburse the first Party to the extent so
allocated. 
 (ii) Taxes attributable to any transaction or action taken by or with respect to any member of the Spinco Group
before the Effective Time on the Distribution Date shall be allocated to the Pre-Distribution Period, and Taxes attributable to any transaction or action taken by or with respect to any member of the Spinco Group after the Effective Time on the
Distribution Date shall be allocated to the Post-Distribution Period. 
 (iii) In determining the allocation of any Escheat
Liability, the liability shall be allocated to the Party whose Group members actually hold (or are required to hold) the property subject to the Escheat Liability at the time a payment or remittance in respect of such liability is required to be
made to the applicable governmental entity. 

  
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 2.2 Allocation of Deconsolidation Taxes, Distribution Taxes and Transfer Taxes.
Notwithstanding any other provision of this Agreement: 
 (a) Any and all Deconsolidation Taxes shall be borne by Networks. 

(b) Spinco shall indemnify and hold harmless each Networks Indemnified Party from and against any liability of Networks for Distribution Taxes
to the extent such Distribution Taxes are attributable to a Spinco Tainting Act, provided, however, that Spinco shall have no obligation to indemnify any Networks Indemnified Party hereunder if there has occurred, prior to such Spinco
Tainting Act, a Networks Tainting Act and such Distribution Taxes are attributable to such Networks Tainting Act. It is understood and agreed that, in determining the amounts payable under this Section 2.2(b), there shall be included all costs,
expenses and damages associated with shareholders litigation or controversies and any amount paid by Networks in respect of the liability of its shareholders, whether paid to its shareholders or to any Tax Authority, in connection with liability
that may arise to shareholders as a result of receiving or accruing an amount payable under this Section 2.2(b), and all reasonable costs and expenses associated with such payments. 

(c) Networks shall indemnify and hold harmless each Spinco Indemnified Party from and against any liability of Spinco for Distribution Taxes to
the extent that Spinco is not liable for such Taxes pursuant to Section 2.2(b). 
 (d) The Companies shall cooperate with each other and
use their commercially reasonable efforts to reduce and/or eliminate any Transfer Taxes. If any Transfer Tax remains payable after application of the first sentence of this Section 2.2(d) and notwithstanding any other provision in this
Section 2, all Transfer Taxes shall be allocated to Networks. 
 2.3 Tax Payments. Each Company shall be liable for and shall pay
the Taxes allocated to it by this Section 2 either to the applicable Tax Authority or to the other Company in accordance with Section 4 and the other applicable provisions of this Agreement. 

SECTION 3. Preparation and Filing of Tax Returns. 

3.1 Combined Returns. 
 (a)
Networks shall be responsible for preparing and filing (or causing to be prepared or filed) all Combined Returns for any Tax Year. For any such return, Spinco shall furnish any relevant information, including pro forma returns, disclosures,
apportionment data and supporting schedules, relating to any member of the Spinco Group necessary for completing any such return in a format suitable for inclusion in such return, provided that Spinco shall have the right to review and
approve items on such returns if and to the extent such items directly relate to Taxes for which Spinco would be liable under Section 2, such approval not to be unreasonably delayed, conditioned or withheld by Spinco. 

  
 12 

 (b) For the period in which the Transition Services Agreement is in effect, Spinco shall assist
in the preparation of any Tax Returns which may be requested by Networks in accordance with the terms of the Transition Services Agreement (even if, for the avoidance of doubt, the responsibility for preparation such Tax Return may be allocated to
Networks under other provisions of this Agreement). Nothing in this Section 3.1(b) shall be construed to affect Networks’ right or responsibility to file the Tax Returns whose filing is allocated to Networks under other provisions of this
Agreement. 
 3.2 Separate Returns. 

(a) Tax Returns to be Prepared by Networks. Networks shall be responsible for preparing and filing (or causing to be prepared and
filed) all Separate Returns which relate to one or more members of the Networks Group and for which Spinco is not responsible under Section 3.2(b).  

(b) Tax Returns to be Prepared by Spinco. Spinco shall be responsible for preparing and filing (or causing to be prepared and filed) all
Separate Returns which relate to one or more members of the Spinco Group for any Tax Year, provided, however, that in the case of such returns in respect of any Pre-Distribution Period or Straddle Period, Networks shall have the right
to review and approve such returns, such approval not to be unreasonably delayed, conditioned or withheld by Networks. 
 3.3 Agent.
Subject to the other applicable provisions of this Agreement (including, without limitation, Section 5), Networks and Spinco (and their respective Affiliates) shall designate the other Party as its agent and attorney-in-fact to take such action
(including execution of documents) as such other Party may deem reasonably appropriate in matters relating to the preparation or filing of any Tax Return described in Sections 3.1 and 3.2. 

3.4 Provision of Information. 

(a) Networks shall provide to Spinco, and Spinco shall provide to Networks, any information about members of the Networks Group or the Spinco
Group, respectively, that the Preparer reasonably requires to determine the amount of Taxes due on any Payment Date with respect to a Tax Return for which the Preparer is responsible pursuant to Section 3.1 or 3.2 and to properly and timely
file all such Tax Returns. 
 (b) If a member of the Spinco Group supplies information to a member of the Networks Group, or a member of the
Networks Group supplies information to a member of the Spinco Group, and an officer of the requesting member intends to sign a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then a duly
authorized officer of the member supplying such information shall certify, to the best of such officer’s knowledge, the accuracy of the information so supplied. 

3.5 Special Rules Relating to the Preparation of Tax Returns. 

(a) In General. All Tax Returns that include any members of the Networks Group or Spinco Group, or any of their respective Affiliates,
shall be prepared in a manner that is consistent with the Ruling Request, the Ruling, and the Tax Opinion (including, for the avoidance doubt, the Tax Opinion Representations). Except as otherwise set forth in this Agreement, all Tax Returns for
which Networks has the right to prepare, review, approve or file under Sections 3.1 and 3.2 shall be prepared (x) in accordance with elections, Tax accounting methods and other practices used with respect to such Tax Returns filed prior to
the 

  
 13 

 
Distribution Date (unless such past practices are not permissible under applicable law), or (y) to the extent any items are not covered by past practices (or in the event such past practices
are not permissible under applicable Tax Law), in any reasonable manner, in accordance with the preparation, review, approval and filing responsibilities of Sections 3.1 and 3.2; provided, however, that (i) each Party agrees that
the Tax Returns listed in Schedule B shall not be prepared in a manner inconsistent with the requirements set forth in this Section 3.5(a) provided that such Tax Returns are prepared in the manner described in Schedule B, and
(ii) in each case of (x) and (y) to the extent that a change in such elections, methods or practices could not reasonably be expected to result in any adverse impact on Networks and would not be inconsistent with applicable law, such
Tax Returns shall be prepared in accordance with reasonable practices selected by Spinco. 
 (b) Election to File Consolidated,
Combined or Unitary Tax Returns. Subject to Spinco’s reasonable approval, Networks shall elect to file any Tax Return on a consolidated, combined or unitary basis, if such Tax Return would include at least one member of each Group and the
filing of such Tax Return is elective under the relevant Tax Law. 
 3.6 Refunds, Credits, Offsets, Tax Benefits 

(a) Any refunds, credits, or offsets with respect to Taxes allocated to Networks pursuant to this Agreement shall be for the account of
Networks. Any refunds, credits or offsets with respect to Taxes allocated to Spinco pursuant to this Agreement shall be for the account of Spinco. 

(b) Networks shall forward to Spinco, or reimburse Spinco for, any such refunds, credits or offsets, plus any interest received thereon, net of
any Taxes incurred with respect to the receipt or accrual thereof and any expenses incurred in connection therewith, that are for the account of Spinco within fifteen (15) Business Days from receipt thereof by Networks or any of its Affiliates.
Spinco shall forward to Networks, or reimburse Networks for, any refunds, credits or offsets, plus any interest received thereon, net of any Taxes incurred with respect to the receipt or accrual thereof and any expenses incurred in connection
therewith, that are for the account of Networks within fifteen (15) Business Days from receipt thereof by Spinco or any of its Affiliates. Any refunds, credits or offsets, plus any interest received thereon, or reimbursements not forwarded or
made within the fifteen (15) Business Day period specified above shall bear interest from the date received by the refunding or reimbursing party (or its Affiliates) through and including the date of payment at the Interest Rate (treating the
date received as the Due Date for purposes of determining such interest). If, subsequent to a Tax Authority’s allowance of a refund, credit or offset, such Tax Authority reduces or eliminates such allowance, any refund, credit or offset, plus
any interest received thereon, forwarded or reimbursed under this Section 3.6 shall be returned to the party who had forwarded or reimbursed such refund, credit or offset and interest upon the request of such forwarding party in an amount equal
to the applicable reduction, including any interest received thereon. 

  
 14 

 (c) For the avoidance of doubt, no Party shall be required to reimburse the other Party under
this Section 3.6 for the use of a refund, credit or offset or other Tax Benefit, calculated by reference to the Tax allocated to the other Party, including but not limited to a “dividends received deduction” set forth under section
243 of the Code and an unincorporated business tax credit as currently provided by Section 11-604 of the New York City Administrative Code or any successor thereto, if such deduction, credit or offset is not available to reduce the Tax
liability of such other Party for any Tax Year. 
 3.7 Carrybacks. To the extent permitted under applicable Tax Laws, the Spinco Group
shall make the appropriate elections in respect of any Tax Returns to waive any option to carry back any net operating loss, any credits or any similar item from a Post-Distribution Period to any Pre-Distribution Period or to any Straddle Period.
Any refund of or credit for Taxes resulting from any such carryback by a member of the Spinco Group that cannot be waived shall be payable to Spinco net of any Taxes incurred with respect to the receipt or accrual thereof and any expenses incurred
in connection therewith. 
 3.8 Amended Returns. Any amended Tax Return or claim for Tax refund, credit or offset with respect
to any member of the Networks Group or Spinco Group may be made only by the Company (or its Affiliates) responsible for filing the original Tax Return with respect to such member pursuant to Sections 3.1 or 3.2 (and, for the avoidance of doubt,
subject to the same preparation, review, approval and filing rights set forth in Sections 3.1 or 3.2, to the extent applicable). Such Company (or its Affiliates) shall not, without the prior written consent of the other Company (which consent
shall not be unreasonably withheld or delayed), file, or cause to be filed, any such amended Tax Return or claim for Tax refund, credit or offset to the extent that such filing, if accepted, is likely to increase the Taxes allocated to, or the Tax
indemnity obligations under this Agreement of, such other Company for any Tax Year (or portion thereof); provided, however, that such consent need not be obtained if (i) the Company filing the amended Tax Return by written notice
to the other Company agrees to indemnify the other Company for the incremental Taxes allocated to, or the incremental Tax indemnity obligation resulting under this Agreement to, such other Company as a result of the filing of such amended Tax
Return, or (ii) such amended Tax Return is a Tax Return listed in Schedule B and prepared in the manner as described in Schedule B. 

3.9 Compensatory Equity Interests. Matters relating to Taxes and/or Tax Items with respect to Compensatory Equity Interests shall be
governed by the Employee Matters Agreement. 
 SECTION 4. Tax Payments. 

4.1 Payment of Taxes to Tax Authority. Networks shall be responsible for remitting to the proper Tax Authority the Tax shown on any Tax
Return for which it is responsible for filing pursuant to Section 3.1 or Section 3.2, and Spinco shall be responsible for remitting to the proper Tax Authority the Tax shown on any Tax Return for which it is responsible for filing pursuant
to Section 3.2. 
 4.2 Indemnification Payments. 

(a) Tax Payments Made by the Networks Group. If any member of the Networks Group is required to make a payment to a Tax Authority
for Taxes allocated to Spinco under this Agreement, Spinco will pay the amount of Taxes allocated to it to Networks not later than the later of (i) five (5) Business Days after receiving notification requesting such amount, and
(ii) five (5) Business 

  
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Days prior to the date such payment is required to be made to such Tax Authority. Notwithstanding the preceding sentence, if any member of the Networks Group has made a prepayment of Periodic
Taxes that are allocated to Spinco under this Agreement, Spinco will pay the amount of such Taxes allocated to it to Networks not later than thirty (30) Business Days after the Distribution Date.  

