Document:

Exhibit 10.2: Restricted Shares Agmt

Exhibit 10.2 

RESTRICTED SHARES
AGREEMENT 

[Full Name of Employee] 

[Address] 

[Date] 

Dear [First Name]: 

        Pursuant
to the Company’s 2006 Employee Stock Plan (the “Plan”), you have
been selected by the Compensation Committee of the Board of Directors (as more fully
described in Section 11, the “Committee”) of Cablevision Systems
Corporation (the “Company”) to receive _____ (___) restricted shares
(“Restricted Shares”) of NY Group Class A Common Stock, par value $.01
per share (“Common Shares”) effective as of ______, ____ (the
“Grant Date”). 

        Capitalized
terms used but not defined in this agreement (this “Agreement”) have the
meanings given to them in the Plan. The Restricted Shares are subject to the terms and
conditions set forth below: 

     1.    
          Vesting. Subject to Sections 2 and 3, none of your Restricted Shares will
          vest and you will forfeit all of them if you do not remain continuously employed
          with the Company or one of its Affiliates from the Grant Date through
          _____________. 

     2.    
          Accelerated Vesting in the Event of Death. If your employment is
          terminated as a result of your death, all of the Restricted Shares will vest as
          of the termination date. 

     3.    
          Change of Control/Going Private Transaction. As set forth in Annex
          1 attached hereto, your entitlement to Restricted Shares may be affected in
          the event of a Change of Control of the Company or a going-private transaction
          (each as defined in Annex 1 attached hereto). 

     4.    
          Relationship with Competitive Entities. In the event that (a) you shall
          voluntarily terminate your employment or your employment is terminated for Cause
          (as defined below) and (b) you shall become employed by, consult to, or have any
          interest, directly or indirectly, in any Competitive Entity (as defined below)
          within one (1) year after your Restricted Shares have vested, then you shall
          within ten (10) business days thereof pay the Company, as liquidated damages and
          not as a penalty, an amount equal to (a) the gain (whether or not realized)
          attributable to the vesting of the Restricted Shares, plus (b) interest at a
          rate equal to the lesser of (i) twelve percent (12%) per annum or (ii) the
          maximum interest rate permitted by applicable law, compounded quarterly,
          calculated from the date the Restricted Shares vested until the date such
          payment to the Company is made. Such gain shall be equal to the greater of the
          (y) positive difference, if any, between the Fair Market Value of the Restricted
          Shares on the date such shares vest and the Par Value Amount paid for the
          Restricted Shares or (z) positive difference, if any, between the Fair Market
          Value of the Restricted Shares on your first (1st) day of employment
          by the Competitive Entity and the Par Value Amount paid for such shares. A
          “Competitive Entity” shall mean (1) any company that competes with any
          of the Company’s cable television, telephone or on-line data businesses in
          the New York City Metropolitan Area (as defined in Annex 1 attached
          hereto) or that competes with any of the Company’s

     
programming, cinema,
          sports or entertainment businesses, nationally or regionally, as applicable; or
          (2) any trade or professional association representing any of the companies
          covered by this Section 4, other than the National Cable Television Association
          and any state cable television association. Ownership of not more than one
          percent (1%) of the outstanding stock of any publicly-traded company shall not
          be a violation of this Section 4. “Cause” shall mean, as determined by
          the Committee, your (i) commission of an act of fraud, embezzlement,
          misappropriation, willful misconduct, gross negligence or breach of fiduciary
          duty against the Company or an affiliate thereof, or (ii) commission of any act
          or omission that results in a conviction, plea of no contest, plea of nolo
          contendere, or imposition of unadjudicated probation for any crime involving
          moral turpitude or any felony. 

        By
accepting this Agreement, you understand that the terms and conditions of this Section 4
may limit your ability to earn a livelihood in a business similar to the business of the
Company, but nevertheless hereby agree that the restrictions and limitations hereof are
reasonable in scope, area and duration, and that the consideration provided under the Plan
and this Agreement is sufficient to justify the restrictions and limitations contained in
this Section 4. Accordingly, in consideration thereof and in light of your education,
skills and abilities, by participating in the Plan, you hereby agree that you will not
assert, and it should not be considered, that such provisions are either unreasonable in
scope, area or duration, or will prevent you from earning a living, or otherwise are void,
voidable or unenforceable or should be voided or held unenforceable. You further
understand and hereby agree that the restrictions and limitations contained in this
Section 4 are ancillary to, and part of, the Plan and this Agreement, and are reasonably
necessary to protect the good will and business interests of the Company. 

