Document:

EX-10.3

 Exhibit 10.3 
  

 
  

TAX DISAFFILIATION AGREEMENT 

BETWEEN 
 THE MADISON
SQUARE GARDEN COMPANY 
 (TO BE RENAMED MADISON SQUARE GARDEN SPORTS CORP.) 

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

dated as of March 31, 2020 
  

 
  

 TABLE OF CONTENTS 
  

									
	 SECTION 1.
	 	 Definition of Terms
	  	 	2	 
			
	 SECTION 2.
	 	 Allocation of Taxes and Tax-Related
Losses
	  	 	10	 
				
		 	 2.1
	 	 Allocation of Taxes
	  	 	10	 
				
		 	 2.2
	 	 Special Allocation of Certain Taxes
	  	 	11	 
				
		 	 2.3
	 	 Tax Payments
	  	 	12	 
			
	 SECTION 3.
	 	 Preparation and Filing of Tax Returns
	  	 	12	 
				
		 	 3.1
	 	 Combined Returns
	  	 	12	 
				
		 	 3.2
	 	 Separate Returns
	  	 	12	 
				
		 	 3.3
	 	 Agent
	  	 	12	 
				
		 	 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
	  	 	13	 
				
		 	 3.7
	 	 Carrybacks
	  	 	14	 
				
		 	 3.8
	 	 Amended Returns
	  	 	14	 
				
		 	 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
	  	 	15	 
				
		 	 4.4
	 	 Tax Consequences of Payments
	  	 	16	 
				
		 	 4.5
	 	 Adjustments to Payments
	  	 	16	 
				
		 	 4.6
	 	 Section 336(e) Election
	  	 	16	 
				
		 	 4.7
	 	 Certain Final Determinations
	  	 	17	 
			
	 SECTION 5.
	 	 Cooperation and Tax Contests
	  	 	17	 
				
		 	 5.1
	 	 Cooperation
	  	 	17	 
				
		 	 5.2
	 	 Notices of Tax Contests
	  	 	17	 
				
		 	 5.3
	 	 Control of Tax Contests
	  	 	18	 
				
		 	 5.4
	 	 Cooperation Regarding Tax Contests
	  	 	18	 
			
	 SECTION 6.
	 	 Tax Records
	  	 	18	 
				
		 	 6.1
	 	 Retention of Tax Records
	  	 	18	 
				
		 	 6.2
	 	 Access to Tax Records
	  	 	19	 
				
		 	 6.3
	 	 Confidentiality
	  	 	19	 

  
 i 

									
			
	 SECTION 7.
	 	 Representations and Covenants
	  	 	19	 
				
		 	 7.1
	 	 Covenants of MSG and Spinco
	  	 	19	 
				
		 	 7.2
	 	 Covenants of Spinco
	  	 	20	 
				
		 	 7.3
	 	 Covenants of MSG
	  	 	20	 
				
		 	 7.4
	 	 Exceptions
	  	 	21	 
				
		 	 7.5
	 	 Injunctive Relief
	  	 	22	 
				
		 	 7.6
	 	 Further Assurances
	  	 	22	 
			
	 SECTION 8.
	 	 General Provisions
	  	 	22	 
				
		 	 8.1
	 	 Construction
	  	 	22	 
				
		 	 8.2
	 	 Ancillary Agreements
	  	 	22	 
				
		 	 8.3
	 	 Counterparts
	  	 	22	 
				
		 	 8.4
	 	 Notices
	  	 	22	 
				
		 	 8.5
	 	 Amendments
	  	 	23	 
				
		 	 8.6
	 	 Assignment
	  	 	23	 
				
		 	 8.7
	 	 Successors and Assigns
	  	 	23	 
				
		 	 8.8
	 	 Change in Law
	  	 	23	 
				
		 	 8.9
	 	 Authorization, Etc.
	  	 	23	 
				
		 	 8.10
	 	 Termination
	  	 	24	 
				
		 	 8.11
	 	 Subsidiaries
	  	 	24	 
				
		 	 8.12
	 	 Third-Party Beneficiaries
	  	 	24	 
				
		 	 8.13
	 	 Double Recovery
	  	 	24	 
				
		 	 8.14
	 	 Titles and Headings
	  	 	24	 
				
		 	 8.15
	 	 Governing Law
	  	 	24	 
				
		 	 8.16
	 	 Waiver of Jury Trial
	  	 	24	 
				
		 	 8.17
	 	 Severability
	  	 	24	 
				
		 	 8.18
	 	 No Strict Construction; Interpretation
	  	 	24	 
			
	 SCHEDULE A
	 		  			

  