(b) Tax Payments Made by the Spinco Group. If any member of the Spinco Group is required to make a payment to a Tax Authority for
Taxes allocated to Networks under this Agreement, Networks will pay the amount of Taxes allocated to it to Spinco not later than the later of (i) five (5) Business Days after receiving notification requesting such amount, and
(ii) five (5) Business Days prior to the date such payment is required to be made to such Tax Authority. Notwithstanding the preceding sentence, if any member of the Spinco Group has made a prepayment of Periodic Taxes that are allocated
to Networks under this Agreement, Networks will pay the amount of such Taxes allocated to it to Spinco not later than thirty (30) Business Days after the Distribution Date.  

4.3 Interest on Late Payments. Payments pursuant to this Agreement that are not made by the date prescribed in this Agreement or, if no
such date is prescribed, not later than five (5) Business Days after demand for payment is made (the “Due Date”) shall bear interest for the period from and including the date immediately following the Due Date through and including
the date of payment at the Interest Rate. Such interest will be payable at the same time as the payment to which it relates. Interest will be calculated on the basis of a year of 365 days and the actual number of days for which due. 

4.4 Tax Consequences of Payments. For all Tax purposes and to the extent permitted by applicable Tax Law, the parties hereto shall treat
any payment made pursuant to this Agreement as a capital contribution or a distribution, as the case may be, immediately prior to the Distribution. 

4.5 Adjustments to Payments. The amount of any payment made pursuant to this Agreement shall be adjusted as follows: 

(a) If the receipt or accrual of any indemnity amounts for which any Party hereto (the “Indemnifying Party”) is
required to pay another Party (the “Indemnified Party”) under this Agreement causes, directly or indirectly, an increase in the taxable income of the Indemnified Party under one or more applicable Tax Laws, such payment shall be
increased so that, after the payment of any Taxes with respect to the payment, the Indemnified Party shall have realized the same net amount it would have realized had the payment not resulted in taxable income. For the avoidance of doubt, any
liability for Taxes due to an increase in taxable income described in the immediately preceding sentence shall be governed by this Section 4.5(a) and not by Section 2.2.  

(b) To the extent that Taxes for which the Indemnifying Party is required to pay to the Indemnified Party pursuant to this Agreement gives rise
to a deduction, credit or other Tax Benefit (including as a result of any election set forth in Section 4.6) to the Indemnified Party or any of its Affiliates, the amount of any payment made to the Indemnified Party by the Indemnifying Party

  
 16 

 
shall be decreased by taking into account any resulting reduction in Taxes actually realized by the Indemnified Party or any of its Affiliates resulting from such Tax Benefit (including as a
result of any election set forth in Section 4.6). If such a reduction in Taxes of the Indemnified Party occurs following the payment made to the Indemnified Party with respect to the relevant indemnified Taxes, the Indemnified Party shall
promptly repay the Indemnifying Party the amount of such reduction when actually realized. If the Tax Benefit arising from the foregoing reduction of Taxes described in this Section 4.5(b) is subsequently decreased or eliminated, then the
Indemnifying Party shall promptly pay the Indemnified Party the amount of the decrease in such Tax Benefit. This Section 4.5(b) shall not apply to the extent that Section 3.6(d) would also apply to cause recovery of the same amounts to the
Indemnifying Party. 
 4.6 Section 336(e) Election. 

(a) Networks and Spinco shall make a protective election under section 336(e) of the Code (and any similar election under state or local law)
with respect to the Distribution in accordance with Treasury Regulations section 1.336-2(h) and (j) (and any applicable provisions under state and local law), provided that Spinco shall indemnify Networks for any cost to the Networks
Group of making such an election (but it being understood that any such cost arising from Taxes shall be limited to Excess Taxes). Networks and Spinco shall cooperate in the timely completion and/or filings of such elections and any related filings
or procedures (including filing or amending any Tax Returns to implement an election that becomes effective). This Section 4.6 is intended to constitute a binding, written agreement to make an election under section 336(e) of the Code with
respect to the Distribution. 
 (b) If Taxes are allocated to a Party (the “Responsible Party”) as a result of any
election set forth in Section 4.6, then to the extent that such Taxes give rise to a Tax Benefit, other than a refund, credit or offset as described in Section 3.6(b), to the other Party (the “Other Party”) or any of its
Affiliates, and such Tax Benefit results in an actual reduction in Taxes (determined on a with and without basis) of the Other Party or any of its Affiliates in any Tax Year, the Other Party shall pay to the Responsible Party in the relevant Tax
Year an amount equal to such reduction in Taxes (determined on a with and without basis); provided, however, that this provision shall not apply to the extent that the actual reduction in Taxes for the relevant Tax Year and any unpaid
reduction in Taxes for all prior Tax Years is less than $50,000. 
 4.7 Certain Final Determinations. If an adjustment (a
“Tax Adjustment”) pursuant to a Final Determination in a Tax Contest initiated by a Tax Authority results in a Tax greater than the Tax shown on the relevant Tax Return for any Pre-Distribution Period, the Indemnified Party shall pay to
the Indemnifying Party an amount equal to any Tax Benefit as and when actually realized by such Indemnified Party as a result of such Tax Adjustment. The Parties agree that if an Indemnified Party is required to make a payment to an Indemnifying
Party pursuant to this Section 4.7, the Parties shall negotiate in good faith to set off the amount of such payment against any indemnity payments owed by the Indemnifying Party to the Indemnified Party, taking into account time value and
similar concepts as appropriate. 

  
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 SECTION 5. Cooperation and Tax Contests. 

5.1 Cooperation. In addition to the obligations enumerated in Sections 3.4 and 5.4, Networks and Spinco will cooperate (and cause
their respective Subsidiaries and Affiliates to cooperate) with each other and with each other’s agents, including accounting firms and legal counsel, in connection with Tax matters, including provision of relevant documents and information in
their possession and making available to each other, as reasonably requested and available, personnel (including officers, directors, employees and agents of the Parties or their respective Subsidiaries or Affiliates) responsible for preparing,
maintaining, and interpreting information and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to
Taxes. 
 5.2 Notices of Tax Contests. Each Company shall provide prompt notice to the other Company of any pending or
threatened Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware relating to (i) Taxes for which it is or may be indemnified by such other Company hereunder or (ii) Tax Items that may affect the amount or
treatment of Tax Items of such other Company. Such notice shall contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents
received from any Tax Authority in respect of any such matters; provided, however, that failure to give such notification shall not affect the indemnification provided hereunder except, and only to the extent that, the indemnifying
Company shall have been actually prejudiced as a result of such failure. Thereafter, the indemnified Company shall deliver to the indemnifying Company such additional information with respect to such Tax Contest in its possession that the
indemnifying Company may reasonably request. 
 5.3 Control of Tax Contests. 

(a) Controlling Party. Subject to the limitations set forth in Section 5.3(b), each Filer (or the appropriate member of its
Group) shall, at its own cost and expense, be the Controlling Party with respect to any Tax Contest involving a Tax reported (or that, it is asserted, should have been reported) on a Tax Return for which such Company is responsible for filing (or
causing to be filed) pursuant to Section 3 of this Agreement (it being understood, for the avoidance of doubt but subject to the other provisions of this Section 5.3(a), that Networks shall be the Controlling Party with respect to any Tax
Contest involving Distribution Taxes), in which case any Non-Filer that could have liability under this Agreement for a Tax to which such Tax Contest relates shall be treated as the “Non-Controlling Party.” Notwithstanding the
immediately preceding sentence, if a Non-Filer (x) acknowledges to the Filer in writing its full liability under this Agreement to indemnify for any Tax, and (y) provides to the Filer evidence (that is satisfactory to the Filer as
determined in the Filer’s reasonable discretion) of the Non-Filer’s financial readiness and capacity to make such indemnity payment, then thereafter with respect to the Tax Contest relating solely to such Tax the Non-Filer shall be the
Controlling Party (subject to Section 5.3(b)) and the Filer shall be treated as the Non-Controlling Party. 
 (b)
Non-Controlling Party Participation Rights. With respect to a Tax Contest of any Tax Return that could result in a Tax liability that is allocated under this Agreement, (i) the Non-Controlling Party shall, at its own cost and expense, be
entitled to participate in such Tax Contest and to provide comments and suggestions to the Controlling Party, such comments and suggestions not to be unreasonably rejected, (ii) the Controlling Party shall keep the Non-Controlling Party
updated and informed, and shall 

  
 18 

 
consult with the Non-Controlling Party, (iii) the Controlling Party shall act in good faith with a view to the merits in connection with the Tax Contest, and (iv) the Controlling
Party shall not settle or compromise such Tax Contest without the prior written consent of the Non-Controlling Party (which consent shall not be unreasonably withheld). 

5.4 Cooperation Regarding Tax Contests. The Parties shall provide each other with all information relating to a Tax Contest which is
needed by the other Party or Parties to handle, participate in, defend, settle or contest the Tax Contest. At the request of any party, the other Parties shall take any action (e.g., executing a power of attorney) that is reasonably necessary in
order for the requesting Party to exercise its rights under this Agreement in respect of a Tax Contest. Spinco shall assist Networks, and Networks shall assist Spinco, in taking any remedial actions that are necessary or desirable to minimize the
effects of any adjustment made by a Tax Authority. The Indemnifying Party or Parties shall reimburse the Indemnified Party or Parties for any reasonable out-of-pocket costs and expenses incurred in complying with this Section 5.4. 

SECTION 6. Tax Records. 

6.1 Retention of Tax Records. Each of Networks and Spinco shall preserve, and shall cause their respective Subsidiaries to preserve, all
Tax Records that are in their possession, and that could affect the liability of any member of the other Group for Taxes, for as long as the contents thereof may become material in the administration of any matter under applicable Tax Law, but in
any event until the later of (x) the expiration of any applicable statute of limitations, as extended, and (y) seven years after the Distribution Date. 

6.2 Access to Tax Records. Spinco shall make available, and cause its Subsidiaries to make available, to members of the Networks
Group for inspection and copying the portion of any Tax Record in their possession that relates to a Pre-Distribution Period or Post-Distribution Period and which is reasonably necessary for the preparation, review, approval or filing of a Tax
Return by a member of the Networks Group or any of their Affiliates or with respect to any Tax Contest with respect to such return. Networks shall make available, and cause its Subsidiaries to make available, to members of the Spinco Group for
inspection and copying the portion of any Tax Record in their possession that relates to a Pre-Distribution Period and which is reasonably necessary for the preparation, review, approval or filing of a Tax Return by a member of the Spinco Group or
any of their Affiliates or with respect to any Tax Contest with respect to such return. 
 6.3 Confidentiality. Each party
hereby agrees that it will hold, and shall use its reasonable best efforts to cause its officers, directors, employees, accountants, counsel, consultants, advisors and agents to hold, in confidence all records and information prepared and shared by
and among the Parties in carrying out the intent of this Agreement, except as may otherwise be necessary in connection with the filing of Tax Returns or any administrative or judicial proceedings relating to Taxes or unless disclosure is compelled
by a governmental authority. Information and documents of one Party (the “Disclosing Party”) shall not be deemed to be confidential for purposes of this Section 6.3 to the extent that such information or document (i) is
previously known to or in the possession of the other Party or Parties (the “Receiving Party”) and is not otherwise subject to a requirement to be kept confidential, 

  
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(ii) becomes publicly available by means other than unauthorized disclosure under this Agreement by the Receiving Party or (iii) is received from a third party without, to the
knowledge of the Receiving Party after reasonable diligence, a duty of confidentiality owed to the Disclosing Party. 
 SECTION 7.
Representations and Covenants. 
 7.1 Covenants of Networks and Spinco. 

(a) Networks hereby covenants that, to the fullest extent permissible under U.S. federal income and state Tax Laws, it will, and will cause the
members of the Networks Group to, treat the applicable Transactions in accordance with the Agreed Treatment. Spinco hereby covenants that, to the fullest extent permissible under U.S. federal income and state Tax Laws, it will, and will cause each
Subsidiary of Spinco to, treat the applicable Transactions in accordance with the Agreed Treatment. 
 (b) Networks further covenants that,
as of and following the date hereof, Networks shall not and shall cause the members of the Networks Group not to take any action that (or fail to take any action the omission of which) would be inconsistent with the applicable Transactions
qualifying for the Agreed Treatment or that would preclude the applicable Transactions from qualifying for the Agreed Treatment. 
 (c)
Spinco further covenants that, as of and following the date hereof, Spinco shall not and shall cause its Subsidiaries not to take any action that (or fail to take any action the omission of which) would be inconsistent with the applicable
Transactions qualifying for the Agreed Treatment or that would preclude the applicable Transactions from qualifying for the Agreed Treatment. 