     5.    
          Transfer Restrictions. You may not transfer, assign, pledge or otherwise
          encumber the Restricted Shares, other than to the extent provided in the Plan. 

     6.    
          Right to Vote and Receive Dividends. You have full voting rights with
          respect to the Restricted Shares. Unless the Committee determines otherwise, all
          ordinary (as determined by the Committee in its sole discretion) cash dividends
          and distributions paid on your Restricted Shares will be retained by the Company
          for your account until your Restricted Shares vest and such dividends and
          distributions will be paid to you (without interest) when your Restricted Shares
          vest. Such dividends, to the extent retained, shall revert back to the Company
          if for any reason the Restricted Share upon which such dividends were paid
          reverts back to the Company. 

     7.    
          Section 83(b) Election. If you wish to make an election pursuant to
          Section 83(b) of the Internal Revenue Code of 1986, as amended, to recognize
          income with respect to the Restricted Shares before they become vested, you must
          file a Section 83(b) election with the Internal Revenue Service within thirty
          (30) days of the Grant Date and provide a copy of that filing to the
          Company. You are strongly encouraged to seek the advice of a tax consultant
          regarding the advisability of making a Section 83(b) election. You should
          note that any taxes you pay as a result of your Section 83(b) election cannot be
          recovered if your Restricted Shares are forfeited or decline in value. It is
          your sole responsibility to timely file an election under Section 83(b). You
          must notify the Company within ten (10) days of filing any such election. A
          Sample Form of Election under Section 83(b) is attached for your reference as
          Annex 2. 

-2- 

     8.    
          Tax Representations and Tax Withholding. You hereby acknowledge that you
          have reviewed with your own tax advisors the federal, state and local tax
          consequences of receiving the Restricted Shares. You hereby represent to the
          Company that you are relying solely on such advisors and not on any statements
          or representations of the Company, its Affiliates or any of their respective
          agents. 

        If,
in connection with the Restricted Shares, the Company is required to withhold any amounts
by reason of any federal, state or local tax, such withholding shall be effected in
accordance with Section 16 of the Plan. 

     9.    
Delivery. Unless otherwise determined by the Committee, delivery of the
Restricted Shares will be by book-entry credit to an account in your name that
the Company has established at a custody agent (the “custodian”). The
Company’s transfer agent, Mellon Investor Services LLC, shall act as the
custodian of the Restricted Shares; however, the Company may in its sole
discretion appoint another custodian to replace Mellon Investor Services LLC. On
the date your Restricted Shares vest, if you have complied with your obligations
under this Agreement and provided that your tax obligations with respect
to the vested Restricted Shares are appropriately satisfied, at your request, we
will either instruct the custodian to electronically transfer your Common Shares
to a brokerage or other account you specify or deliver to you a physical stock
certificate representing your Common Shares.  

     10.    
          Right of Offset. You hereby agree that the Company shall have the right
          to offset against its obligation to deliver shares of Class A Common Stock, cash
          or other property under this Agreement, any outstanding amounts of whatever
          nature that you then owe to the Company or any of its Affiliates. 

     11.    
          The Committee. For purposes of this Agreement, the term
          “Committee” means the Compensation Committee of the Board of Directors
          of the Company or any replacement committee established under, and as more fully
          defined in, the Plan. 

     12.    
          Committee Discretion. The Committee has full discretion with respect to
          any actions to be taken or determinations to be made in connection with this
          Agreement, and its determinations shall be final, binding and conclusive. 