  
 ii 

 TAX DISAFFILIATION AGREEMENT 

THIS TAX DISAFFILIATION AGREEMENT (the “Agreement”) is dated as of March 31, 2020, by and between The Madison Square Garden
Company (to be renamed Madison Square Garden Sports Corp. at the Effective Time (as defined below)), a Delaware corporation (“MSG”), and MSG Entertainment Spinco, Inc. (to be renamed Madison Square Garden Entertainment Corp. at the
Effective Time), a Delaware corporation and a direct wholly-owned subsidiary of MSG (“Spinco” and, together with MSG, 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 MSG determined that, based on the Corporate Business Purposes (as defined below), it is in the best
interests of MSG and its stockholders to separate the businesses of Spinco, all as more fully described in Spinco’s registration statement on Form 10, from MSG’s other businesses on the terms and conditions set forth in the
Distribution Agreement between MSG and Spinco dated on or about the date hereof (the “Distribution Agreement”); 
 WHEREAS,
pursuant to the Contribution Agreement (as defined below), (a) MSG Sports & Entertainment, LLC (to be renamed MSG Entertainment Group, LLC), a Delaware limited liability company and a direct wholly-owned subsidiary of MSG (“MSG
Entertainment”), intends to complete the Sports Assignments (as defined below), and (b) MSG intends to complete the Entertainment Assignments (as defined below); 

WHEREAS, the Board of Directors of MSG has authorized the distribution to the holders of the issued and outstanding shares of Class A
Common Stock, par value $0.01 per share, and Class B Common Stock, par value $0.01 per share, of MSG (collectively, the “MSG Shares”) 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, and Class B Common Stock, par value $0.01 per share, of Spinco (each, a “Spinco Share” and collectively, the “Spinco Shares”), respectively, on the basis of
one Spinco Share for every one MSG Share (the “Distribution”); 
 WHEREAS, MSG and Spinco intend the Recapitalization (as
defined below) to qualify as a tax-free transaction under section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended (as defined below); 

WHEREAS, MSG and Spinco intend the Contribution (as defined below) and Distribution to qualify for the
Tax-Free Status (as defined below); 
 WHEREAS, the Boards of Directors of MSG 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 MSG 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 Sports Assignments as a transaction that is disregarded for U.S. federal income Tax purposes, (ii) the Recapitalization as a tax-free transaction to which section
368(a)(1)(E) of the Code applies, and (iii) the Contribution and 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” has the meaning set forth in the recitals hereof. 

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

“Company” means MSG 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 MSG Common Shares or Spinco Shares that are granted by MSG, 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. 

  
 2 

 “Contribution Agreement” means the Contribution Agreement between MSG, Spinco and
MSG Entertainment dated on or about the date hereof. 
 “Contribution” means the Entertainment Assignments. 

“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, as amended. 

“Deconsolidation Taxes” means any Taxes imposed on any member of the MSG Group or the Spinco Group as a result of or in connection
with the Sports Assignments, the Contribution and the Distribution (or any portion thereof), 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 Contribution and the Distribution failed to be tax-free to MSG in accordance with the requirements of section 355 or section 368(a)(1)(D) 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) or 361(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)
or where applicable, failed to be stock permitted to be received without recognition of gain or loss under section 361(a) of the Code, 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. 
 “Due Date” has the meaning set forth in Section 4.3. 

“Entertainment Assignments” has the meaning set forth in the Contribution Agreement. 

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

  
 3 

 “Employee Matters Agreement” means the Employee Matters Agreement by and between
MSG 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 MSG 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 MSG 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 MSG Group or the Spinco Group, as the context requires. 