7.2 Private Letter Ruling. Networks represents that it has provided Spinco with a copy of the Ruling and the Ruling Request submitted on
or prior to the Distribution Date, and agrees to provide Spinco with copies of any additional documents submitted to the IRS relating to the Ruling Request and prepared after the Distribution Date prior to the submission of such documents to the IRS
in connection with the Distribution. 
 7.3 Covenants of Spinco. 

(a) Without limiting the generality of the provisions of Section 7.1, Spinco, on behalf of itself and its Subsidiaries, agrees and
covenants that Spinco and each of its Subsidiaries will not, directly or indirectly, during the Restriction Period, (i) take any action that would result in Spinco’s ceasing to be engaged in the active conduct of the Spinco Business with
the result that Spinco is not engaged in the active conduct of a trade or business within the meaning of section 355(b)(2) of the Code, (ii) redeem or otherwise repurchase (directly or through an Affiliate of Spinco) any of Spinco’s
outstanding stock, other than through stock purchases meeting the requirements of section 4.05(1)(b) of Revenue Procedure 96-30, 1996-1 C.B. 696 (but it being understood, for the avoidance of doubt, that no agreement or covenant under this
Section 7.3(a)(ii) is being entered with respect to Compensatory Equity Net Share Settlements), (iii) amend the certificate of incorporation (or other organizational documents) of Spinco that would affect the relative voting rights of
separate classes of Spinco’s stock or would convert one class of Spinco’s stock into another class of its stock, 

  
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(iv) liquidate (within the meaning of section 331 of the Code and the Treasury Regulations promulgated thereunder) or partially liquidate Spinco, (v) merge Spinco with any other
corporation (other than in a transaction that does not affect the relative shareholding of Spinco shareholders), sell or otherwise dispose of (other than in the ordinary course of business) the assets of Spinco and its Subsidiaries, or take any
other action or actions if such merger, sale, other disposition or other action or actions in the aggregate would have the effect that one or more Persons acquire (or have the right to acquire), directly or indirectly, as part of a plan or series of
related transactions, assets representing one-half or more of the asset value of the Spinco Group, or (vi) take any other action or actions that in the aggregate would have the effect that one or more Persons acquire (or have the right to
acquire), directly or indirectly, as part of a plan or series of related transactions, stock of Spinco representing a Fifty-Percent Equity Interest in Spinco (as determined for purposes of section 355(e) of the Code), other than a Permitted
Acquisition. 
 7.4 Covenants of Networks. 

(a) Without limiting the generality of the provisions of Section 7.1, Networks, on behalf of itself and each member of the Networks Group,
agrees and covenants that Networks and each member of the Networks Group will not, directly or indirectly, during the Restriction Period, (i) take any action that would result in Networks’ ceasing to be engaged in the active conduct of the
Networks Business with the result that Networks is not engaged in the active conduct of a trade or business within the meaning of section 355(b)(2) of the Code, (ii) redeem or otherwise repurchase (directly or through an Affiliate of
Networks) any of Networks’ outstanding stock, other than through stock purchases meeting the requirements of section 4.05(1)(b) of Revenue Procedure 96-30, 1996-1 C.B. 696 (but it being understood, for the avoidance of doubt, that no
agreement or covenant under this Section 7.4(a)(ii) is being entered with respect to Compensatory Equity Net Share Settlements), (iii) amend the certificate of incorporation (or other organizational documents) of Networks that would affect
the relative voting rights of separate classes of Networks’ stock or would convert one class of Networks’ stock into another class of its stock, (iv) liquidate (within the meaning of section 331 of the Code and the Treasury
Regulations promulgated thereunder) or partially liquidate Networks, (v) merge Networks with any other corporation (other than in a transaction that does not affect the relative shareholding of Networks shareholders), sell or otherwise dispose
of (other than in the ordinary course of business) the assets of Networks and its Subsidiaries, or take any other action or actions if such merger, sale, other disposition or other action or actions in the aggregate would have the effect that one or
more Persons acquire (or have the right to acquire), directly or indirectly, as part of a plan or series of related transactions, assets representing one-half or more of the asset value of the Networks Group, or (vi) take any other action or
actions that in the aggregate would have the effect that one or more Persons acquire (or have the right to acquire), directly or indirectly, as part of a plan or series of related transactions, stock of Networks representing a Fifty-Percent Equity
Interest in Networks (as determined for purposes of section 355(e) of the Code). 
 (b) Nothing in this Section 7 shall be
construed to give Spinco or any Affiliates of Spinco any right to remedies other than indemnification for any increase in the actual Tax liability (and/or decrease in Tax Benefit) of Spinco or any Affiliate of Spinco that results from Networks
Group’s failure to comply with the covenants and representations in this Section 7. 

  
 21 

 7.5 Exceptions. 

(a) Exceptions with Respect to Spinco. 

(i) Notwithstanding Section 7.3 above, Spinco or any of its Subsidiaries may take a Spinco Restricted Action if Networks
consents in writing to such Spinco Restricted Action, or if Spinco provides Networks with Satisfactory Guidance concluding that such Spinco Restricted Action will not alter the Tax-Free Status of the Distribution in respect of Networks and
Networks’ shareholders. 
 (ii) Spinco and each of its Subsidiaries agree that Networks and each Networks Affiliate are
to have no liability for any Tax resulting from any Spinco Restricted Actions permitted pursuant to this Section 7.5(a) and, subject to Section 2.2, agree to indemnify and hold harmless each Networks Indemnified Party against any such Tax.
Spinco shall bear all costs incurred by it, and all reasonable costs incurred by Networks, in connection with requesting and/or obtaining any Satisfactory Guidance. 

(b) Exceptions with Respect to Networks. 

(i) Notwithstanding Section 7.4(a) above, Networks or any of its Subsidiaries may take a Networks Restricted Action if
Spinco consents in writing to such Networks Restricted Action, or if Networks provides Spinco with Satisfactory Guidance concluding that such Networks Restricted Action will not alter the Tax-Free Status of the Distribution in respect of Spinco and
Spinco’s shareholders. 
 (ii) Networks and each of its Subsidiaries agree that Spinco and each Spinco Affiliate are to
have no liability for any Tax resulting from any Networks Restricted Actions permitted pursuant to this Section 7.5(b) and, subject to Section 2.2, agree to indemnify and hold harmless each Spinco Indemnified Party against any such Tax.
Networks shall bear all costs incurred by it, and all reasonable costs incurred by Spinco, in connection with requesting and/or obtaining any Satisfactory Guidance. 

7.6 Injunctive Relief. For the avoidance of doubt, Networks shall have the right to seek injunctive relief to prevent Spinco or any of
its Subsidiaries from taking any action that is not consistent with the covenants of the Spinco or any of its Subsidiaries under Section 7.1 or 7.3. 

7.7 Further Assurances. For the avoidance of doubt, (i) neither Networks nor a member of the Networks Group shall take any action
on the Distribution Date that would result in an increase of the actual Tax liability (and/or decrease of any Tax Benefit) of Spinco or any of its Subsidiaries, other than in the ordinary course of business, except for actions undertaken in
connection with 

  
 22 

 
the Distribution, which actions are described in the Ruling Request or the Ruling, and (ii) neither Spinco nor any of its Subsidiaries shall take any action on the Distribution Date that
would result in an increase of the actual Tax liability (and/or decrease of any Tax Benefit) of Networks or a member of the Networks Group, other than in the ordinary course of business, except for actions undertaken in connection with the
Distribution, which actions are described in the Ruling Request or the Ruling. 
 SECTION 8. General Provisions. 

8.1 Construction. This Agreement shall constitute the entire agreement (except insofar and to the extent that it specifically and
expressly references the Distribution Agreement and any other Ancillary Agreement) between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject
matter. 
 8.2 Ancillary Agreements. This Agreement is not intended to address, and should not be interpreted to address, the matters
specifically and expressly covered by the Distribution Agreement or any other Ancillary Agreement. 
 8.3 Counterparts. This Agreement
may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Party. 

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

The Madison Square Garden Company (or, after the applicable name change, MSG Networks Inc.) 

11 Penn Plaza 
 New York, New York
10001 
 Attention: President 

with copy to: 
 MSG Spinco,
Inc. (or, after the applicable name change, The Madison Square Garden Company) 
 Two Penn Plaza 

New York, New York 10121 

Attention: General Counsel 

  
 23 

 To Spinco: 

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

Two Penn Plaza 
 New York, New
York 10121 
 Attention: General Counsel 

8.5 Amendments. This Agreement may not be modified or amended except by an agreement in writing signed by each of the Parties. 

8.6 Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by any Party without the
prior written consent of the other Party, and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void; provided that, subject to compliance with Section 7, if applicable, either
Party may assign this Agreement to a purchaser of all or substantially all of the properties and assets of such Party so long as such purchaser expressly assumes, in a written instrument in form reasonably satisfactory to the non-assigning Party,
the due and punctual performance or observance of every agreement and covenant of this Agreement on the part of the assigning Party to be performed or observed. 

8.7 Successors and Assigns. The provisions to this Agreement shall be binding upon, inure to the benefit of and be enforceable by the
Parties and their respective successors and permitted assigns. 
 8.8 Change in Law. Any reference to a provision of the Code or any
other Tax Law shall include a reference to any applicable successor provision or law. 
 8.9 Authorization, Etc. Each of the Parties
hereto hereby represents and warrants that it has the power and authority to execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such Party, that this Agreement
constitutes a legal, valid and binding obligation of such Party and that the execution, delivery and performance of this Agreement by such Party does not contravene or conflict with any provision of law or the Party’s charter or bylaws or any
agreement, instrument or order binding such Party. 
 8.10 Termination. This Agreement may be terminated at any time prior to the
Distribution by and in the sole discretion of Networks without the approval of Spinco or the stockholders of Networks. In the event of such termination, no Party shall have any liability of any kind to any other Party or any other Person. After the
Distribution, this Agreement may not be terminated except by an agreement in writing signed by the Parties. 
 8.11 Subsidiaries. Each
of the Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any entity that is contemplated to be a Subsidiary of such Party after the Distribution
Date. 
 8.12 Third-Party Beneficiaries. Except with respect to Networks Indemnified Parties and Spinco Indemnified Parties, and in
each case, only where and as indicated herein, this Agreement is solely for the benefit of the Parties and their respective Subsidiaries and Affiliates and should not be deemed to confer upon any other Person any remedy, claim, liability,
reimbursement, cause of 

  
 24 

 
action or other right in excess of those existing without reference to this Agreement. Notwithstanding anything in this Agreement to the contrary, this Agreement is not intended to confer upon
any Spinco Indemnified Parties any rights or remedies against Spinco hereunder, and this Agreement is not intended to confer upon any Networks Indemnified Parties any rights or remedies against Networks hereunder. 

8.13 Double Recovery. Nothing in this Agreement is intended to confer to or impose upon any Party a duplicative right, entitlement,
obligation or recovery with respect to any matter arising out of the same facts and circumstances. 
 8.14 Titles and Headings. Titles
and headings to Sections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

8.15 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York. 
 8.16 Waiver of Jury Trial. The Parties hereby irrevocably waive any
and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 

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

8.18 No Strict Construction; Interpretation. 

(a) Each of Networks and Spinco acknowledges that this Agreement has been prepared jointly by the Parties hereto and shall not be strictly
construed against any Party hereto. 
 (b) The table of contents and headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”. The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or
instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by
succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

  
 25 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by the respective
officers as of the date set forth above. 
  

			
	THE MADISON SQUARE GARDEN COMPANY
		
	By:	 	  

		 	Name:
		 	Title:
	
	MSG SPINCO, INC.
		
	By:	 	  

		 	Name:
		 	Title:EX-10.3

 Exhibit 10.3 

FORM OF 
 EMPLOYEE
MATTERS AGREEMENT 
 by and between 

THE MADISON SQUARE GARDEN COMPANY 

(TO BE RENAMED MSG NETWORKS INC.) 

and 
 MSG SPINCO, INC.