     13.    
          Amendment. The Committee reserves the right at any time to amend the
          terms and conditions set forth in this Agreement, except that the Committee
          shall not make any amendment or revision in a manner unfavorable to you (other
          than if immaterial), without your consent. No consent shall be required for
          amendments made pursuant to Section 12 of the Plan, except that, for purposes of
          Section 19 of the Plan, Section 3 and Annex 1 of this Agreement are deemed to be
          “terms of an Award Agreement expressly refer[ring] to an Adjustment
          Event.” Any amendment of this Agreement shall be in writing and signed by
          an authorized member of the Committee or a person or persons designated by the
          Committee. 

     14.    
          Restricted Shares Subject to the Plan. The Restricted Shares covered by
          this Agreement are subject to the Plan. 

     15.    
          Entire Agreement. Except for any employment agreement between you and the
          Company or any of its Affiliates in effect as of the date of the grant hereof
          (as such employment

-3- 

     
agreement may be modified, renewed or replaced), this
          Agreement and the Plan constitute the entire understanding and agreement of you
          and the Company with respect to the Restricted Shares covered hereby and
          supersede all prior understandings and agreements. In the event of a conflict
          among the documents with respect to the terms and conditions of the Restricted
          Shares covered hereby, the documents will be accorded the following order of
          authority: the terms and conditions of the Plan will have highest authority
          followed by the terms and conditions of your employment agreement, if any,
          followed by the terms and conditions of this Agreement. 

     16.    
          Successors and Assigns. The terms and conditions of this Agreement shall
          be binding upon, and shall inure to the benefit of, the Company and its
          successors and assigns. 

     17.    
          Governing Law. This Agreement shall be deemed to be made under, and in
          all respects be interpreted, construed and governed by and in accordance with,
          the laws of the State of New York. 

     18.    
          Jurisdiction and Venue. You irrevocably submit to the jurisdiction of the
          courts of the State of New York and the Federal courts of the United States
          located in the Southern District and Eastern District of the State of New York
          in respect of the interpretation and enforcement of the provisions of this
          Agreement, and hereby waive, and agree not to assert, as a defense that you are
          not subject thereto or that the venue thereof may not be appropriate. You agree
          that the mailing of process or other papers in connection with any action or
          proceeding in any manner permitted by law shall be valid and sufficient service. 

     19.    
          Securities Law Acknowledgments. You hereby acknowledge and confirm to the
          Company that (i) you are aware that the Common Shares are publicly-traded
          securities and (ii) Common Shares may not be sold or otherwise transferred
          unless such sale or transfer is registered under the Securities Act of 1933, as
          amended, and the securities laws of any applicable state or other jurisdiction,
          or is exempt from such registration. 

     20.    
          Waiver. No waiver by the Company at any time of any breach by you of, or
          compliance with, any term or condition of this Agreement or the Plan to be
          performed by you shall be deemed a waiver of the same, any similar or any
          dissimilar term or condition at the same or at any prior or subsequent time. 

     21.    
          Severability. The provisions of this Agreement shall be deemed severable
          and the invalidity or unenforceability of any term or condition hereof shall not
          affect the validity or enforceability of the other terms and conditions set
          forth herein. 

     22.    
          Exclusion from Compensation Calculation. By acceptance of this Agreement,
          you shall be considered in agreement that the Restricted Shares covered hereby
          shall be considered special incentive compensation and will be exempt from
          inclusion as “wages” or “salary” in pension, retirement,
          life insurance and other employee benefits arrangements of the Company and its
          Affiliates, except as determined otherwise by the Company. In addition, each of
          your beneficiaries shall be deemed to be in agreement that all such shares be
          exempt from inclusion in “wages” or “salary” for purposes of
          calculating benefits of any life insurance coverage sponsored by the Company or
          any of its Affiliates. 

-4- 

     23.    
          No Right to Continued Employment. Nothing contained in this Agreement or
          the Plan shall be construed to confer on you any right to continue in the employ
          of the Company or any Affiliate, or derogate from the right of the Company or
          any Affiliate, as applicable, to retire, request the resignation of, or
          discharge you, at any time, with or without cause. 

     24.    
          Headings. The headings in this Agreement are for purposes of convenience
          only and are not intended to define or limit the construction of the terms and
          conditions of this Agreement. 