“Income Tax” or “Income Taxes” means any Tax that is imposed on or measured by or referred to as income, gross income,
gross receipts, profits, capital stock, franchise or other similar Tax. 
 “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.” 
 “IRS” means the Internal Revenue Service. 

  
 4 

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

“MSG Business” has the meaning ascribed to the term “MSG 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 (as defined in section 355(b)(3)(B) of the Code) of MSG. 

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

“MSG Indemnified Party” includes each member of the MSG 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. 

“MSG Restricted Action” means any action by MSG 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 MSG Restricted Action even if MSG or any of its Subsidiaries is permitted to take such an action pursuant to Section 7.5(b). 

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

“MSG Tainting Act” means any breach of a representation or covenant made by MSG in Section 7.1 of this Agreement or the taking
of a MSG Restricted Action, if as a result of such breach or taking of a MSG Restricted Action a Final Determination is made that the Contribution and the Distribution failed to be tax-free by reason of
(i) failing to qualify as a transaction described in section 355 and section 368(a)(1)(D) of the Code, or (ii) any stock of Spinco failing to qualify as “qualified property” within the meaning of section 355(c)(2) or
361(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) or where applicable, failing to be stock permitted to be received without recognition of gain or loss under
section 361(a) of the Code. 
 “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. 
 “Non-Income Tax” or “Non-Income Taxes” means any Tax that is not an Income Tax. 
 “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. 

  
 5 

 “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 MSG Shares, but does not include such an acquisition if such MSG Shares, before such acquisition, were themselves 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. 

“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 MSG in exchange for all of the Spinco Pre-Recapitalization Shares held by MSG. 
 “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. 
 “Satisfactory Guidance” means either a ruling from the IRS or an Unqualified Opinion, in either case
reasonably satisfactory to MSG 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 MSG 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 MSG
Group. 

  
 6 

 “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 (as defined in section 355(b)(3)(B) of the Code) of Spinco. 

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

“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 any breach of a representation or 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 Contribution and the Distribution failed to be tax-free by
reason of (i) failing to qualify as a transaction described in section 355 and section 368(a)(1)(D) of the Code, or (ii) any stock of Spinco failing to qualify as “qualified property” within the meaning of section 355(c)(2)
or 361(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) or where applicable, failing to be stock permitted to be received without recognition of gain or loss under
section 361(a) of the Code. 
 “Sports Assignments” has the meaning set forth in the Contribution Agreement. 

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

  
 7 

 “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% 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). 

  
 8 

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

“Tax-Free Status” means the qualification of the Contribution and the
Distribution (a) as a transaction described in section 355 and section 368(a)(1)(D) of the Code, (b) as a transaction in which the stock of Spinco distributed by MSG is “qualified property” for purposes of sections
355(c)(2), 355(d), 355(e) and 361(c) of the Code, and (c) a transaction in which shareholders of MSG 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. 
 “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 MSG in connection with the Distribution to the
effect that (i) MSG will not recognize gain or loss upon the Distribution under section 355(c) or section 361(c) of the Code, and (ii) shareholders of MSG 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 Spinco Shares. 

“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 Sports Assignments, (ii) the Contribution, (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. 

  
 9 

 “Transition Services Agreement” means the transition services agreement between
MSG 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 MSG 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 MSG or Spinco (as
the context dictates). 
 “Arena License Agreements” means (i) the Arena License Agreement between MSG Arena, LLC and New
York Knicks, LLC dated on or about the date hereof, and (ii) the Arena License Agreement between MSG Arena, LLC and New York Rangers, LLC dated on or about the date hereof. 

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

2.1 Allocation of Taxes. Except as provided in Section 2.2, Taxes shall be allocated as follows: 

(a) MSG shall be liable for and shall be allocated (i) any Taxes attributable to members of the MSG Group for all periods, and
(ii) any Income Taxes attributable to members of the Spinco Group for any Pre-Distribution Period. 

(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 Non-Income Taxes attributable to members of the Spinco-Group for any Pre-Distribution Period. 