 (TO BE RENAMED THE MADISON SQUARE GARDEN COMPANY) 

Dated as of [                    ], 2015

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	
	 ARTICLE I

DEFINITIONS

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

GENERAL PRINCIPLES

			
	Section 2.1	  	Assumption and Retention of Liabilities; Related Assets	  	8
	Section 2.2	  	Spinco Participation in MSG Networks Plans	  	10
	Section 2.3	  	Service Recognition	  	10
	
	 ARTICLE III

U.S. QUALIFIED DEFINED BENEFIT PLAN

			
	Section 3.1	  	Transfer of Cash Balance Pension Plan to Spinco.	  	12
	Section 3.2	  	Cash Balance Pension Plan Freeze	  	12
	Section 3.3	  	MSG Networks Participant Credit	  	12
	
	 ARTICLE IV

U.S. QUALIFIED DEFINED CONTRIBUTION PLANS

			
	Section 4.1	  	401(k) Plan	  	12
	Section 4.2	  	Stock Investment Options	  	13
	Section 4.3	  	Investments and Benefits Committee	  	13
	
	 ARTICLE V

NONQUALIFIED PLANS

			
	Section 5.1	  	Excess Cash Balance Pension Plan	  	13
	Section 5.2	  	Excess Retirement Plan.	  	14
	Section 5.3	  	Excess 401(k) Savings Plan	  	14
	Section 5.4	  	Transferred Employees	  	15
	Section 5.5	  	No Separation from Service	  	15
	
	 ARTICLE VI

U.S. HEALTH AND WELFARE PLANS

			
	Section 6.1	  	Health and Welfare Plans Maintained by MSG Networks Prior to the Distribution Date.	  	15
	Section 6.2	  	Flexible Spending Accounts Plan	  	16
	Section 6.3	  	Legal Plan	  	16
	Section 6.4	  	COBRA and HIPAA	  	16

  
 –i– 

					
	 	  	 	  	Page
	Section 6.5	  	Liabilities	  	17
	Section 6.6	  	Time-Off Benefits	  	18
	Section 6.7	  	Severance Pay Plans	  	18
	
	 ARTICLE VII

EQUITY COMPENSATION

			
	Section 7.1	  	Equity Compensation	  	18
	Section 7.2	  	Taxes and Withholding	  	19
	Section 7.3	  	Cooperation	  	21
	Section 7.4	  	SEC Registration	  	21
	Section 7.5	  	Savings Clause	  	21
	
	 ARTICLE VIII

ADDITIONAL COMPENSATION AND BENEFITS MATTERS

			
	Section 8.1	  	Cash Incentive Awards	  	21
	Section 8.2	  	Individual Arrangements	  	23
	Section 8.3	  	Non-Competition	  	24
	Section 8.4	  	Collective Bargaining	  	24
	Section 8.5	  	Union Dues; Severance and Fringe Benefits	  	24
	Section 8.6	  	Director Programs	  	24
	Section 8.7	  	Sections 162(m)/409A	  	24
	Section 8.8	  	2015 Administrative Bonus	  	24
	
	 ARTICLE IX

INDEMNIFICATION

			
	Section 9.1	  	Indemnification	  	25
	
	 ARTICLE X

GENERAL AND ADMINISTRATIVE

			
	Section 10.1	  	Sharing of Information	  	25
	Section 10.2	  	Reasonable Efforts/Cooperation	  	25
	Section 10.3	  	Non-Termination of Employment; No Third-Party Beneficiaries	  	26
	Section 10.4	  	Consent of Third Parties	  	26
	Section 10.5	  	Access to Employees	  	26
	Section 10.6	  	Beneficiary Designation/Release of Information/Right to Reimbursement	  	27
	Section 10.7	  	Not a Change in Control	  	27
	
	 ARTICLE XI

MISCELLANEOUS

			
	Section 11.1	  	Effect If Distribution Does Not Occur	  	27
	Section 11.2	  	Complete Agreement; Construction	  	27
	Section 11.3	  	Counterparts	  	27
	Section 11.4	  	Survival of Agreements	  	27

  
 –ii– 

					
	 	  	 	  	Page
	Section 11.5	  	Notices	  	27
	Section 11.6	  	Waivers	  	28
	Section 11.7	  	Amendments	  	28
	Section 11.8	  	Assignment	  	28
	Section 11.9	  	Successors and Assigns	  	28
	Section 11.10	  	Subsidiaries	  	28
	Section 11.11	  	Title and Headings	  	28
	Section 11.12	  	Governing Law	  	28
	Section 11.13	  	Waiver of Jury Trial	  	28
	Section 11.14	  	Specific Performance	  	29
	Section 11.15	  	Severability	  	29

  
 –iii– 

 Exhibits 
  

			
	 Exhibit A
		MSG Networks Retained Retirement Plans
	 Exhibit B
		Spinco Retained Retirement Plans
	 Exhibit C
		MSG Networks Retained Multi-Employer Benefit Plans
	 Exhibit D
		Spinco Retained Multi-Employer Benefit Plans
	 Exhibit E
		MSG Networks Health & Welfare Plans
	 Exhibit F
		MSG Networks Union Relationships
	 Exhibit G
		Spinco Union Relationships

  
 –iv– 

 FORM OF EMPLOYEE MATTERS AGREEMENT 

THIS EMPLOYEE MATTERS AGREEMENT (the “Agreement”), dated as of
[                    ], 2015, is by and between The Madison Square Garden Company (to be renamed MSG Networks Inc.), a Delaware corporation
(“MSG Networks”), and MSG Spinco, Inc. (to be renamed The Madison Square Garden Company), a Delaware corporation and an indirect wholly-owned subsidiary of MSG Networks (“Spinco,” and, together with MSG Networks,
each, a “Party” and collectively, the “Parties”). 
 RECITALS 

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

WHEREAS, in order to effectuate the foregoing, MSG Networks and Spinco have entered into a Distribution Agreement, dated as of
[                    ], 2015 (the “Distribution Agreement”), pursuant to which and subject to the terms and conditions set forth
therein, the Spinco Business shall be separated from the MSG Networks Business, and all of the issued and outstanding Class A Common Stock, par value $0.01 per share, of Spinco and Class B Common Stock, par value $0.01 per share, of Spinco
(collectively, the “Spinco Common Stock”) beneficially owned by MSG Networks shall be distributed (the “Distribution”) on a pro rata basis to the holders of the issued and outstanding Class A Common Stock, par
value $0.01 per share, of MSG Networks and Class B Common Stock, par value $0.01 per share, of MSG Networks (collectively, the “MSG Networks Common Stock”); and 

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

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

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the meanings set forth
below: 
 “401(k) Plans” shall have the meaning ascribed thereto in Section 4.1 of this Agreement. 

  
 -1- 

 “Action” means any claim, demand, complaint, charge, action, cause of action,
suit, countersuit, arbitration, litigation, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal. 

“Agreement” shall have the meaning ascribed thereto in the preamble to this Agreement, including all the exhibits hereto, and
all amendments made hereto from time to time. 
 “Asset” means any right, property or asset, whether real, personal or
mixed, tangible or intangible, of any kind, nature and description, whether accrued, contingent or otherwise, and wherever situated and whether or not carried or reflected, or required to be carried or reflected, on the books of any Person. 

“Cash Balance Pension Plan” means the MSG Holdings, L.P. Cash Balance Pension Plan or any successor thereto. 

“COBRA” means the continuation coverage requirements for “group health plans” under Title X of the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA. 

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

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

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

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

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

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

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

“Fixed Performance Awards” shall have the meaning ascribed thereto in Section 8.1(a) of this Agreement. 

  
 -2- 

 “Former MSG Networks Employee” means: 

 

	 	i.	with respect to an individual whose MSG Networks Group employment terminated prior to the Distribution Date, any such individual whose last position was in the Media division (including, without limitation, Fuse); and

  

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

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

 

	 	i.	with respect to an individual whose MSG Networks Group employment terminated prior to the Distribution Date, any such individual whose last position was not in the Media division; and 

 

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

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

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

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

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

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

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

  
 -3- 

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

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

“MSG Networks Business” means all businesses and operations conducted by the MSG Networks Group from time to time, whether
prior to, at or after the Distribution Date, other than the Spinco Business. 
 “MSG Networks Common Stock” shall have the
meaning ascribed thereto in the recitals to this Agreement. 
 “MSG Networks Compensation Committee” means the Compensation
Committee of the Board of Directors of MSG Networks. 
 “MSG Networks Director” means any individual who is a current or
former non-employee director of MSG Networks as of the Distribution Date. 
 “MSG Networks Employee” means any individual
who, immediately following the Distribution Date, will be employed by MSG Networks or any member of the MSG Networks Group in a capacity considered by MSG Networks to be common law employment, including active employees and employees on vacation and
approved leaves of absence (including maternity, paternity, family, sick, short-term or long-term disability leave, qualified military service under the Uniformed Services Employment and Reemployment Rights Act of 1994, and leave under the Family
Medical Leave Act and other approved leaves). 
 “MSG Networks Flexible Spending Accounts Plan” shall have the meaning
ascribed thereto in Section 6.2 of this Agreement. 

  
 -4- 

 “MSG Networks Group” means, as of the Distribution Date, MSG Networks and each
of its former and current Subsidiaries (or any predecessor organization thereof), and any corporation or entity that may become part of such Group from time to time thereafter. The MSG Networks Group shall not include any member of the Spinco Group.

 “MSG Networks Health & Welfare Plans” shall have the meaning ascribed thereto in Section 6.1(a) of
this Agreement. 
 “MSG Networks Liabilities” means all Liabilities assumed or retained by any member of the MSG Networks
Group pursuant to this Agreement. 
 “MSG Networks Option” means an option to buy MSG Networks Class A Common Stock
granted pursuant to an MSG Networks Share Plan (including the options adjusted for the Distribution) and outstanding as of the Distribution Date. 

“MSG Networks Participant” means any individual who, immediately following the Distribution Date, is an MSG Networks
Employee, a Former MSG Networks Employee or a beneficiary, dependent or alternate payee of any of the foregoing. 
 “MSG Networks
Plan” means any Plan sponsored, maintained or contributed to by MSG Networks or any of its Subsidiaries, including the MSG Networks Retained Retirement Plans, MSG Networks Share Plans, MSG Networks Flexible Spending Accounts Plan, MSG
Networks Retiree Medical Program, MSG Networks Health & Welfare Plans and MSG Networks Retained Multi-Employer Benefit Plans, but excluding the MSG Holdings, L.P. Cash Balance Pension Plan and the Retirement Plan for Licensed Ushers and
Ticket Takers Local No. 176 of the Service Employees’ International Union, AFL-CIO. 
 “MSG Networks Retained
Multi-Employer Benefit Plans” means the multi-employer plans that are listed on Exhibit C. 
 “MSG Networks Retained
Retirement Plans” means the retirement plans that are listed on Exhibit A. 
 “MSG Networks RSU” means a
restricted stock unit representing an unfunded and unsecured promise to deliver a share of MSG Networks Class A Common Stock, or cash or other property equal in value to the share of MSG Networks Class A Common Stock, that is granted
pursuant to an MSG Networks Share Plan and outstanding as of the Distribution Date. 
 “MSG Networks Share Plans” means,
collectively, any stock option or stock incentive compensation plan or arrangement, including equity award agreements, maintained before the Distribution Date for employees, officers or non-employee directors of MSG Networks or its Subsidiaries or
affiliates, as amended. 
 “MSG Networks Stock Investment Option” means the unitized stock fund investment option offered
under the MSG Holdings, L.P. 401(k) Savings Plan, with a value based on the value of MSG Networks Common Stock and the cash liquidity component. 

“NASDAQ” means The NASDAQ Stock Market LLC. 

  
 -5- 

 “NYSE” means the New York Stock Exchange. 

“Participating Company” means MSG Networks and any Person (other than an individual) participating in an MSG Networks Plan.

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

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

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

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

“Spinco Business” means all businesses and operations conducted by the Spinco Group from time to time, whether prior to, at
or after the Distribution Date, including the businesses and operations conducted by the Spinco Group as more fully described in the Spinco Information Statement and excluding the MSG Networks Business. 