     25.    
          Effective Date. Upon execution by you, this Agreement shall be effective
          from and as of the Grant Date. 

     26.    
          Signatures. Execution of this Agreement by the Company may be in the form
          of an electronic or similar signature, and such signature shall be treated as an
          original signature for all purposes. 

	  	CABLEVISION SYSTEMS CORPORATION  

	   	By:  	  
	   	   	
 
	   	   	

Name:

Title: 
	

 

        By
your signature, you (i) acknowledge that a complete copy of the Plan and an executed
original of this Agreement have been made available to you and (iii) agree to all of the
terms and conditions set forth in the Plan and this Agreement. 

________________________________

Name: 

 

 

-5- 

Annex 1 

to 

Restricted Shares
Agreement 

In the event of a “Change of
Control” of the Company or a “going private transaction,” as defined below,
your entitlement to Restricted Shares shall be as follows: 

     1.    
          If the Company or the “surviving entity,” as defined below, has shares
          of common stock (or partnership units) traded on a national stock exchange or on
          the over-the-counter market as reported on NASDAQ, the Committee shall, no later
          than the effective date of the transaction which results in a Change of Control
          or going private transaction either (A) convert your unvested Restricted
          Shares into an amount of cash equal to (i) the number of your unvested
          Restricted Shares multiplied by (ii) the “offer price per share,”
          the “acquisition price per share” or the “merger price per
          share,” each as defined below, whichever of such amounts is applicable or
          (B) arrange to have the surviving entity grant to you an award of shares of
          common stock (or partnership units) of the surviving entity on the same terms
          and with a value equivalent to your unvested Restricted Shares which will, in
          the good faith determination of the Committee, provide you with an equivalent
          profit potential. 

     2.    
          If the Company or the surviving entity does not have shares of common stock (or
          partnership units) traded on a national stock exchange or on the
          over-the-counter market as reported on NASDAQ, the Committee shall convert your
          unvested Restricted Shares into an amount of cash equal to the amount calculated
          as per Paragraph 1(A) above. 

     3.    
          The cash award provided in Paragraph 1 or 2 shall become payable to you at
          the earlier of (a) the date on which your Restricted Shares are scheduled
          to vest, or (b) the date on which your employment with the Company or the
          surviving entity is terminated (i) by the Company or the surviving entity
          other than for Cause, if such termination occurs within three (3) years of the
          Change of Control or going private transaction, (ii) by you for “good
          reason,” as defined below, if such termination occurs within three (3)
          years of the Change of Control or going private transaction or (iii) by you for
          any reason at least six (6) months, but not more than nine (9) months after the
          effective date of the Change of Control or going private transaction. The amount
          payable in cash shall be payable together with interest from the effective date
          of the Change of Control or going private transaction until the date of payment
          at (a) the weighted average cost of capital of the Company immediately
          prior to the effectiveness of the Change of Control or going private
          transaction, or (b) if the Company (or the surviving entity) sets aside the
          funds in a trust or other funding arrangement, the actual earnings of such trust
          or other funding arrangement. 

     4.    
          As used herein, 

“Change of Control”
means the acquisition, in a transaction or a series of related transactions, by any person
or group, other than Charles F. Dolan or members of the immediate family of
Charles F. Dolan or trusts for the benefit of Charles F. Dolan or his immediate
family (or an entity or entities controlled by any of them) or any employee benefit plan
sponsored or maintained by the Company, of (1) the power to direct the management of
substantially all the cable television systems then owned by the Company in the
New York City Metropolitan Area (as hereinafter defined) or (2) after any fiscal
year of the Company in which all the systems referred to in

-6- 

clause (1) above shall
have contributed in the aggregate less than a majority of the net revenues of the Company
and its consolidated subsidiaries, the power to direct the management of the Company or
substantially all its assets. For purposes of this definition, net revenues shall be
determined by the independent accountants of the Company in accordance with generally
accepted accounting principles consistently applied and certified by such accountants.
“New York City Metropolitan Area” means all locations within the
following counties: (i) New York, Richmond, Kings, Queens, Bronx, Nassau, Suffolk,
Westchester, Rockland, Orange, Putnam, Sullivan, Dutchess, and Ulster in New York
State; (ii) Hudson, Bergen, Passaic, Sussex, Warren, Hunterdon, Somerset, Union,
Morris, Middlesex, Mercer, Monmouth, Essex and Ocean in New Jersey; (iii) Pike
in Pennsylvania; and (iv) Fairfield and New Haven in Connecticut. 