(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 MSG Group and the members of the Spinco Group were closed on the
Distribution Date. For purposes of the foregoing, depreciation and amortization deductions with respect to property placed in service after the Distribution Date shall be allocated to the Post-Distribution Period, and all other depreciation and
amortization deductions shall be allocated on a per diem basis. 
 (ii) 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. 

  
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 (iii) 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. 

(iv) 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. 

2.2 Special Allocation of Certain Taxes. Notwithstanding any other provision of this Agreement: 

(a) Any and all Deconsolidation Taxes shall be borne by MSG. 

(b) Spinco shall indemnify and hold harmless each MSG Indemnified Party from and against any liability of MSG 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 MSG Indemnified Party hereunder if there has occurred, prior to such Spinco Tainting
Act, a MSG Tainting Act and such Distribution Taxes are attributable to such MSG 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 MSG 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) MSG 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) In the case of any conflict between this Agreement
and any of the Arena License Agreements in relation to any Tax matters addressed by such Arena License Agreement, the applicable Arena License Agreement shall prevail unless such Arena License Agreement explicitly states that this Agreement shall
control. 
 (e) 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 MSG. 

  
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 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)
MSG 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. 

(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 MSG 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 MSG under other provisions of this Agreement). Nothing
in this Section 3.1(b) shall be construed to affect MSG’s right or responsibility to file the Tax Returns whose filing is allocated to MSG under other provisions of this Agreement. 

3.2 Separate Returns. 

(a) Tax Returns to be Prepared by MSG. MSG 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 MSG 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, MSG shall have the right to review and approve such returns, such approval not to be unreasonably delayed, conditioned or withheld by MSG. 

3.3 Agent. Subject to the other applicable provisions of this Agreement (including, without limitation, Section 5), MSG 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. 

  
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 3.4 Provision of Information. 

(a) MSG shall provide to Spinco, and Spinco shall provide to MSG, any information about members of the MSG 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 MSG Group, or a member of the MSG 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 MSG Group or Spinco Group, or any of their respective Affiliates, shall
be prepared in a manner that is consistent with 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 MSG 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 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 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 MSG 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, MSG 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 MSG pursuant to this Agreement shall be for the account of MSG. Any
refunds, credits or offsets with respect to Taxes allocated to Spinco pursuant to this Agreement shall be for the account of Spinco. 
 (b)
MSG 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 MSG or any of its Affiliates. Spinco shall forward to MSG, or reimburse MSG for, any refunds, credits or offsets,

  
 13 

 
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 MSG
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. 
 (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 MSG 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 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. 

  
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 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. MSG 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 MSG Group. If any member of the MSG 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 MSG 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 MSG 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 MSG 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 MSG under this Agreement, MSG 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 MSG under
this Agreement, MSG 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. Any payments of interest made under this Section 4.3 shall be treated as taxable or deductible, as the case may be, to the Party entitled under this Agreement to retain such payment or required under this Agreement to make such payment, in
either case except as otherwise required by applicable law. 

  
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 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 (except as provided in Section 4.3) made pursuant to this Agreement as a capital contribution or a distribution, as the case may be, immediately prior to the Distribution or
as payments of an assumed or retained liability. 
 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
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) Upon request by MSG, Spinco shall join with MSG in making 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 MSG for any cost to the MSG Group of making such an election (but it being understood that any such cost arising from Taxes shall be limited to Excess Taxes). MSG 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. 

  
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 (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. 
 SECTION
5. Cooperation and Tax Contests. 
 5.1 Cooperation. In addition to the obligations enumerated in Sections 3.4 and
5.4, MSG 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. 

  
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 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 MSG 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 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
MSG, and MSG 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 MSG 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. 

  
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 6.2 Access to Tax Records. Spinco shall make available, and cause its
Subsidiaries to make available, to members of the MSG 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 MSG Group or any of their Affiliates or with respect to any Tax Contest with respect to such return. MSG 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, (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 MSG and Spinco. 

(a) MSG 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 MSG 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) MSG further covenants that, as of
and following the date hereof, MSG shall not and shall cause the members of the MSG 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. 

  
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 7.2 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, (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. 