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

“Spinco Director” means any individual who is a current non-employee director of Spinco as of the Distribution Date. 

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

  
 -6- 

 “Spinco Excess 401(k) Savings Plan” shall have the meaning ascribed thereto in
Section 5.3(a). 
 “Spinco Excess Cash Balance Plan” shall have the meaning ascribed thereto in
Section 5.1(a). 
 “Spinco Excess Retirement Plan” shall have the meaning ascribed thereto in
Section 5.1(a) of this Agreement. 
 “Spinco Flexible Spending Accounts Plan” shall have the meaning ascribed
thereto in Section 6.2 of this Agreement. 
 “Spinco Group” means, as of the Distribution Date, Spinco and each
of its former and current Subsidiaries (or any predecessor organization thereof), and any corporation or entity that may become part of such Group from time to time thereafter. The Spinco Group shall not include any member of the MSG Networks Group.

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

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

 “Spinco Option” means an option to buy Spinco Class A Common Stock granted pursuant to a Spinco Share Plan and
granted in connection with the Distribution. 
 “Spinco Participant” means any individual who, immediately following the
Distribution Date, is a Spinco Employee, a Former Spinco Employee or a beneficiary, dependent or alternate payee of any of the foregoing. 

“Spinco Plan” means any Plan sponsored, maintained or contributed to by any member of the Spinco Group, including the Spinco
Retained Retirement Plans, Spinco Share Plans, Spinco Flexible Spending Accounts Plan, the Spinco Retiree Medical Program, Spinco Health & Welfare Plans and Spinco Retained Multi-Employer Benefit Plans. 

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

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

  
 -7- 

 “Spinco RSU” means a restricted stock unit representing an unfunded and
unsecured promise to deliver a share of Spinco Class A Common Stock, or cash or other property equal in value to the share of Spinco Class A Common Stock, that is granted pursuant to a Spinco Share Plan and granted in connection with the
Distribution. 
 “Spinco Share Plans” means the Spinco 2015 Employee Stock Plan, Spinco 2015 Stock Plan For Non-Employee
Directors and any stock plan or stock incentive arrangement, including equity award agreements, entered into by Spinco in connection with the Distribution. 

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

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

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

“Transition Period End Date” means the last day of each applicable Transition Period. 

“U.S.” means the United States of America. 

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

ARTICLE II 
 GENERAL
PRINCIPLES 
 Section 2.1 Assumption and Retention of Liabilities; Related Assets. 

(a) As of the Distribution Date, except as otherwise expressly provided for in this Agreement, MSG Networks shall, or shall cause one or more
members of the MSG Networks Group to, assume or retain and MSG Networks hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all MSG Networks Plans (provided that, as between MSG Networks
and Spinco, Spinco shall be responsible for certain of those Liabilities pursuant to Section 2.1(b) of this Agreement), (ii) all 

  
 -8- 

 
Liabilities with respect to the employment, retirement, service, termination of employment or termination of service of all MSG Networks Employees, Former MSG Networks Employees, MSG Networks
Directors, their dependents and beneficiaries and other service providers (including any individual who is, or was, an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee,
on-call worker, incidental worker, or non-payroll worker of any member of the MSG Networks Group or in any other employment, non-employment, or retainer arrangement or relationship with any member of the MSG Networks Group), in each case to the
extent arising in connection with or as a result of employment with or the performance of services for any member of the MSG Networks Group, and (iii) any other Liabilities expressly assumed by or retained by MSG Networks or any of its
Subsidiaries under this Agreement, including liabilities retained pursuant to Article V of this Agreement. For purposes of clarification and the avoidance of doubt, (x) the Liabilities assumed or retained by the MSG Networks Group as
provided for in this Section 2.1(a) are intended to be MSG Networks Liabilities as such term is defined in the Distribution Agreement, and (y) the Parties intend that such Liabilities assumed or retained by the MSG Networks Group
include the retirement benefits and health and welfare plan benefits under the MSG Networks Plans for all MSG Networks Employees, Former MSG Networks Employees, their dependents, beneficiaries, alternate payees and surviving spouses. 

(b) As of the Distribution Date, except as otherwise expressly provided for in this Agreement, Spinco shall, or shall cause one or more
members of the Spinco Group to, assume or retain and Spinco hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all Spinco Plans, (ii) all Liabilities with respect to the employment,
service, retirement, termination of employment or termination of service of all Spinco Employees, Former Spinco Employees, their dependents and beneficiaries and other service providers (including any individual who is, or was, an independent
contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker of any member of the Spinco Group or in any other employment,
non-employment, or retainer arrangement or relationship with any member of the Spinco Group), and (iii) any other Liabilities expressly assumed or retained by Spinco or any of its Subsidiaries under this Agreement. For purposes of clarification
and the avoidance of doubt, the Liabilities assumed or retained by the Spinco Group as provided for in this Section 2.1(b) are intended to be Spinco Liabilities as such term is defined in the Distribution Agreement. 

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

  
 -9- 

 Section 2.2 Spinco Participation in MSG Networks Plans. 

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

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

Section 2.3 Service Recognition. 

(a) Pre-Distribution Service Credit. Spinco shall give each Spinco Participant full credit for purposes of eligibility, vesting,
determination of level of benefits, and, to the extent applicable, benefit accruals under any Spinco Plan for such Spinco Participant’s service with any member of the MSG Networks Group prior to the Distribution Date to the same extent such
service was recognized by the corresponding MSG Networks Plans immediately prior to the Distribution Date; provided, however, that such service shall not be recognized to the extent that such recognition would result in the duplication
of benefits. 
 (b) Post-Distribution Service Crediting for the MSG Networks Retained Retirement Plans and Spinco Retained Retirement
Plans. Each of MSG Networks and Spinco (acting directly or through their respective Subsidiaries) shall cause each of the MSG Networks Retained Retirement Plans and the Spinco Retained Retirement Plans, respectively, to provide the following
service crediting rules effective as of the Distribution Date: 
 (i) If an MSG Networks Employee who participates in, or is
eligible to participate but as of December 31, 2016 (the “Service Crediting Date”) is not participating in, any of the MSG Networks Retained Retirement Plans becomes employed by a member of the Spinco Group on or after the
Distribution Date, but on or before the Service Crediting Date, and such MSG Networks Employee has been continuously employed by the MSG Networks Group from the Distribution Date through the date such MSG Networks Employee commences active
employment with a member of the Spinco Group, then such MSG Networks Employee’s service with the MSG Networks Group following the Distribution Date shall be recognized for purposes of eligibility, vesting and level of benefits under the
corresponding Spinco Retained Retirement Plans, in each case to the same extent as such MSG Networks Employee’s service with the MSG Networks Group was recognized under the corresponding MSG Networks Retained Retirement Plans, if any. 

  
 -10- 

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

(iii) Notwithstanding anything in this Agreement to the contrary, for the period commencing on the Distribution Date until the
Service Crediting Date, the MSG Networks Retained Retirement Plans and the Spinco Retained Retirement Plans (other than the Cash Balance Pension Plan) shall provide that no break in service occurs with respect to any MSG Networks Employee or Spinco
Employee who is hired or rehired by any member of the Spinco Group or the MSG Networks Group after the termination of such MSG Networks Employee’s or Spinco Employee’s employment with either the MSG Networks Group or the Spinco Group
within such period. 
 (iv) Notwithstanding anything in this Agreement to the contrary, the employment service with the MSG
Networks Group or the Spinco Group shall not be double counted or result in duplicative benefits or service crediting under any MSG Networks Retained Retirement Plan or Spinco Retained Retirement Plan. 

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

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

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

  
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 ARTICLE III 

U.S. QUALIFIED DEFINED BENEFIT PLAN 

Section 3.1 Transfer of Cash Balance Pension Plan to Spinco. As of the Distribution Date, MSG Networks shall transfer to
Spinco all of the assets in the trust underlying the Cash Balance Pension Plan, and Spinco shall assume and be responsible for all Liabilities under the Cash Balance Pension Plan. As of the Distribution Date, Spinco shall cause the Cash Balance
Pension Plan (or a successor thereto) to recognize and maintain all existing elections, including beneficiary designations, payment form elections and rights of alternate payees under qualified domestic relations orders in existence prior to the
Distribution Date. 
 Section 3.2 Cash Balance Pension Plan Freeze. The Parties acknowledge that prior to the
Distribution Date, the Cash Balance Pension Plan (or a successor thereto) has been amended to (a) freeze the Cash Balance Pension Plan (or a successor thereto) to new participants and future benefit accruals effective as of December 31,
2015, (b) provide that, following the Distribution Date through December 31, 2015, service with either MSG Networks or Spinco shall count as continued service for all purposes under such plan (other than 2015 benefits accrual service for
MSG Networks Employees and Former MSG Networks Employees, it being understood that 2015 benefits accrual service credit for such individuals is addressed in Section 3.3) and (c) provide that, following December 31, 2015,
service with either MSG Networks or Spinco shall count as continued service for vesting and early retirement subsidies purposes under such plan. 

Section 3.3 MSG Networks Participant Credit. At such time as Spinco allocates 2015 service credits to Cash Balance Pension
Plan participants, Spinco shall cause the Cash Balance Pension Plan to credit each MSG Networks Participant with “Compensation” (as defined in the Cash Balance Pension Plan) in respect of calendar year 2015 equal to the
“Compensation” earned by such MSG Networks Participant from January 1, 2015 through September 30, 2015, times a fraction (a) the numerator of which is the lesser of 365 or the number of days elapsed from January 1, 2015
through the date of the MSG Networks Participant’s termination of employment from the MSG Networks Group, and (b) the denominator of which is the number of days elapsed from January 1, 2015 through the Distribution Date. 

ARTICLE IV 
 U.S.
QUALIFIED DEFINED CONTRIBUTION PLANS 
 Section 4.1 401(k) Plans. On or prior to the Distribution Date, MSG Networks
and Spinco shall take all necessary actions to convert both of the MSG Holdings, L.P. 401(k) Savings Plan and the MSG Holdings, L.P. 401(k) Union Plan (collectively, the “401(k) Plans”) into multiple employer plans and add Spinco as
the sponsor and a contributing employer to such plans. On and after the Distribution Date, Spinco Participants who, immediately prior to the Distribution Date were participants in, or entitled to, future benefits under either of the 401(k) Plans
shall continue to participate in such 401(k) Plan on the same terms and conditions as 

  
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applied prior to the Distribution Date, as may be modified from time to time. On and after the Distribution Date, all contributions payable to the 401(k) Plans with respect to Spinco
Participants, determined in accordance with the terms of the 401(k) Plans, ERISA and the Code, shall be paid by Spinco to the 401(k) Plans. 

Section 4.2 Stock Investment Options. 

(a) No deferrals, employee contributions, employer contributions or exchanges into the MSG Networks Stock Investment Option shall be permitted
to be made by MSG Networks Participants or Spinco Participants following the Distribution Date. No deferrals, employee contributions, employer contributions or exchanges into the Spinco Stock Investment Option shall be permitted to be made by MSG
Networks Participants or Spinco Participants following the Distribution Date. 
 (b) The 401(k) Plans will be amended as of the Distribution
Date to: (i) create a Spinco Stock Investment Option; (ii) enable the Spinco Stock Investment Option to receive shares of Spinco Common Stock to be distributed in the Distribution on behalf of participants in the 401(k) Plans; and
(iii) provide that, following the Distribution, no new amounts may be contributed to the MSG Networks Stock Investment Option or the Spinco Stock Investment Option, whether through employee contributions, employer contributions or exchanges.

 Section 4.3 Investment and Benefits Committee. Effective as of the Distribution Date, Spinco shall establish an
Investments and Benefits Committee, which will administer the 401(k) Plans. MSG Networks (through its Investment and Benefits Committee) will have mutually agreed representation for purposes of administering the 401(k) Plans. 

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

(a) No later than the Distribution Date, Spinco shall establish and make payments pursuant to a non-qualified defined benefit pension plan
(the “Spinco Excess Cash Balance Plan”) to provide non-qualified retirement benefits to eligible Spinco Employees and shall assume the Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to Spinco Employees. For
the avoidance of doubt, Spinco shall not assume, and MSG Networks shall remain responsible for, any Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to any individual who is no longer employed by the MSG Networks Group or the
Spinco Group as of the Distribution Date. 
 (b) As of the effective date of the Spinco Excess Cash Balance Plan, Spinco (acting directly or
through its Subsidiaries) shall cause the Spinco Excess Cash Balance Plan to recognize and maintain all existing beneficiary designations with respect to Spinco Employees under the MSG Holdings, L.P. Excess Cash Balance Plan. 