“Surviving entity”
means the entity that owns, directly or indirectly, after consummation of any transaction,
substantially all the cable television systems owned directly or indirectly by the Company
in the New York City Metropolitan Area prior to consummation of such transaction. If
any such entity is at least majority-owned, directly or indirectly, by any entity (a
“parent entity”) which has shares of common stock (or
partnership units) traded on a national stock exchange or the over-the-counter market, as
reported on NASDAQ, then such parent entity shall be deemed to be the surviving entity
provided that if there shall be more than one such parent entity, the parent entity
closest to ownership of the Company’s cable television systems shall be deemed to be
the surviving entity. If in connection with any transaction, a Change of Control or going
private transaction occurs and no entity shall own, after consummation of such
transaction, substantially all the cable television systems owned by the Company in the
New York City Metropolitan Area prior to consummation of such transaction, then,
notwithstanding any other provision of this Paragraph 4 to the contrary, there shall
not be deemed to be a surviving entity so that the provisions of Paragraph 1(B) shall
not be applicable. Ownership of “substantially all” the Company’s
New York City Metropolitan Area cable television systems shall mean ownership, after
consummation of such transaction (or series of related transactions), of an aggregate of
at least eighty percent (80%) of the basic subscribers of all the cable television systems
owned by the Company and its consolidated subsidiaries in the New York City
Metropolitan Area prior to such transaction (or series of related transactions). 

“Going private
transaction” means a transaction involving the purchase of Company securities
described in Rule 13e-3 to the Securities and Exchange Act of 1934. 

“Good reason”
means  

        a.    
          without your express written consent any reduction in your base salary or bonus
          potential, or any material impairment or material adverse change in your working
          conditions (as the same may from time to time have been improved or, with your
          written consent, otherwise altered, in each case, after the Grant Date) at any
          time after or within ninety (90) days prior to the Change of Control
          including, without limitation, any material reduction of your other
          compensation, executive perquisites or other employee benefits (measured, where
          applicable, by level or participation or percentage of award under any plans of
          the Company), or material impairment or material adverse change of your level of
          responsibility, authority, autonomy or title, or to your scope of duties; 

-7- 

        b.    
          any failure by the Company to comply with any of the provisions of this
          Agreement, other than an insubstantial or inadvertent failure remedied by the
          Company promptly after receipt of notice thereof given by you; 

        c.    
          the Company’s requiring you to be based at any office or location more than
          thirty-five (35) miles from your location immediately prior to such event
          except for travel reasonably required in the performance of your
          responsibilities; or 

        d.    
          any failure by the Company to obtain the assumption and agreement to perform
          this Agreement by a successor as contemplated by Paragraph 1. 

“Offer price per
share” shall mean, in the case of a tender offer or exchange offer which results
in a Change of Control or going private transaction (an
“Offer”), the greater of (i) the highest price per
share of common stock paid pursuant to the Offer, or (ii) the highest fair market
value per share of common stock during the ninety-day period ending on the date of a
Change of Control or going private transaction. Any securities or property which are part
or all of the consideration paid for shares of common stock in the Offer shall be valued
in determining the Offer Price per Share at the higher of (A) the valuation placed on
such securities or property by the Company, person or other entity making such offer or
(B) the valuation placed on such securities or property by the Committee. 

“Merger price per
share” shall mean, in the case of a merger, consolidation, sale, exchange or
other disposition of assets that results in a Change of Control or going private
transaction (a “Merger”), the greater of (i) the fixed
or formula price for the acquisition of shares of common stock occurring pursuant to the
Merger, and (ii) the highest fair market value per share of common stock during the
ninety-day period ending on the date of such Change of Control or going private
transaction. Any securities or property which are part or all of the consideration paid
for shares of common stock pursuant to the Merger shall be valued in determining the
merger price per share at the higher of (A) the valuation placed on such securities
or property by the Company, person or other entity which is a party with the Company to
the Merger, or (B) the valuation placed on such securities or property by the
Committee. 