7.3 Covenants of MSG. 

(a) Without limiting the generality of the provisions of Section 7.1, MSG, on behalf of itself and each member of the MSG Group,
agrees and covenants that MSG and each member of the MSG Group will not, directly or indirectly, during the Restriction Period, (i) take any action that would result in MSG’s ceasing to be engaged in the active conduct of the MSG Business
with the result that MSG 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 MSG) any of MSG’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 7.4(a)(ii) is being entered with respect to Compensatory Equity Net Share Settlements), (iii) amend the certificate of incorporation (or other
organizational documents) of MSG that would affect the relative voting rights of separate classes of MSG’s stock or would convert one class of MSG’s stock into another class of its stock, (iv) liquidate (within the meaning of
section 331 of the Code and the Treasury Regulations promulgated 

  
 20 

 
thereunder) or partially liquidate MSG, (v) merge MSG with any other corporation (other than in a transaction that does not affect the relative shareholding of MSG shareholders), sell or
otherwise dispose of (other than in the ordinary course of business) the assets of MSG 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 MSG 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 MSG representing a Fifty-Percent Equity Interest in MSG (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 MSG Group’s failure to comply with the covenants and representations in this Section 7. 
 7.4
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 MSG
consents in writing to such Spinco Restricted Action, or if Spinco provides MSG with Satisfactory Guidance concluding that such Spinco Restricted Action will not alter the Tax-Free Status of the Distribution
in respect of MSG and MSG’s shareholders. 
 (ii) Spinco and each of its Subsidiaries agree that MSG and each MSG
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 MSG Indemnified Party against any
such Tax. Spinco shall bear all costs incurred by it, and all reasonable costs incurred by MSG, in connection with requesting and/or obtaining any Satisfactory Guidance. 

(b) Exceptions with Respect to MSG. 

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

  
 21 

 7.5 Injunctive Relief. For the avoidance of doubt, MSG 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. 

7.6 Further Assurances. For the avoidance of doubt, (i) neither MSG nor a member of the MSG 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
the Distribution, which actions are described in the Tax Opinion or the Tax Opinion Representations, 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 MSG or a member of the MSG Group, other than in the ordinary course of business, except for actions undertaken in connection with the Distribution, which actions are described in the Tax
Opinion or the Tax Opinion Representations. 
 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 MSG: 

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

11 Penn Plaza 
 New York, New York
10001 
 Attention: General Counsel 

  
 22 

 with copy to: 

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

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

To Spinco: 
 MSG Entertainment
Spinco, Inc. (or, after the applicable name change, Madison Square Garden Entertainment Corp.) 
 Two Penn Plaza 

New York, New York 10121 

Attention: General Counsel 
 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. 

  
 23 

 8.10 Termination. This Agreement may be terminated at any time prior to the
Distribution by and in the sole discretion of MSG without the approval of Spinco or the stockholders of MSG. 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 MSG 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 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 MSG Indemnified Parties any rights or remedies against MSG 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 MSG and Spinco acknowledges that this Agreement has been prepared jointly by the Parties hereto and shall not be strictly construed
against any Party hereto. 

  
 24 

 (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

(To be renamed Madison Square Garden Sports Corp.)

		
	By:	 	 /s/ Andrew Lustgarten

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

		
	By:	 	 /s/ James L. Dolan

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

 [Signature Page to Tax Disaffiliation Agreement] 

 SCHEDULE A 

Tax Counsel to The Madison Square Garden Company 

Sullivan & Cromwell LLP 
 KPMG LLPEX-10.4

 Exhibit 10.4 

EMPLOYEE MATTERS AGREEMENT 
 BY
AND BETWEEN 
 THE MADISON SQUARE GARDEN COMPANY 

(TO BE RENAMED MADISON SQUARE GARDEN SPORTS CORP.) 