(c) The Parties agree that the Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to Spinco Employees shall be
transferred to the Spinco Excess Cash Balance Plan effective as of the Distribution Date. 

  
 -13- 

 (d) The Parties acknowledge that prior to the Distribution Date, the MSG Holdings, L.P. Excess
Cash Balance Plan and the Spinco Excess Cash Balance Plan have each been amended to freeze each respective plan to new participants and future benefit accruals effective as of December 31, 2015. 

Section 5.2 Excess Retirement Plan.  

(a) No later than the Distribution Date, Spinco shall establish and make payments pursuant to a non-qualified defined benefit pension plan
(the “Spinco Excess Retirement Plan”) to provide non-qualified retirement benefits to eligible Spinco Employees and shall assume the Liabilities of the MSG Holdings, L.P. Excess Retirement Plan relating to Spinco Employees. For the
avoidance of doubt, Spinco shall not assume, and MSG Networks shall remain responsible for, any Liabilities of the MSG Holdings, L.P. Excess Retirement Plan relating to any individual who is no longer employed by the MSG Networks Group or the Spinco
Group as of the Distribution Date. 
 (b) As of the effective date of the Spinco Excess Retirement Plan, Spinco (acting directly or through
its Subsidiaries) shall cause the Spinco Excess Retirement Plan to recognize and maintain all existing beneficiary designations with respect to Spinco Employees under the MSG Holdings, L.P. Excess Retirement Plan. 

(c) The Parties agree that, effective as of the Distribution Date, the Liabilities of the MSG Holdings, L.P. Excess Retirement Plan relating
to Spinco Employees shall be transferred to the Spinco Excess Retirement Plan. 
 Section 5.3 Excess 401(k) Savings Plan.

 (a) Establishment of the Spinco Excess 401(k) Savings Plan. No later than the Distribution Date, Spinco shall establish a
defined contribution plan for the benefit of Spinco Employees (the “Spinco Excess 401(k) Savings Plan”) who, immediately prior to the effective date of the Spinco Excess 401(k) Savings Plan, were participants in, or entitled to,
future benefits under the MSG Holdings, L.P. Excess 401(k) Savings Plan. 
 (b) Transfer of MSG Holdings, L.P. Excess 401(k) Savings Plan
Accounts. No later than the Distribution Date, MSG Networks shall cause the accounts in the MSG Holdings, L.P. Excess 401(k) Savings Plan attributable to Spinco Employees to be transferred to the Spinco Excess 401(k) Savings Plan and Spinco
shall cause the Spinco Excess 401(k) Savings Plan to accept such transfer of accounts in accordance with current practice and to assume and to fully perform, pay and discharge all Liabilities of the MSG Holdings, L.P. Excess 401(k) Savings Plan
relating to the accounts of Spinco Employees as of the effective date of the Spinco Excess 401(k) Savings Plan. For the avoidance of doubt, Spinco shall not assume, and MSG Networks shall remain responsible for, any Liabilities of the MSG Holdings,
L.P. Excess 401(k) Savings Plan relating to any individual who is no longer employed by the MSG Networks Group or the Spinco Group as of the Distribution Date. 

(c) Continuation of Elections. As of the effective date of the Spinco Excess 401(k) Savings Plan, Spinco (acting directly or through
its Subsidiaries) shall cause the Spinco Excess 401(k) Savings Plan to recognize and maintain all elections, including 

  
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deferral elections and beneficiary designations with respect to Spinco Employees under the MSG Holdings, L.P. Excess 401(k) Savings Plan for the remainder of the period or periods for which such
elections or designations are by their original terms applicable, to the extent such election or designation is available under the Spinco Excess 401(k) Savings Plan. 

Section 5.4 Transferred Employees. Employees who transfer from MSG Networks to Spinco between the Distribution Date and the
Service Crediting Date will not be eligible for an immediate distribution of their account balance from the MSG Holdings, L.P. Excess Cash Balance Plan, MSG Holdings, L.P. Excess Retirement Plan or the MSG Holdings, L.P. Excess 401(k) Savings Plan;
instead, subject to compliance with any applicable requirements of Section 409A of the Code, any such account balance shall be transferred to the Spinco Excess Cash Balance Plan, Spinco Excess Retirement Plan or the Spinco Excess 401(k) Savings
Plan on the date of transfer, and MSG Networks shall pay Spinco an amount equal to the vested account balance as of the transfer date within 30 days of such transfer date. Employees who transfer from Spinco to MSG Networks between the Distribution
Date and the Service Crediting Date will not be eligible for an immediate distribution of their account balance from the Spinco Excess Cash Balance Plan, Spinco Excess Retirement Plan or the Spinco Excess 401(k) Savings Plan; instead, subject to
compliance with any applicable requirements of Section 409A of the Code, any such account balance shall be transferred to the MSG Holdings, L.P. Excess Cash Balance Plan, MSG Holdings, L.P. Excess Retirement Plan or the MSG Holdings, L.P.
Excess 401(k) Savings Plan on the date of transfer, and Spinco shall pay MSG Networks an amount equal to the vested account balance as of the transfer date within 30 days of such transfer date. 

Section 5.5 No Separation from Service. The transactions provided for under this Agreement shall not constitute a
separation from service or a termination of employment under the MSG Holdings, L.P. Excess Cash Balance Plan, MSG Holdings, L.P. Excess Retirement Plan, the Spinco Excess Retirement Plans, the MSG Holdings, L.P. Excess 401(k) Savings Plan or the
Spinco Excess 401(k) Savings Plan, each of which shall provide that no distribution of retirement benefits shall be made to any Spinco Employee on account of these transactions. 

ARTICLE VI 
 U.S. HEALTH
AND WELFARE PLANS 
 Section 6.1 Health and Welfare Plans Maintained by MSG Networks Prior to the Distribution
Date. 
 (a) Establishment of the Spinco Health & Welfare Plans. MSG Networks or one or more of its
Subsidiaries maintain each of the health and welfare plans set forth on Exhibit E attached hereto (the “MSG Networks Health & Welfare Plans”) for the benefit of eligible MSG Networks Participants and Spinco Participants.
Effective as of January 1, 2016 (the “Effective Date”), Spinco shall, or shall cause one of its Subsidiaries to, adopt health and welfare plans for the benefit of eligible Spinco Participants (collectively, the “Spinco
Health & Welfare Plans”). 
 (b) Terms of Participation in Spinco Health & Welfare Plans. Spinco (acting
directly or through its Subsidiaries) shall cause all Spinco Health & Welfare Plans, if applicable, to (i) waive all limitations as to preexisting conditions, exclusions, and service conditions with respect to participation and
coverage requirements applicable to Spinco Participants, other than limitations 

  
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that were in effect with respect to Spinco Participants immediately prior to the Effective Date, (ii) waive any waiting period limitation or evidence of insurability requirement that would
otherwise be applicable to a Spinco Participant immediately prior to the Effective Date to the extent such Spinco Participant had satisfied any similar limitation under the analogous MSG Networks Health & Welfare Plan, and (iii) in the
case of self-insured Spinco Health & Welfare Plans, provide credit for all benefits paid to Spinco Participants under the MSG Networks Health & Welfare Plans for purposes of determining when such persons have reached their lifetime
maximums under the Spinco Health & Welfare Plan. Notwithstanding the foregoing, in the event that any Spinco Participant, Former Spinco Employee, or dependent thereof is confined to a facility for treatment as of the Effective Date, such
persons nevertheless shall become covered under Spinco Health & Welfare Plans as of such date, and shall cease being covered under MSG Networks Health & Welfare Plans as of such date. 

Section 6.2 Flexible Spending Accounts Plan. As of the Effective Date, Spinco (acting directly or through its Subsidiaries)
shall establish a flexible spending accounts plan (the “Spinco Flexible Spending Accounts Plan”) with features that are comparable to those contained in the flexible spending accounts plan maintained by MSG Networks for the benefit
of Spinco Participants immediately prior to the Effective Date (the “MSG Networks Flexible Spending Accounts Plan”). Following the Effective Date, Spinco Participants that presently participate in the MSG Networks Flexible Spending
Accounts Plan may submit, for reimbursement in accordance with the MSG Networks Flexible Spending Accounts Plan, claims for health costs incurred during the 2015 plan year and any applicable grace period thereafter, and MSG Networks shall be
responsible for the payment of such claims. Spinco shall be entitled to retain the net positive balance, if any, of the Spinco Participants’ flexible spending accounts from the 2015 plan year. Spinco shall pay to MSG Networks the net negative
balance, if any, of the Spinco Participants’ flexible spending accounts from the 2015 plan year. As of the Effective Date, Spinco shall be responsible for administering all reimbursement claims of Spinco Participants under the Spinco Flexible
Spending Accounts Plan with respect to calendar year 2016 under the Spinco Flexible Spending Accounts Plan. 
 Section 6.3 Legal
Plan. Any case initiated by a Spinco Participant under the MSG Networks Group Legal Plan prior to the Effective Date will continue under such plan until its completion regardless of whether the Spinco Participant enrolls in the Spinco Group
Legal Plan after the Effective Date. 
 Section 6.4 COBRA and HIPAA. As of the Effective Date, Spinco (acting directly or
through its Subsidiaries) shall assume, or shall have caused the Spinco Health & Welfare Plans to assume, responsibility for compliance with the health care continuation coverage requirements of COBRA with respect to Spinco Participants
who, as of the day prior to the Effective Date, were covered under an MSG Networks Health & Welfare Plan pursuant to COBRA or were eligible for COBRA under an MSG Networks Health & Welfare Plan and incur any COBRA claims after the
Effective Date. MSG Networks shall be responsible for the claims incurred by Spinco Participants prior to the Effective Date, regardless of whether payments for such claims are made or due after the Effective Date. MSG Networks (acting directly or
through its Subsidiaries) shall be responsible for administering compliance with the certificate of creditable coverage requirements of HIPAA applicable to the MSG Networks Health & Welfare 

  
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Plans with respect to Spinco Participants for the period ending on the Effective Date. The Parties hereto agree that neither the Distribution nor any transfers of employment directly from the MSG
Networks Group to the Spinco Group or directly from the Spinco Group to the MSG Networks Group that occur before the Effective Date shall constitute a COBRA “qualifying event” for purposes of COBRA. 

Section 6.5 Liabilities. 

(a) Insured Benefits. With respect to employee welfare and fringe benefits that are provided through the purchase of insurance, MSG
Networks shall cause the MSG Networks Health & Welfare Plans to fully perform, pay and discharge all claims of Spinco Participants that are incurred prior to the Effective Date (whether reported or unreported by the Effective Date) for the
MSG Networks Health & Welfare Plans, and Spinco shall cause the Spinco Health & Welfare Plans to fully perform, pay and discharge all claims of Spinco Participants that are incurred on or after the Effective Date. With respect to
claims of Spinco Participants that are incurred prior to the Effective Date (whether reported or unreported by the Effective Date), but after the Distribution Date, and paid by the MSG Networks Health & Welfare Plans, Spinco, as a
Participating Company, shall pay MSG Networks for any administrative or other expenses. 
 (i) Long-Term Disability.
Any Spinco Participant who is on long-term disability leave and receiving long-term disability benefits under the MSG Holdings L.P. Long Term Disability Plan as of the Effective Date shall continue to receive benefits under the MSG Holdings L.P.
Long Term Disability Plan in accordance with the provisions of such Plan following the Effective Date. 
 (b) Self-Insured Benefits.
With respect to employee welfare and fringe benefits that are provided on a self-insured basis, except as otherwise provided herein, Spinco (acting directly or through its Subsidiaries) shall cause the Spinco Health & Welfare Plans and the
Spinco Retiree Medical Program to fully perform, pay and discharge all claims of Spinco Participants after the Effective Date that are incurred on or after the Effective Date. Except as provided otherwise herein, Spinco shall reimburse MSG Networks
for the administrative and other expenses related to self-insured benefit claims paid by the MSG Networks Health & Welfare Plans or MSG Networks that were incurred prior to the Effective Date (whether reported or unreported by the Effective
Date). 
 (i) Short-Term Disability. 