“Acquisition price per
share” shall mean the greater of (i) the highest price per share stated on
the Schedule 13D or any amendment thereto filed by the holder of twenty percent (20%)
or more of the Company’s voting power which gives rise to the Change of Control or
going private transaction, and (ii) the highest fair market value per share of common
stock during the ninety-day period ending on the date of such Change of Control or going
private transaction. 

-8- 

Annex 2 

to 

Restricted Shares
Agreement 

SAMPLE FORM FOR
ELECTION UNDER SECTION 83(b) 

OF THE INTERNAL REVENUE CODE OF 1986 

Pursuant to Section 83(b) of the
Internal Revenue Code of 1986, as amended, and Treasury Regulation 1.83-2, the undersigned
taxpayer hereby elects to include in taxpayer’s gross income or alternative minimum
taxable income, as the case may be, the excess, if any, of the fair market value of the
Property (as hereinafter defined) at the time of transfer over the amount the taxpayer
paid for such Property. The following information is furnished in accordance with Treasury
Regulation 1.83-2(e). 

	1. 	The name, address and taxpayer identification number of the undersigned are as
follows: 

	  	Name of TAXPAYER: 	SPOUSE: 

	  	Address: 	 

	  	Social Security No. TAXPAYER: 	SPOUSE: 

	2. 	
          The property with respect to which the election is made (the
          “Property”) is described as follows: restricted shares of
          Cablevision NY Group Class A Common Stock of Cablevision Systems Corporation
          (the “Company”). 

	3. 	
          The election is made for the 200__ calendar year with respect to the Property.
          The date on which the Property was transferred is 
_________________________.

          (Grant Date) 

	4. 	
          The Property is subject to the following restrictions: The Property may not be
          transferred and is subject to continued employment by the taxpayer with the
          Company through 
_____________________________.

          (_____________)

These restrictions lapse upon the satisfaction of certain
conditions contained in an agreement entered into by the Company with the taxpayer. 

	5. 	
          The fair market value at the time of transfer, determined without regard to any
          restriction other than a restriction which by its terms will never lapse, of
          such Property is: $__________________. 

	6. 	
          No amount was paid for such Property. 

-9- 

The undersigned has submitted a copy
of this statement to the person for whom the services were performed in connection with
the undersigned’s receipt of the above-described Property. The undersigned
understands that the foregoing election may not be revoked except with the consent of the
Commissioner. 

	Dated:__________________________ 	
___________________________________

Taxpayer 

The undersigned spouse of taxpayer
joins in this election. 

	Dated:__________________________  	
___________________________________

Spouse 

 

 

 

-10-Exhibit 10.3: Director Award

Exhibit 10.3 

Date 

Name
Address 

Dear ________: 

        Pursuant
to the Cablevision Systems Corporation (the “Company”) 2006 Stock Plan for
Non-Employee Directors (the “Plan”), you have been granted, as of the date
hereof, non-qualified stock options to purchase ______ shares of Cablevision NY Group
Class A common stock, par value $.01 per share (“Shares”) at an exercise price
of $____ per Share (“Options”) and ______ restricted stock units
(“Units”) (collectively, with the Options, referred to herein as the
“Awards”). The Awards are granted subject to the terms and conditions set forth
below and in the Plan: 

        1.       
OPTIONS: 

	  	        1.1    
You may exercise the Options at any time after the date hereof until the expiration of the
Options pursuant to Paragraph 3 hereof, by giving written notice to the stock
administrator of the Company specifying the number of Options to be exercised (the
“Exercise Notice”), together with a copy of this letter. The date the Company
receives the Exercise Notice shall be considered as the date such Options were exercised
as to the Shares specified in such notice. 