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

Dated as of March 31, 2020 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  

	DEFINITIONS	  

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

	GENERAL PRINCIPLES	  

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

	U.S. QUALIFIED DEFINED BENEFIT PLAN	  

			
	 Section 3.1
	  	Cash Balance Pension Plan	  	 	12	 
	
	ARTICLE IV	  

	U.S. QUALIFIED DEFINED CONTRIBUTION PLANS	  

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

	NONQUALIFIED PLANS	  

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

	U.S. HEALTH AND WELFARE PLANS	  

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

  
 -i- 

							
	ARTICLE VII	  

	EQUITY COMPENSATION	  

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

	ADDITIONAL COMPENSATION AND BENEFITS MATTERS	  

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

	INDEMNIFICATION	  

			
	 Section 9.1
	  	Indemnification	  	 	23	 
	
	ARTICLE X	  

	GENERAL AND ADMINISTRATIVE	  

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

	MISCELLANEOUS	  

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

  
 -ii- 

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

  
 -iii- 

 Exhibits 
  

			
	 Exhibit A
	 	 MSGS Retained Retirement Plans

	 Exhibit B
	 	 Spinco Retained Retirement Plans

	 Exhibit C
	 	 MSGS Retained Multi-Employer Benefit Plans

	 Exhibit D
	 	 Spinco Retained Multi-Employer Benefit Plans

	 Exhibit E
	 	 Spinco Health & Welfare Plans

	 Exhibit F
	 	 MSGS Union Relationships

	 Exhibit G
	 	 Spinco Union Relationships

	 Exhibit H
	 	 FY 2020 Annual Cash Incentive Awards

  
 -iv- 

 EMPLOYEE MATTERS AGREEMENT 

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

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

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

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

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

ARTICLE I 
 DEFINITIONS

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

  
 -1- 

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

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

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

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

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

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

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

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

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

  
 -2- 

 “Former MSGS Employee” means: 

 

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

  

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

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

  

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

  

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

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

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

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

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

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

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

  
 -3- 

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

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

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

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

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

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

  
 -4- 

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

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

  
 -5- 

 “NASDAQ” means The NASDAQ Stock Market LLC. 

“NYSE” means the New York Stock Exchange. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  
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 ARTICLE II 

GENERAL PRINCIPLES 

Section 2.1 Assumption and Retention of Liabilities; Related Assets. 

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

  
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 Section 2.2 MSGS Participation in Spinco Plans. 

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

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

Section 2.3 Service Recognition. 

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

  
 -10- 

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

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

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

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

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

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

  
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 ARTICLE III 

U.S. QUALIFIED DEFINED BENEFIT PLAN 

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

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

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

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

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

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

  
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 Section 5.2 Excess Retirement Plan. 

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

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

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

  
 -13- 

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

U.S. HEALTH AND WELFARE PLANS 

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

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

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

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

  
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 Section 6.5 Liabilities. 

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

  
 -16- 

 (i) Short-Term Disability. 

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

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

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

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

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

Section 7.2 Taxes and Withholding. 

(a) Options. 

(i) Exercise Price. 

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

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

(ii) Taxes. 

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

  
 -18- 

 (b) [Intentionally Omitted.] 

(c) Restricted Stock Units. 

(i) Settlement. 

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

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

 (ii) Taxes. 

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

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

  
 -19- 

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

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

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

ADDITIONAL COMPENSATION AND BENEFITS MATTERS 

Section 8.1 Cash Incentive Awards. 

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

  
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 (b) Liability. 

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

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

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

  
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 (c) [Intentionally Omitted]. 

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

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

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

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

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

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

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

INDEMNIFICATION 

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

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

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

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

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

  
 -24- 

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

ARTICLE XI 

MISCELLANEOUS 

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

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

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

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

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

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

Two Penn Plaza 
 New York, New York 10121 

Attention: General Counsel 

  
 -25- 

 To Spinco: 

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

Two Penn Plaza 
 New York, New York 10121 

Attention: General Counsel 

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

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

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

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

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

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

  
 -26- 

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

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

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

[signature page follows] 

  
 -27- 

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

					
	 THE MADISON SQUARE GARDEN COMPANY

(to be renamed Madison Square Garden Sports Corp.)

		
	By:	 	 /s/ Andrew Lustgarten

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

		
	By:	 	 /s/ James L. Dolan

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

 [Signature Page to Employee Matters Agreement]

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