(A) Any Spinco Participant who is on short-term disability leave and receiving short-term disability benefits under the MSG
Holdings L.P. Short Term Disability Plan as of the Effective Date shall continue to receive short-term disability benefits under the MSG Holdings L.P. Short Term Disability Plan. Spinco, as a Participating Company, shall reimburse MSG Networks for
all administrative and other expenses paid by the MSG Holdings L.P. Short Term Disability Plan or MSG Networks after the Effective Date. Spinco shall continue to pay any short-term disability benefits owed to a Spinco Participant under the MSG
Holdings L.P. Short Term Disability Plan. 

  
 -17- 

 (B) Any Spinco Participant who is on a short-term disability leave as of the
Effective Date, and who but for the transactions contemplated under the Distribution Agreement would have become eligible for long-term disability benefits in accordance with the provisions of the MSG Holdings L.P. Long Term Disability Plan, will
continue to be eligible for long-term disability benefits under the MSG Holdings L.P. Long Term Disability Plan. 
 (c) Incurred Claim
Definition. For purposes of this Section 6.5, a claim or Liability is deemed to be incurred (i) with respect to medical, dental, vision and/or prescription drug benefits, upon the rendering of health services or provision of
supplies giving rise to such claim or Liability; (ii) with respect to life insurance, accidental death and dismemberment and business travel accident insurance, upon the occurrence of the event giving rise to such claim or Liability;
(iii) with respect to disability benefits, upon the date of an individual’s disability, as determined by the disability benefit insurance carrier or claim administrator, giving rise to such claim or Liability; and (iv) with respect to
a period of continuous hospitalization (or any medical or other service or supply performed or provided during the period of continuous hospitalization), upon the date of admission to the hospital. 

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

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

 EQUITY COMPENSATION 

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

  
 -18- 

 Section 7.2 Taxes and Withholding. 

(a) Options. 

(i) Exercise Price. 

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

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

(ii) Taxes. 

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

(c) Restricted Stock Units. 

(i) Settlement. 

(A) After the Distribution Date, MSG Networks shall be responsible for all Liabilities under MSG Networks RSUs, whether such
MSG Networks RSUs are held by MSG Networks Employees, Former MSG Networks Employees, Spinco Employees, Former Spinco Employees and individuals who received such MSG Networks RSUs in their capacity as MSG Networks Directors. MSG Networks shall
settle, and satisfy any dividend obligations with respect to, such MSG Networks 

  
 -19- 

 
RSUs in accordance with the terms of the Madison Square Garden 2010 Employee Stock Plan and the Madison Square Garden 2010 Stock Plan for Non-Employee Directors. 

(B) After the Distribution Date, Spinco shall be responsible for all Liabilities under Spinco RSUs, whether such Spinco RSUs
are held by MSG Networks Employees, Former MSG Networks Employees, Spinco Employees or Former Spinco Employees. Spinco shall settle, and satisfy any dividend obligations with respect to, such Spinco RSUs in accordance with the terms of the Spinco
2015 Employee Stock Plan. 
 (ii) Taxes. 

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

(B) Upon settlement of any MSG Networks RSU or Spinco RSU, other than an MSG Networks RSU that is held by an individual who
received such MSG Networks RSU in his capacity as an MSG Networks Director, the Parties shall take steps to ensure that the applicable withholding amount is remitted in cash to the employer, or, in the case of a Former MSG Networks Employee or
Former Spinco Employee, the former employer of such holder. 
 (C) MSG Networks will be responsible for any tax reporting
obligations associated with any MSG Networks RSUs that are held by an individual who received such MSG Networks RSU in his capacity as an MSG Networks Director. 

(d) Tax Deductions. With respect to the Equity Compensation held by individuals who are MSG Networks Employees or MSG Networks
Directors at the time the Equity Compensation becomes taxable and individuals who are Former MSG Networks Employees at such time, MSG Networks shall claim any federal, state and/or local tax deductions after the Distribution Date, and Spinco
shall not claim such deductions. With respect to the Equity Compensation held by individuals who are employees of the Spinco Group at the time the Equity Compensation becomes taxable and individuals who are Former Spinco Employees at such time,
Spinco shall claim any federal, state and/or local tax deductions after the Distribution Date, and MSG Networks shall not claim such deductions. If either MSG Networks or Spinco determines in its reasonable judgment that there is a substantial
likelihood that a tax deduction that was assigned to MSG Networks or Spinco pursuant to this Section 7.2 will instead be available only to the other party (whether as a result of a determination by the IRS, a change in the Code or the
regulations or guidance thereunder, or otherwise), it will notify the other party and both Parties will negotiate in good faith to resolve the issue in accordance with the following principle: the party entitled to the deduction shall pay to the
other party an amount that places the other party in a financial position 

  
 -20- 

 
equivalent to the financial position the party would have been in had the party received the deduction as intended under this Section 7.2. Such amount shall be paid within
90 days of filing the last tax return necessary to make the determination described in the preceding sentence. 
 Section 7.3
Cooperation. In addition to any cooperation principles governed by Article X, if, after the Distribution Date, MSG Networks or Spinco identify an administrative error in the individuals identified as holding Equity Compensation,
the amount of Equity Compensation so held, the vesting level of such Equity Compensation, or any other similar error, MSG Networks and Spinco shall mutually cooperate in taking such actions as are necessary or appropriate to place, as nearly as
reasonably practicable, the individual and MSG Networks and Spinco in the position in which they would have been had the error not occurred. Each of the Parties shall establish an appropriate administration system in order to handle in an orderly
manner exercises of MSG Networks Options and Spinco Options and the settlement of MSG Networks RSUs and Spinco RSUs. Each of the Parties will work together to unify and consolidate all indicative data and payroll and employment information on
regular timetables and make certain that each applicable entity’s data and records with respect to Equity Compensation are correct and updated on a timely basis. The foregoing shall include employment status and information required for tax
withholding/remittance, compliance with trading windows and compliance with the requirements of the Securities Exchange Act of 1934 and other applicable Laws. 

Section 7.4 SEC Registration. The Parties mutually agree to use commercially reasonable efforts to maintain effective
registration statements with the Securities and Exchange Commission with respect to the long-term incentive awards to the extent any such registration statement is required by applicable Law. 

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

 ARTICLE VIII 

ADDITIONAL COMPENSATION AND BENEFITS MATTERS 

Section 8.1 Cash Incentive Awards. 

(a) Cooperation. The Parties shall use commercially reasonable efforts and shall cooperate in good faith to take all actions reasonably
necessary or appropriate to achieve the treatment of annual or long-term cash incentive awards established under the MSG Networks 2010 Cash Incentive Plan (or the comparable non-executive annual incentive plan maintained by MSG Networks) as approved
by the MSG Networks Compensation Committee prior to the Distribution in accordance with the terms of such Plans and the award agreements issued thereunder, including as set forth in this Section 8.1. The Parties acknowledge that the
performance-based awards granted in MSG Networks’ fiscal years 2014 and 2015 (where the performance objective(s) relates to performance periods ended June 30, 2016 and June 30, 2017, respectively) (collectively, the “Fixed
Performance Awards”) have been 

  
 -21- 

 
amended or, with respect to proxy-reported officers, the MSG Networks Compensation Committee has exercised its negative discretion, to provide that the awards will be paid at the target value of
the performance award, with payment subject to the terms and conditions of the award and continued employment with either MSG Networks or Spinco through the date the performance award vests. 

(b) Liability. 

(i) Effective as of the Distribution Date and subject to Section 8.2(c), Spinco shall assume or retain, as
applicable, responsibilities for all Liabilities, and fully perform, pay and discharge all Liabilities when such Liabilities become due, relating to any annual or long-term cash incentive awards, or portion of any such incentive awards, including
awards established under the MSG Networks 2010 Cash Incentive Plan (or the comparable non-executive annual incentive plan maintained by MSG Networks), that any Spinco Participant is eligible to receive with respect to any performance period that
ends after the Distribution Date and, effective as of the Distribution Date, MSG Networks shall have no obligations with respect to any such incentive awards. 

(A) As soon as reasonably practicable, but in any event within 30 days, following each date that Spinco pays a Fixed
Performance Award to a Spinco Participant who, immediately prior to the Distribution, was (a) a “corporate” employee of MSG Networks, MSG Networks will pay to Spinco an amount equal to 33% of the liability accrued by MSG Networks with
respect to such Spinco Participant’s Fixed Performance Award as of the Distribution Date, or (b) an advertising sales employee in the Media division of MSG Networks, MSG Networks will pay to Spinco an amount equal to the liability accrued
by MSG Networks with respect to such Spinco Participant’s Fixed Performance Award as of the Distribution Date. 
 (B) As
soon as reasonably practicable, but in any event within 30 days, following the date that Spinco pays an annual cash incentive award established with respect to the fiscal year ending June 30, 2016 (“FY 2016”) under the MSG Networks
2010 Cash Incentive Plan (or the comparable non-executive annual incentive plan maintained by MSG Networks) to a Spinco Participant who, immediately prior to the Distribution, was (a) a “corporate” employee of MSG Networks, MSG
Networks will pay to Spinco an amount equal to 33% of the liability accrued by MSG Networks with respect to such Spinco Participant’s annual award for FY 2016 as of the Distribution Date, or (b) an advertising sales employee in the Media
division of MSG Networks, MSG Networks will pay to Spinco an amount equal to the liability accrued by MSG Networks with respect to such Spinco Participant’s annual award for FY 2016 as of the Distribution Date. 

  
 -22- 

 (ii) MSG Networks acknowledges and agrees that, except as otherwise provided
herein, it shall have full responsibility with respect to any Liabilities and the payment or performance of any obligations arising out of or relating to any incentive, commission or other similar compensatory arrangement previously provided by any
member of the MSG Networks Group or Spinco Group to any MSG Networks Participant. 
 (iii) Spinco acknowledges and agrees
that, except as otherwise provided herein, it shall have full responsibility with respect to any Liabilities and the payment or performance of any obligations arising out of or relating to any incentive, commission or other similar compensatory
arrangement previously provided by any member of the MSG Networks Group or Spinco Group to any Spinco Participant. 
 (iv)
Notwithstanding the foregoing, liabilities with respect to Fixed Performance Awards for executives dually employed by Spinco and MSG Networks following the Distribution shall be subject to Section 8.2(c) below. 

Section 8.2 Individual Arrangements. 

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

(c) Shared Executives. For purposes of this Agreement, for so long as any executive is employed by both MSG Networks and Spinco, such
executive shall be considered to be a Spinco Employee with respect to all amounts and awards outstanding as of the Distribution Date except for amounts and awards explicitly retained by MSG Networks in writing. With respect to all such awards, MSG
Networks shall pay to Spinco an amount equal to (a) 33% of the liability accrued by MSG Networks with respect to such award as of the Distribution Date, and (b) 30% of all liability accrued by Spinco with respect to such award after the
Distribution Date. Such payment shall be made as soon as reasonably practicable, but in any event within 30 days, following the date that Spinco pays out the applicable award to the executive. 

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

  
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 (e) Rangers Arrangements. As of the Distribution Date, Spinco shall assume the
compensation and/or salary arrangements, and any agreements and assets related thereto, in respect of Glen Sather, Kevin Stevens, Jaromir Jagr and Bradley Richards. 

Section 8.3 Non-Competition. For the purpose of any non-compete provision in any MSG Networks Plan or any award thereunder,
Spinco shall not be regarded as a “competitive entity.” For the purpose of any non-compete provision in any Spinco Plan or any award thereunder, MSG Networks shall not be regarded as a “competitive entity.” This
Section 8.3 shall apply only so long as MSG Networks and Spinco remain under common Control. 
 Section 8.4
Collective Bargaining. To the extent any provision of this Agreement is contrary to the provisions of any collective bargaining agreement to which MSG Networks or Spinco or any of their respective Subsidiaries is a party, the terms of
such collective bargaining agreement shall prevail. Should any provisions of this Agreement be deemed to relate to a topic determined by an appropriate authority to be a mandatory subject of collective bargaining, MSG Networks or Spinco may be
obligated to bargain with the union representing affected employees concerning those subjects. 
 Section 8.5 Union Dues;
Severance and Fringe Benefits. MSG Networks and its Subsidiaries shall retain responsibility for the payment of dues and severance and fringe benefit payments on behalf of MSG Networks Employees with respect to the unions set forth on
Exhibit F. Spinco and its Subsidiaries shall retain responsibility for the payment of dues and severance and fringe benefit payments on behalf of Spinco Employees with respect to the unions set forth on Exhibit G. 