	  	        1.2    
Under current procedures, you will be required to deliver to the Company prior to the
delivery of the Shares for which the Option is being exercised, the aggregate exercise
price of all Shares pursuant to such exercise of the Option. Payment may be made by cash,
a check payable to the order of the Company, or by the delivery of Shares duly endorsed
over to the Company (which Shares shall be valued at their Fair Market Value as of the
date preceding the day of such exercise), or combination of such methods of payment, which
together amount to the full exercise price of the Shares purchased pursuant to the
exercise of the Option. 

	  	        1.3    
All rights to exercise an Option shall expire ten years from the day hereof provided,
however, that upon the termination of your service as a member of the Board of
Directors for any reason, all rights to exercise an Option shall terminate upon the first
to occur of (i) the third anniversary of the date of the termination of your service on
the Board of Directors, and (ii) the expiration of ten years from the date hereof.
Notwithstanding the foregoing, in the event of your death while an Option is exercisable,
the Option will remain exercisable by your estate or beneficiary only until the first
anniversary of your date of death, and whether or not such first anniversary occurs prior
to or following the expiration of ten years from the date hereof or the third anniversary
of the date of the termination of your service on the Board of Directors. 

        2.       
          RESTRICTED STOCK UNITS: 

	  	        2.1    
Each Unit shall represent an unfunded, unsecured promise by the Company to deliver to you
one Share on the first business day after the expiration of 90 days following the date on
which you terminate your service as a member of the Board of Directors (the “Delivery
Date”). 

	  	        2.2    
Notwithstanding any other provision to the contrary, if you die prior to the Delivery
Date, the Shares (or cash in lieu of all or any portion

	  	
thereof) corresponding to your
outstanding Units shall be delivered as soon as practicable thereafter to your estate. 

	  	        2.3    
Prior to the Delivery Date, at or after the time of distribution of any ordinary cash
dividend paid by the Company in respect of the Shares, the record date for which occurs on
or after the date hereof, you shall be entitled to receive an amount in cash equal to such
regular cash dividend payment that would have been made in respect of the Shares
underlying the Units, as if the Shares had been actually delivered. 

        3.       
          The Awards (or any rights and obligations thereunder) granted to you may not be
          sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise
          disposed of, whether voluntarily or involuntarily, other than by will or by the
          laws of descent and distribution, and all such Awards (and any rights
          thereunder) shall be exercisable during your lifetime only by you or your legal
          representative. Notwithstanding the immediately preceding sentence, the Board of
          Directors may permit, under such terms and conditions that it deems appropriate
          in its sole discretion, you to transfer any Award to any person or entity that
          the Board of Directors so determines. Any assignment in violation of the
          provisions of this Section or Section 11 of the Plan shall be void. 

        4.       
          It is the Company’s intent that the Awards granted comply in all respects
          with Rule 16b-3 of the Securities Exchange Act of 1934, as amended (the
          “Act”). All actions with respect to Awards under the Plan shall be
          executed in accordance with the requirements of Section 16 of the Act, as
          amended, and any regulations promulgated thereunder. To the extent that any of
          the provisions contained herein do not conform with Rule 16b-3 of the Act or any
          amendments thereto or any successor regulation, then the Committee may make such
          modifications so as to conform the Awards granted thereunder to the Rule’s
          requirements. 

        5.       
          The Options are not “incentive stock options” within the meaning of
          Section 422 of the Internal Revenue Code of 1986, as amended, and can not
          qualify for the special income tax benefits related to such options. 

        6.       
          If the Company shall be required to withhold any amounts by reason of any
          federal, state or local tax laws, rules or regulations in respect of the Awards,
          you shall make available to the Company, promptly when requested by the Company,
          sufficient funds to meet the requirements of such withholding and the Company
          shall be entitled to take and authorize such steps as it may deem advisable in
          order to have such funds available to the Company out of any funds or property
          to become due to you. 

        7.       
          The Awards granted by this letter are being issued pursuant and subject to the
          Plan. Capitalized terms used herein without definition shall have the
          meanings given to such terms that are defined in the Plan. 

	  	CABLEVISION SYSTEMS CORPORATION  

	   	By:  	  
	   	   	
 
	   	   	

 
	

 

By your signature, you acknowledge
receipt of the Plan and of an executed original of this letter and agree to all of the
terms set forth herein.

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