Section 8.6 Director Programs. MSG Networks shall retain responsibility for the payment of any fees and MSG Networks RSUs
payable in respect of service on the MSG Networks Board of Directors that are payable but not yet paid as of the Distribution Date, and Spinco shall have no responsibility for any such payments (to an individual who is a member of the Spinco Board
of Directors as of the Distribution Date or otherwise). 
 Section 8.7 Sections 162(m)/409A. Notwithstanding
anything in this Agreement to the contrary (including the treatment of supplemental and deferred compensation plans, outstanding long-term incentive awards and annual incentive awards as described herein), the Parties agree to negotiate in good
faith regarding the need for any treatment different from that otherwise provided herein to ensure that (i) a federal income tax deduction for the payment of such supplemental or deferred compensation or long-term incentive award, annual
incentive award or other compensation is not limited by reason of Section 162(m) of the Code, and (ii) the treatment of such supplemental or deferred compensation or long-term incentive award, annual incentive award or other compensation
does not cause the imposition of a tax under Section 409A of the Code. 
 Section 8.8 2015 Administrative
Bonus. It is understood that Spinco is expected to pay administrative (non-management) bonuses for calendar year 2015 (each, an “Admin Bonus”) to eligible employees in December 2015. As soon as reasonably

  
 -24- 

 
practicable, but in any event within 30 days, following the date that Spinco pays an Admin Bonus to a Spinco Employee who, immediately prior to the Distribution, was (a) a
“corporate” employee of MSG Networks, MSG Networks will pay to Spinco an amount equal to 33% of the liability accrued by MSG Networks with respect to such Spinco Employee’s Admin Bonus as of the Distribution Date, or (b) an
advertising sales employee in the Media division of MSG Networks, MSG Networks will pay to Spinco an amount equal to the liability accrued by MSG Networks with respect to such Spinco Employee’s Admin Bonus as of the Distribution Date. 

ARTICLE IX 

INDEMNIFICATION 

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

ARTICLE X 
 GENERAL AND
ADMINISTRATIVE 
 Section 10.1 Sharing of Information. MSG Networks and Spinco (acting directly or through their
respective Subsidiaries) shall provide to the other and their respective agents and vendors all Information as the other may reasonably request to enable the requesting Party to administer efficiently and accurately each of its Plans, to assist
Spinco in obtaining its own insurance policies to provide benefits under Spinco Plans, and to determine the scope of, as well as fulfill, its obligations under this Agreement; provided, however, that, in the event that any Party
reasonably determines that any such provision of Information could be commercially detrimental to such Party or any member of its Group, violate any Law or agreement to which such Party or member of its Group is a party, or waive any attorney-client
privilege applicable to such Party or member of its Group, the Parties shall provide any such Information and the Parties shall take all reasonable measures to comply with the obligations pursuant to this Section 10.1 in a manner that
mitigates any such harm or consequence to the extent practicable, and the Parties agree to cooperate with each other and take such commercially reasonable steps as may be practicable to preserve the attorney-client privilege with respect to the
disclosure of any such Information. Such Information shall, to the extent reasonably practicable, be provided in the format and at the times and places requested, but in no event shall the Party providing such Information be obligated to incur any
out-of-pocket expenses not reimbursed by the Party making such request or make such Information available outside of its normal business hours and premises. Any Information shared or exchanged pursuant to this Agreement shall be subject to the same
confidentiality requirements set forth in Section 4.4 of the Distribution Agreement. 
 Section 10.2 Reasonable
Efforts/Cooperation. Each of the Parties hereto will use its commercially reasonable efforts to promptly take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws
and regulations to consummate the transactions contemplated by this Agreement, including adopting plans 

  
 -25- 

 
or plan amendments. Each of the Parties hereto shall cooperate fully on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a determination
letter or private letter ruling from the IRS, an advisory opinion from the DOL or any other filing, consent or approval with respect to or by a Governmental Authority. 

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

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

  
 -26- 

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

ARTICLE XI 

MISCELLANEOUS 

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

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

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

Section 11.4 Survival of Agreements. Except as otherwise contemplated by this Agreement, all covenants and agreements of
the Parties contained in this Agreement shall survive the Distribution Date. 
 Section 11.5 Notices. All notices and
other communications hereunder shall be in writing, shall reference this Agreement and shall be hand delivered or mailed by registered or certified mail (return receipt requested) to the Parties at the following addresses (or at such other addresses
for a Party as shall be specified by like notice) and will be deemed given on the date on which such notice is received: 
 To MSG Networks: 

The Madison Square Garden Company (or, after the applicable name change, MSG Networks Inc.) 

11 Penn Plaza 
 New York, New York 10001 

Attention: President 

  
 -27- 

 To Spinco: 
 MSG
Spinco, Inc. (or, after the applicable name change, The Madison Square Garden Company) Two Penn Plaza 
 New York, New York 10121 

Attention: General Counsel 
 Section 11.6
Waivers. The failure of any Party to require strict performance by any other Party of any provision in this Agreement will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other
provision hereof. 
 Section 11.7 Amendments. Subject to the terms of Sections 11.8 and 11.10 hereof,
this Agreement may not be modified or amended except by an agreement in writing signed by each of the Parties. 
 Section 11.8
Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by any Party without the prior written consent of the other Party, and any attempt to assign any rights or obligations arising under this
Agreement without such consent shall be void; provided that either Party may assign this Agreement to a purchaser (by merger, sale of assets or otherwise) of all or substantially all of the properties and assets of such Party so long as such
purchaser expressly assumes, in a written instrument in form reasonably satisfactory to the non-assigning Party, the due and punctual performance or observance of every agreement and covenant of this Agreement on the part of the assigning Party to
be performed or observed. Any arrangement in violation of the provisions of this Section 11.8 shall be void. 

Section 11.9 Successors and Assigns. The provisions to this Agreement shall be binding upon, inure to the benefit of and be
enforceable by the Parties and their respective successors and permitted assigns. 
 Section 11.10 Subsidiaries. Each of
the Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any entity that is contemplated to be a Subsidiary of such Party after the Distribution
Date. 
 Section 11.11 Title and Headings. Titles and headings to Sections herein are inserted for convenience of
reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 Section 11.12
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK. 

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

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

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

[signature page follows] 

  
 -29- 

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

			
	THE MADISON SQUARE GARDEN COMPANY
	(to be renamed MSG Networks Inc.)
		
	By:		  

			Name:
			Title:
	
	MSG SPINCO, INC.
	(to be renamed The Madison Square Garden Company)
		
	By:		  

			Name:
			Title:

 [Signature Page to Employee Matters Agreement] 

 Exhibit A 

MSG Networks Retained Retirement Plans 

MSG Holdings, L.P. Network Retirement Plan for Collective Bargaining Employees 

MSG Holdings, L.P. 401(k) Union Plan (as Participating Company) 

MSG Holdings, L.P. 401(k) Savings Plan (as Participating Company) 

MSG Holdings, L.P. Excess Cash Balance Plan 
 MSG Holdings, L.P.
Excess Retirement Plan 
 MSG Holdings, L.P. Excess 401(k) Savings Plan 

 Exhibit B 

Spinco Retained Retirement Plans 
 MSG
Holdings, L.P. Cash Balance Pension Plan 
 MSG Holdings, L.P. Retirement Plan for Licensed Ushers and Ticket Takers Local No. 176 of the Service
Employees’ International Union, AFL-CIO 
 MSG Holdings, L.P. 401(k) Union Plan (as fiduciary and Participating Company) 

MSG Holdings, L.P. 401(k) Savings Plan (as fiduciary and Participating Company) 

Spinco Excess Cash Balance Plan 
 Spinco Excess Retirement Plan

 Spinco Excess 401(k) Savings Plan 

 Exhibit C 

MSG Networks Retained Multi-Employer Benefit Plans 

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

	 	1.	International Brotherhood of Electrical Workers, Local 1212 

	 	2.	American Federation of Television & Radio Artists, AFTRA 

	 	3.	Directors Guild of America, DGA 

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

	 	5.	Union Local 100, IATSE 

 Exhibit D 

Spinco Retained Multi-Employer Benefit Plans 

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

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

	 	2.	International Brotherhood of Electrical Workers, Local 3 

	 	3.	International Union of Painters & Allied Trades, District Council 9 

	 	4.	International Union of Operating Engineers, Local 30 

	 	5.	Service Employees International Union, Local 32B/32J 

	 	6.	International Brotherhood of Firemen & Oilers, Local 56 

	 	7.	Hotel Employees & Restaurant Employees International Union, Local 100 

	 	8.	IATSE & Moving Picture Technicians, Local 306 

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

	 	10.	United Brotherhood of Carpenters, New York District Council, Local 608 

	 	11.	Treasurers & Ticket Sellers Local 751, IATSE 

	 	12.	Theatrical Wardrobe Union Local 764, IATSE 

	 	13.	International Brotherhood of Teamsters, Local 817 

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

	 	15.	American Guild of Variety Artists, AGVA 

	 	16.	Actors Equity Association 

	 	17.	Local 798, IATSE 

	 	18.	Association of Theatrical Press Agents and Managers, IATSE 

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

	 	20.	Motion Picture Projectionists, Audio Visual Engineers & Computer Technicians, Local 110, IATSE 

	 	21.	Treasurers and Ticket Sellers Union, Local No. 750 

	 	22.	Theatrical Wardrobe Union Chicago, Local 769 

	 	23.	Teamsters Local Union, No. 714 

	 	24.	All qualified and nonqualified pension obligations related to the National Basketball Association and the National Hockey League. 

 Exhibit E 

MSG Networks Health & Welfare Plans 

MSG Networks Medical Plan 
 MSG Networks Dental Plan 

MSG Networks Vision Plan 
 MSG Networks Flex Spending Healthcare

 MSG Networks Flex Spending Dependent Care 
 MSG Networks
Group Legal Plan 
 MSG Networks Short Term Disability Plan 

MSG Networks Long Term Disability Plan 
 MSG Networks Life and
AD&D Plan 
 MSG Networks Employee Assistance Plan 
 MSG
Networks Commuter Benefits Program 
 MSG Networks 529 College Savings Program 

 Exhibit F 

MSG Networks Union Relationships 
  

	 	1.	International Brotherhood of Electrical Workers, Local 1212 

	 	2.	American Federation of Television & Radio Artists, AFTRA 

	 	3.	Directors Guild of America, DGA 

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

	 	5.	Union Local 100, IATSE 

 Exhibit G 

Spinco Union Relationships 
  

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

	 	2.	International Brotherhood of Electrical Workers, Local 3 

	 	3.	International Union of Painters & Allied Trades, District Council 9 

	 	4.	International Union of Operating Engineers, Local 30 

	 	5.	Service Employees International Union, Local 32B/32J 

	 	6.	International Brotherhood of Firemen & Oilers, Local 56 

	 	7.	Hotel Employees & Restaurant Employees International Union, Local 100 

	 	8.	IATSE & Moving Picture Technicians, Local 306 

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

	 	10.	United Brotherhood of Carpenters, New York District Council, Local 608 

	 	11.	Treasurers & Ticket Sellers Local 751, IATSE 

	 	12.	Theatrical Wardrobe Union Local 764, IATSE 

	 	13.	International Brotherhood of Teamsters, Local 817 

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

	 	15.	American Guild of Variety Artists, AGVA 

	 	16.	Actors Equity Association 

	 	17.	Local 798, IATSE 

	 	18.	Association of Theatrical Press Agents and Managers, IATSE 

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

	 	20.	Motion Picture Projectionists, Audio Visual Engineers & Computer Technicians, Local 110, IATSE 

	 	21.	Treasurers and Ticket Sellers Union, Local No. 750 

	 	22.	Theatrical Wardrobe Union Chicago, Local 769 

	 	23.	Teamsters Local Union, No. 714 

	 	24.	National Basketball Association Players’ Association 

	 	25.	National Hockey League Players’ Association

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